Investment banking salary, by level
A first-year investment banking analyst in London earns a base salary of $65k to $75k, with a cash bonus usually worth a third to half of base. That puts first-year total compensation near $100k. At managing director the midpoint is around $1.5m, almost all of the increase coming from bonus rather than salary.
Base salary is close to standardised across the large banks and moves in lockstep when one of them raises. The bonus is where they differ, and above analyst level it is most of the number.
Every level
| Level | Base | Bonus | Total (mid) | Reached at |
|---|---|---|---|---|
| Analyst 1 | $65k to $75k | 30% to 60% | $100k | On joining |
| Analyst 2 | $70k to $90k | 40% to 70% | $125k | 1y |
| Analyst 3 | $75k to $95k | 55% to 80% | $145k | 2y |
| Associate 1 | $115k to $135k | 55% to 95% | $215k | 3y |
| Associate 2 | $135k to $160k | 60% to 105% | $265k | 4y |
| Associate 3 | $150k to $180k | 70% to 125% | $325k | 5y |
| VP 1 | $170k to $220k | 70% to 140% | $405k | 6y |
| VP 2 | $185k to $220k | 80% to 150% | $435k | 7y |
| VP 3 | $190k to $230k | 95% to 175% | $490k | 8y |
| Director | $215k to $320k | 115% to 180% | $660k | 9y 6m |
| Managing Director | $320k to $635k | 150% to 300% | $1.5m | 12y |
Aggregated and rounded from several published data sets. Ranges, not offers. Compare all five tracks.
What the cash figures leave out
Bonus is the whole story above analyst level and it is discretionary: two people at the same level and the same firm can be a year of base apart on total. Names vary at the top. What is shown here as Director is Executive Director at JP Morgan, Morgan Stanley and Barclays, and Director at Goldman Sachs and Citi.
Weighing it against something else
Other tracks
For what these jobs involve day to day and how people get into them, see the career track map. For live application windows, the opportunity tracker.