Elite boutiques pay more than bulge brackets. This isn't a secret—it's the primary reason candidates agonize over choosing between an offer at Goldman and one at Evercore. But how much more? And which boutique pays the most?
The 2024-2025 data tells a clear story: elite boutiques saw total compensation increases of 11-68% across all levels, significantly outpacing bulge bracket growth. Here's exactly what each firm pays, sourced from Wall Street Oasis, Prospect Rock Partners, Mergers & Inquisitions, and the Overheard on Wall Street compensation survey.
Interviewing at an elite boutique? The technical bar is higher than bulge brackets. Our Finance Technical Interview Guide covers every question tagged by frequency—know exactly what Evercore and Centerview ask.
Why Elite Boutiques Pay More
Before diving into numbers, understanding why boutiques pay more helps contextualize the data:
1. Higher revenue per banker. Elite boutiques run leaner teams. Evercore and Centerview generate more advisory revenue per professional than any bulge bracket, meaning more money to distribute.
2. No capital markets drag. Bulge brackets have massive DCM, ECM, and trading operations that dilute the advisory fee pool. Boutiques are pure advisory—every dollar of revenue comes from M&A or restructuring fees.
3. Talent competition. Boutiques compete directly with Goldman and Morgan Stanley for the same talent pool. To win candidates away from brand-name banks with broader platforms, they need to pay a premium.
4. Smaller classes, higher expectations. An analyst class of 40-80 at Evercore does proportionally more work than a class of 400+ at JPMorgan. The comp reflects the intensity.
Compensation by Level: All Elite Boutiques
These ranges represent the middle 80% of outcomes across the five major elite boutiques. Individual banks are broken down below.
| Level | Base Salary | Bonus Range | Total Comp | vs. Bulge Bracket |
|---|---|---|---|---|
| Analyst 1 | $110,000-$115,000 | $80,000-$150,000 | $190,000-$265,000 | +15-25% |
| Analyst 2 | $125,000-$130,000 | $100,000-$175,000 | $225,000-$305,000 | +15-20% |
| Analyst 3 | $135,000-$140,000 | $120,000-$200,000 | $255,000-$340,000 | +15-20% |
| Associate 1 | $175,000-$200,000 | $150,000-$250,000 | $325,000-$450,000 | +20-25% |
| Associate 2 | $200,000-$225,000 | $200,000-$325,000 | $400,000-$550,000 | +20-25% |
| VP | $275,000-$325,000 | $250,000-$600,000 | $525,000-$925,000 | +15-30% |
| MD | $400,000-$600,000 | $600,000-$3,000,000+ | $1,000,000-$3,600,000+ | +25-50% |
Sources: Prospect Rock Partners 2024 Survey, M&I 2025 Report, WSO database, Business Insider Pay Survey 2025.
2024 highlights from Prospect Rock:
- First-year associate total comp increased 31% year-over-year
- Second-year associate total comp increased 33%
- Managing director comp jumped from ~$1M (2023) to $1.7M+ (2024)—a 68% increase
- Guggenheim and Moelis led elite boutique bonus payouts in the 2024 cycle
Bank-by-Bank Breakdown
Centerview Partners
The verdict: Highest per-capita compensation on the street. Period.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $115,000 | $100,000-$160,000 | $215,000-$275,000 |
| Analyst 2 | $130,000 | $120,000-$185,000 | $250,000-$315,000 |
| Analyst 3 | $140,000 | $140,000-$210,000 | $280,000-$350,000 |
What makes Centerview different:
- Smallest analyst class among the elite boutiques (typically 30-50 globally)—extremely selective
- Pure M&A advisory—no restructuring, no capital markets, no distractions
- Highest revenue per banker on the street by a significant margin
- Works on the largest, most complex M&A transactions (mega-mergers, activist defense)
- Acceptance rate below 1%—harder to get into than any bulge bracket
The trade-off: Centerview's hours are widely considered the most demanding on the street. You earn more, but you work more. Analysts regularly report 90-100+ hour weeks during busy periods.
Why the numbers are highest: Centerview's advisory-only model means zero revenue dilution. When they advise on a $50B merger, the fee goes directly into the comp pool. No DCM, no ECM, no trading desk—just advisory fees divided among a small team.
