18 Best Investment Banks to Work For (Rated by Bankers)

The 18 best investment banks to work for span three tiers: bulge brackets (Goldman, Morgan Stanley, JPM, BofA, Barclays, Citi, Nomura), elite boutiques (Centerview, Moelis, PJT, Perella Weinberg, Lazard, Greenhill), and mid-market specialists (Jefferies, Houlihan Lokey, Guggenheim, TD). Below is a sortable comparison of all 18 banks by FY24 fee revenue, Glassdoor rating, and 1st-year analyst comp range.

We've built a series of tools and assets to help you research and compare investment banks. First, here is an interactive database we built so you can sift through different investment banks:

And our career explorer tool - tell us your experience level and the type of investment bank you're considering, and we can tell you more about that type of job (like base salary, typical bonuses, hours worked, etc.):

Related: Best Investment Banking Courses‍

Types of Investment Banks

There are a few main types of investment banks that each of the banks on list fit into:

Bulge-Bracket Investment Banks (7 picks)

The bulge bracket is the seven largest global investment banks by combined capital markets and M&A fees. They run every major league table, sit on every mega-deal, and dominate undergraduate IB recruiting. Comp is tightly clustered across the group (1st-year analysts earn approximately $110K base plus 50-100% bonus); the trade-off is the highest deal flow and longest hours of any tier. Best for candidates who want the broadest deal exposure, the strongest brand on a resume, and PE / hedge fund / corporate development exit optionality.

Includes: Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, Barclays, Citi, Nomura.

Elite Boutique Investment Banks (7 picks)

Elite boutiques are advisory-only firms (no balance sheet, no underwriting) that compete head-to-head with the bulge bracket on the most strategic M&A and restructuring mandates. They pay the highest comp on the Street - 1st-year analysts at top boutiques earn approximately $115-120K base plus 80-150% bonus - in exchange for narrower deal exposure, smaller team sizes, and steeper learning curves. Best for candidates who already know they want a career in M&A or restructuring advisory and value comp + lean teams over breadth.

Includes: Centerview Partners, Evercore, Moelis & Company, PJT Partners, Perella Weinberg Partners, Lazard, Greenhill.

Mid-Market Investment Banks (4 picks)

Mid-market specialists focus on the $100M-$2B deal range that the bulge bracket and elite boutiques rarely touch. They typically offer better hours and a more predictable lifestyle than either, with comp slightly below bulge-bracket levels (1st-year analysts earn approximately $105-115K base plus 50-100% bonus). Best for candidates who want strong M&A or restructuring experience without the brutal junior-year hours, and who value direct client exposure earlier in their careers.

Includes: Jefferies, Houlihan Lokey, Guggenheim Partners, TD Securities (TD Cowen).

1. Goldman Sachs

Goldman Sachs is a bulge-bracket investment bank with approximately $7.0 billion in FY24 IB fee revenue and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 60-110% bonus and is best for mega-deal M&A advisory, ECM/IPO origination, and PE / hedge fund exits.

Goldman Sachs recently made a documentary about itself to commemorate 150 years, and its CEO David Solomon said:

“There should be equal emphasis on E.Q. and how you interact with people.”

But when candidates do eventually land the role, they’ll enjoy the best salaries in the industry, and will be able to add a name to their resume that tells future job hunters that they’re among the very best. 

What attracts candidates most: Although they don’t say it - the challenge of working at the very top of the investment banking industry.

2. Morgan Stanley 

JPMorgan Chase is a bulge-bracket investment bank with approximately $7.8 billion in FY24 IB fee revenue (the largest of any global investment bank) and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 50-100% bonus and is best for diversified deal exposure, DCM, and broadest-possible coverage breadth.

Morgan Stanley is a bulge-bracket investment bank with approximately $5.6 billion in FY24 IB fee revenue and a 4.1/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 50-95% bonus and is best for tech M&A, equity research, and ECM origination.

Morgan Stanley usually competes with Goldman Sachs for the title of biggest dealmaker of the year, and that intense level of competition usually flows down through the employee ranks. On various employee review websites, ‘job security’ is marked lowest of all categories, with (surprise, surprise) compensation, and perhaps more surprising, company culture, being the most highly rated. Interestingly, the company’s CEO, Ted Pick, took over as CEO in January 2024 and added the Chairman title in 2025, has continued the firm's wealth-management-led strategy..

What attracts candidates most: Like its nemesis, Goldman Sachs, it’s probably the prestige, the compensation, and the doors that a career at Morgan Stanley opens.

3. JPMorgan Chase

JPMorgan Chase is a bulge-bracket investment bank with approximately $7.8 billion in FY24 IB fee revenue (the largest of any global investment bank) and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 50-100% bonus and is best for diversified deal exposure, DCM, and broadest-possible coverage breadth.

