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2024 Investment Banker Salary and Bonus Report: The Ugly, the Ugly, and the Ugly

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You could say that investment banker salaries and bonuses have been “disappointing” for the past few years.

The issue isn’t so much that they’re bad by historical standards, but that they rose sharply due to inflated deal activity in 2020 – 2021 and then fell just as sharply.

I’ll provide commentary on all this, including bank and group-specific differences, but let’s start with the cold, hard numbers:

NOTE: All numbers are pre-tax for New York-based front-office roles and include base salaries and year-end bonuses but not signing/relocation bonuses, stub bonuses, benefits, etc.

These are all ranges : roughly the 25 th percentile to 75 th percentile across the “large banks,” with some adjustments (see below).

And yes, I’m aware that the elite boutiques paid above these ranges.

Now to the commentary and bank-specific differences:

What Happened to Investment Banker Salaries and Bonuses Last Year?

In short, it was another terrible year for all the sectors this site covers: M&A , capital markets , private equity , commercial real estate , venture capital , and more.

The Investment Banking scorecard from Dealogic with deal volume by region spells it out:

• Higher interest rates.
• Persistently sticky inflation.
• Geopolitical uncertainty (Ukraine, the Middle East, China, etc.).
• Increased antitrust and regulation, which killed several high-profile mega-deals, such as Adobe / Figma .

And there were a few additional factors this past year, such as the regional banking crisis prompted by the collapse of Silicon Valley Bank and the UBS acquisition of Credit Suisse .

The bottom line is that tech and finance companies continued to be quite cautious, which hurt deal activity and hiring across the board.

Many of these firms over-extended themselves during COVID, had a bad hangover in 2022, and hadn’t quite recovered by 2023.

Specific Trends in Investment Banker Salaries and Bonuses

From compensation reports, news stories, and online discussions, a few trends stood out this year:

1) Firm Variance – While base salaries were similar across firms, there were huge differences in bonus levels.

I normally don’t like to single out specific firms, but I’ll do so here:

• Bank of America awarded terrible bonuses to Associates (and presumably VPs and up).
• And William Blair also paid far below the normal bonus ranges due to over-hiring and a focus on the wrong deal types (e.g., SPACs , technology , and financial sponsors ).

Meanwhile, most of the elite boutiques did great!

PJT Partners paid well above the standard ranges for Associates and VPs, and Centerview and Moelis were also quite generous.

Most of the bulge bracket banks , ex-BofA, were in the middle of this range: down from last year, but not a complete disaster (the same applies to middle-market banks and firms like RBC).

2) Individual Variance – Within specific banks and groups, the variance between top, middle, and bottom-bucket pay seems to be growing.

If you go back 5-10 years, the percentage difference between each level was not necessarily massive.

Now, however, scenarios like this are more common:

• One Year 1 VP: $275K base; bonus is 65% of base.
• Another Year 1 VP: $275K base; bonus is 30% of base.

They are paying a lot more attention to individual contributions and teams, especially for Associates and VPs.

3) Bonuses Follow Hours – Although the elite boutiques paid more than the bulge brackets this year, there was a “catch”: the hours were also much longer.

For example, some Associates at “not so busy” large banks were working 50 – 55 hours per week over the past year – not even close to normal investment banking hours .

But at firms like PJT or Moelis, it was not unusual to see 70, 80, or even 90-hour workweeks, which explains why some bonuses were 2-4x higher.

I point this out because while there has always been some correlation between deal flow, hours, and pay, it was less direct in previous years, and bonuses varied far less.

I’ll go level by level and explain some of these trends in more detail, but here’s a quick reminder of the main compensation components:

Investment Banker Salary and Bonus Levels: The Main Components

For most bankers, there are five main components to “compensation”:

• Base Salary: This is what you earn via paycheck or direct deposit every two weeks. These numbers tend to stay the same for years and then move up periodically, at least at the Analyst and Associate levels.
• Stub Bonus: Since Associates graduate from MBA programs and start working in the middle of the calendar year, they receive “stub bonuses” for their first ~6 months on the job. These are typically low percentages of Year 1 base salaries, such as ~20%.
• End-of-Year Bonus: You earn this after your first full year of work. Analyst bonuses are almost always 100% cash, but a percentage will shift to stock and deferred compensation as you move up. For example, Associates might get 10 – 20% deferred, VPs might get 20 – 30% deferred, and MDs might get 30 – 50% deferred.
• Signing/Relocation Bonus: This applies to Analysts and Associates who graduate and accept full-time offers; like the stub bonus, it’s usually a low percentage of the Year 1 base salary.
• Benefits: Finally, you’ll get health insurance, vacation days, and participation in the firm’s profit-sharing or 401(k) retirement plans. In places like Europe, this one mostly takes the form of “more vacation days” since healthcare is government-funded.

Investment Banker Salary and Bonus Levels: Analysts

Based on payouts in mid-2023, Analyst pay has held up fairly well.

I listed $190K as the top of the range above, but plenty of Analysts earned above that, especially Year 2 Analysts at places like Guggenheim, Moelis, Perella Weinberg, and Evercore.

Year 3 Analysts are not that common anymore because banks changed the promotion schedule, but anyone on a $125K base salary should have easily cleared $200K as well.

Year 1 Analysts, on the other hand, were closer to $150K in total compensation, with a fair number of reports in the $130K – $140K range.

(This is why I used $140K for the bottom of the range rather than $150K.)

Overall, it was a ~5% drop; not terrible when you consider deal activity.

The real issues at this level were that:

• Overall hiring was awful, with plenty of layoffs.
• Return offer rates from internships were low.
• And the timing for internship recruiting got even more ridiculous.

