How much do you earn at big U.S. investment bank on Wall Street? Is there really any difference between the likes of Goldman Sachs, J.P. Morgan, Morgan Stanley or Bank of America Merrill Lynch? Yes, depending on your level of seniority.
Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch and Morgan Stanley all made the top 10 list of companies that U.S. finance professionals would ideally want to work for, based on an eFinancialCareers survey. We've now compiled salary data for those four banks for analysts, associates, vice presidents, directors and managing directors in the U.S.
BAML lags behind its three competitors in terms of base salary, according to Glassdoor, with the notable exception of VPs, where the firm is actually higher than the other banks we looked at. That, combined with the fact that there was no data for executive director salaries, indicates that BAML may give pay raises to their highest-performing VPs rather than promoting them to the more prestigious director title.
By contrast, Morgan Stanley's VPs appear to be the lowest paid of these four banks in terms of base salary, but the higher ranges of its executive director and managing director salaries are quite competitive, according to Glassdoor.
J.P. Morgan appears to pay its top analysts very well, but its managing directors are not as well-compensated as some rivals, according to Glassdoor.
It is no surprise that Goldman's salaries appear to be quite competitive, with its associates and managing directors the highest paid of the four banks we analyzed. The one exception is the fact that its executive directors appear to be underpaid, an anomaly that can likely be attributed to a small data set for that particular job title.
Now that you know who pays the most at each of these levels in the U.S., navigate your banking career accordingly. In fact, if your salary is below the average pay for your job title, it might be time to ask for a raise.
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