Professional Documents
Culture Documents
Comps
Seventh Annual Investment Banking Compensation Survey
2012
www.WallStreetComps.com
WallStreetComps.com 2006-2013
TABLE OF CONTENTS
Disclaimer
FAQs
Information on Participants
Represented Banks
Regression Analysis
2012 Bonus
Distribution by Banks
10
Distribution by Location
11
Distribution by Groups
12
Distribution by Title:
Associate 0
13
Associate 1
14
Associate 2
15
Associate 3
16
Vice President 1
17
Vice President 2
18
Vice President 3
19
20
Managing Director
21
WallStreetComps.com 2006-2013
DISCLAIMER
WallStreetComps.com was created to keep investment bankers informed about the compensation
trends in the industry.
Please be advised that the data gathered in this report were submitted by investment bankers on a
voluntary basis and without consultation of their respective employers mentioned herein.
Although the results are screened for obvious mistakes or typos, WallStreetComps.com cannot
guarantee the validity of the information presented. However, due to the nature of this report and
the way data were entered, we are confident the information in this report is valuable and
accurate.
The information is being provided freely and none of the banks or anyone else connected with
WallStreetComps.com in any way whatsoever can be responsible for inaccurate information.
If you have any comments, questions or suggestions on how we can improve this survey for
next year, please email us at Webmaster@WallStreetComps.com
WallStreetComps.com 2006-2013
FAQS
What is WallStreetComps.com?
WallStreetComps.com was created by a group of former investment bankers to keep peers
informed about the compensation trends in the industry. The resulting compensation report is
free and is a way to share information with peers.
What is Associate 0?
When an MBA student is hired as an Associate following her graduation, she will generally be an
Associate for 17 months (from August of graduation year until December of the following year).
We define Associate 0 as the first 5 months of Associate 1, at the end of which a Stub bonus is
paid.
Why cant I see the name of my firm even though I participated in the survey?
If you were the only participant in your firm, we have decided not to disclose the name of that
firm to protect your privacy.
WallStreetComps.com 2006-2013
INFORMATION ON PARTICIPANTS
We have received a total of 396 responses. The distribution of responses is as follows:
Distribution by Employer
Large U.S.
Banks
Large European
Banks
Associate 0
36%
Associate 1
18%
Associate 2
Title
Boutiques
Other
Total
32%
9%
23%
100%
32%
11%
39%
100%
32%
36%
7%
25%
100%
Associate 3
40%
16%
4%
40%
100%
Vice President 1
30%
17%
9%
43%
100%
Vice President 2
35%
6%
24%
35%
100%
Vice President 3
25%
10%
15%
50%
100%
21%
25%
4%
50%
100%
Managing Director
0%
112
43%
94
0%
36
57%
154
100%
396
M&A
Industry
Coverage
Fin. Sponsors /
Lev. Fin.
Capital Market
Other incl.
Restructuring
Total
Associate 0
9%
68%
9%
5%
9%
100%
Associate 1
36%
46%
7%
7%
4%
100%
Associate 2
36%
61%
0%
4%
0%
100%
Associate 3
20%
36%
16%
12%
16%
100%
Vice President 1
26%
30%
4%
17%
22%
100%
Vice President 2
29%
41%
0%
12%
18%
100%
Vice President 3
15%
50%
15%
5%
15%
100%
21%
29%
0%
14%
36%
100%
Managing Director
57%
102
29%
176
0%
24
14%
38
0%
56
100%
396
Total Population
Distribution by Group
Title
Total Population
Note: We closed the survey on April 10th 2012. All answers submitted after that date were not
taken into account in the survey.
