Harvard | Mr. Investment Banker
GMAT 750, GPA 4.0
Stanford GSB | Mr. Deferred MBA
GMAT 760, GPA 3.82
McCombs School of Business | Mr. Consulting Analyst
GMAT 700, GPA 7.7/10
Stanford GSB | Mr. FinTech Engineer
GMAT 760, GPA 3.8
McCombs School of Business | Mr. Military 2.0
GRE 310, GPA 2.3
MIT Sloan | Mr. Hopeful CXO
GMAT 750, GPA 3.56
Harvard | Mr. Bangladeshi Analyst
GMAT 690, GPA 3.31
Yale | Mr. Fencer
GMAT 740, GPA 3.48
INSEAD | Mr. Indian In Cambodia
GMAT 730, GPA 3.33
Kenan-Flagler | Mr. Top Three
GRE 310, GPA 2.7
Tuck | Mr. South African FinTech
GMAT 730, GPA 3.08
London Business School | Mr. Green Energy
GMAT 710, GPA 3.1
IU Kelley | Ms. Marketing Manager
GRE 294, GPA 2.5
Kenan-Flagler | Ms. Nonprofit Admin
GMAT 620, GPA 3.3
Cornell Johnson | Mr. Emporio Armani
GMAT 780, GPA 3.03
Kellogg | Mr. Class President
GRE 319.5, GPA 3.76
Tepper | Mr. Tech Strategist
GRE 313, GPA 3.0
Harvard | Mr. MacGruber
GRE 313, GPA 3.7
Tuck | Mr. Metamorphosis
GRE 324, GPA 3.15
Stanford GSB | Mr. MBA Class of 2023
GMAT 725, GPA 3.5
IMD | Mr. Future Large Corp
GMAT 720, GPA 3.0
Cornell Johnson | Mr. Government Consultant
GMAT 600, GPA 3
Harvard | Mr. Healthcare VC
GMAT 700, GPA 3.7
Yale | Ms. Social Impact
GMAT 680, GPA 3.83
Kellogg | Mr. 770 Dreamer
GMAT 770, GPA 8.77/10
Duke Fuqua | Mr. Agribusiness
GRE 308, GPA 3.04
Wharton | Ms. Healthcare Visionary
GMAT 720, GPA 3.4

What I-Banks Now Pay Starting MBAs

Evercore Partners Headquarters

Evercore Headquarters

And compensation is only one facet of these firms’ wholistic approach. One recent Wall Street Oasis review touted Evercore’s intangibles. “[The] best aspects of working at Evercore are the culture, the level of responsibility given to junior people and the amount of exposure you get to senior bankers and clients.”  Another recent review from Blackstone’s mergers and acquisitions arm touted management’s “openness” and accessibility. “Calls from lower level analysts and associates are answered by management, who is always there.”

EVERYONE IN THE TOP 30 IS A WINNER

While Blackstone and Evercore rank at 99.8 and 99.5 of percentile, Curtis cautions that any firm making the top 30 provides strong compensation. In fact, the top 26 firms all ranked within the 91st percentile or better. In fact, only 2.5 percentile points separate #1 Blackstone Group from #12 Houlihan Lokey (and only 5.0 percentile points differentiate #13 Wells Fargo and #25 Deutsche Bank).

Even more, actual earnings don’t necessarily align with members’ perceptions.  For example, #8 Piper Jaffray offers the highest median bonus to first year associates at $125K, followed by #30 Macquarie Group Limited ABN ($122K) and #29 Rothschild ($120K). Not to mention, Rothschild and #16 Lazard also equaled #2 Evercore in furnishing the highest median base salaries ($130K) among first year associates. Not to mention, $120K (or more) bases could be had at #3 Harris Williams & Company, #7 BMO Capital Markets, #16 Barclays Capital, #18 Credit Suisse, #20 Societe Generale, and #30 Macquarie.

Goldman

Harris Williams & Company, renowned for their coaching and training, also ranked #3, percentile-wise, for compensation. They were followed by Moelis & Company, JPMorgan Chase, Goldman Sachs, BMO Capital Markets, and Piper Jaffray. CIBC World Markets and William Blair rounded out the top 10.

Wall Street Oasis’ percentiles also provide a counterpoint to Vault’s 2014 rankings of investment banking compensation, which was based on a ten point scale. Here, Centerview Partners topped the list followed by Houlihan Lokey and the Peter J. Solomon Company. Blackstone Group, which had the highest percentile according to Wall Street Oasis, ranked fourth, with Evercore coming in sixth.

FUTURE PREDICTIONS

So what firms should we look out for in the coming year? While Curtis is careful not to disclose his favorites, he notes that a major shift has occurred in recent years. “I would say that since the financial crisis, some of the bulge brackets were hit harder compared to some of the elite boutiques since these smaller banks were largely insulated from CDOs and the MBS mess.  The base salary is fairly standardized across BBs and elite boutiques, with every little variability, so what really makes the difference (at least at the junior ranks) are the bonuses.”

Patrick Curtis

Patrick Curtis

However, this could potentially change in the coming year. “Now that the economy is healthier,” Curtis observes, “I’m more curious whether the bulge brackets will regain their leading spot…they still have a “prestige” edge compared to most elite boutiques, but within the industry, that has shifted slightly over the past 5 years.”

Despite these changes, Curtis, a Wharton MBA, encourages MBAs to start in the bulge bracket. “I still think starting at a BB out of MBA is one of the best places, as long as you are careful what BB.  Some in 2010-2013 were known for weaker bonuses because of the weaker economy and new regulations, although most are now on much stronger footing and still landing big deals.”

To see first-year average compensation at the top 30 firms for associates and analysts (along with median base salaries and bonus), go to the next page.

DON’T MISS: WHERE TOP MBAs WORK IN FINANCE