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Average Investment Banking Analyst Salary in India for 2026

An investment banking analyst in India earns about 605,700 INR a year. That's 58% above the national average of 384,200 INR.

Pay ranges widely from country to country and from role to role. The lowest reported salaries in India sit around 325,900 INR a year, while the very top stretches to 913,400 INR. Everything on this page is in Indian rupee (INR, symbol ₹), which lets you compare numbers like-for-like without worrying about exchange rates.

The numbers here are pulled together from official government wage data, large independent salary surveys, and aggregated worker-reported pay. Most reported salaries include the benefits that are common in India, such as housing or transport allowances, which is worth keeping in mind if you're comparing against a country where those are usually paid on top.

How much does an investment banking analyst make in India?

Average salary
605,700 INR
50,475 INR per month
Lowest reported
325,900 INR
27,158 INR per month
Highest reported
913,400 INR
76,116 INR per month

A typical investment banking analyst working in India brings home around 50,475 INR a month before tax. Entry-level pay starts near 325,900 INR, and the top of the ladder reaches roughly 913,400 INR for the most experienced and specialised people in the role.

The wide gap between low end and top end reflects how much pay can vary inside the same job title. A junior investment banking analyst working at a small local employer earns very different money from a senior at a multinational. Skills, employer, city and years in the seat all push the number around.

How investment banking analyst pay ranges in India

A good way to think about salary in India is to look at the distribution rather than the headline average. Half of all investment banking analysts in India earn less than 555,800 INR a year, and the other half earn more. That middle number is the median, and it is usually more useful than the average for answering "is my pay normal here".

Looking at the quartiles fills in the picture. A quarter of earners take home less than 396,300 INR (the 25th percentile), and a quarter clear 675,200 INR (the 75th percentile). The middle 50% of investment banking analysts sit somewhere inside that band, which is where the typical reader of this page probably lives.

The very lowest reported salaries sit around 325,900 INR. The highest stretch to 913,400 INR, though only a small fraction of earners ever reach that level. If you are deciding whether your own offer or current pay is reasonable, work out which of those four bands you would fall into and use that as your reference point.

325,900
Low
555,800
Median
913,400
High
396,300
25th
675,200
75th
The middle 50% sit between the 25th and 75th percentile Tails are the lowest and highest reported All figures in INR

Investment banking analyst pay by experience in India

Years of experience is the single biggest lever on pay for an investment banking analyst in India, ahead of education and almost any other single factor. The longer you have been in the role, the more your employer can trust you to handle complexity, mentor others and act independently, all of which command higher pay. The chart below shows how the typical investment banking analyst salary changes as you move through the career ladder.

  • 0-2 Years
    378,800 INR
  • 2-5 Years
    +26% from previous
    478,000 INR
  • 5-10 Years
    +32% from previous
    633,100 INR
  • 10-15 Years
    +17% from previous
    743,100 INR
  • 15-20 Years
    +11% from previous
    823,900 INR
  • 20+ Years
    +6% from previous
    874,500 INR

The single largest jump on the ladder is from 2 - 5 Years to 5 - 10 Years, where pay rises by about 32%. That is the point at which a investment banking analyst typically goes from "competent in the role" to "the person other people in the team learn from", and the market pays well for that step.

Investment banking analyst pay by education in India

Education sits alongside experience as one of the biggest factors driving investment banking analyst pay in India. Higher qualifications consistently pull higher salaries, but the size of the gap tends to be smallest at junior levels and widens as people move up. Two people in the same role with the same years of experience but different degrees can end up earning very different money once they reach mid-career.

Below is the average investment banking analyst salary in India broken down by the highest level of education a worker has completed.

  • Bachelor's Degree
    491,000 INR
  • Master's Degree
    +52% from previous
    747,400 INR

Investment banking analyst gender pay gap in India

The gender pay gap is a stubborn feature of almost every labour market, and India is no exception. Male investment banking analysts in India earn an average of 626,800 INR a year, while female investment banking analysts earn around 571,300 INR. That works out to a 10% gap in favour of men, even when comparing people doing the same work.

A pay gap of this size has a real long-term cost. Over a typical thirty-year career it can add up to several years of pay, and it compounds through pensions, retirement contributions and bonus-linked stock. Some of the gap is explained by women being more likely to work part-time, take career breaks, or be steered toward lower-paying specialisations. Some of it is straightforward unequal pay for the same job, which is harder to defend.

Investment Banking Analyst gender pay gap

9%

Men earn this much more than women on average in India.

