Exclusive compensation intelligence from Harrison Rush, NYC’s leading executive recruiter specializing in investment banking talent
If you’re navigating your career in investment banking, or looking to make a strategic move, understanding the 2025 compensation landscape is essential.
At Harrison Rush, we’ve spent decades as the go-to executive recruiter in NYC for elite investment banking professionals. This year’s bonus cycle reveals a market in transformation, with firms deploying compensation as a strategic tool for talent management
Here’s what you need to know.
Internal Briefing: 2025 Wall Street Bonus & Compensation Trends
The 2025 bonus cycle has been defined by a significant divergence based on firm type. Elite Boutiques (EBs) continue to command a “talent premium” at the entry-level, while Bulge Brackets (BBs) have pivoted toward aggressive retention for mid-level talent, specifically Vice Presidents. Middle Market (MM) firms remain competitive but generally trail the leaders by 10%–20%.
2025 Detailed Total Compensation by Tier & Tenure
Figures represent total compensation (Base + Bonus). High-end figures reflect “Top Bucket” performance.
| Title | Bulge Bracket (GS, JPM, MS) | Elite Boutique (Evercore, PJT) | Middle Market (Jefferies, HL) |
| Analyst 1 | $180K – $220K | $210K – $275K+ | $150K – $185K |
| Analyst 2 | $210K – $265K | $250K – $300K+ | $185K – $230K |
| Analyst 3 | $240K – $290K | $285K – $350K+ | $215K – $260K |
| Associate 1 | $275K – $375K | $350K – $450K+ | $250K – $340K |
| Associate 2 | $350K – $450K | $425K – $550K+ | $310K – $400K |
| Associate 3 | $400K – $525K | $500K – $650K+ | $350K – $475K |
| Vice President 1 | $500K – $750K | $650K – $850K+ | $400K – $600K |
| Vice President 2 | $550K – $700K | $680K – $850K+ | $450K – $600K |
| Vice President 3 | $650K – $825K | $750K – $950K+ | $550K – $725K |
| Managing Director | $800K – $1.6M+ | $1.2M – $2.5M+ | $600K – $1.1M+ |
Firm-Specific Highlights
- Evercore: Average compensation per head reached nearly $1M in 2025. They remain the market leader for junior pay, often exceeding Bulge Brackets by 20–40%.
- Centerview Partners: Maintains the highest base salaries on the Street (up to $140K for AN1), with total packages for top juniors reaching $275K.
- Goldman Sachs & JP Morgan: These firms “surgicalized” bonuses this year, paying up heavily for VP3s (increases of 39% to 56%) to prevent poaching by boutiques and private equity.
- Houlihan Lokey: A standout in the Middle Market, paying an average of $564K per head globally following a strong year in M&A volume.
Strategic Trends & Structural Shifts
- The “VP Sweet Spot”: Firms are aggressively protecting VPs—the firm’s “execution engines.” Average bonuses for VP3s at bulge brackets jumped from ~$309K to ~$483K.
- Associate Retention: The “Associate 2” level saw bonuses increase 30%+ across the board to curb mid-level attrition.
- Deferral Trends: At the MD level, 30% to 50% of bonuses are typically deferred into stock or performance units, whereas Analyst bonuses remain 100% cash.
Sources
- Wall Street Oasis (WSO): Compensation surveys and community-reported data aggregated from finance professionals across firm types and seniority levels. (wallstreetoasis.com)
- Emolument: Anonymous salary benchmarking platform providing compensation data across investment banking, private equity, and asset management. (emolument.com)
- Johnson Associates: Independent compensation consulting firm publishing annual incentive compensation forecasts and year-end bonus trend analyses for financial services. (johnsonassociates.com)
- Finsimco: Financial modeling education platform; referenced for analyst-level bonus deferral structure data.
Disclaimer: Compensation figures represent ranges reported across industry sources and may not reflect individual firm or regional variations. Data is for informational purposes only.
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