Banking is renowned for its high levels of compensation. In return for long hours and often punishing work, bankers tend to be very generously remunerated.
That’s particularly true in investment banking – generally seen as the pinnacle of the industry, especially for graduates trying to get into the industry.
According to a report from recruitment firm Dartmouth Partners out this week, the average first year analyst working for a major bank earns around £72,000.
That’s a lot more than graduate salaries in most industries, which tend to hover between the £20,000 – £30,000 mark.
Obviously salaries differ between banks, but where are junior staff paid the best?
Dartmouth Partners analysed the salaries and bonuses of first year analysts (generally recent graduates) working at nine of the biggest investment banks in London, with banks from the UK, USA, Switzerland and Germany included.
Base salaries at all nine were the same - £50,000 - while American banks generally offered higher bonuses to their most junior staff.
Check out the best paying banks below.
Note: Dartmouth Partners' data for Citi, Barclays, UBS, Credit Suisse and Deutsche Bank includes six month bonuses paid for analysts starting last summer, while all other banks include a full year bonus paid in summer 2017.
9. Barclays
Base salary: £50,000
Average bonus: £11,000
Total compensation: £61,000
T=7. Citigroup
Base salary: £50,000
Average bonus: £15,000
Total compensation: £65,000
T=7. UBS
Base salary: £50,000
Average bonus: £15,000
Total compensation: £65,000
6. Deutsche Bank
Base salary: £50,000
Average bonus: £16,000
Total compensation: £66,000
5. Credit Suisse
Base salary: £50,000
Average bonus: £19,000
Total compensation: £69,000
4. JPMorgan
Base salary: £50,000
Average bonus: £26,000
Total compensation: £76,000
3. Goldman Sachs
Base salary: £50,000
Average bonus: £28,000
Total compensation: £78,000
2. Morgan Stanley
Base salary: £50,000
Average bonus: £32,000
Total compensation: £82,000
1. Bank of America Merrill Lynch
Base salary: £50,000
Average bonus: £41,000
Total compensation: £91,000