WallStreetComps.com 2006-2013
REPRESENTED BANKS
Bank
Category
Barclays Capital
Blackstone
Boutique
BMO
Other
BNP Paribas
CALYON
Citi
Credit Suisse
Deutsche Bank
Evercore Partners
Boutique
Goldman Sachs
Houlihan Lockey
Boutique
HSBC Bank
Jefferies
Boutique
JPMorgan
KBW
Boutique
KPMG
Other
Lazard
Boutique
Macquarie Capital
Other
Moelis
Boutique
Morgan Stanley
Nomura
Other
Oppenheimer
Other
Piper Jaffray
Boutique
Other
Rothschild
Boutique
UBS
Wells Fargo
WallStreetComps.com 2006-2013
2012
Minimum
$0
$0
Maximum
1,500,000
2,350,000
207,335
196,817
Average
1st Quartile
2nd Quartile (Median)
75,000
75,000
150,000
136,500
3rd Quartile
295,000
250,000
4th Quartile
1,500,000
2,350,000
314
396
27
28
Number of Responses
Number of Banks
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Title and Quartile
2012
Bonuses
Average
1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
Associate 0
$35,000
$35,000
$40,000
$65,000
$109,455
Associate 1
75,000
97,500
116,250
215,000
111,250
92,321
94%
Associate 2
88,750
120,000
142,500
270,000
131,571
115,753
92%
Associate 3
125,000
140,000
190,000
275,000
140,400
151,320
79%
Vice President 1
121,500
175,000
242,500
400,000
166,391
183,043
82%
Vice President 2
175,000
260,000
350,000
460,000
182,000
259,176
77%
Vice President 3
237,250
285,000
376,250
475,000
165,300
284,450
76%
163,750
255,000
367,500
1,500,000
215,036
323,321
74%
Managing Director
125,000
325,000
1,125,000
2,350,000
263,571
739,286
74%
$155,606
$196,817
84%
Average
Base
Bonus
$37,625
Cash Portion
100%
2012 Bonuses
Average
Median
Average
Median
Average
Associate 0
$35,000
$41,134
$35,000
$37,625
0.0%
Associate 1
75,000
85,596
97,500
92,321
30.0%
(8.5%)
7.9%
Associate 2
140,000
141,923
120,000
115,753
(14.3%)
(18.4%)
Associate 3
135,000
133,660
140,000
151,320
3.7%
13.2%
Vice President 1
237,500
203,358
175,000
183,043
(26.3%)
(10.0%)
Vice President 2
285,000
262,763
260,000
259,176
(8.8%)
(1.4%)
Vice President 3
325,000
302,750
285,000
284,450
(12.3%)
(6.0%)
295,000
324,620
255,000
323,321
(13.6%)
(0.4%)
Managing Director
600,000
756,000
325,000
739,286
(45.8%)
(2.2%)
Note: bonuses as reported by the bankers; include cash and stock portion as well as other types of deferred pay.
WallStreetComps.com 2006-2013
$191,360
$177,830
$160,000
$149,800
$140,620
+9.5%
$138,970
$121,890
$111,340
$113,450
$120,000
$100,530
$75,020
$80,000
$100,850
$99,930
$74,140
$60,900
$53,040
$40,000
$0
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12E
According to estimates released by New York State Comptroller Thomas DiNapoli, average Wall
Street bonuses were up 9.5% last year to $121,890, compared with $111,340 in 2011. But these
estimates do not include stock options or other types of deferred pay.
WallStreetComps.com 2006-2013
WallStreetComps estimates gathered directly from investment bankers show that 2012
Median Bonuses were down 9.0% at $136,500 per banker and 2012 Average Bonuses were
down 5.1% at $196,817 per banker.
2012 Average Total Compensation (base + bonus) was also down 4.1% at $352,423 per
banker and 2012 Median Total Compensation was down 7.0% at $279,000 per banker.
WallStreetComps Survey
($ in thousands)
$400
$367
$345
$350
$300
$255
$250
$200
$150
$283
$268
$255
$220
$207
$200 $205
$187
$170
$148
$150
$133
$197
$137
$90
$100
$50
$0
'04
'05
'06
'07
'08
Average Bonus
'09
'10
'11
'12
Median Bonus
As the costs of running the survey have gone high, we have decided this year to sell ad space and
keep the survey free. So please, support our sponsors: next time you want to eat sushi: try Sushi
Shop (we did and their food is delicious!); and next time you want to do something new and
original while in NYC, take a photo tour with Citifari (we recommend their Central Park tour, its
great!)