Investment Banker Salary and Bonus Levels: Associates

There was a massive spread at this level, with Year 1 Associates at some elite boutiques earning bonuses that were 100%+ of base salaries (i.e., nearly $400K in total compensation) and others at closer to ~50%.

The news was even worse at firms like William Blair and BofA, where bonuses were only ~25% of base salaries in some cases.

Most other bulge brackets were in the middle of this range, with bonuses in the 50 – 70% range depending on your bucket, group, and year number.

Investment Banker Salary and Bonus Levels: Vice Presidents

The spreads for Vice Presidents were even wider; I found minimum total compensation of ~$325K all the way up to a maximum of ~$900K.

It’s such a wide range that it’s almost comical, and I’m not quite sure what to say.

I estimated $450K – $650K total compensation for the 25 th to 75 th percentiles above, and I think that is true for most of the bulge brackets.

However, plenty of elite boutiques paid well above this, with many reports of $700K+ or even $800K+ in total compensation.

Interestingly, the percentage of deferred compensation also varied a lot at this level, with the biggest banks being more conservative.

Investment Banker Salary and Bonus Levels: Directors

I have almost no data here, so I extrapolated and assumed a ~7% drop over the numbers from last year.

Directors can still earn a lot, but outside the EBs, they were mostly in the mid-to-high-six-figure range.

Investment Banker Salary and Bonus Levels: Managing Directors

Whenever deal activity plummets, Managing Directors absorb the brunt of the damage, and the same thing happened this year.

You can read all about MD pay on Bloomberg or Financial News , but the short version is that many MDs’ bonuses were down 15 – 20%.

That means that many MDs this year earned closer to $500K than $1+ million.

It’s completely plausible that some VPs and Directors out-earned MDs simply because their bonuses are not linked quite as directly to closed deals.

Regional Differences and London Numbers

Usually, Arkesden and Dartmouth issue good reports on London, but I couldn’t find anything updated for this past year.

But once you factor in the USD/GBP exchange rate and the always-lower pay in London , it’s reasonable to expect at least a 15 – 30% discount on all these numbers.

efinancialcareers has a report from October that shows these pay ranges:

• Analyst: £100K – £130K GBP ($126K – $163K USD)
• Associate: £180K – £250K GBP ($226K – $314K USD)
• VP: £240K – £330K GBP ($301K – $414K USD)

I am “rounding” these, and I have no idea how accurate the numbers are, but there isn’t much else out there.

Similarly, I have nothing on Asia, Australia, or other regions aside from the Bloomberg article with a few scattered references.

So, What Does This Mean for Future Investment Banker Salaries and Bonuses?

I made a simple prediction in last year’s bonus report:

“In the future, I expect compensation to continue to fluctuate significantly from year to year, so you should expect less of a ‘straight line’ in your career and earnings.”

And I stand by that prediction – as we’ve now seen the impact of two bad years in a row .

I do expect an improvement in 2024 because capital markets and M&A activity are starting to pick up in most regions .

Companies can only be cautious for so long, and most “deal slumps” only tend to last for a few years.

That said, I am still less optimistic about deal activity and bonuses than other sources (e.g., executives at elite boutique banks) for a few reasons:

• Inflation and interest rates are both structurally higher and are unlikely to return to “2010 – 2019 levels” anytime soon.
• Antitrust and regulation will continue to limit the biggest deals. We’re now in a very different legal environment, and some bankers are still in denial.
• Demographics will soon become a problem in many countries ( South Korea is disappearing! ), and growth in emerging markets will not make up for it on a per-capita basis.

So, assuming an uptick in deal activity and no major disasters, I could see a modest bump in bonuses this year – perhaps a 10 – 15% increase .

But if you’re expecting 2021 bonuses anytime soon, you’d have better luck with a DeLorean time machine .

For Further Learning

Finally, if you’re not deterred by these lower bonuses and you’re still committed to breaking into IB as an Analyst or Associate, our friends at Wall Street Mastermind  might be able to help you out.

They’ve worked with over 1,000 students to help them secure high-paying investment banking jobs out of school (and internships while in school), and their coaches include a former Global Head of Recruiting at three different large banks.

They provide personalized, hands-on guidance through the entire networking and interview process – and they have a great track record of results for their clients.

You can book a free consultation with them to learn more .

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews

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4 thoughts on “ 2024 Investment Banker Salary and Bonus Report: The Ugly, the Ugly, and the Ugly ”

Thanks for the interesting article again! I am an international doing an MBA at an m7 next year and I’ve been focussed on IB. What would the higher end of the salaries for associates at elite boutiques? The article mentions 425k for 3rd year associates but would that not be nearer a first year comp if the bonus was 100% as you mentioned?

I would have to go back and look at all the numbers, but there were reports of some Associates at EBs earning $500K+ in total compensation, but unclear what the exact split or stock component was. However, I don’t think that was the average case at all (and I don’t know the exact year # this corresponded to).

What is your source for this – anecdotal or decent number of survey data points? How many data points for the VP numbers? Not questioning your range but trying to understand methodology.

This was based on around 100 data points collected from different sources. There were around 20 reports of VP compensation. Ideally, I would like to use more, but I only have so much time/money/energy to do the research each year.

I don’t think any of the numbers are particularly surprising if you look the drop in deal activity and how that mapped to the drop in bonuses and total compensation.

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Investment Banking Salary Guide

Provides salary information for different positions in the industry, helping individuals understand earning potential and benchmark salaries

Prior to joining UBS as an Investment Banker, Himanshu worked as an Investment Associate for Exin Capital Partners Limited, participating in all aspects of the investment process, including identifying new investment opportunities, detailed due diligence,  financial modeling  &  LBO  valuation and presenting investment recommendations internally.

