How to hire an investment banking associate

How to hire an investment banking associate, step by step

Here's a step-by-step investment banking associate hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write an investment banking associate job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new investment banking associate
• Step 8: Go through the hiring process checklist

What does an investment banking associate do?

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1. Identify your hiring needs

   First, determine the employments status of the investment banking associate you need to hire. Certain investment banking associate roles might require a full-time employee, whereas others can be done by part-time workers or contractors.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   An investment banking associate's background is also an important factor in determining whether they'll be a good fit for the position. For example, investment banking associates from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.

   Here's a comparison of investment banking associate salaries for various roles:

   Type of Investment Banking Associate	Description	Hourly rate
   Investment Banking Associate	Financial analysts provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.	$35-93
   Contract Analyst	A contract analyst is primarily in charge of thoroughly reviewing contract terms and conditions, negotiating and addressing changes on behalf of a company or an individual, and avoiding financial disadvantages or any disputes. They are responsible for consulting with clients, analyzing clauses and liabilities, recommending amendments, documenting all transactions, and monitoring every change in the contract... Show more	$18-35
   Treasury Analyst	A treasury analyst is a professional who manages and analyses the financial activities of an organization that can include cash flows, liability obligations, and assets. Treasury analysts are required to execute the daily cash management of the organization such as cash forecasting, investing of excess cash, and running a hedging program in interest rates... Show more	$25-48

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Capital Markets
   • Healthcare
   • Discounted Cash Flow
   • Private Equity
   • Capital Raising
   • Securities
   • Valuation Analyses
   • Financial Analysis
   • Business Development
   • Financial Models
   • Investment Bank
   • Strong Analytical
   • Financial Statements
   • Management Presentations

   Check all skills

   Responsibilities:

   • Achieve the highest grades in a bank run 5 day advance equity derivatives course.
   • Manage ongoing maintenance of prospective investor pipeline using SalesForce software.
   • Create valuation models associate with above projects, specifically LBO, DCF and accretion/dilution analysis.
   • Perform extensive valuations of private and public companies through comparable company and DCF analyses.
   • Attend global healthcare conference in Miami and meet with prospective clients/investors
   • Create business analysis regarding the firm's origination and execution capabilities.

   More investment banking associate duties

3. Make a budget

   Including a salary range in your investment banking associate job description helps attract top candidates to the position. An investment banking associate salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.

   For example, the average salary for an investment banking associate in Mississippi may be lower than in Oregon, and an entry-level investment banking associate usually earns less than a senior-level investment banking associate. Additionally, an investment banking associate with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.

   Average investment banking associate salary

   $119,967yearly

   $57.68 hourly rate

   ---

   Entry-level investment banking associate salary

   $73,000 yearly salary

   Updated December 14, 2025

   Average investment banking associate salary by state

   Rank	State	Avg. salary	Hourly rate
   1	California	$137,137	$66
   2	Washington	$121,116	$58
   3	Minnesota	$113,206	$54
   4	New York	$111,644	$54
   5	District of Columbia	$110,027	$53
   6	Maryland	$107,819	$52
   7	New Jersey	$107,799	$52
   8	Michigan	$106,002	$51
   9	Pennsylvania	$105,320	$51
   10	Virginia	$104,611	$50
   11	Utah	$104,064	$50
   12	Texas	$104,021	$50
   13	Connecticut	$103,883	$50
   14	Massachusetts	$103,766	$50
   15	Ohio	$101,311	$49
   16	Illinois	$101,299	$49
   17	North Carolina	$97,118	$47
   18	Rhode Island	$96,384	$46
   19	Delaware	$93,445	$45
   20	Georgia	$92,664	$45

   Average investment banking associate salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Bloomberg	$151,531	$72.85	14
   2	AGC Partners	$150,502	$72.36
   3	Loop Capital	$141,733	$68.14	2
   4	BGC Partners	$140,648	$67.62	1
   5	MORGAN JOSEPH LIMITED	$138,934	$66.80
   6	MTS Health Partners	$138,469	$66.57	1
   7	B. Riley Financial	$138,392	$66.53	5
   8	Marathon Capital	$137,929	$66.31	1
   9	JMP Group	$137,119	$65.92
   10	Green Hill	$135,816	$65.30
   11	Randstad North America, Inc.	$135,766	$65.27	1
   12	Santander Private Banking International	$135,583	$65.18	11
   13	CIBC World Markets	$135,557	$65.17
   14	Centerview Partners	$135,222	$65.01
   15	SG Americas Securities Holdings, LLC	$135,117	$64.96
   16	Rbc Holding Co Ltd	$134,510	$64.67
   17	ThinkEquity Partners	$134,349	$64.59
   18	Amherst Capital Management	$134,206	$64.52
   19	Seaport Global Securities	$134,198	$64.52
   20	CBRE Group	$134,124	$64.48	68

4. Writing an investment banking associate job description

   An investment banking associate job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of an investment banking associate job description:

   Investment banking associate job description example

   Greenhill's primary strength is the excellence and commitment of our people. We have successfully attracted and developed a global team of talented Analysts, Associates and senior professionals working in a dynamic, entrepreneurial and collaborative environment.
   
   As our Firm continues to grow, we continually seek to expand our base of talented professionals through on-campus recruiting and lateral hiring efforts. Greenhill is particularly interested in candidates with strong academic backgrounds and analytical abilities who exhibit the communication skills, leadership qualities and team-focused orientation that our clients demand.
   Greenhill is an equal opportunity employer.
   
   Job Description
   
   The Associate and Vice President positions at Greenhill offers qualified individuals exposure to all aspects of our global mergers and acquisitions advisory business. This position is specifically targeted towards candidates interested in dedicating a significant amount of their time working on projects in the Software sector. Associates and Vice Presidents rapidly assume significant responsibilities, including valuing companies using a variety of methodologies, preparing and delivering presentations, conducting research, drafting selling memoranda, analyzing business models and participating in due diligence and client meetings. Due to the small size of the Firm, an Associate or Vice President position at Greenhill provides a unique opportunity to work closely with clients and experienced senior professionals while taking on increasing levels of responsibility on transaction execution.
   
   Requirements
   
   Qualified candidates for an Associate or Vice President position at Greenhill must exhibit a strong history of exceptional academic achievement in conjunction with a mix of strong interpersonal and analytical skills. Candidates should be able to demonstrate a track record of successfully taking on increasing responsibilities in prior professional positions. Candidates must have 18+ months of investment banking, corporate development, or related deal experience within the software sector, with the knowledge and background to evaluate companies, prospect new areas for business, and further develop the software practice at Greenhill. Candidates should have excellent organizational and time management skills as well as demonstrable leadership experience in prior professional settings. The candidate should be a self-starter with the ability to lead and manage projects on a day-to-day basis, and have a strong desire to work within the technology vertical.
   
   The position requires a minimum of 18-24 months of Associate-level experience or VP-level experience. Job title will depend on prior experience level. This is an experienced hire role with an immediate start date.

   Copy this example

   

5. Post your job

   There are a few common ways to find investment banking associates for your business:

   • Promoting internally or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to meet candidates with the right educational background.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to recruit passive job-seekers.

   Post your job online:

   • Post your investment banking associate job on Zippia to find and attract quality investment banking associate candidates.
   • Use niche websites such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post a job on free websites.

6. Interview candidates

   Your first interview with investment banking associate candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.

   It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new investment banking associate

   Once you've selected the best investment banking associate candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing the agreement with a contract.

   It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.

   To prepare for the new investment banking associate first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire an investment banking associate?