Best Investment Banks to Work For in 2025: Rankings, Culture, and Career Paths
Explore the best investment banks to work for based on real analyst experiences, career growth, comp, and work-life balance.
Posted July 8, 2025
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What makes a bank the “best” place to work? It depends on what you’re looking for. Some junior bankers want name recognition and intense deal flow. Others care more about compensation, mentorship, or a healthier work‑life balance. Whether you're after prestige, fast exits, or long-term fit, this guide breaks down the best investment banks to work for in 2025, by category, culture, and career potential.
You’ll get insider perspectives on analyst programs, firm environments, and where each bank shines so you can make a smarter call about where to apply or accept an offer.
What Makes an Investment Bank “Best” to Work For?
“Best” depends on your goals, but for most junior bankers, five factors shape the decision:
- Deal flow and reputation - Want to work on high-stakes, high-visibility transactions? Bulge bracket banks like Goldman Sachs and JPMorgan put you on the biggest IPOs and M&A deals. Elite boutiques like Evercore or Centerview offer fewer but more hands-on mandates in mergers and acquisitions and capital markets.
- Culture and work-life balance - Some firms are known for all-nighters and weekend fire drills. Others prioritize a healthier work-life balance, clear boundaries, and wellness benefits. Talk to insiders, not just recruiters.
- Analyst training and mentorship - Look beyond formal programs. Which banks pair new hires with strong mentors? Where do you get meaningful informal training, real feedback, and early exposure to clients or senior bankers?
- Compensation and long-term value - Total comp matters, but also ask: Are bonuses tied to performance or tenure? Are there opportunities in wealth management, asset management, or equity stakes in deals down the line?
- Exit opportunities and alumni network - The best banks open doors to private equity, investment management, or leadership roles in tech companies and financial institutions. Study where recent analysts landed, not just the firm’s brochure.
What’s shifting in 2025: Candidates are increasingly prioritizing culture, flexibility, and faster impact. That’s why elite boutiques and select middle market banks are gaining traction, even as major Wall Street firms remain top training grounds for long-term careers.
Top-Ranked Investment Banks to Work For in 2025 By Category
In 2025, elite boutiques are climbing, but bulge brackets still dominate early training. Vault’s Banking 25 rankings, driven by insider surveys of over 2,800 bankers, show Centerview Partners, Evercore, and PJT leading on culture, compensation, and work‑life balance. These firms offer faster responsibility, leaner teams, and top-tier mentorship, making them attractive for ambitious junior bankers.
Meanwhile, Goldman Sachs, Morgan Stanley, and JPMorgan Chase remain go-to training grounds. They offer unmatched deal flow, global exposure, and elite alumni networks ideal for those who prioritize brand prestige and structured formal training programs.
Middle market firms like Jefferies, RBC Capital Markets, and Houlihan Lokey continue gaining traction for their blend of live deal experience, better lifestyle, and strong exits to private equity and corporate finance.
So, how are these banks selected?
These rankings are based on a mix of Vault survey data, analyst and alumni insights, and publicly available firm metrics. We prioritized banks that offer strong deal flow and market reputation, robust training programs and mentorship, healthy work-life balance and team culture, competitive pay, and strong career outcomes (e.g., exits to PE, promotions, global mobility).