Himanshu holds an  MBA  in Finance from the Indian Institute of Management and a Bachelor of Engineering from Netaji Subhas Institute of Technology.

Prior to becoming our CEO & Founder at Wall Street Oasis, Patrick spent three years as a Private Equity  Associate for Tailwind Capital  in New York and two years as an Investment Banking Analyst at Rothschild.

Patrick has an  MBA  in Entrepreneurial Management from The Wharton School and a BA in Economics from Williams College.

Factors Affecting Salary

Compensation structure, investment banking bonus size factors, hierarchy & typical compensation in investment banking.

Investment banking is a lucrative profession. It's not just about the pay either. Investing in your career can help you build a personal brand and increase your industry knowledge. However, it comes with a steep learning curve that can be intimidating for some.

A Salary Guide is a resource that provides information about typical salary ranges and compensation structures for various job positions within a specific industry or profession. It offers insights into how much professionals in different roles can expect to earn based on factors like:

• The type of employer 

An Investment Banking Salary Guide, specifically, is a salary guide tailored to the field of investment banking. It provides information about the typical salaries and bonuses for various positions within the investment banking industry. 

This guide may include data on roles such as analysts, associates, vice presidents, managing directors, and other professionals working in investment banking.

It can offer insights into how compensation varies based on factors like the size of the investment bank, geographic location, and the employee's level of experience.

There are a lot of careers within financial services, there are a few name:

• Asset management
• Private equity
• Sales and trading

So how do I decide if investment banking is for me? If you like working with lots of data or numbers, and enjoy company valuation, then this is the career for you. Also, if you're very math-oriented and hard-working, you will enjoy a career in investment banking.

Pay can be a determining factor when deciding which career to pursue. However, comparing compensation from different firms can also be difficult. If you're considering investment banking as a career or thinking about changing jobs in the industry, then this article is for you.

Key Takeaways

• Several factors impact an investment banker's salary, including experience, education, location, and industry. More experience and higher education levels often result in higher salaries.
• Investment banking bonuses are influenced by firm type, team performance, and bank performance. Top performers may receive bonuses equal to their base salary, while lower performers get a smaller percentage of their base pay.
• Investment banks are categorized as bulge bracket, elite boutique, or middle market. Each type offers different base compensation levels and bonus structures.
• The year-end bonus for investment bankers is predicted to decrease in 2023 due to a slowdown in M&A deals and economic uncertainty. Many banks are raising base salaries to attract and retain talent.

Several factors affect the salary you'll earn as an investment banker. In general, wages will be higher if your experience and education levels are greater. The amount of money you'll make also depends on where you work.

A typical starting salary for a first-year investment banker would be in the $60,000 range. However, as with any industry, there are also other factors to consider when it comes to compensation:

1. Experience  

The more experience you have, the more income you'll likely make. Investment banks are typically structured in a military-like hierarchy: analyst, Associate, vice president, and managing director. 

Because the risk you take on increases with each higher-up position, the compensation increases significantly. 

To succeed in this career, a banker must know the industry well. However, this experiential knowledge only comes with having worked in this occupation for a substantial time.

So if you're a recent college graduate just starting in the industry, you'll likely have a smaller role and be paid less than someone with 10-15 years of experience. 

However, you may take less than five years to earn what another experienced banker earns in just one year. If that's the case, going for a shorter term could pay off to boost your salary significantly.

2. Education

The higher your degree level, the better chance you have of earning a higher salary than someone who only has a high school diploma or less. 

To succeed as a banker, the expectation is that you have a bachelor's degree in business or business-related fields. In addition, it's important to know foundational accounting knowledge to perform the valuation and financial modeling required on the job.

3. Location  

While certain areas of the country pay well for investment bankers, others offer lower salaries due to competition from similar industries or firms like venture capital or private equity. In addition, some cities are better for jobs than others. 

For Example:

New York City, is an expensive place for people to live and work, meaning entry-level jobs pay less than they would elsewhere in the country. But, again, this is because the living costs here are much higher than in Chicago.

4. Industry

Investment banking is one industry among many others that compete for talent; companies often use their measure of success (such as revenue growth) when deciding how much they will pay an employee.

That means that an investment banker in one company may be paid less than one at another because it is highly dependent on the firm's performance that year.

Most investment bankers are hired directly out of college and start with the 2-3 year analyst program. Most companies like to engage college students so they can get them as an employee when they are young, increasing their likelihood of staying with the company. 

Their salary is comprised of two different parts:

This is the standard portion of their salary. In 2022, the base wage increased to $110-125k (initially at $85-95k) for a large bulge bracket bank.

This year-end compensation is typical for analysts and semi-dependent on their performance. An average bonus size ranges from $50,000 to $ 80,000, while top performers earn around $100,000.

In January of this year, many banks increased their pay so that 1st-year analysts would earn a base of $110k, and 2nd years would earn $125k. 

As a result of these higher bonuses for analysts and associates, banks have opted to decrease bonus sizes slightly over 2022. During the past 1-2 years, the average percentage increase for analysts has been around 20-25%. 

But what are the factors that determine the size of the bonus?

Three major factors determine the size of an investment banker's bonus. 

• Firm Type:  Whether the bank is Bulge Bracket, Middle Market, or Elite Boutique
• Team Performance:  How did the product/coverage group perform over the past year
• Bank Performance: Total Revenue and Overall Deal Count

Although the type of bank, team performance, and overall firm performance play a role in a banker's bonus size, the ultimate factor is their performance. 

The top performers usually get 100% of their base as an incentive bonus, while the lowest-performing analysts will get around 60-70% of their base pay. Therefore, it's important to be placed within the top or middle-performing sector if you seek promotion and stay with the company. 

