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# 2023 Sell-side Equity Research Compensation Survey
- URL: https://richard-toad.ghost.io/2023-sell-side-equity-research-survey/
- Published: 2023-07-14T13:00:36.000Z
- Updated: 2025-11-30T13:24:01.000Z
- Author: Richard Toad
- Tags: Career, #substack, #substack-type-newsletter, #substack-access-everyone, #Import 2025-11-17 03:13

This is the result of the compensation survey I ran earlier this year. The takeaway remains the same:

1. Big Bank pays slightly better, but the gap is not big enough for compensation to be the top criteria in evaluating job offers in an industry where you spend so much time with your immediate team
2. Health Care and Technology tend to pay better than other sectors, holding other factors (eg. years of experience, firm, rank, etc.) constant.

I recommend you evaluate your job offers based on my [suggested process](https://richard-toad.ghost.io/decision-process-for-sell-side-equity/).

# United States

![](https://storage.ghost.io/c/4d/60/4d60283d-e94c-4fca-9a5a-8b4eec1b1f23/content/images/image/fetch/$s_!lDKd!-f_auto-q_auto:good-fl_progressive:steep/https_3a_2f_2fsubstack-post-media-s3-amazonaws-com_2fpublic_2fimages_2f69d73944-ca73-4e94-a4ca-285332f6bf40_1464x2717.png)

# International

![](https://storage.ghost.io/c/4d/60/4d60283d-e94c-4fca-9a5a-8b4eec1b1f23/content/images/image/fetch/$s_!D0P1!-f_auto-q_auto:good-fl_progressive:steep/https_3a_2f_2fsubstack-post-media-s3-amazonaws-com_2fpublic_2fimages_2fa8a26bf9-69b2-47c3-8a7e-d738c30a3921_1784x1097.png)

My definitions (I don’t even work in the industry anymore, so please do not debate what’s Big Bank and what’s Middle Market Bank with me - I don’t care)

![](https://storage.ghost.io/c/4d/60/4d60283d-e94c-4fca-9a5a-8b4eec1b1f23/content/images/image/fetch/$s_!JL6_!-f_auto-q_auto:good-fl_progressive:steep/https_3a_2f_2fsubstack-post-media-s3-amazonaws-com_2fpublic_2fimages_2f55fbebbd-2d5d-438e-bf7d-b40322d87ac3_439x1090.png)

Thanks for reading. I will talk to you next time.