Guide
Investment banking salary by year: analysts, associates, VPs and MDs
Updated November 1, 2026
A first-year investment banking analyst in New York earns a base salary of about $100,000 to $110,000 and roughly $170,000 to $195,000 in total with the year-end bonus, according to Wall Street Prep's salary guide and Mergers & Inquisitions' 2026 report. Associates start at a base of $150,000 to $225,000, with total pay from about $240,000 to $500,000 depending on the year and the bank.
Higher up, published ranges put vice presidents at about $400,000 to $800,000 in total and managing directors at roughly $1 million to $2 million or more, with far wider swings from year to year.
How much does a first-year investment banking analyst make?
About $170,000 to $195,000 in total, before tax, in New York. Wall Street Prep puts the base at $100,000 at bulge-bracket banks, with some elite boutiques at $110,000, a bonus of $70,000 to $100,000, and total pay of $170,000 to $190,000 (Wall Street Prep). Mergers & Inquisitions found top-ranked first-year analysts at Lazard, Evercore and Moelis earning about $180,000 to $195,000, close to the bulge brackets (Mergers & Inquisitions, 2026).
Summer analysts, the interns, are paid at about the same base rate for the weeks they work: Wells Fargo's 2028 summer analyst posting (October 29, 2026) lists $2,115 a week, about $21,150 for a 10-week summer. Investment banking internship salary →
How does analyst pay change by year?
Total pay rises by roughly $15,000 to $40,000 a year as an analyst, mostly through the bonus. The two reports agree on the shape but not on every number, so both are shown:
| Wall Street Prep | Mergers & Inquisitions (2026) | Range across both | |
|---|---|---|---|
| Year 1 | Base $100,000 (some elite boutiques $110,000); bonus $70,000–$100,000; total $170,000–$190,000 | Top-ranked analysts at Lazard, Evercore and Moelis: about $180,000–$195,000 total | $170,000–$195,000 total |
| Year 2 | Base $105,000; bonus $85,000–$115,000; total $185,000–$205,000 | Analyst range tops out at $225,000; top-ranked analysts at elite boutiques about $250,000 | $185,000–$225,000 total; up to about $250,000 for top-ranked analysts at elite boutiques |
| Year 3 | Base $110,000; bonus $95,000–$125,000; total $200,000–$230,000 | About $200,000–$270,000 total (third-year analysts are now rare) | $200,000–$270,000 total |
| All analysts | – | Base $100,000–$125,000; total $165,000–$225,000 (25th to 75th percentile at large banks) | Base $100,000–$125,000 |
Sources: Wall Street Prep analyst salary guide; Mergers & Inquisitions 2026 report.
How much do investment banking associates make?
About $240,000 to $500,000 in total, depending on the year, the bank and your ranking. Mergers & Inquisitions puts associate base salaries at $175,000 to $225,000 and total pay at $285,000 to $500,000 in its 2026 report; Wall Street Prep's guide shows lower figures, starting at a $150,000 base:
| Wall Street Prep | Mergers & Inquisitions (2026) | |
|---|---|---|
| Year 1 | Base $150,000; bonus $90,000–$130,000; total $240,000–$270,000 | Bonus normally 60–70% of base |
| Year 2 | Base $175,000; bonus $100,000–$215,000; total $275,000–$390,000 | – |
| Year 3 | Base $200,000; bonus $120,000–$250,000; total $320,000–$450,000 | Bonus about 100% of base, or more, at many firms |
| All associates | – | Base $175,000–$225,000; total $285,000–$500,000 |
Associates who join after an MBA mid-year also get a stub bonus for their first months: $30,000 to $40,000 in Wall Street Prep's guide, about $35,000 to $50,000 in Mergers & Inquisitions' report. Sources: Wall Street Prep associate salary guide; Mergers & Inquisitions 2026 report.
How much do investment banking VPs and MDs make?
A vice president makes about $400,000 to $800,000 in total, and a managing director roughly $1 million to $2 million or more, in New York, before tax. Bases are $250,000 to $300,000 for VPs and $350,000 to $600,000 for MDs; the rest is bonus, which swings much more with deals than junior pay does (Mergers & Inquisitions, 2026; Wall Street Prep; Wall Street Prep).
| Wall Street Prep | Mergers & Inquisitions (2026) | Range across both | |
|---|---|---|---|
| Vice president (VP) | Base $250,000–$300,000; bonus $200,000–$400,000; first-year VP total about $400,000–$700,000 (page updated January 2024) | Base $250,000–$300,000; total $525,000–$800,000; about 3–4 years to the next promotion | Base $250,000–$300,000; total $400,000–$800,000 |
| Director / senior vice president | Base $300,000–$350,000; bonus $400,000–$600,000; the page gives $500,000–$700,000 as the overall range (updated December 2023) | Base $300,000–$350,000; total $700,000–$900,000; about 2–3 years to the next promotion | Base $300,000–$350,000; total $500,000–$900,000 |
| Managing director (MD) | Base $350,000–$600,000; bonus 100–200% of base; total from just under $1 million to $2 million or more (updated August 2024) | Base $400,000–$600,000; total $1 million–$2 million or more for newer MDs | Base $350,000–$600,000; total from just under $1 million to $2 million or more |
Sources: Wall Street Prep VP salary; Wall Street Prep director salary; Wall Street Prep MD salary; Mergers & Inquisitions 2026 report.
- VP bonuses grow fast. Mergers & Inquisitions puts them at about 100% of base at first, rising to 200% to 250% of base for third-year VPs. It says elite boutiques pay at or above the top of its range, and some banks well below it.
