A recent survey by Prospect Rock Partners revealed major increases in pay among investment bankers in 2024, particularly at elite boutiques like Lazard and Evercore. Conducted with over 900 respondents, the findings highlighted substantial pay rises, with associates experiencing average increases of 31% to 33% and managing directors seeing boosts from $1 million to over $1.7 million. As the financial world awaits a resurgence in M&A activity, the survey sheds light on complex compensation structures in the industry, aiming to clarify the often opaque pay dynamics on Wall Street.
"It's always been so cryptic," Dennes told Business Insider about the Wall Street compensation structure. "The whole point of the survey is that compensation is much more nuanced than what people talk about."
Survey respondents included bankers from all ranks, from analysts up to vice presidents and managing directors, and across a multitude of coverage groups, and firms.
Total pay for associates at elite boutiques rose an average of 31% for first-year associates and 33% for second-year associates.
Managing director compensation at elite boutiques jumped from about $1 million in 2023 to over $1.7 million in 2024, an increase of 68%.
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