A survey by Prospect Rock Partners of over 900 investment bankers reveals notable increases in Wall Street salaries and bonuses for 2024, especially at elite boutique banks. The results highlighted that first-year associates at elite boutiques saw their total pay rise by an average of 31%, while managing directors experienced an impressive compensation jump of 68%. Despite these optimistic figures, there remains uncertainty regarding future trends in mergers and acquisitions, which may impact overall performance in the coming years.
"It's always been so cryptic," Dennes told Business Insider about the Wall Street compensation structure. "The whole point of the survey is that compensation is much more nuanced than what people talk about."
Total pay for associates at elite boutiques rose an average of 31% for first-year associates and 33% for second-year associates.
Managing director compensation at elite boutiques jumped from about $1 million in 2023 to over $1.7 million in 2024, an increase of 68%.
There's so much uncertainty - geopolitical risk, the impact on the economy, and the influence of interest rates, all of which are making projections difficult.
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