Bonuses and salaries for associates in M&A, bank by bank
If you're an associate. If you work in a US investment bank. If you are in IBD. If you want to know what you should be earning...
We can tell you.
Recruitment firm The Cornell Partnership have just produced their annual bonus and compensation survey. Helpfully, it breaks down salaries and bonuses for associates, by bank.
The data below is based on a sample size of 'several hundred' and applies only to M&A.
Notable anomalies: Credit Suisse's deferrals are huge, even for first year associates. Goldman's deferrals look tiny, even for people earning 200k
Associate 0
Goldman Sachs: Mean base: 61k; Mean bonus: 75k*; Mean total compensation: 136k; Percentage deferred: 0%
Citigroup: Mean base: 65k; Mean bonus: 45k;Mean total compensation: 110k; Percentage deferred: 0%
Credit Suisse Mean base 65k; Mean bonus: 45k;Mean total compensation: 110k; Percentage deferred: 0%
BarCap Mean base: 65k; Mean bonus: 28k;Mean total compensation: 93k; Percentage deferred: 0%
JPMorgan Mean base: 65k; Mean bonus: 25k;Mean total compensation: 90k; Percentage deferred: 0%
Morgan Stanley Mean base: 65k; Mean bonus: 25k;Mean total compensation: 90k; Percentage deferred: 0%
Deutsche Mean base: 62k ; Mean bonus: 24k ;Mean total compensation: 86k; Percentage deferred: 0%
UBS Mean base: 63k ; Mean bonus: 18.5k ;Mean total compensation: 81.5k; Percentage deferred: 0%
(* Goldman Sachs associate 0 bonus is based on a full year cycle.)
Associate 1
Goldman Sachs Mean base: 75k; Mean bonus: 135k; Mean total compensation: 210k; Percentage deferred: 10%
Credit Suisse: Mean base: 82k; Mean bonus: 125k; Mean total compensation: 207k; Percentage deferred: 60-70%
JPMorgan Mean base: 80k; Mean bonus: 120k; Mean total compensation: 200k; Percentage deferred: 25%
Morgan Stanley: Mean base: 80k; Mean bonus: 110k; Mean total compensation: 190k; Percentage deferred: 60%
Citigroup: Mean base: 80k; Mean bonus: 100k; Mean total compensation: 180k; Percentage deferred: 0-25%
Deutsche Mean base: 80k; Mean bonus: 85k; Mean total compensation: 165k; Percentage deferred: 25% above 100k
Barclays Capital Mean base: 75k; Mean bonus: 80k; Mean total compensation: 155k; Percentage deferred: 10-25%
UBS:Mean base: 85k; Mean bonus: 62.5k; Mean total compensation: 147.5k; Percentage deferred: 0%
Associate 2
Credit Suisse Mean base: 98k; Mean bonus: 135.5k; Mean total compensation: 233.5k; Percentage deferred: 60-70%
Goldman Sachs Mean base: 95k; Mean bonus: 129k*; Mean total compensation: 224k; Percentage deferred: 10%
JPMorgan Mean base: 90k; Mean bonus: 125k; Mean total compensation: 215k; Percentage deferred: 25%
Morgan Stanley Mean base: 90k; Mean bonus: 122k; Mean total compensation: 212k; Percentage deferred: 60%
Citigroup: Mean base: 90k; Mean bonus: 109k; Mean total compensation: 199k; Percentage deferred: 0-25%
UBS: Mean base: 95k; Mean bonus: 100k; Mean total compensation: 195k; Percentage deferred: 10% over 100k
Deutsche Mean base: 90k; Mean bonus: 100k; Mean total compensation: 190k; Percentage deferred: 25% over 100k
BarCap: Mean base: 90k; Mean bonus: 100k; Mean total compensation: 190k; Percentage deferred: 10-25%
(* Includes one outlier at 260k)
Associate 3
Credit Suisse:Mean base: 114k; Mean bonus: 165k; Mean total compensation: 279k; Percentage deferred: 60-80%
Morgan Stanley Mean base: 110k; Mean bonus: 155k; Mean total compensation: 265k; Percentage deferred: 60%
JPMorgan Mean base: 100k ;Mean bonus: 130k; Mean total compensation: 230k; Percentage deferred: 25%
Citigroup: Mean base: 100k; Mean bonus: 128k; Mean total compensation: 228k; Percentage deferred: 0-25%
BarCap: Mean base: 93.5k; Mean bonus: 124k; Mean total compensation: 217.5k; Percentage deferred: 10-25%
Deutsche: Mean base: 95k; Mean bonus: 120k; Mean total compensation: 215k; Percentage deferred: 25% above 100k
Goldman: Mean base: 110k; Mean bonus: 90k; Mean total compensation: 200k; Percentage deferred: 10%
Source: The Cornell Partnership
