Investment Banking Analyst Salary in India 2026
Detailed breakdown of investment banking salaries in India — from fresher analyst to MD level. Includes IB salaries at Kotak, Goldman Sachs, JM Financial, and boutique firms.
Salary by Level — Investment Banking India
| Level | Experience | Salary (CTC) | Where |
|---|---|---|---|
| Analyst (Fresher) | 0–2 years | ₹8–18 LPA | Boutique IB, Big 4 M&A, JM Financial, Axis Capital |
| Associate | 2–5 years | ₹18–40 LPA | Kotak IB, Avendus, ICICI Securities IB |
| Vice President (VP) | 5–8 years | ₹45–90 LPA | Goldman Sachs India, Morgan Stanley India |
| Director / ED | 8–12 years | ₹80L–1.5 Cr | Bulge bracket and top domestic banks |
| Managing Director (MD) | 12+ years | ₹1.5–5 Cr+ | Top-tier IB, PE-backed advisory |
Best Firms to Start Your Investment Banking Career
- JM Financial
- Axis Capital
- IIFL
- Centrum Capital
- Big 4 M&A teams
Top-Paying Investment Banking Firms in India
- Goldman Sachs India
- Morgan Stanley India
- Kotak Investment Banking
- Avendus Capital
- Blackstone India
Frequently Asked Questions
What is the starting salary for investment banking freshers in India?
Investment banking freshers in India typically earn ₹8–18 LPA depending on the firm. Boutique IB firms like JM Financial and Axis Capital offer ₹8–12 LPA while top-tier firms like Kotak Investment Banking and Goldman Sachs India offer ₹14–18 LPA for freshers with strong credentials.
How much does an investment banking analyst earn after 3 years?
After 3 years, an IB analyst in India typically earns ₹20–35 LPA at a domestic boutique and ₹35–50 LPA at a bulge bracket firm, in addition to deal bonuses that can match or exceed base salary.
Do investment bankers in India get bonuses?
Yes. IB bonuses in India are significant — typically 30–100% of base salary at domestic firms and up to 200% at bulge bracket banks in good years. Bonuses are tied to deal completion and firm performance.
Which firm pays the highest IB salary in India?
Goldman Sachs, Morgan Stanley, and JPMorgan India offices pay the highest salaries. At the fresher level, these firms pay ₹15–20 LPA. At VP and MD level, total compensation can exceed ₹1.5–3 crores per year.
Can I get into investment banking without an MBA in India?
Yes — boutique firms like Avendus, JM Financial, and IIFL hire CAs and candidates with strong financial modeling portfolios and NISM certifications. However, bulge bracket banks predominantly hire from IIM, ISB, and other top MBA programs.
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