INVESTMENT BANKING DIVERSITY STATS - As of December, 2022
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2020, 2021, 2022. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
J.P. Morgan
No
99.1%
UBS
12
98.3%
Qatalyst Partners
35
97.4%
Morgan Stanley
No
96.6%
Société Générale
03
95.7%
RBC Capital Markets
01
94.9%
Intrepid Investment Bankers
10
94.0%
Goldman Sachs
05
93.2%
Credit Suisse
06
92.3%
RBC Royal Bank of Canada
19
91.5%
Deutsche Bank
05
90.6%
TD Securities
No
89.7%
Bank of America Merrill Lynch
04
88.9%
PJT Partners
03
88.0%
BNP Paribas
10
87.2%
Lazard Middle Market
18
86.3%
Lazard Freres
08
85.5%
Citigroup
02
84.6%
Natixis
02
83.8%
Jefferies & Company
17
82.9%
Evercore
02
82.1%
Wells Fargo and Company
13
81.2%
JPMorgan Chase
05
80.3%
HSBC
17
79.5%
PNC Financial Services
15
78.6%
UBS AG
04
77.8%
Scotiabank
07
76.9%
Perella Weinberg Partners
No
76.1%
National Bank of Canada
50
75.2%
MUFG
44
74.4%
Percentile rank on racial diversity based on how balanced companies are across five primary groups: Caucasian, Asian, African American, Latino/Spanish Origin and Other
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Female Representation
Firm
YoY Δ
Percentile
RBS Royal Bank of Scotland (38.7%)
09
99.2%
China International Capital Corporation (35.7%)
03
98.4%
Mirus Capital Advisors (31.8%)
New
97.7%
MTS Health Partners (30.2%)
44
96.9%
BDA Partners (30.2%)
02
96.1%
Cowen Group (29.5%)
26
95.3%
Centerview Partners (28.8%)
02
94.6%
PJT Partners (28.6%)
06
93.8%
Nomura Holdings (28.4%)
10
93.0%
Intrepid Investment Bankers (26.0%)
37
92.2%
Scotiabank (25.7%)
28
91.5%
Natixis (25.7%)
22
90.7%
Capstone Partners (25.6%)
01
89.9%
Credit Suisse (24.9%)
01
89.1%
Perella Weinberg Partners (24.9%)
03
88.4%
National Bank of Canada (24.5%)
08
87.6%
JPMorgan Chase (24.4%)
No
86.8%
Lazard Middle Market (24.3%)
26
86.0%
DC Advisory (24.1%)
17
85.3%
TD Securities (23.0%)
17
84.5%
DNB Markets (23.0%)
95
83.7%
RBC Royal Bank of Canada (22.9%)
02
82.9%
Goldman Sachs (22.9%)
02
82.2%
UBS (22.8%)
04
81.4%
Evercore (22.4%)
05
80.6%
Harris Williams & Co. (21.8%)
20
79.8%
CIBC World Markets (21.7%)
No
79.1%
RBC Capital Markets (21.4%)
18
78.3%
Barclays (21.0%)
06
77.5%
Needham & Company (20.9%)
08
76.7%
Estimate percentage of females is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Athletic Representation
Firm
YoY Δ
Percentile
Drake Star Partners (38.8%)
01
99.2%
B. Riley & Co. (37.6%)
04
98.4%
Cambridge Wilkinson (36.6%)
01
97.7%
MTS Health Partners (36.2%)
10
96.9%
National Bank Financial Markets (35.7%)
04
96.1%
FMI Corporation (34.6%)
New
95.3%
Duff & Phelps (34.4%)
11
94.6%
CLSA (34.3%)
05
93.8%
Oppenheimer (32.1%)
10
93.0%
Intrepid Investment Bankers (31.1%)
14
92.2%
Agentis Capital (28.6%)
06
91.5%
Alantra (28.2%)
03
90.7%
D.A. Davidson & Co (26.7%)
No
89.9%
Piper Jaffray (26.2%)
29
89.1%
Ziegler (25.6%)
05
88.4%
National Bank Financial Group (24.8%)
06
87.6%
Hammond Hanlon Camp (24.4%)
New
86.8%
Wedbush Securities (24.4%)
10
86.0%
Mirus Capital Advisors (24.2%)
New
85.3%
PJ SOLOMON (23.6%)
01
84.5%
Shea & co (23.4%)
04
83.7%
Cowen Group (22.9%)
28
82.9%
Fifth Third Securities (22.4%)
08
82.2%
Lazard Middle Market (22.3%)
33
81.4%
Stifel Financial (21.8%)
07
80.6%
RBS Royal Bank of Scotland (19.8%)
25
79.8%
MUFG (19.5%)
06
79.1%
Raymond James Financial Inc. (18.9%)
19
78.3%
BDA Partners (18.5%)
15
77.5%
AGC Partners (18.5%)
23
76.7%
Estimated percentage of varsity athletes is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Military Representation
Firm
YoY Δ
Percentile
Intrepid Investment Bankers (33.4%)
No
99.2%
Qatalyst Partners (21.5%)
14
98.4%
Brookfield Financial (16.9%)
New
97.7%
