Investment Banker Salary in 2025: Discover how much analysts, associates, VPs, and managing directors earn worldwide — from base pay to million-dollar bonuses, with regional comparisons and the latest trends.
What Affects an Investment Banker’s Salary
Before jumping into numbers, it helps to know what factors lead to big differences in pay:
- Seniority / Role – Analyst, Associate, VP, Director, Managing Director, etc. Each step up usually brings much more pay, especially bonuses.
- Firm Type – Big global banks (JP Morgan, Goldman Sachs, etc.) tend to pay more. Elite boutique banks often pay well, especially in bonuses, but the base may differ.
- Location – Major financial hubs (New York, London, Hong Kong, Singapore) usually pay more because cost of living is high, competition is intense.
- Bonus & Deferred Compensation – Much of the “big money” comes from bonuses, deal fees, stock / deferred comp, not just the fixed base salary.
- Deals / Deal Flow – If your bank is doing lots of deals (M&A, IPOs, etc.), good market conditions, then compensation tends to be higher.
- Specialization – If you work in a high-demand industry (technology, healthcare, etc.), or specialized product group (M&A, ECM, DCM), pay may be higher.
Investment Banker Salary by Role (Typical Levels)
Here are the common titles in investment banking and what one might earn ― base + bonus / total compensation ranges ― roughly in U.S. dollar equivalent for top-tier banks. These are approximate, and many people earn more or less depending on all the factors above.
| Role / Designation | Base Salary Range (USD) | Total Compensation (Base + Bonus etc.) |
|---|---|---|
| Summer Analyst / Intern | ~$60,000 ‒ $80,000 | ~$70,000 ‒ $100,000 (depending on firm & year) Investguiding+2Fortunly+2 |
| Analyst (0-2 years) | ~$85,000 ‒ $120,000 | ~$150,000 ‒ $200,000 financesaving.life+3Fortunly+3FINSIMCO+3 |
| Associate (2-4 years / post-MBA) | ~$120,000 ‒ $200,000 | ~$200,000 ‒ $350,000+ depending on bank & performance Business Insider+2FINSIMCO+2 |
| Vice President (VP) | ~$200,000 ‒ $300,000+ | ~$350,000 ‒ $600,000+ or more if many deals & big responsibilities Fortunly+2FINSIMCO+2 |
| Director / Senior Vice President (SVP) | ~$300,000 ‒ $500,000+ | ~$600,000 ‒ $1,000,000+ depending on firm, region, deal size Business Insider+2Fortunly+2 |
| Managing Director (MD) / Partner | From ~$400,000 up to $1,000,000+ base in top banks | Total compensation often well over $1M, sometimes multiple millions depending on role, book of business, deals closed, equity etc. FINSIMCO+2Business Insider+2 |
Worldwide / Regional Investment Banker Salary Examples
To give a clearer picture, here’s what investment bankers are making in different regions, for both entry level and senior roles (2024-2025 data). These are estimates and will vary depending on firm & city.
| Region / Country | Analyst / Entry Level | Mid-Level (Associate / VP) | Senior Roles (Director / MD) |
|---|---|---|---|
| USA (New York, etc.) | ~$85,000 ‒ $120,000 base, total $150,000-200,000+ Fortunly+1 | $200,000 ‒ $300,000+ base for VP, total comp up to ~$400,000-600,000+ Business Insider+1 | MDs often earning $1,000,000+ (base + bonus + equity etc.), sometimes several millions if very senior & successful. Business Insider+1 |
| UK / Europe | Analyst: ~£50,000 ‒ £70,000 (≈ $60-$90k) base; with bonus somewhat higher. Quintedge+1 | Mid-level: ~£150,000-£250,000 total comp for VPs etc. CollegeSearch+1 | Senior roles: £500,000+ to £1M+ including bonuses in big firms. In large European hubs, top MDs can cross that. CollegeSearch+1 |
| Asia (Singapore, Hong Kong, etc.) | Analyst base often in local currency but USD equivalent ~$80,000-$130,000 depending on bank & city. Quintedge+2financesaving.life+2 | Mid-level: could be ~$200,000-$400,000+ (equivalent) depending on seniority & bank. Quintedge+1 | Senior bankers in big financial hubs like Hong Kong, Singapore often get high bonuses, sometimes pushing total comp into the high hundreds of thousands or millions (USD equiv). FINSIMCO+1 |
| India | Analyst / entry level: around ₹10-20 lakhs/year (≈ $12,000-$25,000) depending on bank & city. CollegeSearch+2AmbitionBox+2 | Mid-level: ₹30-70 lakhs/year (≈ $35,000-$90,000) for associates/VPs etc. Quintedge+2PrepLounge+2 | Senior-level roles (Director / MD) especially in big global banks: ₹1 crore+ (~$120,000+), with bonuses could be much more. PrepLounge+1 |
| Middle East (Dubai, UAE, etc.) | Entry: salaries often attractive and can be tax-friendly; might be AED 300,000-600,000 (~USD 80,000-160,000) for analysts. Quintedge | Mid-level: AED 1,000,000+ (~USD 270,000+) for VP etc. Quintedge | Senior: MDs can cross AED 2,000,000+ easily depending on bank & role. Quintedge |
What Components Make Up Investment Banker Salary
It’s not just a base number. Here’s how investment banking pay is structured:
- Base Salary – fixed guaranteed component. Usually increases with seniority, firm performance, and role.
- Bonus / Year-End Bonus – a big chunk. Based on individual performance + deal flow + bank profits. Could be 50-100% (or more) of base for many roles.
- Deferred / Stock / Equity Compensation – Some portion of bonus is delayed or paid in shares, especially for senior roles. That encourages retention.
- Signing Bonus / One-Time Perks – Sometimes offered when joining, especially for senior hires or switching firms.
- Other Benefits – Health insurance, retirement plans, travel allowances, housing or relocation in some cases, performance incentives etc.
What’s Trending in 2024-2025
It’s helpful to know what’s shaping pay right now:
- Bonuses have rebounded in many banks in 2024 after lean years, especially in elite boutiques. MD pay at boutiques jumped significantly. Business Insider
- Base salaries for analysts & associates at top banks have been creeping up, to stay competitive. FINSIMCO+1
- In some regions, base pay is being adjusted downwards (or slower growth) due to market conditions, regulatory pressures, or lower deal volume. But the bonus side tends to oscillate more sharply with market cycles.
What You Might Expect If You’re Considering IB
Here are realistic expectations & tips if you’re thinking of a career in investment banking:
- As an analyst, expect long hours, steep learning curve; not super comfortable at first, but lots of upside if you do well.
- Promotions are relatively well-defined but competitive. Moving from Analyst → Associate → VP to Director takes years, and performance matters a lot.
- Geographic mobility helps: moving to big hubs (NYC, London, HK) will almost always get you higher pay (but cost of living & taxes also higher).
- Working at a global bank usually means more stability and higher upside; boutique banks may offer faster responsibility but can be more volatile depending on deal flow.
Examples of High Salaries
- According to recent surveys, Managing Directors at elite boutiques in the US are earning over $1.7 million total compensation in 2024. Business Insider
- Senior bankers at some European banks (e.g., UniCredit) had bonuses averaging €371,532 for seniors in 2024 (excluding the base) — note: that’s just a part of total compensation. FNLondon
- Big banks in China recently cut base pay for some offshore investment bankers by 15-30%, showing how market pressures can change real pay.
