2021 Sell-side ER Salary Poll

Observations for non-MBAs:

  • Some outliers seem to be "pseudo VP" associates w/ above-average YOE. Other outliers could be due to working for star analysts at boutique / middle market firms. 
  • Bulge bracket associates are paid ~$10-20k more than middle markets.
  • Technology and healthcare are where the money is at, not a variant view. 
  • VP pay is very uniform, but very biased as contributors are mostly in hot sectors. 
  • Director base pay looks like $50k bump from VP's. 
  • No Managing Director contributed, which is not surprising. The pay variance is likely biggest based on deal flow, II votes, management access, etc.  
Region Firm Sector Rank YOE Base Salary
ER Non-ER
APAC Asian Bank Technology Jr Analyst 1 1 THB 50,000
APAC Bulge Bracket Consumer Jr Analyst 1 1 $120,000
APAC Bulge Bracket Technology Jr Analyst 1 1 SGD 150,000
Europe Bulge Bracket Chemicals Jr Analyst 1 1 £50,000
Europe Bulge Bracket Industrials Jr Analyst 2 1 £70,000
Europe Bulge Bracket Leisure Jr Analyst 3 1 £70,000
Europe Bulge Bracket Undisclosed Jr Analyst 1 1 £70,000
Latam Bulge Bracket Materials Jr Analyst 2 4 BRL 144,000
US Bulge Bracket Financials Jr Analyst 2 1 $110,000
US Bulge Bracket Health Care Jr Analyst 2 1 $100,000
US Canadian Big 5 Health Care Jr Analyst 1 1 $100,000
US Canadian Big 5 Technology Jr Analyst 1 1 $100,000
US Middle Market Technology Jr Analyst 1 1 $85,000
US Middle Market Technology Jr Analyst 3 1 $120,000
US Middle Market Technology Jr Analyst 3 1 $110,000
Canada Canadian Bank Real Estate Associate 1 1 CAD 100,000
Canada Canadian Big 5 Energy Associate 4 5 CAD 120,000
Canada Canadian Big 5 Materials Associate 2 4 CAD 120,000
Europe Bulge Bracket Industrials Associate 4 4 £105,000
Oceania Undisclosed Technology Associate 2 5 AUD 90,000
US Boutique Financials Associate 2 1 $100,000
US Boutique Financials Associate 2 2 $105,000
US Bulge Bracket Consumer Associate 2 1 $105,000
US Bulge Bracket Consumer Associate 5 1 $200,000
US Bulge Bracket Energy Associate 6+ 6+ $175,000
US Bulge Bracket Financials Associate 2 2 $125,000
US Bulge Bracket Health Care Associate 1 5 $125,000
US Bulge Bracket Industrials Associate 2 1 $100,000
US Bulge Bracket Industrials Associate 3 6+ $100,000
US Bulge Bracket Industrials Associate 4 1 $160,000
US Bulge Bracket Real Estate Associate 1 5 $100,000
US Bulge Bracket Technology Associate 1 1 $90,000
US Bulge Bracket Technology Associate 2 1 $110,000
US Bulge Bracket Technology Associate 3 1 $130,000
US Bulge Bracket Technology Associate 3 1 $140,000
US Bulge Bracket Undisclosed Associate 1 1 $110,000
US Canadian Bank Health Care Associate 1 1 $100,000
US Canadian Big 5 Macro Associate 1 1 $100,000
US Middle Market Consumer Associate 1 1 $110,000
US Middle Market Consumer Associate 1 1 $80,000
US Middle Market Consumer Associate 3 1 $135,000
US Middle Market Energy Associate 1 1 $80,000
US Middle Market Financials Associate 1 1 $80,000
US Middle Market Health Care Associate 1 2 $125,000
US Middle Market Health Care Associate 2 1 $175,000
US Middle Market Health Care Associate 3 1 $120,000
US Middle Market Industrials Associate 1 2 $95,000
US Middle Market Industrials Associate 4 1 $115,000
US Middle Market Industrials Associate 4 1 $90,000
US Middle Market Macro Associate 3 1 $95,000
US Middle Market Real Estate Associate 1 1 $85,000
US Middle Market Technology Associate 1 3 $135,000
US Middle Market Technology Associate 1 1 $80,000
US Middle Market Technology Associate 2 3 $90,000
US Middle Market Technology Associate 2 4 $90,000
US Middle Market Technology Associate 2 1 $75,000
US Middle Market Technology Associate 2 3 $90,000
US Middle Market Technology Associate 3 1 $115,000
Canada Canadian Bank Materials VP 4 4 CAD 120,000
Europe Bulge Bracket Industrials VP 6+ 1 £170,000
Europe Bulge Bracket Undisclosed VP 5 3 £150,000
Europe Middle Market Consumer VP 5 5 £165,000
US Bulge Bracket Consumer VP 6+ 1 $155,000
US Bulge Bracket Consumer VP 6+ 1 $220,000
US Bulge Bracket Health Care VP 3 3 $175,000
US Bulge Bracket Health Care VP 3 4 $200,000
US Bulge Bracket Technology VP 1 6+ $200,000
US Bulge Bracket Technology VP 6+ 4 $200,000
US Middle Market Technology VP 5 6+ $150,000
APAC Bulge Bracket Technology Director 5 1 SGD 270,000
US Bulge Bracket Retail Director 6+ 2 $250,000
US Middle Market Materials Director 6+ 2 $175,000
US Middle Market Technology Director 3 3 $250,000

Observations for MBAs:

  • Numbers are strong for US, at least $140k for new associates (I did $140k as well out of MBA covering Technology). Canada banks need to step it up for the MBA associates. 
  • For healthcare, I read on WallStreetOasis that JPM, GS, UBS are paying new associates $175k and BofA is at $150k. Need confirmation but likely right. 
Region Firm Sector Rank YOE Base Salary
ER Non-ER
APAC Bulge Bracket Economics Jr Analyst 1 1 INR 800,000
US Middle Market Health Care Jr Analyst 1 1 $100,000
Canada Canadian Bank Consumer Associate 3 2 CAD 85,000
Canada Canadian Bank Consumer Associate 3 5 CAD 80,000
Canada Canadian Bank Consumer Associate 3 2 CAD 100,000
Canada Canadian Bank Energy Associate 1 3 CAD 100,000
Canada Canadian Bank Real Estate Associate 2 4 CAD 80,000
Canada Canadian Big 5 Mining Associate 3 5 CAD 110,000
US Bulge Bracket Health Care Associate 1 6+ $140,000
US Bulge Bracket Technology Associate 1 5 $175,000
US Bulge Bracket Undisclosed Associate 1 6+ $175,000
US Boutique Technology VP 2 5 $180,000
US Bulge Bracket Health Care VP 6+ 4 $200,000
US Bulge Bracket Health Care VP 6+ 5 $200,000
Canada Canadian Big 5 Energy Director 3 6+ CAD 135,000

Appendix

My definition of bulge bracket: 

  • Barclays
  • BofA Securities
  • Citi
  • Credit Suisse
  • Deutsche Bank
  • Evercore
  • Goldman Sachs
  • Jefferies
  • JP Morgan
  • Morgan Stanley
  • UBS
  • Wells Fargo

Definition of Canadian Big 5 (Banks):

  • BMO
  • CIBC
  • RBC
  • ScotiaBank
  • TD

If you are interested in learning more about sell-side equity research, I have two other great articles for you:

If you want to save time and effort on your research job search: 

Fast Track My Search

Subscribe on the bottom to receive free career articles published every Wednesday.