Wall Street Comp Survey Results
June 2022
Table of Contents
Global Investment Banking – Average Comp
Global Investment Banking – Bulge Bracket Average Comp
Note: Other BB include Barclays and Credit Suisse; $ in Thousands.
Global Investment Banking – Elite Boutique Average Comp
Note: Other EB include Evercore, Guggenheim, Lazard, Qatalyst, PWP and Rothschild; $ in Thousands.
Global Investment Banking – Other Banks Average Comp
Note: Other MM include Baird, Berenberg, BMO, BNP, Cain, Canaccord, CIBC, Cowen, Deutsche, Houlihan, HSBC, Keybanc, Lincoln, Macquarie, Mizuho, MUFG, MTS, Nomura, Oppenheimer, Piper Sandler, Raymond James, Stifel, Scotiabank, TD, Truist and other small banks; $ in Thousands.
US Private Equity – Average Comp
Note: Numbers do not include carry due to insufficient/inconsistent data. For reference 11% associates, 37% senior associates and 71% VPs received some form of carry.
US Sales & Trading – Average Comp
US Equity Research – Average Comp
2022 Internship Compensation
Notes:
Global Average Comp – 10 Week Internship
Average Compensation – 10 Week Internship
Street Sentiment
"Pretty, Pretty, Pretty Good" (Read in Larry David Voice)” — Baird, IB Analyst 3
“A complete scam. Every single bank has raised their base salary to 110k+ almost 8 months ago. We are being disgustingly underpaid. Everyone is pissed, quitting and moving off, management is well aware of this but can't be bothered and placate it's employees.”
— Deutsche Bank, IB Analyst 2
“Just enough to keep people from quitting same day.” — Bank of America, IB Associate 2
“Don’t sleep much. Steve Cohen will keep Mets while I struggle to pay my rent. Should have worked IB.” — Point72, Analyst 2
“100%+ increase across group for all in comp.” — Goldman Sachs, IB Associate 2
Street Sentiment (cont’d)
“Robbed” — Citi, IB Associate 4
“Pretty good year for Comp. Outstanding fees” — Lazard, IB Associate 2
“Baird made it rain this year. Everyone got paid.” — Baird, IB Associate 3
“In-line with expectations - no buckets.” — MM PE, Associate 1
“Thx to GS homies for raise.” — Bank of America, IB Associate 2
“I feel robbed working 12-16h 7 days a week.” — Credit Hedge Fund, Associate 3
“They should have bought me dinner before they f*cked me.” — BMO, ER Associate 1
Street Sentiment (cont’d)
“We are all being paid down from last year.” — Wells Fargo, S&T Associate 2
“Two associates, both planning on finding different buy-side roles. Expected far more given lean investment team of 7 total.” — MM PE, Associate 2
“Brutal hours.” — MM PE, Associate 1
“I was top bucket, everyone feels shafted.” — Scotiabank, IB Analyst 3
“Feeling less good about comp following friends in IB all getting raises” — MM PE, Analyst 1
“Highest bonus in 5 years.” — Partners Group, Associate 1
Street Sentiment (cont’d)
“The bonus is 50% cash and 50% shares in our SPAC.” — Hedge Fund, Analyst 1
“Happy with my bonus, but partners got most out of the crazy year.” — Goldman, IB Analyst 3
“Expected more.” — Morgan Stanley, IB Associate 3
“Probably last good year for a while.” — Goldman Sachs, IB VP 1
“Happy when I heard, less happy now that I’m hearing what others got.” — JPMorgan, ER Analyst 2
“We got robbed” — MM PE, Associate 1
Street Sentiment (cont’d)
“Should’ve stayed in IB” — MM PE, Associate 2
“Group was disappointed given killer year the team had, but firm as a whole was down.” —
Citi, S&T Associate 3
“Associate 1 gone from 125 to 155 to 175 in 6 months lol” — TD, IB Associate 1
“Bonuses disappointed a little. Seems like employees aren’t respected for the work we constantly put in. Maybe I’m just venting. End if day happy to have a job and be alive. God Bless.” — Citi, S&T Analyst 2
“Bottom buck af” — Citi, IB Analyst 2
Street Sentiment (cont’d)
“I should move to the US” — RBC, IB Associate 3
“Total c*ckfest” — MM PE, Associate 2
“Top bucket in group’s year, still got robbed.” — DB, IB Analyst 2
“Not worth it.” — Stifel, ER Associate 1
“Get worked like a dog, get paid like a dog.” — PE Megafund Associate 3
“Got low balled on bonuses.” — Stifel, IB Analyst 2
“Yeet” — Goldman Sachs, IB Analyst 1
Notes / Conclusion
Please fill out this survey if you haven't done so already (internship survey here). As more data comes in we’ll be updating and circulating revised versions of this deck. The goal is to provide you all a live view of the market
Junior bankers had a better year than private equity counterparts e.g., IB Associate 2s made ~$140k more on average than PE Associate 2s
Our dataset (excl. internship data) consisted of 1,400+ responses. Results not shown if any category had less than 3 data points
Questions/comments? Email us.
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