Evercore
The verdict: The gold standard for elite boutique banking. The most well-rounded combination of compensation, deal flow, exit opportunities, and brand.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $115,000 | $90,000-$155,000 | $205,000-$270,000 |
| Analyst 2 | $130,000 | $110,000-$175,000 | $240,000-$305,000 |
| Analyst 3 | $140,000 | $130,000-$200,000 | $270,000-$340,000 |
What makes Evercore different:
- Largest elite boutique by revenue—#1 independent advisory firm globally
- Analyst class of 70-90 interns (larger than peers, still far smaller than BBs)
- Exceptionally strong PE exit placement—Evercore analysts are among the most recruited by megafunds
- Both M&A and restructuring practices, providing broad deal exposure
- John Weinberg-era culture: demanding but with clear mentorship structures
Bonus structure: Evercore's bonuses are consistently top-of-street, though slightly below Centerview on a per-capita basis. The larger class size creates slightly more tiering—top-bucket Evercore analysts can match Centerview numbers, while bottom-bucket analysts fall closer to bulge bracket levels.
Exit opportunities: Evercore's brand is the strongest among boutiques for PE recruiting. Megafund headhunters specifically target Evercore analysts, and the firm's deal exposure (both M&A and Rx) provides versatile talking points.
PJT Partners
The verdict: The restructuring powerhouse with M&A ambitions. PJT's compensation is fueled by its dominant restructuring franchise and growing M&A advisory practice.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $115,000 | $85,000-$150,000 | $200,000-$265,000 |
| Analyst 2 | $130,000 | $105,000-$170,000 | $235,000-$300,000 |
| Analyst 3 | $140,000 | $125,000-$195,000 | $265,000-$335,000 |
What makes PJT different:
- Paul Taubman's firm (former Morgan Stanley IBD co-head)—carries significant Wall Street credibility
- Two distinct tracks: Restructuring & Special Situations (the legacy strength) and Strategic Advisory (M&A)
- Restructuring group is arguably #1 on the street alongside Lazard
- M&A practice is growing rapidly, winning mandates away from larger firms
- Culture is described as more entrepreneurial and less bureaucratic than peers
Compensation dynamics: PJT's restructuring group tends to see higher bonuses in distressed markets (rising rates, credit stress), while the M&A group follows broader deal flow trends. In 2024-2025, with both rising rates (good for Rx) and recovering M&A, PJT analysts benefited from a dual tailwind.
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Lazard
The verdict: The most global elite boutique with deep expertise in restructuring and cross-border M&A. Lazard's comp has improved significantly in recent years after lagging peers in 2022-2023.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $80,000-$140,000 | $190,000-$250,000 |
| Analyst 2 | $125,000 | $95,000-$160,000 | $220,000-$285,000 |
| Analyst 3 | $135,000 | $115,000-$185,000 | $250,000-$320,000 |
What makes Lazard different:
- The most internationally-oriented elite boutique—offices in 40+ cities globally
- Dual strength in M&A advisory and restructuring (similar to PJT)
- Asset management arm (Lazard Asset Management) is a separate business but creates interesting internal mobility
- Restructuring group pays premium bonuses in stressed credit environments
- Strong presence in European and cross-border deals
Compensation context: Lazard historically paid at the lower end of the elite boutique range, closer to bulge bracket levels. Under CEO Peter Orszag's leadership since 2022, the firm has been actively raising compensation to close the gap with Evercore and Centerview. The improvement has been real but Lazard still trails the top three.
Why Lazard might be undervalued: If you're interested in international finance, cross-border M&A, or restructuring, Lazard offers deal exposure that Centerview and Evercore can't match. The compensation gap is narrowing, and the experience may be more differentiated for PE exits.
Moelis & Company
The verdict: The newest elite boutique with an aggressive culture and strong compensation, particularly in restructuring.