WallStreetComps.com 2006-2013
REGRESSION ANALYSIS
For statistics aficionados, we ran a regression analysis for the bonuses paid in 2012 based
on years of experience, type of banks and location. We excluded from the regression
bonuses paid to Associates 0 and to Managing Directors. The analysis yielded the
following regression:
With:
Associate 1
Associate 2
Associate 3
Vice President 1
Vice President 2
Vice President 3
Senior Vice President
Rank
1
2
3
4
5
6
7
Bank
1
2
3
New York
London
Other
Location
1
2
3
WallStreetComps.com 2006-2013
DISTRIBUTION BY BANKS
2012 Average Bonus by Banks and Title
Banks
Distribution
27%
23%
Boutiques
Average Bonuses
Average Portion Paid in Cash
Evercore Partners
Jefferies
Lazard
9%
Others
Average Bonuses
Average Portion Paid in Cash
BMO
Houlihan Lokey
KBW
Macquarie Capital
RBC Capital Markets
Other
41%
100%
Associate*
SVP
$134,167
80%
130,571
115,000
133,750
132,500
162,000
$218,000
78%
195,200
220,429
90,000
255,000
323,333
$502,500
48%
217,500
200,000
945,000
-
$82,004
96%
82,571
94,000
112,500
20,000
$246,429
69%
313,750
175,000
-
$416,857
67%
238,250
1,380,000
292,500
-
$147,500
81%
212,500
115,000
$265,000
87%
350,000
192,500
117,500
$210,000
100%
210,000
-
$129,214
91%
120,000
135,000
87,500
132,920
$241,192
79%
270,000
360,000
307,500
313,750
216,294
$207,857
87%
312,500
365,000
194,875
$118,631
$114,300
4%
$238,417
$251,059
(5% )
$323,321
$404,506
(20% )
WallStreetComps.com 2006-2013
10
DISTRIBUTION BY LOCATION
2012 Average Bonus by Location and Title
Banks
New York
U.S (ex - NY)
London
Europe (ex - London)
Asia
Total Population
Distribution
59%
30%
7%
2%
2%
100%
SVP
$451,917
234,600
302,000
160,000
173,333
$323,321
Distribution
27%
23%
Boutiques
Average Bonuses
Average Portion Paid in Cash
New York
U.S (ex - NY)
London
9%
Others
Average Bonuses
Average Portion Paid in Cash
New York
U.S (ex - NY)
London
Europe (ex - London)
41%
100%
WallStreetComps.com 2006-2013
Associate*
SVP
$134,167
80%
124,706
166,667
100,000
-
$218,000
78%
247,000
223,000
104,000
131,000
$502,500
48%
720,000
327,500
200,000
$82,004
96%
83,952
107,500
38,000
-
$246,429
69%
276,000
175,000
170,000
-
$416,857
67%
463,600
280,000
320,000
$147,500
81%
212,500
115,000
-
$265,000
87%
263,000
320,000
110,000
$210,000
100%
210,000
-
$129,214
91%
99,667
157,867
54,000
-
$241,192
79%
234,688
234,500
216,333
460,000
$207,857
87%
245,000
201,571
302,000
160,000
$118,631
$114,300
4%
$238,417
$251,059
(5% )
$323,321
$404,506
(20% )
11
DISTRIBUTION BY GROUPS
2012 Average Bonus by Groups and Title
Banks
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market
Other Group, incl. Restructuring
Total Population
Distribution
28%
41%
6%
10%
15%
100%
SVP
$256,667
310,875
287,500
387,600
$323,321
Distribution
Associate*
SVP
27%
$134,167
109,200
142,417
146,667
240,000
95,000
$218,000
260,000
198,200
123,000
147,500
245,833
$502,500
440,000
270,000
621,667
23%
$82,004
90,975
80,509
92,000
70,000
-
$246,429
