How much investment banking associates earn in salaries and bonuses


  • Associates at Wall Street investment banks can expect to earn total compensation that, in some cases, exceeds more than $250,000 per year.
  • We tapped data from Wall Street Oasis to determine how much investment banking associates are earning at some of the most prominent firms on the Street.
  • Here’s what banks like Morgan Stanley, Citigroup, Wells Fargo, and JPMorgan Chase pay their associates in salary and bonuses, on average.
  • Are you a young person working on Wall Street? Contact this reporter via email at [email protected], encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.
  • Visit Business Insider’s homepage for more stories.

Investment banking associates at firms like Goldman Sachs, Credit Suisse, and Morgan Stanley earn well into the six figures. 

Associates can expect to earn total compensation that, in some cases, exceeds more than $250,000 per year. That’s a combination of their base salary, which exceeds a minimum of $130,000 at all of these firms, and lucrative bonuses that range from just shy of $60,000 to more than $118,000 per year.

Read more: COMP COMPARE: From Goldman Sachs to JPMorgan, here’s what you can make at all the bulge-bracket banks as a first-year IB analyst

Business Insider gathered up salary data from the 10 bulge-bracket banks to figure out exactly what investment banking associates are earning. We used data from the website Wall Street Oasis, which in turn aggregates these figures directly from user submissions.

For comparison, associates outpace more junior analysts significantly when it comes to annual compensation. First-year analysts at big banks pull in an average salary of $91,000 per year (not including bonuses), as Business Insider has previously reported.

Banks hire associates out of MBA programs, and also offer some analysts looking to stay in investment banking direct promotions to the associate level.  

But associates at those firms take home, on average, an average annual salary of roughly $150,000. Factoring in their bonuses as well, the average associate pay soars to $228,000.

To be sure, submissions were not broken out between first-, second-, and third-year associates. Base pay across a firm is typically standard for associates in the same class, with bonuses varying based on performance. 

On the high end of the salary/bonus spectrum is Morgan Stanley, which is the most generous payer on the list. The New York-based bank pays its associates a total $276,100 per year, according to WSO. The lowest on the list is Deutsche Bank, coming in at a total $190,400.

See more: RANKED: Bonuses at 10 bulge-bracket banks, where investment banking analysts can get $50,000-plus payouts for their first out of college

The banks listed either declined a request for comment or did not respond. 

We’ve ranked them below in terms of highest to lowest average total compensation. 

(All numbers are based on data as of October 1st.)

Are you a young person working on Wall Street? Contact this reporter via email at [email protected], encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.

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