M&A Salary & Bonus Report 2026
We have recently gathered hundreds of data points to accurately benchmark Analyst and Associate compensation across Bulge Bracket, Tier 2 and Elite Boutique banks. Here is what we found:
Global M&A deal volumes rose 40–50% year on year and junior compensation grew only around 5%. The gap between the two is the story of this year’s market and it’s reshaping how banks compete for talent.
Our report benchmarks fixed base salary, average bonus and total compensation for Analysts and Associates across 20 leading banks, covering Bulge Bracket, Tier Two and Elite Boutique institutions. It also breaks down bonus timing and cycle by bank, and sets out what today’s Analysts and Associates actually look for in an employer.
The M&A Salary Report
Whats Inside:
- Average total compensation by level, from Analyst 1 through Associate 3
- Fixed base salary benchmarked across all 20 banks, institution by institution
- Bonus percentage and payment cycle (January vs March vs August) by bank
- The six structural forces shaping 2026 compensation, including AI’s impact on junior roles
- What drives candidates to accept, stay, or start taking calls
- A hiring strategy section on where the real points of leverage are in 2026
Who the report is for
This report is built for the people who sit closest to compensation decisions. Heads of M&A, HR and Talent teams use it to benchmark pay structures ahead of review and promotion cycles. COOs and MDs draw on it to build the case for a hiring decision or a retention conversation. And Analysts and Associates use it to see exactly where they sit against the market.
Share your best contact details below and one of our recruitment consultants will contact you organising a copy of the report to be shared. This will help you see exactly where your bank sits against 20 competitors on base, bonus and total compensation, as well as what it takes to keep your best junior talent.
