22-year-old investment bankers got the biggest bonuses increases for last year
Investment bankers had a bumper 2025. Global M&A revenue was up by 25%; global equity capital markets (ECM) revenue was up by 48%; and global debt capital markets (DCM) revenue was up by 11%, according to Dealogic. But compensation for those investment bankers was not up as neatly – unless they were very young.
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Our Compensation & Lifestyle Report 2026, which received over 2,700 global responses, asked about salary and bonus changes from investment banking professionals, who worked in M&A, ECM, and DCM.
On average, bonuses for investment bankers increased by 20% between 2024 and 2025. The biggest increases were for Analysts, Associates, and Managing Directors (MDs) – the very bottom and very top of the banking hierarchy.
Analysts and associates specifically enjoyed the biggest bonus increases in banking – 44% and 37%, respectively. Their salaries also went 4% down (for analysts) and 14% up (for associates), meaning respective total compensation was up by 14% and 22%, reaching $114k and $227k, respectively.
Vice Presidents (VPs) and Directors had much less luck than their more junior colleagues. Globally, salaries were down 7% and 5% respectively for VPs and Directors, while bonuses were up just 11% and 4%, respectively. As such, their total compensation packages nudged ever so slightly (0.6%) downwards.
It was Managing Directors who most enjoyed the fruits of their labours. After a long few years of banking being on life support, revenue shot up – and MDs, the revenue generators, were rewarded for it. Salaries in 2025 were up by 16% compared to 2024, and bonuses were up by 11%. Total MD compensation, as such, hit seven figures.
The figures in the table below are global.
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