Investment banking is a good and lucrative career path in India. Freshers, typically an investment banking analyst, earns an average base pay of $7,200 - $22,800 USD annually. They also get performance bonuses ranging from $1,200 - $7,200 USD per year which can double the base pay in periods of strong deal flow. Even though the cost of living is lower in India, the average compensation for investment bankers is quite low compared to other places like the U.S. or U.K.
So, if your goal is to break into IB in India, you’ll enjoy one of the most highly paid careers in the country. But if your aim is an investment banking career anywhere in the world not necessarily in India, there are more better paying cities you can look into.
In this guide, we’ll cover how investment banking salaries are structured in India, what affects pay, which banks pay the most, how salaries grow with experience, and how IB pay stacks up against other high-paying fields in the country.
Like anywhere else in the world, investment banking salary in India has two main components:
Investment banks can also offer other benefits such as stock options or equity-linked incentives, retention bonuses to retain high performers, and profit sharing plans. There are also perks like health insurance, retirement benefits, training allowances, and sometimes relocation assistance.
Some of the factors that affect your investment banking salary in India are experience and role, firm type, location, deal flow and performance, and product group. Here’s how each of these influences how much you earn.
One of the factors that greatly influences your income in investment banking is role. Generally, the roles are structured in a similar hierarchy across firms:
Each level has different responsibilities and, consequently, compensation. Analysts earn the least while managing directors earn the highest as they are responsible for bringing in business and have a direct impact on the firm's profitability.
Even within the same role, experience affects pay. For instance, a first year analyst may earn $7K annually while another one with two or three years experience gets $22K. That’s why the compensation is often put in ranges.
Each investment bank in India has its average compensation for every role. International banks, like J.P. Morgan, Goldman Sachs, Morgan Stanley, generally offer higher base salaries compared to domestic firms. However, domestic firms may offer higher bonuses in good years. Some middle-markets and elite boutiques also offer competitive pay.
Investment banking salaries in India vary by city. Mumbai is the financial capital, and salaries are often higher there compared to other cities. For instance, an investment banking analyst in Mumbai gets an average base pay of $10K to $22K while one in New Delhi earns $6K to $12K per year.
Other cities that offer higher pay include NCR and Bengaluru. Those four are financial hubs and demand for high-performing investment bankers is often high, hence the higher pay. Smaller cities typically offer lower compensation reflecting cost of living and deal volumes.
Bonuses, which make up a significant portion of an investment banker’s compensation, are sensitive to economic cycles. The bonuses are larger, and can even exceed base salaries, during booming markets and periods of increased deal flow. At such times, there’s also higher demand for investment bankers.
Bankers in mergers and acquisitions tend to get higher compensation compared to those in Equity Capital Markets (ECM) and Debt Capital Markets (DCM), especially in terms of bonuses. However, the base salary may be comparable.
The top-paying investment banks in India are U.S.-based bulge bracket firms like JP Morgan, Goldman Sachs, Morgan Stanley, Citi, and Bank of America. Some middle-market and elite boutique banks, such as Jefferies and HSBC, also offer competitive salaries. Among domestic investment banks, the best options for high pay include Avendus, Kotak, SBI Capital Markets, JM Financial, ICICI, Axis, and HDFC Bank Investment Banking.
| Company Name | Base Salary | Performance Bonus | Total Compensation |
| JP Morgan | $8K - $21K | $1K - $6K | $17K |
| Goldman Sachs | $18K - 28K | $4K - $12K | $29K |
| Morgan Stanley | $10K - $30K | $4K - $36K | $30K |
| Citi | $11K - $25K | $2K - $6K | $21K |
| BofA | $11K - $23K | $216 - $1K | $19K |
Among international investment banks in India, Goldman Sachs and Morgan Stanley offer the highest total compensation at around $29K - $30K. Besides having the highest base salaries (Goldman at $18K - $28K, Morgan Stanley at $10K - $30K), they also provide substantial performance bonuses that can reach $12K and $36K respectively.