“Working from home doesn’t work for people that want to hustle,”

said JP Morgan CEO in May 2021, telling us a lot about the company’s corporate culture in a single sentence. As one would expect of an investment bank of this stature, the ‘hustle’ should be written in the DNA of all new employees. As well as being among the highest payers in the industry, JP Morgan can also boast the highest level of female hires in investment banking (49%), and pumps $300 million into in-house training annually.

What attracts candidates most: JP Morgan’s no nonsense CEO Jamie Dimon is the kind of chief that everybody wants to work under and learn from.

4. Bank of America

Bank of America is a bulge-bracket investment bank with approximately $4.5 billion in FY24 IB fee revenue and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 50-95% bonus and is best for industrials and consumer M&A, leveraged finance, and DCM origination.

Reading about Bank of America’s hiring policies, what comes off more than anything else is the bank’s commitment to diversity. Candidates are less likely to find the pushy Alpha-male types one might expect on Wall Street (even more so given that the bank’s headquarters are in Charlotte, North Caroline), perhaps contributing to a more affable working environment. The pay and benefits are also comparable to other investment banks, and there are more opportunities to move between lines of operations.

What attracts candidates most: The bank talks a good diversity game and delivers on it - you don’t have to have graduated from an Ivy League University for BofA to appreciate your resume.

5. Barclay’s

Barclays is a bulge-bracket investment bank with approximately $3.0 billion in FY24 IB fee revenue and a 3.9/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 45-90% bonus and is best for cross-border M&A advisory, natural resources coverage, and European deal exposure.

The first non-American bank on the list, Barclay’s is the largest investment bank in the UK. Although its presence in the United States isn’t huge, it has sought to bulk up its investment banking arm over the past five years, almost doing away entirely with its asset management arm in the process. The bank’s culture is different, merely by virtue of being British, but it still manages to compete at the top table of investment banking, rarely coming outside the top 10 dealmakers every year.

What attracts candidates most: Barclay’s competes on culture more than salary, reflected in its commitment to hybrid working (compare that to JP Morgan above).

6. Citi

Citi is a bulge-bracket investment bank with approximately $4.5 billion in FY24 IB fee revenue and a 3.9/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 50-95% bonus and is best for debt capital markets, emerging-markets coverage, and cross-border M&A advisory.

Citi has been the world's #1 emerging-markets DCM bookrunner for over a decade and operates the broadest global banking footprint of any US bulge-bracket firm, with full corporate and investment-banking presence in 95+ countries. CEO Jane Fraser - the first woman to lead a major Wall Street bank - has been steering a multi-year restructuring focused on simplifying the firm and concentrating resources on its institutional clients group, where investment banking sits.

Compensation is in line with the rest of the bulge bracket, but the international footprint is the differentiator: no other US bulge-bracket firm gives analysts comparable cross-border deal flow from year one, with rotational programs across London, Hong Kong, Singapore, Dubai, and Sao Paulo.

What attracts candidates most: The international footprint and the rotational opportunities across Citi's 95-country network - unique among US bulge-bracket firms.

7. Nomura Holdings

Nomura is a bulge-bracket investment bank with approximately $1.5 billion in FY24 IB fee revenue and a 3.6/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $100K base plus a 40-80% bonus and is best for Asia / cross-border M&A and candidates targeting an Asia-Pacific career path.

What comes across in multiple reviews of Nomura’s investment bank is its focus on enabling its employees to achieve a healthy work-life balance. What also comes across, however, is a lack of investment in technology (repeated over and over on sites like GlassDoor and Indeed). And while it has a low deal flow relative to others on this list, it is usually the go-to bank for many of the largest companies in Japan and southeast Asia.

What attracts candidates most: The emphasis on work-life balance.

8. Jefferies

Jefferies is a mid-market investment bank with approximately $3.4 billion in FY24 IB fee revenue and a 3.7/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 55-95% bonus and is best for mid-cap M&A advisory, leveraged finance, and equity research.

Jefferies mixes an excellent dealmaking record - regularly featuring on the top 10 global dealmakers list - with a commitment to diversity and inclusion, encouraging employees to engage with its active networking groups aimed at employees of racial and sexual minorities. Fortune also calls the company

“one of the world’s most admired companies.”

Reviews by current and former employees note how collaborative the atmosphere is with several noting late hours sitting side-by-side with their superiors providing constructive feedback.

What attracts candidates most: The interview process is far less gruelling than at some other investment banks, and the D&I culture is a big draw for younger generations.

9. Evercore

Evercore is an elite-boutique investment bank with approximately $2.4 billion in FY24 fee revenue and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $115K base plus a 80-130% bonus and is best for mega-deal M&A advisory, restructuring, and candidates seeking the lowest analyst-to-MD ratio on the Street.

