Equity Research Analyst Salary in India 2026
Complete salary breakdown for equity research analysts in India — from fresher to senior analyst. Includes salaries at Motilal Oswal, HDFC Securities, Kotak Securities, and AMCs.
Salary by Level — Equity Research India
| Level | Experience | Salary (CTC) | Where |
|---|---|---|---|
| Junior Research Analyst | 0–2 years | ₹4–8 LPA | HDFC Securities, Kotak Sec, Sharekhan, Rating agencies |
| Research Analyst | 2–5 years | ₹10–22 LPA | Motilal Oswal, Kotak Institutional, IIFL |
| Senior Research Analyst | 5–8 years | ₹22–45 LPA | Top domestic broking firms, AMCs |
| Head of Research | 8–12 years | ₹50–90 LPA | Leading AMCs, bulge bracket research desks |
| CIO / Fund Manager | 12+ years | ₹80L–2 Cr+ | HDFC AMC, DSP, Nippon India, Mirae |
Best Firms to Start Your Equity Research Career
- HDFC Securities
- Kotak Securities
- Sharekhan
- CRISIL Research
- ICRA
Top-Paying Equity Research Firms in India
- Motilal Oswal
- Kotak Institutional Equities
- HDFC AMC
- DSP AMC
- Nippon India AMC
Frequently Asked Questions
What is the starting salary for equity research freshers in India?
Equity research freshers in India earn ₹4–8 LPA at domestic broking firms. With NISM Series XV certification and a strong financial model portfolio, freshers can command ₹6–8 LPA at firms like Motilal Oswal and HDFC Securities.
How much does a senior equity research analyst earn in India?
Senior equity research analysts with 5–8 years of experience earn ₹25–50 LPA at top broking firms. Buy-side research analysts at AMCs like HDFC AMC and DSP can earn ₹40–70 LPA at the senior level.
What certifications help get higher salary as equity research analyst?
NISM Series XV is mandatory and baseline. CFA Level 1 or 2 significantly boosts salary negotiation. At the senior level, CFA Charterholder status can add 20–40% to compensation compared to non-CFA peers.
Is buy-side or sell-side equity research better paid in India?
Buy-side (AMC, PMS, hedge funds) generally pays more than sell-side (broking firms) in India, especially at mid-senior levels. A buy-side analyst at a top AMC earns 30–50% more than a comparable sell-side analyst.
Do equity research analysts get bonuses in India?
Yes. At broking firms, bonuses are typically 10–30% of base. At AMCs and PMS firms, performance bonuses can match or exceed base salary, especially if the fund outperforms its benchmark.
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