Top 5 Bulge Bracket Banks to Work For
| Firm | Deal Flow & Recognition | What They Offer | Culture Snapshot |
|---|---|---|---|
| Goldman Sachs | Industry leader in M&A globally—$1.04 trillion across 432 deals in FY 2024 | Instant name recognition, cutting-edge deal work, unified APAC platform, elite formal training programs | Intense, high-pressure culture, but Vault reports M&A work-life ratings at 5‑year highs; internal focus on flexible vacation and mental health |
| Morgan Stanley | Top IPO and ECM (equity capital markets) activity in U.S. & Europe | Prestigious exit into wealth management & trading, strong mentorship, structured onboarding | Vault survey highlights improved satisfaction and balance; culture balancing elite pedigree with team support |
| JPMorgan Chase | #3 globally in M&A value; unmatched reach in major financial centers | Comprehensive corporate and investment banking, global alumni network, and large-scale formal training | Leading initiatives on diversity and analyst hour-caps; strong culture shift toward wellbeing |
| Bank of America Merrill Lynch | Consistent top-tier deal flow and capital markets execution | Broad platform spanning M&A, DCM/ECM, wealth and asset management; inclusive mentoring and asset advice | 11 employee networks, wellness benefits, competitive family-care flexibility |
| Citigroup | ~$543 bn in deal value with strong global M&A presence in 2024 | Global mobility, deep coverage in corporate banking and capital markets, and improving reputation | Upside culture, rising in prestigious investment banking firms' rankings, solid investment in training and mentorship |
Top-Ranked Elite Boutique Banks in 2025
| Firm | Deal Highlights | What They Offer | Culture Snapshot |
|---|---|---|---|
| Centerview Partners | #1 Vault firm; advised on ~$4 trillion in transactions since 2006; recorded 2024 revenue of $1.9 billion | Top-tier pay with "crazy compensation"; early responsibility on complex deals; high employee satisfaction in training, culture, work-life | Collaborative, supportive, intellectually rigorous, teams are tight-knit and junior bankers take on significant impact roles |
| Evercore | #2 Vault ranking; advised on over $4.7 trillion in M&A; advisory revenue ~ $2 billion | Exceptional formal training (#1 in Vault), top exit into wealth management, strong DEI, competitive pay tied to performance | “Cultivates excellence and respect”, junior bankers describe direct, high-touch mentorship and meaningful client-facing work |
| Moelis & Company | Advised on high-profile deals like Boeing’s acquisition of Spirit AeroSystems ($8.3 billion); remained a top 3 Vault firm | Rich benefits, top-in-class diversity, wellness, 401(k), mental health support; high-quality deal experience | Dynamic, personal culture: “smart people who care about your career,” with meaningful responsibility early on |
| PJT Partners | Advised on over $1 trillion in M&A, including AbbVie-Allergan and T-Mobile/Sprint | Highest pay-per-head among boutiques (~$750k avg), prominent restructuring practice, public company transparency | Lean, driven environment, high-pressure but with more direct senior exposure and autonomy |
| Lazard | Top international M&A advisor; consistently high global deal volume | Blend of deep expertise, international footprint, and boutique-style attention; competitive comp with strong prestige | Elite, global culture; juniors get early client exposure and international mobility |
Top 5 Middle Market Banks to Work For in 2025
| Firm | Deal Profile (2024–2025) | What They Offer | Culture Snapshot |
|---|---|---|---|
| Jefferies | Full-service bank with over $14B in global tech, healthcare & industrial M&A in 2024–2025 | High deal volume, access to capital markets and restructuring, near-bulge flow, strong exit into PE/hedge funds | Entrepreneurial culture, cross-border teamwork, fast tracks; bankers cite “plug‑and‑play” hiring and live responsibility |
| Houlihan Lokey | #1 mid-market M&A advisory globally; 415 deals in 2024 plus top restructuring advisor | Deep sector specialization, counter-cyclical deal flow, strong restructuring, and fairness-opinion practice | Partnership-style culture, stable leadership under CEO Scott Adelson (38 years at firm); bankers enjoy consistent deal variety |
| William Blair | Ranked Tier 2 middle-market; recognized sector-focused deals | Boutique access with top-notch research and equity syndicate support, solid PE exit paths | Collegial, inclusive, moderate hours with strong mentorship and regional/niche specialization |
| Piper Sandler | Advised across M&A, DCM/ECM totaling ~$1B revenues in Q1 2025 | Broad product access in equity, debt, restructuring; regional reach in 60+ offices | Client-first ethos, growing platform, well-capitalized with staff trust and capacity for career growth |
| RBC Capital Markets | Strong mid-market advisory with expanding U.S. footprint; outperforms in select industries (e.g., tech) | Excellent sector depth, better lifestyle than bulge bracket, access to Canadian capital networks | Balanced culture, strong work-life balance, strong banking ecosystem, origin feedback |
How to Choose the Right Investment Bank for You
Not all “top” banks are the right fit, and what’s best on paper may not align with your actual goals. Before you accept an offer or set your sights on a target firm, start with a clear self-assessment.
