How much do investment bankers actually make? The answer depends on which bank, which level, which group, and what year it is. The numbers below reflect 2025-2026 compensation data compiled from Wall Street Oasis salary entries, Mergers & Inquisitions compensation reports, Prospect Rock Partners industry surveys, and Levels.fyi crowdsourced data.
These are not Glassdoor averages. These are sourced from platforms where actual bankers self-report compensation.
Getting ready for interviews at these banks? Our Finance Technical Interview Guide covers every question tagged by how frequently it's asked—88 pages with dual-format answers and red flag warnings.
The 2026 Bulge Bracket Landscape
The five major bulge bracket banks—Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, and Citigroup—employ the largest analyst classes and set the compensation benchmarks that the rest of the street follows.
Key trends for 2026:
- Base salaries have stabilized at $110K for first-year analysts (up from $100K in 2022 and $85K pre-COVID)
- Bonuses increased 10-15% across most levels in 2025, driven by improving deal flow
- Global IB revenue grew ~30% in 2024 (37% in the US), supporting stronger bonus pools
- Base salaries remained flat year-over-year—all comp growth came from bonuses
- Elite boutiques continue to out-pay bulge brackets at the analyst level, but the gap has narrowed
Compensation by Level: All Bulge Brackets
Before comparing banks, here's what each level earns across the bulge bracket universe. These ranges represent the middle 80% of outcomes—top and bottom buckets can fall outside these ranges.
| Level | Base Salary | Bonus Range | Total Comp | Typical Tenure |
|---|---|---|---|---|
| Analyst 1 | $110,000 | $50,000-$100,000 | $160,000-$210,000 | Year 1 |
| Analyst 2 | $120,000-$125,000 | $70,000-$130,000 | $190,000-$255,000 | Year 2 |
| Analyst 3 | $130,000-$135,000 | $90,000-$160,000 | $220,000-$295,000 | Year 3 |
| Associate 1 | $175,000 | $100,000-$175,000 | $275,000-$350,000 | Year 4-5 |
| Associate 2 | $200,000 | $125,000-$225,000 | $325,000-$425,000 | Year 5-6 |
| Associate 3 | $225,000 | $150,000-$275,000 | $375,000-$500,000 | Year 6-7 |
| VP | $250,000-$300,000 | $200,000-$400,000 | $450,000-$700,000 | Year 7-10 |
| Director/SVP | $300,000-$350,000 | $250,000-$500,000 | $550,000-$850,000 | Year 10-13 |
| Managing Director | $400,000-$600,000 | $400,000-$2,000,000+ | $800,000-$2,600,000+ | Year 13+ |
Sources: Mergers & Inquisitions 2025 Salary Report, Prospect Rock Partners 2024 Compensation Survey, WSO salary database.
Important: These are New York numbers. London and Hong Kong pay 20-30% less in absolute terms, though favorable tax treatment (especially in Hong Kong and Singapore) narrows the after-tax gap. See our Asia compensation breakdown.
Bank-by-Bank Breakdown
Goldman Sachs
Reputation: Historically the top-paying bulge bracket. Goldman set the standard when it raised analyst base salaries and continues to be the benchmark.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $80,000-$110,000 | $190,000-$220,000 |
| Analyst 2 | $125,000 | $95,000-$140,000 | $220,000-$265,000 |
| Analyst 3 | $135,000 | $110,000-$170,000 | $245,000-$305,000 |
What makes Goldman different:
- Top-quartile bonuses across the street—consistently pays at or near the top of the bulge bracket range
- Analyst class size of 400-500+ globally (largest on the street, tied with JPMorgan)
- Stub bonuses for summer analysts converting to full-time are competitive
- Introduced "flexible work" policy but culture still demands long hours
- Strong bonus differentiation: top-bucket analysts can earn 30-40% more than bottom-bucket at the same level
Bonus culture: Goldman is known for aggressive performance tiering. Top-bucket analysts may receive bonuses 50%+ above the median, while bottom-bucket analysts receive significantly less. Your group placement and deal flow matter enormously.
WSO community insight: Goldman analysts on WSO consistently report total comp in the $190K-$230K range for AN1, with top buckets pushing above $240K in strong deal-flow years.
