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Psst! How much was your bonus?

In Wall Street, yours check at the end of the year can often indicate your stay at work. However, knowing where your salary ranks compared to peers is not that simple.

In an attempt to shed light on Wall Street wage trends, recruiting the Prospect Rock Partners firm surveyed more than 900 investment bankers for their 2024 salaries and bonuses.

The survey was conducted between December 1, 2024 and 28 February 2025, using the contacts of the Prospect Rock Banking Industry. It is the third year Meridith Dennes, the firm's management partner, has realized it.

“It has always been so secret,” Dennes Business Insider told Wall Street compensation structure. “The whole purpose of the survey is that compensation is much more nuanced than what people talk about.”

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The survey respondents included bankers from all ranks, from analysts to vice presidents and management directors, and in a multitude of coverage and firms.

Prospecti Rock Partners granted BI permission to publish slides selected by His full survey. Separate results here suggest that the so -called Boutique elite banks (think Evercore, Lazard and CenterView) saw a total increase in compensation between 11% to 68% in all roles. The total salary for co -workers in Elite Boutques increased on average 31% for first -year associates and 33% for second -year associates. The compensation of the managing director in Elite Boutiques increased from about $ 1 million to 2023 to over $ 1.7 million in 2024, an increase of 68%.

This bonus's knowledge comes while Wall Street waits with tired breath to see if M & A Rebound Many industry experts provided for 2025 will be fully materialized or disappeared.

“There is so much uncertainty – geopolitical dangerImpact on the private sector of Pigeontariffs and interest rate environment – which can cause a lot unrest in the market“She said.

Surge bank investment This began at the end of 2024, however, said Dennes.

“I, as a recruiter. I see an increase in the job requirements that come, but it's much harder to find talent than what people want,” she said. “More companies that have not used recruitors in the last two years are now coming out of woodwork.”

2024 Compensation Summary

^{2024 Comp at all levels of rock partners perspective through BI}

This part of the survey provides average 2024 compensation for survey respondents at all levels of investment banks.

The newest year-round employees of the first year-medium-sized a base salary of more than $ 110,000. The data also suggests that most analysts earned a bonus that equated about 50% of their basic salary in 2024.

Higher-level bankers and UP-UP-generally earned equal or higher rewards than their basic payment. The biggest profits went to the group heads, which usually manage directors and partners. They saw average rewards of more than $ 1.7 million.

Which bulge brackets are you paying collaborators

^{Average Total Average of Bulge-Bracket Comp, 2023-2024 Prospect Rock partners through BI}

Bullaze firms are the largest banks, which tend to handle the largest deals and, therefore, have the largest investment bank teams. These firms tend to include Goldman Sachs, Jpmorgan, Morgan Stanley and Citigroup.

Co -workers are the second smallest rank in an investment bank after analysts. This table shows that the Associate Level Study respondents working in Bulge brackets earned between 176,000 and $ 221,000 in base salary for 2024. They reported higher rewards in 2024 during 2023.

Which middle market banks are you paying collaborators

^{Average Average Total Middle Comp, 2023-2024 Prospect Rock Partners}

Medium market bankers tend to focus on smaller customers, often those with annual income below $ 1 billion. This group included banks such as William Bler, Piper Sandler, Oppenheimer and Baird, Dennes said.

The average wage of the 2024 base for associate bankers in these firms was lower than in bulge brackets – but not too much. The average 2024 bonus for each position was even more for this group than for survey respondents working in bulge brackets.

Which 'elite boutiques' are paying collaborators

^{Average Total Average Elite Boutique Comp, 2023-2024 Prospect Rock Partners}

Associate -level bankers working in “Elite Boutques” take the cake for the highest average salary and base bonus 2024, reporting higher numbers than their peers in Bulge brackets and middle market firms.

Elite boutiques are considered high -level boutique banks that can compete with large firms. In 2024, Evercore, CenterView and Lazard, for example, seized the top 10 positions on the league tables for both global and M&A tips, according to M&A Tracker LSEG.

Survey respondents from this group work in firms such as Evercore, CenterView, Lazard, PJT Partners and Moelis.

More details on 'Elite Boutique' salary

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These banks tend to focus only on the Bank of Investment against the larger firms, which may have banking services and customer assets management. Some boutiques also focus on agreement within a specific sector, such as media, telecom or health care.

This means that they often have stronger execution skills, Dennes said, and therefore higher income for banker in their weaker teams.

“One of the most significant findings is the clear link between increased compensation in 2024 and the volumes of agreements,” she wrote in a summary section of the survey findings. “This recovery seems more pronounced in elite boutiques, where the compensation is directly related to obtain the performance and generation of income.”

Pay according to the industry group in 2023 & 2024

^{Compensation for two banks' level associates from the Prospective area rock partners}

Second year collaborators, whose 2024 Comp is described in this part of the survey results, are bankers who have been in the field for some two to five years, depending on whether they started at the investment bank as an analyst or have been employed by an MBA program.

The largest group of respondents in this group described himself as M&A generalists. The survey says this group on average $ 187,000 in base salary and about $ 134,000 in rewards last year.

The other associates paid in this group worked on business services, restructuring and DCM.

Some general complexes have been seated from years ago

^{Comp Total Average and its changes Rock Rock Partners}

The report shows how the Comp average has changed since 2022. In some cases, it was not for good, both for vice presidents and management directors.

For the context, the global deal struck more than $ 3.16 trillion in 2024, which increased by 10% above 2023, but still lower than 2022 volumes of $ 3.45 trillion, according to Deals Tracker LSEG.

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