Evercore is a truly remarkable company. It is worth bearing in mind that the company was founded less than 30 years ago (in 1995) and already regularly posts dealmaking numbers comparable to blue-chip investment banks that have been on the block for over a hundred years. That should tell us everything about the ambitious culture of the bank. As should its tagline: “Evercore is the premier global independent investment banking advisory firm.” Forest work-life balance and enjoy the ride as long as you can keep on.

What attracts candidates most: The low analyst-per-associate ratio means new hires will gain instant exposure to the nitty gritty of deals and plenty of client facing opportunities.

10. Guggenheim Partners

Guggenheim Partners is a mid-market investment bank with approximately $1.0 billion in FY24 fee revenue and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $115K base plus a 75-125% bonus and is best for restructuring advisory, healthcare M&A, and candidates who want elite-boutique-level comp at a mid-market firm.

As a far smaller bank than any of the others on this list, Guggenheim doesn’t enjoy the wealth of insightful reviews of its peers. However, it does score higher than them on almost all career platforms, making it an essential addition to this list. The pay is lower than others, but what comes across is that there’s a better workplace culture, more opportunities for interesting work, and good advancement opportunities.

What attracts candidates most: For people willing to put stimulating work in an excellent corporate culture ahead of ‘win at all costs.’

11. Centerview Partners

Centerview Partners is an elite-boutique investment bank with approximately $1.4 billion in FY24 fee revenue and a 4.5/5 Glassdoor employee rating - one of the highest in the industry. The firm pays 1st-year analysts approximately $120K base plus a 100-150% bonus and is best for mega-deal M&A advisory, healthcare and consumer coverage, and candidates seeking the highest comp on the Street.

Centerview Partners is rarely far from the top positions on Vault’s best investment banks to work for, reflecting its people-centricity. Although not considered a top-tier investment bank when it comes to dealmaking, the Centerview offers its employees a superior work-life balance to many of its peers, and invests heavily in the development of new recruits. There is also strong interaction between all levels of the bank meaning analysts get exposure to deals faster than at bulge bracket banks.

What attracts candidates most: The quality of life, which is widely considered to be the best in the industry.

12. TD

TD Securities is a mid-market investment bank with approximately $1.5 billion in FY24 IB fee revenue and a 3.8/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $105K base plus a 50-85% bonus and is best for healthcare and tech mid-cap M&A, equity research, and candidates who want a more lifestyle-friendly mid-market role.

TD is rarely among the highest performing dealmakers, although it does regularly feature highly on lists of banks with great corporate culture. One former employee writes on Glassdoor:

“Great work/life balance. Fair pay. And after a year or so in an entry level role, management often encourages you to post for better, higher paying roles within the company and they even help you prepare and give advice on how to go about it. Overall, a great company to work for.”

What attracts candidates most: If you’re looking to work at a near top-tier investment bank that lacks the alpha male culture, TD represents a highly attractive option.

13. Moelis & Company

Moelis & Company is an elite-boutique investment bank with approximately $1.0 billion in FY24 fee revenue and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $115K base plus a 80-130% bonus and is best for restructuring advisory, mid-cap M&A, and candidates who want senior-banker leverage early in their careers.

In just 15 years since its foundation, Moelis & Company has become a household name in investment banking, speaking to the strength of its bankers. People who have worked for the company rave about its internal culture, where new recruits are given early exposure to big deals. If the name doesn’t ring a bell with all readers, then some of its deals will: Moelis advised on Anheuser-Busch’s $61 billion sale to Inbev, and Hilton Hotels’ $26.5 billion acquisition by the Blackstone Group.

What attracts candidates most: The opportunity to jump on board what many considered to be the fastest growing investment bank in the world.

14. PJT Partners

PJT Partners is an elite-boutique investment bank with approximately $1.2 billion in FY24 fee revenue and a 4.0/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $115K base plus a 80-130% bonus and is best for restructuring advisory (PJT's RSSG team is the dominant debtor-side advisor), strategic M&A, and Park Hill private fund placement.

Despite its status as a small independent boutique investment bank, PJT Partners offers remuneration to rank with the best in the industry. In addition to its generous salary and benefits, the company offers recruits an excellent recruitment process - far more simple than the one they can expect from others in the industry - and a personable approach. The ethos here is that the technical aspects of banking can be taught, but the soft skills are more important to recruit.

What attracts candidates most: The competitive salaries on offer attract bankers looking for a slightly more relaxed pace without losing out financially.

15. Perella- Weinberg Partners

Perella Weinberg Partners is an elite-boutique investment bank with approximately $0.7 billion in FY24 fee revenue and a 4.1/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $115K base plus a 75-120% bonus and is best for healthcare M&A and restructuring advisory.

