December 3, 2023

Investment Banking

Let Your Investment Banking Do The Walking

How Much Boutique Investment Banks Pay in Analyst, Associate, VP Roles

Hello! It’s Dan DeFrancesco checking in from NYC.

Today we’ve got stories on Steve Cohen feeling bullish on his casino plans, VCs thoughts on what’s next for crypto, and how activists on Wall Street are calling the shots at some of the biggest companies

But first, let’s take a peek inside some pockets.

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The Wall Street bull tempting suited hands with a one hundred dollar bill on a red background

Samantha Lee/Insider

1. Small banks with big comp.

Just because they’re small doesn’t mean they can’t pay big. 

We’ve talked before about why boutique banks oftentimes rank higher among workers than their bulge-bracket peers.

There’s the hands-on experience and the work-life balance, both which rate high among younger bankers.

But at the end of the day this is investment banking. And as much as bankers like to say their job isn’t all about the money, it’s kind of all about the money. 

Insider’s Emmalyse Brownstein and Rachel DuRose pulled salary data from a variety of sources to get a sense of what type of base compensation analysts, associates, and vice presidents can expect to receive at nine boutique firms. 

This data doesn’t include bonuses, which are typically a huge chunk of bankers’ overall comp (although maybe not this year). But it’s still fascinating to see how these smaller players stack up to bulge-bracket banks, where the going rate for base comp among first-year analysts is $110,000. 

So, for a young banker starting out, what’s the better pick in the long run? 

Boutique bankers will say you can’t put a price on face time with key executives and dealmaking experience that goes beyond just revising decks. Bulge-bracket bankers will say having a high-profile firm on your résumé opens up doors that boutique bankers aren’t even aware of. 

Perhaps someone could build a model that assigns values to all these different factors and assesses the better pick?

Have it to me first thing tomorrow morning.


Click here to take a peek at salaries at nine top boutique investment banks.

In other news:

Mickey Mouse

Mickey Mouse waves to fans during a parade at Walt Disney World Resort on March 03, 2022.

Arturo Holmes/Getty Images for Disney Dreamers Academy

2. VCs sound off on what’s next for crypto after FTX. We asked five venture investors about their biggest takeaways from the FTX debacle. Here’s what they think.

3. Steve Cohen’s hopes of getting into the casino game are looking brighter. The announcement of a new stadium in the same neighborhood as Cohen’s New York Mets has him feeling good about his plans to build a casino, the New York Post reports

4. If you had Perella Weinberg Partners on your FTX bingo card, congrats. The investment bank has been tapped by FTX’s debtors as it picks through the pieces of Sam Bankman-Fried’s fallen crypto empire

5. Sneakerheads are ruining Nike’s ESG goals. A rise in demand of Nike’s retro kicks, which rely on leather, has made it harder for the company to use more sustainable material.

6. A new, big buyer of company debt has entered the fray. Apollo Global Management raised $2.4 billion for a fund focused on loans it feels aren’t priced correctly as a result of the market downturn, Bloomberg reports. Read more on Apollo getting deeper into the credit game.

7. Sometimes, it pays to get fired. The shocking removal of Bob Chapek as the CEO at Disney won’t come cheaply. Take a look at how much Chapek is set to walk away with. And while we’re at it, here’s some background on the new/returning CEO, Bob Iger, and how he spends his fortune.

8. Iger’s return to the helm is also an example of the power of Wall Street’s activists. We mapped out three other companies where pressure from investors are influencing big decisions. Check them out here

9. An Instagram account aiming to help laid-off tech workers. Fana Yohannes’ Here2Help account supports laid-off workers with job leads and mentors. Here’s how it works. 

10. Wine advent calendars are a thing, and they are awesome. This beats the hell out of a little piece of chocolate. Check out eight of the best ones

Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.

Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.