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Investment Banking Salary Guide 2025 (London/Europe)
by Canary Wharfian•October 23rd 2025
Join the conversation
Investment banking stays the golden ticket in finance, where the bonus component of your paycheck can swell two or three times your base in blockbuster years. It's not about just the cash only either—getting on an internship or graduate role can serve as the stepping stone into any solid corporate or startup career.
In 2025, total compensation has risen modestly (10-15% year-over-year at most levels) due to recovering deal volumes in M&A and ECM, though it lags behind U.S. levels by 20-30% after currency adjustments. London dominates as Europe's financial hub, offering the highest pay—typically 15-25% above continental cities like Frankfurt, Paris, or Zurich. Salaries in other European hubs are comparable to London's after EUR/CHF conversion but often include lower bonuses due to less aggressive U.S.-style structures. Key factors influencing pay:
- Firm Type: Bulge brackets (e.g., Goldman Sachs, JPMorgan) and elite boutiques (e.g., Evercore, Lazard) pay the most; regional players (e.g., BNP Paribas) pay less.
- Group/Performance: M&A and ECM groups out-earn DCM or industry coverage; top performers get 20-50% higher bonuses.
- Experience: Bonuses scale with tenure; 20-50% of senior pay is deferred (stock/cash).
- Market Conditions: 2025 bonuses are up from 2024 but capped by regulatory scrutiny and economic uncertainty.
London Investment Banking Compensation (Total: Base + Bonus) — 2024–2025
| Level | Years of Experience | Base Salary | Bonus (% of Base) | Total Compensation | Notes |
|---|---|---|---|---|---|
| Analyst (1st Year) | 0–1 | £60,000 – £65,000 (med: £62,500) | 25–60% (£15,000 – £40,000) | £75,000 – £105,000 (med: £95,000) | London bonuses subdued; U.S. BBs slightly higher; EBs pay near top end. |
| Analyst (2nd/3rd Year) | 1–3 | £65,000 – £85,000 (med: £75,000) | 40–90% (£26,000 – £76,000) | £110,000 – £165,000 (med: £140,000) | Evercore/PJT/CVP add +£10–15k base; promotion to Associate often after A2. |
| Associate | 3–5 | £95,000 – £130,000 (med: £110,000) | 60–120% (£55,000 – £140,000) | £170,000 – £300,000 (med: £225,000) | 20–30% deferred at BBs; EBs can exceed £250k for strong performers. |
| Vice President (VP) | 5–8 | £130,000 – £180,000 (med: £150,000) | 70–140% (£90,000 – £250,000) | £240,000 – £430,000 (med: £330,000) | M&A and LevFin VPs skew higher; 25–40% deferred stock typical. |
| Director | 8–10 | £170,000 – £240,000 (med: £200,000) | 90–170% (£155,000 – £400,000) | £350,000 – £650,000 (med: £450,000) | London pay spreads widen significantly; boutiques lead top ranges. |
| Managing Director (MD) | 15+ | £250,000 – £400,000 (med: £300,000) | 120–300%+ (£300,000 – £1.2M+) | £650,000 – £1.8M+ (med: £900,000) | Heavily deal-driven; top rainmakers at EBs exceed £2M+ in good years. |
Europe-Wide Adjustments (Non-London)
- Paris/Frankfurt/Zurich: Base salaries align closely with London (£45k-£65k for Analysts, scaling up), but bonuses are 10-20% lower (e.g., Analyst total: £65k-£110k). French banks (BNP, SocGen) cap at lower end; U.S. branches (e.g., Citi Paris) match London. Taxes (40-50%) erode net pay more than UK's 45% top rate.
- Other Hubs (e.g., Amsterdam, Milan): 10-15% below London; focus on regional deals limits upside.
- Overall Trend: London's edge stems from global deal flow; continental pay suits local coverage but offers better work-life balance.
Firm Benchmarks (London, Mid-to-High Performers)
- Bulge Brackets (e.g., Goldman Sachs, JPMorgan): Analyst: £90k-£140k total; VP: £280k-£400k.
- Elite Boutiques (e.g., Evercore, PJT): Analyst: £100k-£150k; VP: £350k-£450k (highest bonuses).
- Middle Market (e.g., Barclays, HSBC): Analyst: £75k-£110k; VP: £200k-£300k.
