Which country pays bankers the most?

We have examined 2014/2013 salary and bonus data from 519 M&A professionals working in UK, France, Germany, Netherland, Ireland, Spain, Italy, Switzerland and Belgium at VP level.


  • UK bankers, paid a sizeable cut above the rest: Although base salaries are only 10% higher than in runner-up Switzerland, bonuses in the UK are 100% higher, with VPs commanding close to 200,000 per year after only 5-7 years in the job
  • A pickup in Spain's dealmaking activity: while base salaries are lower in Spain than they are in Germany, as is to be expected, a wave of deals in the last 18months has pushed advisory bankers? bonuses up to surpass Germany's by 33%
  • Smaller countries cannot keep up with large financial centres: with global banking institutions setting up their main satellite offices in London, the competition for talent is fierce, thereby driving compensation packages upwards

VP compensation will be expected to rise in the coming years as young bankers move away from the sector early on in their career, attracted by Private Equity firms or entrepreneurial projects.

RankUniversityAssociate Salary
1Oxford 123,000
5Imperial 108,000
11EM Lyon61,000



Emolument provides bonus and salary statistics based on data submitted directly by professionals like you. It is free, anonymous, and already a trusted tool for thousands of professionals worldwide. Are you paid enough? Click here to find out now.

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