MARKET UPDATE
Middle Market Investment Banks: Competitive Pay with Big Banks, but Elite Boutiques Still Lead
When it comes to compensation in investment banking, conventional wisdom has long held that bulge-bracket banks offer the most competitive salaries and bonuses compared to their middle-market counterparts. However, 2024 compensation reports suggest that middle-market investment banks have caught up, providing compensation on par with, and in some cases exceeding, that of bulge brackets. Meanwhile, elite boutique banks continue to outpace the competition, offering approximately 10% higher pay than both middle market and bulge bracket banks
This shift in pay dynamics broadens the career landscape for aspiring investment bankers. Middle-market firms offer strong compensation without the bureaucratic structure of a bulge bracket. On the other hand, elite boutiques remain the top choice for those prioritizing absolute earnings, albeit with a more demanding workload.
Ultimately, compensation trends continue to evolve. While middle markets have successfully matched bulge brackets, elite boutiques still reign supreme in total pay.
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