Are women paid less in banking?

We have examined salary and bonus data from over 2,350 employees working in front office Investment Banking & Markets jobs in London.

Our findings reveal that:

  • Women are paid less than men at all levels and the gap starts early with a 10-16% gap even at analyst and associate level in favour of male bankers at best paying banks and otherwise
  • The widest gap is at Vice President (VP) level (VPs are generally 27-32 years old), when it reaches as staggering 27%
  • For women still in the business at Managing Director (MD) level the gap narrows with female remuneration packages close to their male colleagues
  • The ratio of men to women working in front office investment banking rises from around 5:1 at the lower levels (analyst, associate and VP) to 17:1 at MD level

Key takeways:

  • Women are still paid significantly less than men in investment banking at all levels of seniority
  • Women are most at a disadvantage at VP level, which happens to match the average UK childbearing age (29 years old)
  • At the most senior level (MDs) women bankers are paid largely in line with their male counterparts, indicating that female leadership is acknowledged and rewarded, despite the small proportion of female MDs
  • The proportion of women in investment banking remains extremely low, and declines dramatically at senior levels



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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