325,000
305,000
172,500
120,000
$416,857
290,000
234,000
280,000
795,000
Boutiques
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group
9%
$147,500
128,333
135,000
230,000
$265,000
237,000
300,000
145,000
455,000
$210,000
210,000
-
Others
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group
41%
$129,214
158,000
109,222
70,333
54,000
$241,192
236,667
267,667
344,500
170,000
115,667
$207,857
250,000
284,750
300,000
84,200
100%
$118,631
$114,300
4%
$238,417
$251,059
(5% )
$323,321
$404,506
(20% )
WallStreetComps.com 2006-2013
12
ASSOCIATE 0
2012 Bonus by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
36%
32%
9%
23%
100%
Base
Average
$102,500
108,571
114,000
120,000
$109,455
Bonus
Median
$35,000
34,580
43,500
40,000
$35,000
Average
$35,625
32,963
43,500
45,000
$37,625
Distribution
64%
32%
5%
100%
Base
Average
$107,500
110,714
128,000
$109,455
Bonus
Median
$35,000
37,000
50,000
$35,000
Average
$35,083
40,940
50,000
$37,625
Location
New York
U.S. (excluding NY)
London
Total Population
WallStreetComps.com 2006-2013
13
ASSOCIATE 1
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
18%
32%
11%
39%
100%
Base
Average
$107,800
123,333
120,000
100,545
$111,250
Bonus
Median
$100,000
70,000
115,000
100,000
$97,500
Bank
Barclays Capital
Citi
Credit Suisse
Deutsche Bank
UBS
Total Sub-Group
Total Population
Distribution
11%
7%
7%
7%
7%
39%
100%
Base
Average
$126,667
102,000
120,000
125,000
120,000
$118,733
$111,250
Distribution
46%
43%
11%
100%
Average
$100,200
65,111
103,333
108,000
$92,321
Cash
Average
95%
100%
95%
89%
94%
WallStreetComps.com 2006-2013
Distribution
36%
46%
7%
7%
0%
4%
100%
100,000
$92,321
14
ASSOCIATE 2
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
32%
36%
7%
25%
100%
Base
Average
$142,222
137,000
135,000
109,143
$131,571
Bank
Bank of America
Barclays Capital
Credit Suisse
Morgan Stanley
UBS
Wells Fargo
Total Sub-Group
Total Population
Distribution
7%
14%
7%
11%
7%
11%
57%
100%
Base
Average
$130,000
140,000
140,000
140,000
130,000
153,333
$138,889
$131,571
Bonus
Median
$135,000
82,500
172,500
120,000
$120,000
Average
$133,889
72,009
172,500
138,714
$115,753
Cash
Average
89%
96%
63%
97%
92%
Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Total Population
Distribution
82%
18%
0%
0%
100%
$120,000
$115,753
WallStreetComps.com 2006-2013
Distribution
36%
61%
0%
4%
0%
0%
100%
46,000
$120,000
$115,753
15
ASSOCIATE 3
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
40%
16%
4%
40%
100%
Base
Average
$149,500
153,750
170,000
123,000
$140,400
Bank
Bank of America
Barclays Capital
JPMorgan
Macquarie Capital
Wells Fargo
Total Sub-Group
Total Population
Distribution
16%
8%
12%
8%
8%
52%
100%
Base
Average
$160,000
160,000
143,333
152,500
137,500
$150,667
$140,400
Bonus
Median
$145,000
137,500
230,000
140,000
$140,000
Average
$151,400
145,000
230,000
145,900
$151,320
Cash
Average
66%
88%
75%
90%
79%
Distribution
56%
40%
0%
4%
0%
100%
54,000
$140,000
$151,320
WallStreetComps.com 2006-2013