Investment Banking Salary Guide 2025 (London/Europe)
by Canary Wharfian
October 23rd 2025
Join the conversation
Investment banking stays the golden ticket in finance, where the bonus component of your paycheck can swell two or three times your base in blockbuster years. It's not about just the cash only either—getting on an internship or graduate role can serve as the stepping stone into any solid corporate or startup career.
In 2025, total compensation has risen modestly (10-15% year-over-year at most levels) due to recovering deal volumes in M&A and ECM, though it lags behind U.S. levels by 20-30% after currency adjustments. London dominates as Europe's financial hub, offering the highest pay—typically 15-25% above continental cities like Frankfurt, Paris, or Zurich. Salaries in other European hubs are comparable to London's after EUR/CHF conversion but often include lower bonuses due to less aggressive U.S.-style structures. Key factors influencing pay:
- Firm Type: Bulge brackets (e.g., Goldman Sachs, JPMorgan) and elite boutiques (e.g., Evercore, Lazard) pay the most; regional players (e.g., BNP Paribas) pay less.
- Group/Performance: M&A and ECM groups out-earn DCM or industry coverage; top performers get 20-50% higher bonuses.
- Experience: Bonuses scale with tenure; 20-50% of senior pay is deferred (stock/cash).
- Market Conditions: 2025 bonuses are up from 2024 but capped by regulatory scrutiny and economic uncertainty.
London Investment Banking Compensation (Total: Base + Bonus) — 2024–2025
| Level | Years of Experience | Base Salary | Bonus (% of Base) | Total Compensation | Notes |
|---|---|---|---|---|---|
| Analyst (1st Year) | 0–1 | £60,000 – £65,000 (med: £62,500) | 25–60% (£15,000 – £40,000) | £75,000 – £105,000 (med: £95,000) | London bonuses subdued; U.S. BBs slightly higher; EBs pay near top end. |
| Analyst (2nd/3rd Year) | 1–3 | £65,000 – £85,000 (med: £75,000) | 40–90% (£26,000 – £76,000) | £110,000 – £165,000 (med: £140,000) | Evercore/PJT/CVP add +£10–15k base; promotion to Associate often after A2. |
| Associate | 3–5 | £95,000 – £130,000 (med: £110,000) | 60–120% (£55,000 – £140,000) | £170,000 – £300,000 (med: £225,000) | 20–30% deferred at BBs; EBs can exceed £250k for strong performers. |
| Vice President (VP) | 5–8 | £130,000 – £180,000 (med: £150,000) | 70–140% (£90,000 – £250,000) | £240,000 – £430,000 (med: £330,000) | M&A and LevFin VPs skew higher; 25–40% deferred stock typical. |
| Director | 8–10 | £170,000 – £240,000 (med: £200,000) | 90–170% (£155,000 – £400,000) | £350,000 – £650,000 (med: £450,000) | London pay spreads widen significantly; boutiques lead top ranges. |
| Managing Director (MD) | 15+ | £250,000 – £400,000 (med: £300,000) | 120–300%+ (£300,000 – £1.2M+) | £650,000 – £1.8M+ (med: £900,000) | Heavily deal-driven; top rainmakers at EBs exceed £2M+ in good years. |
Europe-Wide Adjustments (Non-London)
- Paris/Frankfurt/Zurich: Base salaries align closely with London (£45k-£65k for Analysts, scaling up), but bonuses are 10-20% lower (e.g., Analyst total: £65k-£110k). French banks (BNP, SocGen) cap at lower end; U.S. branches (e.g., Citi Paris) match London. Taxes (40-50%) erode net pay more than UK's 45% top rate.
- Other Hubs (e.g., Amsterdam, Milan): 10-15% below London; focus on regional deals limits upside.
- Overall Trend: London's edge stems from global deal flow; continental pay suits local coverage but offers better work-life balance.
Firm Benchmarks (London, Mid-to-High Performers)
- Bulge Brackets (e.g., Goldman Sachs, JPMorgan): Analyst: £90k-£140k total; VP: £280k-£400k.
- Elite Boutiques (e.g., Evercore, PJT): Analyst: £100k-£150k; VP: £350k-£450k (highest bonuses).
- Middle Market (e.g., Barclays, HSBC): Analyst: £75k-£110k; VP: £200k-£300k.
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