Morgan Stanley
Reputation: Neck-and-neck with Goldman for the top-paying bulge bracket position. Morgan Stanley has been particularly competitive in recent bonus cycles.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $75,000-$105,000 | $185,000-$215,000 |
| Analyst 2 | $125,000 | $90,000-$135,000 | $215,000-$260,000 |
| Analyst 3 | $135,000 | $105,000-$165,000 | $240,000-$300,000 |
What makes Morgan Stanley different:
- Associate 1 compensation: $150K base + $95K bonus (mid-bucket) based on recent WSO reports
- VP1 compensation: $275K base + $175K bonus reported for 2025
- Largest M&A practice among bulge brackets—strong deal flow supporting bonus pools
- Tech-focused IBD group (Silicon Valley office) can see higher comp due to deal volume
- Recent cost-cutting has modestly impacted bonus expectations relative to Goldman
Bonus culture: Morgan Stanley's bonus tiering is slightly less extreme than Goldman's. The spread between top and bottom bucket is narrower, making compensation more predictable but with a lower ceiling for top performers.
JPMorgan Chase
Reputation: The largest global investment bank by revenue. JPM pays competitively but has historically trailed Goldman and Morgan Stanley at the analyst level. However, JPM led all bulge brackets in bonus payouts in the 2024 cycle according to OWS survey data.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $65,000-$95,000 | $175,000-$205,000 |
| Analyst 2 | $120,000 | $80,000-$125,000 | $200,000-$245,000 |
| Analyst 3 | $130,000 | $95,000-$155,000 | $225,000-$285,000 |
What makes JPMorgan different:
- Largest analyst class on the street (400-500+ globally)—more seats means more opportunities but also more competition internally
- JPM led bulge brackets in bonus payouts in 2024 per the OWS compensation survey
- Strong across all products: M&A, ECM, DCM, Leveraged Finance
- Health & wellness benefits are among the best on the street (including fertility, mental health)
- Analyst-to-associate promotion rates are high—most analysts who want to stay can
- JPM has invested heavily in technology and data, creating hybrid banking/tech roles
Bonus culture: JPM's bonuses are competitive but historically more standardized. Less extreme tiering than Goldman—the floor is higher but the ceiling may be slightly lower for top performers.
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Bank of America (BofA Securities)
Reputation: Solidly in the middle of the bulge bracket pack. BofA has invested significantly in building its IBD practice since the Merrill Lynch integration and now competes directly with GS/MS/JPM for deals.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $55,000-$85,000 | $165,000-$195,000 |
| Analyst 2 | $120,000 | $70,000-$115,000 | $190,000-$235,000 |
| Analyst 3 | $130,000 | $85,000-$145,000 | $215,000-$275,000 |
What makes BofA different:
- Application deadline for 2027 summer analyst program: March 31, 2026 (one of the few banks with a hard deadline)
- Strong Leveraged Finance and DCM franchises—these groups can see above-average deal volume
- Culture is generally considered "nicer" than GS or MS—less cutthroat, more collaborative
- Charlotte headquarters means some roles are outside NYC (lower cost of living, but also lower bonus expectations)
- Preferred GPA: 3.5+ (officially stated on their application)
Bonus culture: BofA tends to pay slightly below GS/MS/JPM at the analyst level but compensates with a better lifestyle reputation. The trade-off between comp and hours is more explicit here.
Citigroup
Reputation: The most affordable bulge bracket. Citi has gone through significant restructuring and strategic shifts in recent years, which has impacted compensation relative to peers.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $50,000-$80,000 | $160,000-$190,000 |
| Analyst 2 | $120,000 | $65,000-$110,000 | $185,000-$230,000 |
| Analyst 3 | $130,000 | $80,000-$140,000 | $210,000-$270,000 |
What makes Citi different:
- Undergoing major strategic transformation under CEO Jane Fraser—divesting non-core businesses
- IBD has been more focused on core strengths: DCM, emerging markets, cross-border transactions
- Historically lower bonuses than peers, but competitive base salaries
- Strong international presence—more opportunities in EMEA and Asia-Pacific than some peers
- Smaller analyst classes than GS/MS/JPM, which can mean more responsibility earlier
Bonus culture: Citi's bonuses trail the other four bulge brackets by 10-15%. However, Citi analysts often report better hours and a more manageable lifestyle. For candidates prioritizing work-life balance within bulge bracket banking, Citi is worth considering.
Head-to-Head: Total Compensation Ranking
Based on compiled data from WSO, M&I, Prospect Rock, and Levels.fyi, here's how the bulge brackets rank for first-year analyst total compensation:
| Rank | Bank | AN1 Total Comp Range | Bonus Strength |
|---|---|---|---|
| 1 | Goldman Sachs | $190,000-$220,000 | Top quartile consistently |
| 2 | Morgan Stanley | $185,000-$215,000 | Competitive with GS |
| 3 | JPMorgan | $175,000-$205,000 | Led BB bonuses in 2024 |
| 4 | Bank of America | $165,000-$195,000 | Solid, improving |
| 5 | Citi | $160,000-$190,000 | Below peers, stabilizing |
Important caveats:
- These rankings can shift year-to-year based on deal flow and revenue performance
- Group placement matters more than bank brand—a Citi M&A analyst in a busy year may out-earn a Goldman DCM analyst
- Top-bucket vs. bottom-bucket within any bank creates a wider spread than the gap between banks
Beyond Base and Bonus: The Full Package
Total compensation isn't just base + year-end bonus. Here's what else affects your actual take-home:
Stub Bonus
When summer analysts convert to full-time, they receive a "stub bonus" for the partial year (typically July-December of their start year). Stub bonuses range from $10,000-$30,000 depending on the bank and are usually pro-rated based on the full-year bonus pool.
