Investment banking bonuses skyrocketed in 2024, especially for juniors

Investment banking might have had a rough few years, but 2024 offered some positive signs - both M&A and capital markets were up significantly. Bankers' bonuses went up as a consequence, and with an industry-defying sense of fairness.

Who is your Ideal Employer in finance? 💥 Answer our survey for a chance to win $1k

Our 2025 Compensation & Lifestyle report received over 2,500 responses from professionals in the financial services sector, including professionals in investment banking. On average, bonuses for those investment bankers increased by 28% last year.

The figures in the table below are global averages for compensation in the investment banking division (M&A, ECM, and DCM) at each level of the financial services hierarchy.

As the table shows, increases in last year’s bonus pool were quite evenly distributed. Although juniors – analysts and associates – enjoyed the largest bonus increases proportionally (approximately 37% up), more senior individuals in directors and managing directors (MD) roles also saw their bonuses increase by 20 to 30%.

The comparatively small increase in bonuses for MDs might be explained by an attempt to protect juniors from cost-of-living increases, or by bonus increases in line with promotions in the junior ranks.

Additionally, many associates or analysts will have been comparing their new bonuses to previous year’s bonuses when they were more junior. A banker's bonus can almost double between promotions, before team performance is even part of the equation.

Our '24-'25 financial services salary & bonus report is available for download now on this page.

Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)