If you're placed within the lowest-performing group, you may need to up your performance if you want a promotion soon. Thus, an analyst's performance is the most important factor influencing their career advancements at the firm.

There are three main types of investment banks. Bulge bracket banks work on multi-billion dollar deals and have other product groups like sales and trading, commercial banking services, and asset management (for a select few).

The second type is the elite boutiques, which work on equally large deals, but focus solely on M&A advisory services (e.g., Evercore, Lazard, and Guggenheim).

Lastly, others are classified as middle market banks, which tend to work on smaller deals worth around $500 million and offer M&A advisory, debt, and equity services.

Let's discuss the differences in compensation at each of these types of firms:

• Bulge Bracket (BB)  The base compensation tends to be the same as boutique banks, with bonuses varying based on the above factors. Some examples of BB banks include Goldman Sachs, JP Morgan, Morgan Stanley, Deutsche Bank, etc. 
• Elite Boutique  Base compensation is around 100k for analysts, with some boutiques raising their payments further. For example, Centerview Partners went up to pay $130k for first-year analysts. 

They pay a larger base because they utilize a greater percentage of the deal fees to pay their employees. The bonuses tend to be the same as BB Banks. Some examples of elite boutiques include Evercore, Lazard, PJT, and Moelis & Co.

• Middle Market  These firms tend to pay a little lower but remain within the competitive range to recruit college graduates. To balance out this slight reduction in pay, middle-market firms offer their employees better hours and work-life balance. 

Some examples include RBC Capital markets, Jefferies, Macquarie, and KeyBanc.

Team Performance

Investment banks organize their groups into coverage, which refers to specific industries. 

This is a typical list of coverage groups; however, each investment bank may have its unique list of coverage groups. As an investment banker, you work closely with your group members on various deals.

When determining which group is best for you, think about the types of companies you like working with and which industry they fall into. For example, if you like following retail companies' financial trends, then the consumer and retail coverage group may be best for you.

Each coverage group competes with other firms on how many deals get closed in each industry within the year.

So, for example, if an analyst within the Telecom group manages to close many deals, thereby bringing in a lot of revenue to the bank, the bonus size for that group will be larger than for other coverage groups.

Bank Performance 

Every year-end, investment banks set aside a specific percentage of revenue earned for employee bonuses. The better the firm does, the larger the bonus pool will be. However, if a firm didn't close a lot of deals that year, they have to decide to cut bonuses. 

Above is a diagram of the top investment banks worldwide and their market share in the global investment banking industry. The data is taken from Mordor Intelligence, which provides market research information in consulting and banking.

As one can see, it's a very diversified industry with no single bank monopoly. This suggests that there are a lot of banks with successful analyst programs that are all within the same realm of competitiveness. 

Moreover, this graph only includes the bulge and a few middle market banks, as the elite boutiques are not publicly traded. Thus, their financial information is private.

2023 Projected Bonus Size Based on Industry

Johnson Associates , a compensation analysis company, predicts a year-end bonus decrease. M&A deals have slowed because of a weak market and unsteady economic outlook, along with drastic declines in equity capital markets. 

This incentive decrease is likely to continue into 2023, and inflation will put a huge damper on the actual value of the bonuses. 

Because banks are cutting down on hiring new workers after the 2021 boom, headcounts are lowering within financial services. 

However, retaining top talent has grown difficult, as people have the same 2021 market-level expectations. Thus, many banks are raising the base salary by 5% to keep this talent. 

Plus, with the new trend of analysts leaving investment banks for private equity, banks must try to retain their talent. Thus, they must attract employees through higher pay, lower working hours, or other added perks.

After completing the analyst program, most employees opt for private equity because of the slightly better work-life balance for similar pay.

As most investment banks struggle to retain employees after the analyst stage, they seek to add incentives by increasing pay and decreasing the hours slightly. 

• Associate:  An Associate at a bank is a role typically achieved after two years of experience. They handle financial modeling, data analysis, and client engagement, assisting in the preparation of pitch books and attending client meetings. Associates typically earn around $250,000+ in compensation.
• Vice President:  The next step after Associate is Vice President, whose two main focuses are maintaining client relationships and preparing pitch books. One must have the necessary social skills and analytical expertise to succeed in this role. This is why it can be difficult to transition from a technical-focused associate role to VP. In addition, the compensation for VPs can make upwards of $500k.
• Managing Director : This is the highest role at investment banks. They are responsible for the day-to-day operations of their product/coverage groups and report directly to C-Suite executives.

The information with a textual representation of the Investment Banking Career Hierarchy table you're looking for is below. Please note that specific compensation figures can vary widely based on factors such as the bank's size, location, and market conditions.

However, here is a general idea of the hierarchy and typical compensation associated with each role in Investment Banking:

Please keep in mind that these figures are approximate and can significantly change based on your geographic location and the specific investment bank you work for.

Additionally, the years to transition to the next role can vary depending on individual performance and opportunities within the organization. It's also important to note that senior roles like Managing Director may not have a fixed time frame for promotion, as they are often based on merit and experience.

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Researched and authored by Sneha Srikanth | LinkedIn

Reviewed and Edited by Raghav Dharmarajan

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Equity Research vs. Investment Banking: Careers, Job Roles, Salaries, & More

Last Updated on :  April 10, 2024

Equity research and investment banking play a vital role in the capital markets by providing clients with analysis and recommendations about stocks, bonds, and other financial instruments. This article will help you decide which of these careers might be right for you. Although bothwork in the security industry, their responsibilities are fundamentally different and diverse. 

Equity research analysts generate research reports, estimates, and recommendations concerning companies to a substantial extent. On the other hand, investment banking analysts advise their clients on how they can generate massive increases in profits by making deals with publicly- owned firms. . 