Men 626,800 INR
Women 571,300 INR

Pay raises for an investment banking analyst in India

Most countries hand out at least some kind of pay raise every year, typically when an employee's contract is reviewed or as a cost-of-living adjustment to keep wages roughly in step with inflation. The rhythm and size of those raises varies hugely between industries.

A typical worker doing this role in India sees a raise of about 13% every 16 months, which works out to roughly 10% on an annual basis. That figure is the typical underlying rate; in years where inflation runs high you can usually expect a bit more, and in flat-economy years a bit less.

Across all jobs in India, the national average raise is around 9% every 16 months.

By industry

Industries with the highest pay raises in India:

  • Banking
    1%
  • Energy
    2%
  • Information Technology
  • Healthcare
  • Travel
  • Construction
  • Education

By experience level

Experienced workers tend to see larger raises. Retaining a senior is cheaper than replacing them, so employers fight harder for them.

  • Junior Level
    3% - 5%
  • Mid-Career
  • Senior Level
  • Top Management

Investment banking analyst bonus rates in India

Bonuses are the other half of total compensation, and they vary a lot between jobs and industries. Some roles are paid almost entirely in base salary; others lean heavily on bonus structures tied to revenue, project completion or company performance. Whether a job pays a bonus, how big it is, and how often it lands all factor into whether the headline salary is actually a good offer.

78%

78% of investment banking analysts in India reported a bonus of some kind in the past twelve months. That makes an investment banking analyst a high-bonus role overall, which is useful context when you're weighing up a job offer where the base is below market.

Among those who did receive a bonus, the size of the payment varied substantially. Reported bonuses ranged from 6% to 7% of base salary. The remaining 22% of investment banking analysts reported no bonus at all over the same period.

Which careers pay bonuses in India

Revenue-facing roles tend to pay the biggest bonuses. Operational and support roles tend toward smaller, more predictable ones.

  • Finance
  • Architecture
  • Sales
  • Business Development
  • Marketing / Advertising
  • Information Technology
  • Healthcare
  • Insurance
  • Customer Service
  • Human Resources
  • Construction
  • Transport
  • Hospitality

Investment banking analyst: public vs private sector pay

Public-sector pay in India is about 6% more than private-sector pay for similar work. The private sector typically offers stronger upside and bigger bonuses; the public sector typically offers better benefits and stability.

Public vs private pay gap

5%

Public-sector workers earn this much more than private-sector workers in India on average.

Public sector 392,300 INR
Private sector 371,100 INR

Investment banking analyst salary by city and region in India

Investment banking analyst pay is not even across India. The chart below shows the highest-paying cities and regions in the dataset, followed by the full location table.

