GUEST COMMENT: This is how much our research suggests you'll earn in M&A outside the big banks

In the era of post-candyfloss capitalism, what we wouldn't do for some old fashioned swagger and confidence. Six months in, and we're still no clearer as to which way the prevailing wind is blowing. 2011 is looking like the year when real economic pain starts to bite, and even those in the City start to feel the pinch.

But how does it affect the pure-play advisory houses, the ones that really depend on M&A activity?

A word of caution; whilst it's relatively easy to define what constitutes the "Large Cap" advisory firms, the array of small/mid market boutiques and specialist single sector houses is fast growing and immeasurable. Now that their bonuses have been announced, we have exercised our network to gather sample data and necessarily had to focus on the better known institutions.

As outlined in our Bulge Bracket survey in January, the introduction of deferred payment for many has started to alter the way people view their bonuses. Whilst pure advisory houses have historically paid less in total compensation, (and the numbers here are no different), what is intriguing is that many actually pay more in upfront cash amounts, with less punitive time frames.

A degree of optimism does seem to exist amongst many boutiques. Whilst fees have been down, it's a rare opportunity to acquire talent at a reasonable price. Encouraged by positive marketing activity, many have tried to seize it. We've found that the advisory houses and mid market have picked up the hiring slack that the bulge brackets have left.

One of the few things we can be certain of, in this rollercoaster that Stephen Green labelled the "Global Bazaar", is that a drop is usually followed by a slow, inexorable rise back upwards.

Large cap advisory house (typical deal size above 500m)

Analyst: Mean base salary: 57,583. Base salary range: 45,000-62,500. Mean bonus: 39,000. Bonus range: 12,000-65,000. Mean total compensation: 96,583.

Associate: Mean base salary: 79,808. Base salary range: 65,000-105,000. Mean bonus: 73,077. Bonus range: 53,000-105,000. Mean total compensation: 152,885.

VP/AD: Mean base salary: 100,000. Base salary range: 100,000-125,000. Mean bonus: 97,500. Bonus range: 70,000-220,000. Mean total compensation: 197,500.

Small/mid cap advisory house (typical deal size below 500m)

Analyst: Mean base salary: 49,000. Base salary range: 43,500-58,000. Mean bonus: 29,500. Bonus range: 0-58,000. Mean total compensation: 74,300.

Associate: Mean base salary: 64,750. Base salary range: 52,000-77,000. Mean bonus: 38,750. Bonus range: 12,000-70,000. Mean total compensation: 103,500.

VP/AD: Mean base salary: 82,500. Base salary range: 70,000-95,000. Mean bonus: 75,000. Bonus range: 50,000-95,000. Mean total compensation: 157,500.

Specialist advisory (including single sector boutiques and nominated advisors/brokers

Analyst: Mean base salary: 52,000. Base salary range: 36,000-56,000. Mean bonus: 30,643. Bonus range: 0-50,000. Mean total compensation: 78,833.

Associate: Mean base salary: 67,700. Base salary range: 55,000-75,000. Mean bonus: 60,000. Bonus range: 55,000-75,000. Mean total compensation: 135,700.

VP/AD: Mean base salary: 80,000. Base salary range: 75,000-100,000. Mean bonus: 76,250. Bonus range: 50,000-110,000. Mean total compensation: 161,250.

Logan Naidu is a partner at recruitment firm The Cornell Partnership.