What is Equity Research?

Equity research is a form of financial analysis that involves forecasting and interpreting stock prices, studying market trends, conducting earning estimates, or monitoring important news about companies. 

Equity research can be divided into two categories:

• Sell-side equity – research aimed at clients who provide capital to companies.
• Buy-side equity – research aimed at investors seeking advice on how to invest their money.

The key task of an equity research analyst is to accumulate information about a company, its management, competitors, products, and financials to produce high-quality research reports for use by clients. These are used as a basis for making sound investment decisions.

What is Investment Banking?

Investment banking is a specialized division of banking concerned with capital creation, debt underwriting and equity for corporations of all types, assisting with the sale of securities and facilitating mergers and acquisitions, restructurings, and broker trades for both institutions and private investors. 

Investment banks assist in large and complex financial transactions. They can suggest how much the company is worth and how best it is to strike a deal if the investment banker’s client wants to make an acquisition, merger, or sale. 

It may also include issuing securities to raise capital for client groups and preparing documents required for a firm to go public.

Investment banks may employ bankers who can help firms, governments, and other groups plan and manage significant projects and save money and their clients’ time by identifying the risks connected with the project before advancing with the client.

Equity Research vs Investment Banking

When choosing your career path, knowing if you would be more comfortable working in a bank dominated by sales and trading or whether the research side suits you better is essential. Both sides have their benefits.

This guide will explain the significant differences between investment banking and equity research jobs.

Similarities Between Equity Research and Investment Banking

While the two finance careers have several key differences, some similarities and links exist.

• Both the fields deal with companies, stocks, and financial instruments such as derivatives that can be highly complex.
• Both play an essential  role in capital markets by providing clients with analysis and recommendations about stocks, bonds, and other financial instruments. 

Career Prospects in Equity Research

Becoming an equity research analyst is a challenging proposition. Having a financial background and advanced knowledge of market research and the business world, is crucial. To become an analyst, it is important to specialize in finance, mathematics, and analytical reports.

Today, the demand for equity research analysts is increasing in every industry with the growing market. Therefore, their role in the stock market is also increasing. While these professionals study their target companies closely, based on the data, they also get to know about the likes and dislikes of their target customers.

Apart from this, they are also responsible for marketing a product, advertising, sales trends, and finding new possibilities in the market. And, based on all this, they prepare a report. Equity research professionals collaborate with data scientists and marketing professionals to accomplish the task.

Career Prospects in Investment Banking

 The Indian economy has witnessed steady growth in the past few yearsDue to this, the demand for investment bankers has increased a lot. 

In today’s time, commercial banks are considered to be the most significant job source of investment banking. You get many job options in this sector. You can search for jobs in the capital market or trading firm. Apart from this, there is a demand for investment bankers in various lending companies where you can work as a professional portfolio manager.

Investment bankers are in high demand in international corporations also. An Investment Banking consultancy is also a lucrative job prospect. 

Roles and Responsibilities in Equity Research

The following are some of the best equity research positions to opt for in your career:

• Market Research Analyst – This channel can provide vital information about any product or service. Market analysts gather and analyze data to forecast customer demand. Following the analysis, they submit input to improve products or services as much as possible.
• Sector Research Specialist – Labor and employee relations information relating to specific industries is researched and analyzed by a sector research specialist. In addition to performing complex workshops and data collection techniques, research specialists design, interpret and execute research projects.
• Senior Equity Research Analyst – Research reports are documents produced by senior equity research analysts after thoroughly analyzing a company. These reports advise investors on actions such as buying, selling, and holding for a particular security. Research reports also contain information such as company and industry overview, financial metrics, target price, period, and risk.  
• Fund Manager – A fund manager is a financial professional who works to provide customers with accurate information about mutual funds. He does this by continuously monitoring market movements to give the best mutual funds to his clients.
• Chief Investment Officer – CIOs are in charge of maintaining an organization’s portfolios of assets. A team of qualified professionals is supervised by them and recommends investments, assists with implementing short- and long-term investment plans, and assigns assets.

Roles and Responsibilities in Investment Banking 

If you have a strong interest in banking, you can pursue a career in this industry. Some of the best job summaries are listed below:

• Financial Analyst – A financial analyst must study stocks, bonds, and other securities for banks, brokerage firms, wealth management firms, and other businesses. These financial experts often specialize in a specific type of stock or bond. They analyze internal financial data, create financial plans, revenue, and expense forecasts, and offer suggestions to help a firm’s management make budgeting and investment decisions.
• Bank manager – A bank manager is the branch’s guardian or the head of the bank branch. A branch manager is in charge of the branch’s operations. Every task completed in the branch is under the branch manager’s supervision
• Business Research Analyst – A research analyst is a professional whose job is to get all the information about any new product before bringing it to the market, such as how much is consumed in the location where the product is introduced and how much that product can be sold in that market. 
• Chief Financial Officer – The primary function of the chief financial officer is to do financial planning for the company. It manages financial reports. The CFO maintains the balance sheet, cash flow, and profit and loss account of the company. Also, the CFO looks after the accounting, budget, financial reporting, taxes, etc., of the company.
• Merger and Acquisition – Mergers and acquisitions is a vital department in every company. The responsibilities of a merger and acquisition expert include negotiating the purchasing and selling of a company.
• Sales and Training – By going into this domain, you can help people invest their money in the stock market. For this, you need to know the share market.