  • Uttar Pradesh
  • West Bengal
  • Maharashtra
  • Madhya Pradesh
  • Andhra Pradesh
  • Bihar
  • Gujarat
  • Mumbai
  • Tamil Nadu
  • Rajasthan
LocationTypeAverageMedianRange
Uttar PradeshRegion762,400 INR717,900 INR406,300-1,161,000 INR
West BengalRegion748,600 INR721,600 INR388,100-1,147,600 INR
MaharashtraRegion737,000 INR767,500 INR353,600-1,159,900 INR
Madhya PradeshRegion719,100 INR733,300 INR351,900-1,122,300 INR
Andhra PradeshRegion714,600 INR725,700 INR348,300-1,110,500 INR
BiharRegion714,600 INR768,900 INR327,800-1,134,500 INR
GujaratRegion714,600 INR741,500 INR341,400-1,117,800 INR
MumbaiCity707,600 INR679,200 INR367,900-1,079,600 INR
Tamil NaduRegion706,200 INR746,600 INR330,900-1,113,100 INR
RajasthanRegion699,700 INR714,600 INR341,400-1,089,400 INR
KarnatakaRegion681,900 INR653,200 INR353,600-1,041,900 INR
ChennaiCity677,100 INR704,300 INR325,600-1,062,500 INR
LucknowCity667,400 INR680,100 INR325,900-1,037,600 INR
KolkataCity665,300 INR681,900 INR327,800-1,041,900 INR
AhmadabadCity665,300 INR653,200 INR340,400-1,028,300 INR
BangaloreCity664,500 INR610,100 INR359,900-1,004,600 INR
Delhi (city)City663,200 INR689,900 INR318,800-1,037,600 INR
PuneCity660,500 INR646,600 INR339,100-1,016,300 INR
HaryanaRegion658,300 INR699,700 INR308,300-1,042,000 INR
KeralaRegion656,800 INR643,400 INR335,100-1,009,600 INR
KanpurCity653,200 INR653,200 INR325,900-1,011,300 INR
SuratCity653,200 INR653,200 INR327,800-1,012,100 INR
OrissaRegion650,800 INR623,200 INR339,100-995,000 INR
JharkhandRegion650,800 INR612,500 INR345,100-988,600 INR
HyderabadCity648,200 INR648,200 INR325,800-1,004,400 INR
NagpurCity641,900 INR641,900 INR319,600-995,000 INR
JaipurCity639,900 INR614,600 INR332,500-979,300 INR
ChhatisgarhRegion638,700 INR597,800 INR339,100-970,200 INR
PunjabRegion637,500 INR637,500 INR318,800-986,700 INR
Delhi (region)Region633,300 INR633,300 INR318,800-985,700 INR
AssamRegion631,200 INR670,600 INR299,500-999,500 INR
UttaranchalRegion626,800 INR574,200 INR340,000-946,800 INR
IndoreCity618,800 INR665,300 INR282,500-983,700 INR
BhopalCity615,300 INR566,900 INR332,100-932,800 INR
TripuraRegion607,400 INR658,300 INR279,400-966,100 INR
ManipurRegion606,400 INR643,800 INR283,700-960,900 INR
MeghalayaRegion605,700 INR656,800 INR277,400-965,000 INR
CoimbatoreCity605,700 INR641,900 INR282,500-956,200 INR
PatnaCity596,100 INR548,800 INR320,500-899,100 INR
Jammu & KashmirRegion596,100 INR548,800 INR320,500-899,100 INR
VisakhapatnamCity583,000 INR535,900 INR313,700-883,500 INR
Pimpri-ChinchwadCity581,000 INR627,900 INR267,100-926,000 INR
GoaRegion581,000 INR592,600 INR283,700-906,000 INR
GhaziabadCity580,600 INR545,300 INR308,900-883,500 INR
MizoramRegion578,500 INR533,100 INR311,700-875,000 INR
Himachal PradeshRegion576,500 INR623,200 INR265,000-919,700 INR
LudhianaCity576,500 INR529,600 INR311,700-870,700 INR
VadodaraCity568,500 INR581,000 INR279,400-889,400 INR
MaduraiCity568,500 INR615,700 INR263,100-906,000 INR
NagalandRegion552,400 INR518,900 INR294,700-838,100 INR
Arunachal PradeshRegion548,800 INR566,900 INR263,100-860,300 INR
Andaman & Nicobar IslandsRegion548,500 INR548,500 INR275,200-851,200 INR
PondicherryRegion544,800 INR531,700 INR275,500-839,500 INR
SikkimRegion538,600 INR562,200 INR259,100-847,000 INR
ChandigarhRegion535,900 INR492,700 INR288,700-814,100 INR
agraCity535,800 INR556,000 INR258,400-840,800 INR
Dadra & Nagar HaveliRegion535,800 INR514,300 INR277,400-816,900 INR
Daman & DiuRegion525,700 INR514,800 INR268,900-810,500 INR
LakshadweepRegion516,100 INR516,100 INR257,700-798,900 INR

Investment Banking Analyst in India: FAQs

  • How much does an investment banking analyst make per month in India?

    An investment banking analyst in India earns about 50,475 INR a month before tax, based on an annual average of 605,700 INR.

  • What's the salary range for an investment banking analyst in India?

    Entry-level investment banking analysts in India start near 325,900 INR. Top-end pay reaches around 913,400 INR. The middle 50% of earners sit between 396,300 and 675,200 INR.

  • Is the median investment banking analyst salary in India higher or lower than the average?

    The median is 555,800 INR, lower than the average of 605,700 INR. Half of investment banking analysts in India earn below the median, half earn above it.

  • What's the gender pay gap for investment banking analysts in India?

    Men working as an investment banking analyst in India earn around 10% more than women on average (626,800 vs 571,300 INR a year).

  • Do investment banking analysts in India get bonuses?

    About 78% of investment banking analysts in India reported a bonus in the past 12 months. Reported bonuses ranged from 6% to 7% of base salary.

  • Do investment banking analysts earn more in the public or private sector in India?

    In India, the public sector pays an investment banking analyst about 6% more on average. Public-sector pay tends to be steadier; private-sector pay tends to offer bigger upside.

  • How often do investment banking analysts in India get a pay raise?

    An investment banking analyst in India sees a raise of around 13% every 16 months, equivalent to roughly 10% a year.