I. 2025 Total Compensation Benchmarks (Base + Bonus)
Figures represent total compensation for "Top Bucket" performance.
|
Title |
Bulge Bracket |
Elite Boutique |
Middle Market |
|
Analyst 1 |
$180K – $220K |
$210K – $275K+ |
$150K – $185K |
|
Analyst 2 |
$210K – $265K |
$250K – $300K+ |
$185K – $230K |
|
Analyst 3 |
$240K – $290K |
$285K – $350K+ |
$215K – $260K |
|
Associate 1 |
$275K – $375K |
$350K – $450K+ |
$250K – $340K |
|
Associate 2 |
$350K – $450K |
$425K – $550K+ |
$310K – $400K |
|
Associate 3 |
$400K – $525K |
$500K – $650K+ |
$350K – $475K |
|
Vice President 1 |
$500K – $750K |
$650K – $850K+ |
$400K – $600K |
|
Vice President 2 |
$550K – $700K |
$680K – $850K+ |
$450K – $600K |
|
Vice President 3 |
$650K – $825K |
$750K – $950K+ |
$550K – $725K |
|
Managing Director |
$800K – $1.6M+ |
$1.2M – $2.5M+ |
$600K – $1.1M+ |
-
Analyst/Associate Level: Bonuses remain 100% cash.
-
Managing Director Level: Deferrals (Performance Stock Units/Restricted Stock) now routinely exceed 50% of total incentive.
3. New Regulatory Hurdles (2026 Compliance)
Retention strategies are being redesigned to comply with landmark legislation:
-
CA AB 692 (Stay-or-Pay Law): Restricts the ability to claw back sign-on/retention bonuses. Repayments must be prorated over no more than two years and documented separately from the primary contract.
-
NY Trapped at Work Act (TAWA): Explicitly allows for the repayment of sign-on bonuses (if not tied to performance) but prevents firms from requiring accelerated repayment upon departure.
4. Risk & Performance Provisions
-
Clawback Duration: Scope is expanding to cover reputational harm, with windows reaching 5 to 7 years at major institutions.
-
Garden Leave: Standardizing at 90 days for Directors and MDs to act as a barrier to immediate lateral movement.
Sources: NYC Comptroller 2025 Forecast, Littler (TAWA), Akin Gump (CA AB 692), Johnson Associates, Wall Street Oasis, and eFinancialCareers.
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