Apart from that, an investment banker has the following job roles:

• Equity research analyst
• Account manager
• Relationship manager

Skills Required for Equity Research

An equity researcher’s previous work experience should be related to equity interpretation. The required skills are:

• Understanding of Financial statements – One should be able to read balance sheets, income statements, and other financial statements issued by publicly traded companies to value equity. 
• Good business communication – It is  a key requirement of equity research positions, as the researcher needs to be able to project financial multiples to the portfolio manager and others.
• Analytical skills – Equity researchers must also possess high analytical skills that provide an in-depth understanding of the meaning behind explained financial data and the ability to create new quantitative information that provides further understanding of the likely direction of prices.
• Excel and SAP skills – Through consistent access and manipulation of financial data, equity researchers should be able to locate data from various sources and have literacy in the preferred data manipulation software such as SAP and Microsoft Excel used in storing data sets.
• Reporting – Report writing is a core function of the equity research role, and you must be able to summarize information and key findings to be used in future references for equity firms.

Skills Required for Investment Banking

The following are crucial skills to have if you want to specialize in investment banking:

• Financially and Technically Literate – To become an investment banker, you must be proficientn mathematics. You should also have knowledge of financial software, such as investment banking CRM programs.
•  Analytical Skill – Analytical skills are a must for investment bankers to take an urgent decision under pressure and save a great opportunity. Sometimes deals happen at the last minute and with a short decision-making window.
• Excellent Communication Skills – In addition to persuading high-profile clients to close a deal, an investment banker’s job includes presenting ideas to an uninformed and sometimes uninterested audience. That is where excellent communication skills come in.

Sometimes, what is important is not your understanding of the nature of the business, but how you can present it clearly to a wide variety of audiences. 

• Mental Toughness – Being rejected is a natural part of the investment process. An investment banker does not let this get to their mind. And, whatever happens, they will keep pushing it. That persistence is essential for success.
• Thinking Outside the Box – Investment banking is usually dominated by people who have been in the finance sector for decades. That is why every investment bank needs someone who can come up with innovative and creative ideas for a specific process in the deal flow or to improve the direction of a project.

Equity research analysts and investment bankers provide clients with financial analysis, recommendations, and coaching on their current portfolios. If you are interested in either of these careers, then Hero Vired’s Integrated program in Finance and Fintech would be the perfect first stepping stone. 

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Equity Research

Investment banking, key differences, special considerations, the bottom line.

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Equity Research vs. Investment Banking: What's the Difference?

Equity Research vs. Investment Banking: An Overview

Investment banking may no longer be the undisputed first choice for the best and brightest. Instead of streaming into investment banking , many top graduates are now opting for careers in management consulting, technology, or launching their own startups. While the allure of investment banking may have dimmed, due to long hours and a stressful work environment, the industry still attracts many workers. Equity research is also another destination for prospective financial employees.

Equity research is sometimes viewed as the unglamorous, lower-paid cousin of investment banking. The reality, though, differs from this widely held perception. In order to help you formulate your own opinion, here's a head-to-head comparison of equity research (sell-side research that is conducted by the research departments of broker-dealers) and investment banking in 10 key areas.

Key Takeaways

• A career in finance can take many paths, including investment banking and equity research.
• Investment bankers work on M&A deals and issue new securities to the market.
• Equity researchers conduct thorough analysis and research of companies and their share price to issue investment recommendations.
• Each role has different responsibilities and hours, which will suit prospective candidates differently.
• The pay for each role is typically the same in starting positions but is much higher for investment bankers as they grow in their careers.

Equity researchers analyze stocks to help portfolio managers make better-informed investment decisions. Equity researchers employ problem-solving skills, data interpretation, and various other tools to understand and predict a given security’s behavioral outlook.

This often involves quantitatively analyzing a stock’s statistical data in relation to recent market activity. Finally, equity researchers may be tasked with developing investment models and screening tools that identify trading strategies that help  manage portfolio risk .

Equity researchers are responsible for identifying patterns with current market price changes and using this information to create algorithms that identify profitable stock investment opportunities. The equity researcher should be able to understand the idiosyncratic differences between various international markets in order to cross-compare domestic and foreign stocks.

The low end of the salary range is $50,000, while the high end sits at around $135,000. Private equity firms and other financial services companies are the chief employers of equity researchers. The majority of these jobs are based in New York City, although firms are increasingly offering positions in major metropolitan hubs like Chicago, Boston, and San Francisco.

Investment banking is a specific division of banking related to the creation of capital for other companies, governments, and other entities. Investment banks underwrite new debt and equity securities for all types of corporations; aid in the sale of securities; and help to facilitate  mergers and acquisitions , reorganizations, and broker trades for both institutions and private investors.

Investment banks also provide guidance to issuers regarding the issue and placement of stock. Investment banking positions include consultants, banking analysts, capital market analysts,  research associates , trading specialists, and many others. Each requires its own education and skills background.

A degree in finance, economics, accounting, or mathematics is a good start for any banking career. In fact, this may be all you need for many entry-level commercial banking positions, such as a personal banker or teller .

Those interested in investment banking should strongly consider pursuing a  Master of Business Administration  (MBA) or other professional qualifications.

Great people skills are a huge positive in any banking position. Even dedicated research analysts spend a lot of time working as part of a team or consulting clients. Some positions require more of a sales touch than others, but comfort in a professional social environment is key. Other important skills include communication skills (explaining concepts to clients or other departments) and a high degree of initiative.

1. Work-Life Balance

Equity research is the clear winner here. Although 12-hour days are the norm for equity research associates and analysts, there are at least phases of relative calm. The busiest times include initiating coverage on a sector or specific stock, and earnings season when corporate earnings reports have to be analyzed rapidly.

The hours in investment banking are almost always brutal, with 90- to 100-hour workweeks quite common for investment banking analysts (the lowest on the totem pole), but usually during busy times and not every week.