Distribution
20%
36%
16%
12%
4%
12%
100%
16
VICE PRESIDENT 1
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
30%
17%
9%
43%
100%
Base
Average
$171,571
172,750
212,500
151,000
$166,391
Bank
Barclays Capital
Citi
Distribution
9%
17%
Base
Average
$178,000
171,500
Total Sub-Group
Total Population
26%
100%
$174,750
$166,391
Bonus
Median
$123,000
172,500
187,500
225,000
$175,000
Average
$147,571
216,250
187,500
193,700
$183,043
Cash
Average
81%
67%
81%
89%
82%
$222,250
$183,043
70%
82%
Distribution
52%
30%
0%
17%
0%
100%
134,500
$175,000
$183,043
WallStreetComps.com 2006-2013
Distribution
26%
30%
4%
17%
0%
22%
100%
124,400
$183,043
17
VICE PRESIDENT 2
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
35%
6%
24%
35%
100%
Base
Average
$207,333
200,000
190,000
148,333
$182,000
Bank
Bank of America
RBC Capital Markets
Distribution
18%
18%
Base
Average
$223,000
150,000
Total Sub-Group
Total Population
35%
100%
$186,500
$182,000
Bonus
Median
$297,500
175,000
350,000
240,000
$260,000
Average
$302,667
175,000
316,250
191,667
$259,176
Cash
Average
65%
70%
82%
86%
77%
$278,500
$259,176
77%
77%
Distribution
76%
12%
0%
6%
6%
100%
110,000
131,000
$259,176
WallStreetComps.com 2006-2013
Distribution
29%
41%
0%
12%
6%
12%
100%
215,000
455,000
240,000
$259,176
18
VICE PRESIDENT 3
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
25%
10%
15%
50%
100%
Base
Average
$179,000
200,000
185,000
145,600
$165,300
Bank
Barclays Capital
Citi
Jefferies
Distribution
10%
10%
10%
Base
Average
$200,000
147,500
207,500
Total Sub-Group
Total Population
30%
100%
$185,000
$165,300
Bonus
Median
$105,000
342,500
240,000
307,500
$285,000
Average
$215,000
342,500
248,333
318,400
$284,450
Cash
Average
88%
73%
100%
64%
76%
87%
76%
Distribution
55%
30%
5%
10%
0%
100%
$284,450
WallStreetComps.com 2006-2013
Distribution
15%
50%
15%
5%
0%
15%
100%
280,000
$284,450
19
Distribution
21%
25%
4%
50%
100%
Base
Average
$258,333
230,000
235,000
187,571
$215,036
Bonus
Median
$330,000
280,000
210,000
202,500
$255,000
Bank
Barclays Capital
BMO
Citi
Deutsche Bank
Morgan Stanley
Total Sub-Group
Total Population
Distribution
14%
7%
7%
7%
7%
43%
100%
Base
Average
$247,500
225,000
220,000
200,000
250,000
$228,500
$215,036
Distribution
43%
36%
4%
7%
11%
100%
Average
$502,500
416,857
210,000
207,857
$323,321
Cash
Average
48%
67%
100%
87%
74%
WallStreetComps.com 2006-2013
Distribution
21%
29%
0%
14%
7%
29%
100%
287,500
130,500
451,875
$323,321
20
MANAGING DIRECTOR
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
0%
43%
0%
57%
100%
Base
Average
Bonus
Median
Average
Cash
Average
346,667
500,000
1,000,000
39%
201,250
$263,571
212,500
$325,000
543,750
$739,286
100%
74%
Distribution
71%
14%
14%
0%
0%
100%
$325,000
$739,286
WallStreetComps.com 2006-2013
Distribution
57%
29%
0%
14%
100%
$325,000
$739,286
21
http://www.wallstreetcomps.com/mailing.asp
Note that your e-mail address will not be shared with third parties.
WallStreetComps.com 2006-2013