Signing Bonus
Some banks offer signing bonuses of $5,000-$15,000 to accepted full-time offers. This is paid on start date and is separate from the stub bonus.
Relocation Stipend
Banks typically cover relocation costs for analysts moving to their office city. This can range from $2,000-$5,000 depending on the bank and distance of the move.
Meals and Transportation
Most bulge brackets provide:
- Free dinner (and car service home) when working past 7-8 PM—this can be worth $3,000-$5,000/year
- Seamless or similar meal delivery stipend during busy periods
- Uber/Lyft reimbursement for late-night departures
Health and Benefits
- Full medical, dental, and vision coverage
- 401(k) match (varies by bank—JPM is particularly strong here)
- Gym subsidies or on-site fitness facilities
- Mental health resources (increasingly comprehensive post-COVID)
- Parental leave policies (have improved significantly across all banks)
Deferred Compensation
At the analyst level, deferred compensation is rare—only 5-10% of analysts receive any deferred component. Deferrals become significant starting at the VP and Director levels, where 15-35% of bonuses may be deferred into restricted stock units (RSUs) or cash payable over 2-3 years.
What Actually Drives Your Bonus
Your bonus isn't random. Here's what determines where you fall in the bucket:
1. Bank revenue and deal flow (50% of the equation) When the bank makes money, everyone benefits. The 30% revenue growth in 2024 is why 2025 bonuses increased across the board. Individual performance matters less when the overall pool shrinks.
2. Group performance (25%) Your specific group's deal volume and revenue directly impacts your bonus. An M&A group that closed 15 deals will have a bigger bonus pool than one that closed 5.
3. Individual performance (25%) Your reviews, feedback from VPs and MDs, quality of work, reliability, attitude, and deal contributions. This is where the top-bucket vs. bottom-bucket distinction comes from.
The uncomfortable truth: At the analyst level, the difference between top-bucket and bottom-bucket at the same bank can be $30,000-$50,000. That's often a larger spread than the difference between banks. Focus on being excellent at your job, not on which bank pays $5K more.
How Bulge Brackets Compare to Elite Boutiques
The question everyone asks: should you take the BB offer or hold out for an elite boutique?
| Factor | Bulge Bracket | Elite Boutique |
|---|---|---|
| AN1 Total Comp | $160,000-$220,000 | $190,000-$260,000 |
| Base Salary | $110,000 | $110,000-$115,000 |
| Bonus | $50,000-$110,000 | $80,000-$150,000 |
| Class Size | 200-500+ | 30-80 |
| Exit Opportunities | Broadest range | Strong for PE/HF |
| Deal Exposure | Varies by group | More deal reps |
| Brand Value | Universal | Finance-specific |
For a detailed breakdown of elite boutique compensation, read our Elite Boutique Salary Guide.
Key Takeaways
- Goldman Sachs and Morgan Stanley lead bulge bracket compensation, with AN1 total comp in the $185K-$220K range
- Base salaries are standardized at $110K for AN1 across all five banks—the differentiation is entirely in bonuses
- Bonuses increased 10-15% in 2025 driven by strong deal flow recovery, but base salaries remained flat
- Group placement matters more than bank brand—a busy M&A group at Citi can out-pay a quiet group at Goldman
- Top-bucket vs. bottom-bucket spread within a bank is often larger than the gap between banks
- Don't forget the full package—meals, car service, stub bonuses, and benefits add $5,000-$15,000 in value
- Elite boutiques pay more at every analyst level, but bulge brackets offer broader exit opportunities and larger deal platforms
Focused on landing the offer? Compensation doesn't matter if you can't pass the interview. Our Finance Technical Interview Guide has every question tagged by frequency—know exactly what to study. Or get your resume reviewed by professionals who understand what these banks look for.
Data sources: Mergers & Inquisitions 2025 Salary Report, Prospect Rock Partners 2024 Compensation Survey (900+ banker responses), Wall Street Oasis salary database (39,000+ entries), Levels.fyi crowdsourced data, Overheard on Wall Street 2024 Compensation Survey, Business Insider Wall Street Pay Survey 2025.