There has been a growing backlash against the atrocious hours demanded by investment banking analysts. Although this has led to a number of Wall Street firms capping the number of hours worked by junior bankers, these restrictions may do little to change the "work hard, play hard" culture of investment banking.

The most common complaint of those who have quit investment banking is that the total lack of work-life balance leads to burnout. That complaint is seldom heard from those employed in equity research.

Major financial jobs tend to be concentrated in major financial hubs such as New York, Chicago, London, and Hong Kong. This is no different for equity research analysts and especially investment bankers, many of whom are paid to relocate to their firm's home city.

2. Visibility

Equity research is the winner in this area as well. Associates and junior analysts often receive recognition for their work by being named on research reports that are distributed to a firm's sales force, clients, and media outlets.

Since senior analysts are recognized experts on the companies they cover in a sector, they are sought after by the media for comments on these companies after they report earnings or announce a material development.

Investment bankers, on the other hand, toil in relative obscurity at the junior level; however, their visibility increases significantly as they climb the investment banking ladder, especially if they are part of a team that works on large, prestigious deals.

3. Advancement

Investment banking wins in this area. There is a clear path with defined time frames for career progression in investment banking. This begins with the analyst position (two to three years), then transitions to an associate position (three-plus years), after which one is in line to become a vice president and eventually director or managing director.

The career path in equity research is less clearly defined but generally goes as follows—associate, analyst, senior analyst, and, finally, vice president or director of research. Within the firm, however, investment bankers probably have better prospects for reaching the very top, since they are deal makers and manage relationships with the firm's biggest clients.

Research analysts, on the other hand, might be viewed as number crunchers who do not have the same ability to bring in big business.

4. Job Functions

Investment banking probably wins here as well, albeit only over the longer term. Equity research associates start off by doing a lot of financial modeling and analysis under the supervision of the analyst who is responsible for the coverage of a specific sector or group of companies.

But associates also communicate to a limited extent with buy-side clients, top management of the companies under coverage, and the firm's traders and salespeople. Over time, their responsibilities evolve to less financial modeling and a greater degree of report writing and formulating investment opinions and theses; however, there isn't a great deal of variability in the job functions of associates and analysts. What varies is the relative time spent on these functions.

Investment bankers, on the other hand, spend the first few years of their careers immersed in financial modeling, comparative analysis, and preparing presentations and pitchbooks . But as they climb the ladder, they get the opportunity to work on exciting deals such as mergers and acquisitions or initial public offerings.

Research analysts only get this opportunity occasionally, when they are brought "over the wall" (the "wall" refers to the mandatory separation between investment banking and research) to assist on a specific deal involving a company that they know inside out.

5. Education and Designations

A bachelor's degree is a must for any aspiring equity research analyst or investment banking associate. Common areas of study include economics, accounting, finance, mathematics, or even physics and biology, which are other analytical fields; however, it is very unlikely that a bachelor's degree alone will be enough to get a job in these fields.

The difference between an equity researcher and an investment banker is determined by what post-graduate credentials are usually obtained. Most equity researchers earn a Chartered Financial Analyst (CFA) designation and most investment bankers get a Master of Business Administration (MBA) degree.

The CFA, widely regarded as the gold standard for security analysis, has become almost mandatory for anyone wishing to pursue a career in equity research. But while the CFA can be completed at a fraction of the cost of an MBA program, it is an arduous program that needs a great deal of commitment over many years. Being a self-study program, the CFA does not provide an instant professional network as an MBA class does.

The MBA curriculum, by virtue of being more business-oriented and less investment-oriented than the CFA, makes it more suitable for the investment banking profession; however, the competition to get into the best business schools—which is where most Wall Street firms hire their associates—is intense. Many aspiring investment bankers enter into some other financial field, perhaps working as analysts or advisors, and work toward their MBA.

Investment bankers should have an impressive knowledge of financial markets, investments, and company organization. Many pursue their Series 7 or Series 63 FINRA licenses to demonstrate this knowledge.

The most common career path for investment bankers involves graduating from a prestigious university before working for a major global bank, such as Goldman Sachs or Morgan Stanley. After a few years, the aspiring investment banker returns to complete an MBA or receives professional certifications and licenses. When all is said and done, it may take five to six years after receiving an undergraduate degree before being considered for an investment banking role.

6. Skill Sets

Both jobs require a great deal of analytical and mathematical/technical skills, but this especially applies to equity research analysts. These analysts need to be able to perform complex calculations, run predictive models, and prepare financial statements with quick turnarounds.

As noted earlier, financial modeling and in-depth analysis are common to both investment bankers and research analysts in the earlier stages of their careers. Later on, the skill sets diverge, with investment bankers required to be adept at closing deals, handling large transactions, and managing client relationships.

Research analysts, on the other hand, need to be effective at both verbal and written communication and have the ability to make balanced decisions based on rigorous analysis and due diligence .

7. External Opportunities

Successful research analysts and investment bankers generally have no shortage of external opportunities because of their experience, knowledge, and skills. Research analysts are likely to gravitate toward the buy-side (i.e., money managers, hedge funds, and pension funds), while seasoned investment bankers usually join private equity or venture capital firms.

8. Barriers to Entry

Both investment banking and equity research are difficult areas to get into, but barriers to entry may be slightly lower for equity research. While it is not uncommon to see a professional with some years of experience in a specific sector or area join a sell-side firm as an equity analyst or senior analyst, this seldom happens in investment banking.

9. Conflicts of Interest

Although investment bankers and research analysts both have to steer clear of conflicts of interest , this is a bigger issue in equity research than in investment banking. This was highlighted by the U.S. Securities and Exchange Commission's (SEC)  enforcement actions against 10 leading Wall Street firms and two-star analysts in 2003, relating to analyst conflicts during the telecom/dot-com boom and bust of the late 1990s and early 2000s.