Self-Assessment: What Do You Care About Most?
Your priorities will shape the kind of firm and experience you want. Ask yourself:
- Are you optimizing for learning? (Structured training programs, direct client exposure, senior banker access)
- Do you care most about lifestyle? (Protected weekends, regional offices, support systems)
- Is prestige the priority? (Firm brand, elite exit opportunities, name recognition)
- Or are you in it for pay? (High comp, strong bonuses, fast track to private equity)
Be honest. Every firm is a tradeoff; knowing your top 1–2 priorities helps you evaluate which environment you’ll thrive in.
Questions to Ask in Networking Calls
Use your networking calls to uncover the real day-to-day experience. Skip the fluff and get specific:
- “What kind of exposure do analysts get to clients or managing directors?”
- “How is feedback typically delivered?”
- “What does the analyst-to-associate path actually look like here?”
- “Where do most analysts go after two years—PE, business school, or elsewhere?”
Strong questions not only give you insight but also signal that you’re a thoughtful, prepared candidate.
Fit Considerations Beyond Rankings
Rankings reflect prestige, not personal fit. To assess the full picture, look at:
- Deal exposure - Are analysts staff fillers, or owning real workstreams?
- Team structure - Smaller teams at middle market or elite boutiques can offer faster growth.
- Office location - A satellite office at a strong firm may offer better balance and visibility than a big HQ bullpen.
- Culture - Does the firm support mentorship, autonomy, or long-term development, or just burn and churn?
Even among the best investment banks, the “best” one is the one where you’ll learn, grow, and stay sane.
Expert tip: Work smarter, not just harder! Top investment banking coaches from Goldman, PJT, and Evercore have helped candidates land elite roles and make smarter decisions once offers come in. Book a session to align your career goals with the right firm.
How to Break Into the Best Investment Banks
Breaking into investment banking is brutally competitive, but absolutely doable with the right timing, tactics, and preparation. Here's what top candidates consistently get right.
Target Schools and GPA Expectations
At most top firms, especially bulge bracket banks and elite boutiques, the recruiting funnel starts at a handful of target schools: Ivy League, Stanford, MIT, Chicago, Duke, UVA, and a few others. If you're at a non-target, it's not game over, but you'll need to rely heavily on networking and referrals.
GPA matters more than people admit. You should aim for a 3.7+ to be competitive, especially at the most prestigious investment banks. Some firms use hard GPA cutoffs (often 3.5), and others benchmark GPAs against your school’s curve. If you’re below target, own it and offset it with outstanding internships, leadership, or networking traction.
Internship Timing: Sophomore vs. Junior Summer
Your junior summer internship is the golden ticket, as most full-time IB roles are filled through return offers. But the process starts earlier than most students realize. Many top firms (especially top investment banks like Goldman Sachs or Morgan Stanley) now open applications in January or February of the sophomore year for junior summer roles.
This means you need a relevant sophomore summer internship, ideally in finance, consulting, accounting, or at a startup with analytical exposure. Having nothing on your resume by sophomore spring puts you far behind.
Technical Prep and Networking
Interviews at the best investment banks are a mix of technical rigor and behavioral polish. You'll need to master accounting, valuation, LBOs, DCFs, and M&A math. But technical prep alone isn't enough.
You need to build a networking pipeline months in advance. Start with alumni or second-year students at your school. Ask for 15-minute chats, prepare sharp questions, and always follow up. Firms track who’s networking and showing interest, and it really matters more than you think.
Don’t wait until applications drop and have warm relationships in place before then. And don’t just target one bank. Build parallel pipelines across bulge brackets, middle market firms, and elite boutiques. That gives you leverage and optionality when offers come in.