Hammond Hanlon Camp (11.9%)
New
96.9%
Commerzbank AG (10.1%)
02
96.1%
Standard Chartered Bank (9.2%)
04
95.3%
Bryan Garnier and Co (7.9%)
New
94.6%
Credit Agricole (7.2%)
No
93.8%
PwC Corporate Finance (7.0%)
05
93.0%
CLSA (6.8%)
04
92.2%
TD Securities (6.1%)
06
91.5%
MUFG (6.1%)
08
90.7%
Lazard Freres (5.6%)
01
89.9%
Moelis & Company (5.2%)
19
89.1%
PJT Partners (5.2%)
13
88.4%
Miller Buckfire (5.1%)
05
87.6%
National Bank Financial Group (4.9%)
08
86.8%
Centerview Partners (4.8%)
03
86.0%
Ziegler (4.3%)
04
85.3%
Cambridge Wilkinson (4.1%)
06
84.5%
J.P. Morgan (4.1%)
02
83.7%
Evercore (4.0%)
19
82.9%
Harris Williams & Co. (4.0%)
26
82.2%
RBC Royal Bank of Canada (4.0%)
02
81.4%
Deutsche Bank (3.7%)
20
80.6%
Truist Securities (3.6%)
08
79.8%
Lincoln International (3.4%)
23
79.1%
Bank of America Merrill Lynch (3.2%)
06
78.3%
Morgan Stanley (3.1%)
12
77.5%
Jefferies & Company (3.1%)
30
76.7%
Estimated percentage of employees with military association is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics
Thousands of Interview Questions Available by Firm
Methodology FAQ
How often is this data updated?
The rankings are constantly changing and evolving based on additional data we collect every day. The graphs and tables use the data from YTD and the prior 2 years. See tabs located above on this page to access previous year rankings.
Why do the average compensation numbers look so low?
Remember that the compensation you are accustomed to hearing for top performers in the top groups in New York is well above the average for cities around the world. The compensation average graphs are a global average which includes regional cities and groups that bring the average down. If you would like company and group specific compensation data, please visit the WSO Company Database.
Where does this data come from?
The compensation, review and interview data comes from WSO member submissions to the WSO Company Database. With over 50,000 submissions to date across thousands of companies, the database is solely a representation of what our members were paid and how they rank companies on various metrics. Please see below for a detailed breakdown of the member statistics for those that have contributed to the database.
What are the percentile rankings based on?
The percentile rankings of companies listed here are based on the current YTD and the prior two years of data for companies that received at least one vote. The simple average scores are converted into an Adjusted Score before the companies are ranked to take into account companies with a smaller sample size. This method uses Bayesian Statistics.
Why do you use Bayesian Statistics to adjust scores?
This methodology is used in order to account for standard deviation in rankings. As a company gets more rankings and data, we have more confidence that the average ranking is a true reflection of reality, so this is reflected in the adjusted scores and Percentile rankings. Learn more about Bayesian Statistics here.
Why don't I see company XYZ?
Some great smaller firms may not be represented in the rankings for the simple reason that we have not collected enough data to represent them accurately or for us to have enough data to display them at all.
What is the geographical representation of the submissions?
The WSO user base is very US-centric with approximately 70% of all submissions coming within the United States of America. Please see the detailed breakdown of the member statistics for those that have contributed to the database. For more company and city specific compensation, please visit the WSO Company Database.
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