Discover your dream Career
For Recruiters
These are the banks that pay the most when you reach the mid-ranks.

Salaries and bonuses for VPs and associates in investment banking, by bank

Contemplating compensation might seem trite at a time when - as Goldman Sachs' co-head of investment banking Gregg Lemkau notes, people in banking are having to "deal with the reality" of testing positive for COVID-19 - but bonuses for last year have only just been paid and numbers are now surfacing, so we'll indulge in contemplation briefly.

A new compensation survey from London-based recruitment firm Arkesden Partners suggests that mid-ranking bankers working in M&A, equity capital markets and debt capital markets are still paid handsomely for their work. Six years into an investment banking career (as an associate three) Arkesden says you can expect to earn over £200k ($248k). Nine years in, as a third year vice president (VP), you can expect to earn over £300k ($371k). 

Arkesden's salary and bonus figures, which are broken down by bank and position in the banking hierarchy, are shown in the tables below. 

There are a few key points to note. Firstly, Bank of America is a consistently good payer: it generally ranks in the top three for combined salaries and bonuses at associate and VP level. Secondly, American banks generally pay more than Europeans (and Barclays seems to pay the worst). Lastly, don't presume that a high salary automaticaly means high overall compensation: Morgan Stanley is generous in salary terms, but it all evens out in the bonus. 

Salaries and bonuses for first year associates:

Salaries and bonuses for second year associates:

Salaries and bonuses for third year associates:

Salaries and bonuses for first year VPs:
Salaries and bonuses for second year VPs:

Salaries and bonuses for third year VPs:

Have a confidential story, tip, or comment you’d like to share? Contact:

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

AUTHORSarah Butcher Global Editor
  • Jo
    Joe Cheap
    1 April 2020

    What about tech roles?

  • Un
    30 March 2020

    How does it differ for capital markets/S&T roles?

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Cobalt Recruitment
Private Equity- Investment Analyst
Cobalt Recruitment
London, United Kingdom
Desk Analyst - High Yield
London, United Kingdom
Universities Superannuation Scheme Limited
Investment Strategist
Universities Superannuation Scheme Limited
London, United Kingdom
Python Quantitative Developer
New York, United States