2026 Analyst Compensation:
| Level | Base | Estimated Bonus | Estimated Total |
|---|---|---|---|
| Analyst 1 | $110,000 | $75,000-$135,000 | $185,000-$245,000 |
| Analyst 2 | $125,000 | $90,000-$155,000 | $215,000-$280,000 |
| Analyst 3 | $135,000 | $110,000-$180,000 | $245,000-$315,000 |
What makes Moelis different:
- Founded by Ken Moelis in 2007—the youngest of the major elite boutiques
- Strong across M&A, restructuring, and capital markets advisory
- Led elite boutique bonus payouts in the 2024 cycle (alongside Guggenheim) per OWS survey data
- More "meritocratic" culture—less emphasis on pedigree, more on performance
- Mid-size analyst class (50-70)—larger than Centerview/PJT but smaller than Evercore
- Strong restructuring practice that thrives during credit stress
Compensation dynamics: Moelis has been aggressive about paying for performance. The firm's 2024 bonus leadership (per OWS data) reflects its strategy of using compensation to attract and retain talent against the established names. Moelis analysts on WSO forums report being pleasantly surprised by bonus checks relative to expectations.
Head-to-Head: Elite Boutique Ranking
| Rank | Bank | AN1 Total Comp Range | Differentiator |
|---|---|---|---|
| 1 | Centerview | $215,000-$275,000 | Highest per capita, pure M&A |
| 2 | Evercore | $205,000-$270,000 | Best overall platform + exits |
| 3 | PJT Partners | $200,000-$265,000 | Rx powerhouse + growing M&A |
| 4 | Lazard | $190,000-$250,000 | Most global, improving comp |
| 5 | Moelis | $185,000-$245,000 | Led 2024 bonuses, meritocratic |
The gap is narrower than you think. The difference between #1 and #5 is roughly $20,000-$30,000 at the AN1 level—meaningful, but not life-changing. Group placement, performance bucket, and deal flow matter more than which boutique logo is on your business card.
Elite Boutique vs. Bulge Bracket: The Real Decision
The compensation premium at elite boutiques is real—roughly 15-25% more at the analyst level. But compensation shouldn't be the only factor:
Choose the elite boutique if:
- You want maximum compensation at the analyst level
- You're targeting PE exits (especially megafund PE—boutique analysts are more heavily recruited)
- You want more deal responsibility earlier
- You're comfortable with smaller teams and higher per-person workload
- You value advisory purity over platform breadth
Choose the bulge bracket if:
- You want the broadest range of exit opportunities (including corporate, tech, non-traditional paths)
- You want exposure to capital markets, leveraged finance, or trading alongside M&A
- You value a larger peer class and more structured training
- You want a globally recognized brand outside of finance
- You may want to stay in banking long-term (BBs offer more paths to MD)
For detailed bulge bracket compensation data, see our Bulge Bracket Salary Guide.
Key Takeaways
- Centerview pays the most per capita, but the hours and selectivity are the most extreme
- Evercore is the best overall package—top compensation combined with the strongest PE exit placement and a prestigious brand
- PJT's dual Rx/M&A platform creates compensation resilience across market cycles
- Lazard is actively closing the comp gap under new leadership and offers unmatched international exposure
- Moelis led 2024 bonus payouts and offers a meritocratic culture that rewards performance over pedigree
- Elite boutiques pay 15-25% more than bulge brackets at the analyst level—the premium is real but narrows at senior levels
- Associate comp jumped 31-33% at elite boutiques in 2024—the best time to be a junior banker at a boutique in years
Your resume gets you the interview. Technicals get you the offer. Our Finance Technical Interview Guide covers every question with frequency tags and dual-format answers. Or submit your resume for professional review.
Related Reading
- Bulge Bracket Investment Banking Salary 2026 — Goldman, Morgan Stanley, JPMorgan, BofA, and Citi comp data
- Middle Market Investment Banking Salary 2026 — Jefferies, Houlihan Lokey, William Blair, and more
- PE Compensation 2026: What Associates Actually Make — Where your exit takes you from a comp perspective
- Boutique Banks: The Stepping Stone to Bulge Brackets — Why starting at a boutique is strategic
Data sources: Prospect Rock Partners 2024 Compensation Survey, Wall Street Oasis salary database, Mergers & Inquisitions 2025 Report, Overheard on Wall Street 2024 Survey, Business Insider Wall Street Pay Survey 2025, Levels.fyi crowdsourced data.