| Firm Tier | Base | Stub Bonus | Year-End Bonus | All-In |
|---|---|---|---|---|
| Bulge Bracket (GS, MS, JPM) | $110,000 | $30,000–$55,000 | $75,000–$100,000 | $215,000–$265,000 |
| Elite Boutique (Evercore, Lazard, PJT) | $110,000 | $30,000–$60,000 | $80,000–$120,000 | $220,000–$290,000 |
| Upper Middle Market (Jefferies, Baird) | $100,000 | $20,000–$40,000 | $50,000–$80,000 | $170,000–$220,000 |
| Middle Market (William Blair, etc.) | $90,000–$100,000 | $15,000–$30,000 | $30,000–$60,000 | $135,000–$190,000 |
| Regional Boutique | $70,000–$90,000 | Variable | $20,000–$50,000 | $90,000–$140,000 |
How IB analyst compensation actually works
IB analyst comp has three components: base salary, stub bonus, and year-end bonus. Base is fixed and paid bi-weekly. Stub bonus is paid at year-end for the portion of the year you worked (typically prorated if you started mid-year). Year-end bonus is performance-based and paid in January or February of the following year.
Total compensation is almost always discussed as "all-in" — base plus both bonuses. When a banker says they made "$250K as a first-year," they mean all three components combined.
The bonus range is wider than you think
Bonus numbers published online are almost always midpoints. In a strong deal environment, top-bucket analysts at elite boutiques can clear $120,000+ in year-end bonus alone. In a weak year (2023 was a notable example), the same analyst might receive $50,000.
Your bucket — top, middle, or bottom — is determined by your group, your deal flow, your staffer's opinion of you, and to some extent luck. Being in a busy group with a strong year is worth more than marginal performance improvements.
What nobody tells you about the stub bonus
If you start in July (the most common start date for full-time analysts), your stub bonus covers July through December. This is paid in January alongside a portion of your year-end. The math matters: some firms combine these into one check, others pay them separately. Make sure you understand what you're signing before you start.
When to negotiate — and when not to
Base salary at bulge brackets is almost entirely non-negotiable. Every first-year analyst in your class makes the same base. Year-end bonus is non-negotiable — it's determined by the firm, not by a conversation.
What you can sometimes negotiate: signing bonus (if you're coming from consulting or another offer), relocation support, and start date. These are the levers to pull if you have competing offers.
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