At boutique/MM investment banks, what are associates generally making? Piper Sandler, Baird, Harris Williams, etc.. generally curious. Assuming it’s a pretty different from firms like Lazard/Moelis?

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More than what we make

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The ranges are public info for roles in NY for example. At all the shops you mentioned, associate range is between $150-$225. EBs like Lazard and Moelis more like 175-225. The other MMs more like 150-225. FWIW, I’m at 165 @ a boutique.

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SA1- I have 9 YOE. 7 in FDD and other M&A advisory service lines (CDD and ODD). The past 2 yrs in IB. I fell into IB. Not traditional recruiting.

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Going to MM IB as mba associate in July. 175 base 60 sign on and will get another 50 or 60 as stub bonus in March (which is based on past couple year pay outs). 175 is the same as what an A2A would be at fwiw.

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I don’t know the exact placement % but I do know if you give it 100% your odds are pretty good. The people that didn’t converted weren’t trying and probably lacked the social skills to get in. You have every opportunity to convert but it really comes down to if you are like able (and don’t totally bomb the interviews). You might not get into the bank of your dreams the first go around but once you’re in it’s a heck of a lot easier to lateral somewhere else. You really just need to go somewhere that most banks actually do in campus recruiting from. That part is definitely key.

Not sure your exact situation $ wise but I’ll recoup the cost of the mba by the time I get my first stub bonus in March 2026.

I think another important factor to consider is that MBA associates are given a lot longer of a ramp up time then I think someone that laterals in from FDD would be given. MBA associates are really seen as the future of the group you join based on the network you supposedly are bringing to the table. Really for the first almost 2 years I think you don’t really have to provide that much value and you can skate by and you are being paid pretty well to be dead weight in the group.

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