2025 sell-side equity research comp survey findings

Note:

• All figures are averages using pivot table
• There weren’t enough international data points to even have analysis, so I excluded them
• excluded a few outliers (because might be prank submissions) and macro (because it can skew the fundamental research info)
• Firms considered “BB” in my grouping (I have zero interest in debating that grouping): Goldman Sachs, Barclays, Bank of America Securities, Evercore ISI, UBS, Morgan Stanley, J.P. Morgan, Deutsche Bank, Undisclosed BB
• “MM” stands for middle market / regional: shops such as Jefferies, Piper Sandler, Raymond James, TD Securities (Cowen), etc.
• “BT” stands for boutique: shops such as Bernstein, Wolfe, Melius, Nephron, etc.
• 58 U.S. comp submissions. Insufficient non-U.S. submissions for analysis.