If you’re an intern looking for hands-on experience in investment banking, there may be no better choice than Perella Weinberg Partners. Founded by Peter Weinberg, grandson of one-time Goldman Sachs CEO Sidney Weinberg, the bank has blooding youth in its veins. Sidney Weinberg famously started at Goldman Sachs as a floor cleaner before progressing to become its leader for several decades. You may not find a floor cleaning job to be the best route to investment banking here, but let’s just say that it’s reputation for providing responsibility early on is well-earned.

What attracts candidates most: The responsibility, and the fact that Perella-Weinberg is rarely outside the top 10 dealmakers in the US for a given year.

16. Lazard

Lazard is an elite-boutique investment bank with approximately $2.4 billion in FY24 fee revenue and a 3.9/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $115K base plus a 70-120% bonus and is best for cross-border M&A advisory, restructuring, and candidates who want strong European deal exposure.

Lazard is the world’s largest independent investment bank, and offers recruits a number of different values outside of M&A across their global offices. Lazard offers new employees the more traditional work-life balance of investment banks. When current or former employees have a complaint to make, it’s usually about the intensity of the work and long hours at the office. That being said, the banks has gained a reputation for developing the best internship program in the investment banking industry, allowing interns to get their hands dirty on big deals with days of their arrival at the office.

What attracts candidates most: Lazards is still considered one of the most prestigious investment banks, coming in at number 6 for prestige on Vault’s annual survey.

17. Houlihan Lokey

Houlihan Lokey is a mid-market investment bank with approximately $2.0 billion in FY24 fee revenue and a 4.2/5 Glassdoor employee rating - one of the highest on this list. The firm pays 1st-year analysts approximately $110K base plus a 60-100% bonus and is best for restructuring advisory (consistently the #1 creditor-side RX advisor by deal count globally), mid-cap M&A, and candidates who want strong work-life balance.

Until now, Houlihan Lokey has mainly focus on serving mid-market clients, but interested candidates shouldn’t interpret that as a lack of ambition.Reflecting this, Refinitive ranks the bank number 1 across a range of categories, including US transactions and restructuring. Over the past decade, the bank has made a number of acquisitions of offices across the globe, perhaps further hinting at plans for strong growth in the years ahead. Something for new recruits to consider when looking at lesser well-known names in the investment banking space.

What attracts candidates most: The bank’s admirable ambition.

18. Greenhill & Co

Greenhill is an elite-boutique investment bank with approximately $0.3 billion in FY24 fee revenue and a 3.7/5 Glassdoor employee rating. The firm pays 1st-year analysts approximately $110K base plus a 50-90% bonus and is best for mid-cap M&A advisory and candidates who want a smaller, more intimate boutique experience. (Note: Greenhill was acquired by Mizuho in 2023 and now operates as Mizuho's M&A advisory franchise.)

Unlike many of the companies mentioned on this list, Greenhill & Co. has a dedicated focus to M&A advisory, which it has maintained throughout its nearly 30-year existence. The company was founded by former Morgan Stanley partner, Robert F Greenhill, still its chairman. Mr. Greenhill was able to convince many blue chip clients to join the Greenhill ranks, including Aloca, GSK, and Tesco. Although the salary is significantly lower than most of the bulge bracket banks (analysts earn less than half of what they would at Goldman Sachs, for example), the firm’s small team of less than 400 means there’s a fast track to the boardroom for those that excel.

What attracts candidates most: The swift progression and exposure to blue chip companies.

Frequently Asked Questions

Which investment bank is the best to work for?

The best investment banks to work for often offer strong mentorship, good work-life balance, and advancement opportunities. Firms like Goldman Sachs, J.P. Morgan, and Morgan Stanley frequently appear at the top due to career development and culture.

Which investment bank pays the most?

Top pay in investment banking is typically found at elite boutique firms such as Centerview Partners, Evercore, and Lazard. These firms often offer higher base salaries and bonuses compared to larger global banks.

What is the hardest investment bank to work for?

The hardest banks to work for are those with intense workloads and demanding client expectations. Goldman Sachs and J.P. Morgan are known for high performance standards and long hours, but they also offer strong career rewards.

Which investment banking job pays the most?

Managing Directors and Partners earn the highest pay in investment banking, with total compensation often reaching into the millions through bonuses and profit-sharing.

How competitive is it to get a job at an investment bank?

Competition is fierce, with acceptance rates at major firms lower than top universities. Strong academic records, networking, and internships are essential to stand out.

What degrees do investment banks prefer?

Most investment banks prefer candidates with degrees in finance, economics, or business. Technical roles may also favor quantitative or computer science backgrounds.

Do investment bankers work long hours?

Yes, investment bankers often work 70–100 hours per week, especially at the analyst and associate levels. Hours tend to improve with seniority.

Is investment banking a good long-term career?

It can be, especially for those seeking high earnings and strong exit opportunities. Many professionals later transition to private equity, venture capital, or corporate finance roles.

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