Check out these resources to get step-by-step strategies from ex-bankers who’ve helped hundreds of students land elite offers:
- How to Answer “Why This Firm?” and “Why Investment Banking?” in Interviews
- Investment Banking Interview Guide: What to Know
- The Top 20 Most Frequently Asked Investment Banking Technical Interview Questions
- Solving Problems in Investment Banking Interviews: How to Show Your Analytical Skills
- Navigating Investment Banking Superdays: A Comprehensive Guide
- Investment Banking Interview Follow-Up: Leaving a Lasting Impression
- Investment Banking Coffee Chat Guide: Questions, Topics, Tips, & How to Prepare
- 20+ Best Questions to Ask at the End of an Interview
Final Thoughts: “Best” Bank = Best Fit
Rankings are helpful. They give you a snapshot of where firms stand in terms of prestige, pay, and exit opportunities. But they can’t tell you which bank will actually make you thrive.
Some people want the biggest name and fastest track to private equity. Others want stronger mentorship, healthier work-life balance, or more responsibility early on. What matters most is that your first firm sets you up for growth, not burnout and that it aligns with your priorities, not someone else’s resume.
Use rankings as a tool, but don’t just follow them blindly. The best analysts aren’t the ones who land the flashiest name. They’re the ones who pick an environment where they can learn, contribute, and stay sane.
Work With an Investment Banking Coach
If you’re still weighing offers, unsure which banks to target, or feeling behind on recruiting, you don’t have to figure it out alone.
Top investment banking coaches include former analysts and associates from Goldman Sachs, Evercore, Centerview, PJT, and more. They’ve helped hundreds of candidates land offers, negotiate comp, and map out long-term careers in banking and beyond.
Read more:
- What is Investment Banking?
- An Expert’s Guide to Resumes: Five Tips to Make You Stand Out
- What do Investment Banks Actually Do?
- Top Ten Investment Banks in the World
- The Best MBA Programs for Investment Banking
- The Best Finance Newsletters & Podcasts to Subscribe To
- How to Prepare for a Career in Investment Banking
Best Investment Banks To Work For – FAQs
What’s the difference between bulge bracket and elite boutique banks?
- Bulge bracket banks (e.g., Goldman Sachs, Morgan Stanley, JPMorgan) are massive, full-service global institutions handling both advisory and capital markets deals. They offer structured training, extensive internal resources, and strong brand recognition. In contrast, elite boutique banks (e.g., Evercore, Centerview, PJT, Lazard, Moelis) are smaller, advisor-focused, and specialize in M&A and restructuring. They don’t underwrite large financing but offer faster exposure, bigger roles, and leaner teams. While boutiques may lack broad external visibility, on Wall Street, they’re viewed as equal in prestige and often provide a better work-life balance and hands-on experience.
Is it easier to move from a middle-market bank to a top firm later?
- Yes, especially if you build a strong track record. Analysts from firms like Jefferies, Houlihan Lokey, and William Blair regularly “industry up” into elite boutiques or bulge brackets, particularly if they’ve led live transactions and have visible skillsets. These middle-market banks provide a live deal experience with fewer layers, which can make you stand out, even if you don’t come from a target school.
Do rankings really matter for long-term career outcomes?
- Rankings matter, but only if they reflect the right underlying factors. Firms that top surveys like Vault’s usually hit all the key boxes: culture, compensation, training, and exit outcomes. Those provide a foundation for success. However, long-term career trajectories depend more on the work you do, the mentors you find, and the squeeze you put on your own development. A junior at the “best investment bank” may outtrack a peer at a higher-ranked firm if they learn more and build relationships.
Which banks have the best work-life balance?
- Today, middle-market firms and elite boutiques generally rate highest for quality of life and flexibility. Among bulge brackets, Morgan Stanley, BofA, and Citi have been spotlighted for better internal policies, including limits on hours and wellness programs. Goldman Sachs, while historically infamous for intense hours, has also made strides in mental health and flexible vacation use.
What is the outlook for investment banks in 2025?
- Based on EY forecasts, these trends are expected to continue, and investment banking revenues are expected to grow by 13% in 2025, led by a strong recovery in mergers and acquisitions and debt and equity issuance. Elections end, how can banks support clients in a fragmented global political landscape?