- MD pay follows fees. MD bonuses are tied to the fees they bring in, so a great year can pay far more and a bad one can mean little or no bonus. Mergers & Inquisitions says experienced MDs can earn more than its range and successful group heads perhaps $5 million or more, and it cites Wall Street Journal research putting median MD pay at $1 million to $2 million over several decades.
- More of it is deferred. At MD level, 30% to 50% of the bonus may be deferred or paid in stock, against 20% to 30% for associates and VPs (Mergers & Inquisitions, 2026).
- Senior pay rose more last year. Based on end-of-2025 bonuses, Mergers & Inquisitions estimates total pay rose about 10% to 15% for VPs and directors and about 25% or more for MDs, against about 5% for analysts and associates.
- Bank size matters. Wall Street Prep says MDs at top middle-market banks earn somewhat less than at bulge brackets and elite boutiques, and can earn much less at smaller regional banks (Wall Street Prep).
How is the bonus decided?
Mostly by your ranking within your group, then by how your group and the bank did. Wall Street Prep says top-bucket analysts get about 100% of base as a bonus and the weakest about 70% (Wall Street Prep). Mergers & Inquisitions says analyst bonuses are paid in cash, while 20–30% of associate and VP bonuses may be deferred or paid in stock (Mergers & Inquisitions, 2026).
Do elite boutiques pay more than bulge-bracket banks?
At the analyst level, only a little. Mergers & Inquisitions' 2026 report found first-year pay at Lazard, Evercore and Moelis close to the bulge brackets, while Perella Weinberg and Centerview paid associates $50,000 to $100,000 or more above its ranges, in cash (Mergers & Inquisitions, 2026). Wall Street Prep says some elite boutiques start analysts at a $110,000 base instead of $100,000 (Wall Street Prep).
When did analyst base salaries reach $100,000?
In the summer of 2021. Goldman Sachs raised first-year analysts to $110,000 from $85,000 and first-year associates to $150,000, after Morgan Stanley, JPMorgan, Citi and Barclays moved first-year analysts to $100,000 (CNBC, August 2, 2021). Wells Fargo set analysts at $100,000, $105,000 and $110,000 by year and associates at $175,000 to $225,000 (Banking Dive, August 2021). Mergers & Inquisitions says most banks last adjusted base salaries in 2022.
How does London pay compare?
Lower. Mergers & Inquisitions estimates a 15% to 30% discount to New York, with analyst total pay of about £100,000 to £150,000 (Mergers & Inquisitions, 2026). Wall Street Prep lists a £60,000 base for first-year analysts in London (Wall Street Prep).
How were these ranges put together?
From published reports only. On November 1, 2026 we read each source below and copied its stated ranges for New York front-office roles, before tax. Where sources disagree we show both, and a combined range runs from the lowest to the highest published figure for that year; we don't average them or add our own estimates. Signing bonuses are left out unless noted. Mergers & Inquisitions describes its ranges as roughly the 25th to 75th percentile at large banks, from about 200 data points. Wall Street Prep's base figures match the 2021 raises, and its page labels its pay structure a 2024 update, so its numbers may run lower than current pay.
What do you need to get an analyst offer?
A strong first round and superday. Banks test accounting, valuation, DCFs and LBOs plus behavioral questions, and candidates have reported questions from interviews at the banks on these pages. Start with 53 common questions with short answers, questions reported by firm and when banks recruit.
Frequently asked questions
- What is the starting salary for an investment banking analyst?
- A base of about $100,000 to $110,000 in New York, and roughly $170,000 to $195,000 in total with the first-year bonus, according to Wall Street Prep and Mergers & Inquisitions' 2026 report.
- How much is an investment banking analyst's bonus?
- About $70,000 to $100,000 in the first year in Wall Street Prep's guide, or roughly 70% to 100% of base depending on your ranking.
- How much does an investment banking associate make?
- Mergers & Inquisitions' 2026 report puts associates at a $175,000 to $225,000 base and $285,000 to $500,000 in total; Wall Street Prep's guide shows $240,000 to $270,000 for a first-year associate.
- How much does an investment banking VP or MD make?
- A VP makes about $400,000 to $800,000 in total, on a $250,000 to $300,000 base, and a managing director roughly $1 million to $2 million or more, on a $350,000 to $600,000 base, according to Wall Street Prep and Mergers & Inquisitions' 2026 report. MD pay depends heavily on the fees they bring in.
Pay figures are the published estimates of the sources named, not offers or promises, and they vary by bank, group, city and performance. Superday Room isn't affiliated with any bank or with these publishers.
Sources
- Mergers & Inquisitions, “2026 Investment Banker Salary and Bonus Report”, 2026 report, based on end-of-2025 bonuses; read November 1, 2026.
- Wall Street Prep, “Investment Banking Analyst Salary Guide”, updated November 19, 2024; its pay structure is labeled a 2024 update; read November 1, 2026.
- Wall Street Prep, “Investment Banking Associate Salary Guide”, updated October 15, 2024; read November 1, 2026.
- Wall Street Prep, “Investment Banking Vice President Salary (VP)”, updated January 7, 2024; read November 1, 2026.
- Wall Street Prep, “Investment Banking Director Salary”, updated December 6, 2023; read November 1, 2026.
- Wall Street Prep, “Investment Banking Managing Director Salary (MD)”, updated August 11, 2024; read November 1, 2026.
- CNBC, “Goldman Sachs joins Wall Street rivals in boosting junior banker salaries”, August 2, 2021; read November 1, 2026.
- Banking Dive, “Goldman Sachs boosts first-year analyst pay to $110K”, August 3, 2021, updated August 10, 2021; read November 1, 2026.