In the middle tier, Citi offers $21K total compensation, followed by Bank of America at $19K. JP Morgan, despite being a major bulge bracket firm, actually offers the lowest total compensation in this group at $17K. What's particularly notable about Bank of America is their much smaller bonus structure ($216K - $1K) compared to peers.
| Company Name | Base Salary | Performance Bonus | Total Compensation |
| Axis | $4K - $14K | $18K | $28K |
| Avendus | $14 - $16K | $2K - $5K | $17K |
| HSBC | $16K - $25K | $2K - $5K | $23K |
| HDFC Bank | $2K - $18K | $168 - $2K | $10K |
| ICICI | $4K - $17K | $300 - $900 | $13K |
| Jefferies | $8K - $17K | $900 - $7K | $14K |
| JM Financial | $10K - $16K | $4K - $18K | $23K |
| Kotak | $5K - $16K | $2K | $17K |
| SBI Capital Markets | $7K - $24K | $120 - $732 | $18K |
From the available salary data, domestic firms generally lag behind their international counterparts. However, Axis rivals the top global investment banking firms at $28K total compensation. The bank’s compensation structure involves modest base salaries ($4K - $14K) and an exceptionally high $18K performance bonus.
HSBC and JM Financial tie for second place at $23K each. The remaining firms fall in the $13K - $18K range, with notable variations in their bonus structures. SBI Capital Markets offers the widest base salary range ($7K - 24K) but minimal bonuses, while firms like HDFC Bank and ICICI provide low bonus potential (under $2K and $900 respectively) despite respectable base salaries.
| Career Level | Average Compensation |
| Analyst | $8K - $30K |
| Associate | $18K - $32K |
| Vice President | $40 - $99K+ |
| Director | $48K - $132K+ |
| Managing Director | $87K - $241+ |
Your investment banking salary in India will increase with experience as you go up the hierarchy. As an entry level investment banker, usually with 0–3 years of experience, your salary may start at $8K to $30K. Generally, the tasks at the analyst level include financial modeling, pitch book creation, and industry research. Analysts are usually recruited from top colleges or MBA programs.
After 2–3 years as an analyst (or directly post-MBA), you can be promoted to the associate rank. Associates supervise analysts, drive client presentations, and begin to manage deal processes. Your compensation at this level will be around $18K - $32K, and can rise sharply, especially at top international banks.
If you stick to the investment banking career path for the long-term, your next role is Vice President (VP). The tasks for VPs include coordinating multiple deals, interacting directly with clients, and managing teams. VP pay varies widely based on performance and firm profitability, with bonuses forming a large component. But the average pay is $40K - $99K+.
The next position is Director, or sometimes called Executive Director. These are senior leaders responsible for winning clients, managing key accounts, and leading transaction execution. Total compensation is highly variable, with an average of $48K - $132K+, and can spike significantly in good years.
Managing Directors (MDs) are the most senior bankers, responsible for originating new deals, maintaining client relationships, and driving revenue for the bank. MD compensation is heavily tied to individual and firm performance, with the best performers earning far higher through large bonuses and incentives. But the averages according to available salary data are $87K - $241K+.
| Career | Average Salary |
| Investment banking analyst | $14K |
| Private equity analyst | $10K |
| Equity research analyst | $10K |
| Corporate banking analyst | $18K |
| Business analyst | $12K |
| Associate Audit | $7K |
| Junior | $8K |
| Junior Blockchain developer | $7K |
| Junior Machine learning engineer | $8K |
| Marketing assistant | $5K |
| Legal associate | $7K |
In India's entry-level job market, specialized finance roles are among the most highly paid. Investment banking analysts get a competitive average compensation at $14K annually, though they're notably outpaced by corporate banking analysts who earn $18K. Other finance roles that seem to pay well are private equity and equity research analysts, both earning $10K.
Entry level consultants, business analysts, also seem to compete well with investment bankers, earning respectable average pay of $12K per year.
Interestingly, tech roles like junior blockchain development and machine learning engineering are positioned at the lower end of this list around $7K - $8K. This may simply reflect the junior level of these positions rather than the industry's overall potential.
Those who seem to earn the least among the most lucrative career paths in India are marketing assistants at $5K, while legal associates and audit associates cluster around $7K.
Investment bankers in India are among the most highly paid professionals. The compensation for entry level analysts rank well among other high-paying entry-level careers in India like legal, tech, and marketing. A huge part of an investment banker’s salary comes from performance bonuses. These can vary massively based on deal flow, market conditions, and individual performance, making total compensation highly variable year-to-year.
In terms of firms, global investment banks like Goldman Sachs and Morgan Stanley lead in total compensation ($29K - $30K), outpaying most domestic firms. However, some domestic banks like Axis compete well at $28K total compensation through high performance bonuses.