Under the settlement, the firms paid disgorgement and civil penalties totaling $875 million, among the highest ever imposed in civil securities enforcement actions. The 10 firms also had to agree to undertake a host of structural reforms designed to completely separate their research and investment banking arms.

10. Compensation

Both investment banking and equity research are well-paid professions, but over time, investment banking is a much more lucrative career choice.

Investment bankers are famous for their high pay and large signing bonuses. According to the online finance community "Wall Street Oasis," summer interns earn the equivalent of around $77,000, plus a signing bonus of around $6,000. First-year analysts at major banks earned an average salary of $83,278, plus bonuses, according to PayScale.

Total compensation will vary greatly depending on job location, company, and the employee's performance review.

The real moneymakers, however, are investment banking associates, who earn between $150,000 and $200,000, with a 50% to 100% bonus. It is not unusual for total compensation for a senior vice president or managing director to exceed $400,000 annually.

The average equity research analyst earns about $83,996 in annual compensation, according to PayScale, plus a bonus. Research analysts also indirectly generate revenues through sales and trading activities that are based on their recommendations.

The reputation of a firm's research department may be a significant factor in swaying a company's decision when selecting an underwriter when it has to raise capital. But even though the investment firm may make a substantial amount through underwriting fees and commissions, research analysts are prohibited from being compensated directly or indirectly from investment banking revenues.

Instead, research analysts are compensated over and above their salaries from a bonus pool. These periodic bonuses are determined by a number of factors including trading activity based on the analysts' recommendations, the success of such recommendations, the profitability of the firm, and its capital markets division and buy-side rankings.

Nonetheless, entry-level investment bankers may receive total compensation that is higher than their research counterparts, and this gap may widen markedly over time.­

Is Equity Research the Same As Investment Banking?

No, equity research is not the same as investment banking. Both jobs have similarities but clear distinctions in overall purpose. Equity researchers evaluate companies with the goal of making investment recommendations. They analyze a company in all aspects, from its financials to its competition to its industry outlook, and its share price, to determine how the company might perform in the future and how its share price might move. Investment bankers also analyze companies in a similar fashion, but their goal is to determine whether a company is suitable for a merger or acquisition.

What Skills Do You Need for an Equity Research Job?

The skills required for an equity research job include an understanding of finance, economics, and accounting. An equity researcher must be able to analyze a company's financial statement. Equity researchers should also know financial modeling, Excel, and valuation methods. In addition to the quantitative skills required, equity researchers should be able to write well as they will be writing investment recommendations based on their quantitative analysis.

How Many Hours Does an Equity Research Associate Work?

An equity research associate typically works 55 to 60 hours per week, which can increase to 70 to 80 hours per week during earnings releases. Typically, equity researchers do not need to work weekends. The hours for an equity research associate or analyst are often less than that of an investment banker, who often has to work weekends.

Overall, if one has to make a choice between embarking on a career in equity research versus one in investment banking, factors such as work-life balance , visibility, and barriers to entry favor equity research. On the other hand, factors like prospects for advancement, job functions, and compensation tilt the scales in favor of investment banking. Ultimately, however, the choice comes down to your own skill set, personality, education, and ability to manage work pressures and conflicts of interest.

Payscale. "Equity Research Analyst Salaries ."

Mergers and Inquisitions. " The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves ."

Efinancialcareers. " Why Investment Bankers Work Longer Hours Than Traders ."

Forbes. " After Complaints of '100-Hour' Workweeks, Goldman Sachs Is Allowing Bankers to Take Off On Saturdays ."

Chartered Financial Analyst (CFA) Institute. " CFA Program ."

FINRA. " Series 63 — Uniform Securities Agent State Law Exam ."

FINRA. " Series 7 — General Securities Representative Exam ."

U.S. Securities & Exchange Commission. " Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflicts of Interest Between Research and Investment Banking ."

Wall Street Oasis. " What Is a Summer Analyst (SA)? "

PayScale " Investment Banking Analyst Salaries ."

Wall Street Oasis. " Investment Banker Salary & Compensation, Average Bonus in Banking ."

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The new salaries for investment bankers in London, by bank

How much are leading investment banks in London paying junior staff after the recent salary rises? 

While much has been written about the impact of salary increases on Wall Street pay,  the impact on London salaries has been less clear. A new salary survey from recruitment firm Arkesden Partners sheds some light on the issue and reveals that junior bankers in London are now earning a lot less than juniors on Wall Street. 

Arkesden says banks have hiked pay, but some have done so a lot further up the food chain than others. 

As the charts below show, the standard salary for a first year analyst in an investment bank in London is now £60k ($81k), which is far below the $100k starting point in the U.S. After three years, London salaries rise to £90k at banks like Morgan Stanley and Goldman Sachs, which offer accelerated promotion to associate.  

Banks don't comment on compensation, but Arkesden's survey suggests that anomalies have opened up between banks that have and haven't hiked salaries at vice president (VP) level.

At Bank of America, Credit Suisse and UBS Arkesden says the new going rate for VPs is £165k. At banks that haven't increased VP salaries, the going rate is more likely to be £150k, although Morgan Stanley pays £170k and Deutsche pays £140k.

Arkesden notes that banks' higher salaries mean junior bankers moving to private equity must typically accept a reduction in pay of around £25k.  Despite the pay gap, it says most remain willing to do so.

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Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Absolute rubbish.. I work for jpm and can say with confidence that these are made up

Rubbish... I work for jpm and this is totally made up.

I think these numbers are way too high

There's no Associate 3 at most of those banks... Who wrote this?

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