It also found that bankers at regional offices (those outside of New York and San Francisco) took an even larger hit - an additional 10-15%. The report found that Managing Directors (MDs) took the brunt of recent bonus cuts, due to their compensation being most tightly linked to deal activity. Third-year Vice Presidents (VPs) at elite boutiques earned 37% more than those at a BB, on average, and nearly 50% more than MM bankers. GettingTheOffer found that whilst pay sat in a narrow band for all junior investment bankers, with second year analysts at both bulge bracket (BB) and middle market (MM) banks earning within 90% of those at elite boutiques, there was a significant disparity with seniority. The report, run by careers consultancy and resume reviewers GettingTheOffer, received over 675 responses, 98% of them from investment banking professionals in the US. Boutiques don’t pay spectacularly - until you’re promoted, a compensation report has found.
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