Students ask us about this constantly: “I have a call with an analyst next week. Can I ask what they make?” The short answer is no, not directly, and not on a first call. The reasoning behind that answer is useful, and there are better ways to learn what you want to know.
Below: when pay questions fit, how to word them, and what to ask instead. Compensation figures change by firm, year and role, so I will not quote numbers here.
Is It Okay to Ask About Pay on a First Networking Call?
In most cases, no. A networking call is a chance to learn about someone’s work and to show your interest in the field. If one of your first questions is about money, the person may reasonably conclude that you care more about the pay than the job.
There is also a practical issue. Bankers tend to treat their own compensation as private, and some firms have policies about sharing it. Asking a person to disclose what they earn puts them in an awkward spot, and an awkward spot is the opposite of the warm impression you want to leave.
Pay is a fair subject. Timing and wording matter, and early calls are the wrong time for specifics.
Why Does It Feel Different From Other Questions?
Networking works on goodwill. You are asking a busy person for fifteen or twenty minutes, and you want them to leave the call glad that they spoke to you. Questions about the work, the training and the career path all give the person something enjoyable to talk about. A question about their pay asks them to hand over something personal, and there is little upside for them in answering.
Compare two questions:
- “What did you learn in your first year that surprised you?”
- “How much did you make in your first year?”
The first gets you a story. The second makes the person uncomfortable. You can usually get the information behind the second question another way.
When Is a Compensation Question Appropriate?
Some situations do fit.
- After you have an offer. Once a firm has extended an offer, asking the recruiting team about base, bonus structure and benefits is normal. They expect it.
- During a conversation with a recruiter or HR contact. Their role includes explaining the package, and they are usually the right person to ask.
- When a junior banker brings it up. If the person you are speaking to starts talking about pay, you can follow their lead and ask a follow-up.
- With a peer who has become a friend. A friend in the industry may share more, but do not push, and never repeat what they say to others.
In each case, ask a general question and not a personal one. “How is the bonus decided?” is a question about a system. “What was your bonus?” is a question about a person. Our guide to how bonuses are explained covers the system in detail.
How Do I Word the Question Politely?
If you are at the stage where it fits, soften the wording and keep it general.
- “Could you tell me how the compensation is structured for analysts, in terms of base and bonus?”
- “How is the year-end bonus determined, and when is it paid?”
- “Is there anything about the package I should understand before I decide?”
- “What does the benefits package include?”
Notice what these have in common. They ask about structure and process, not individual numbers. They also avoid sounding like a negotiation, which is a different conversation you might have later with a recruiter.
If someone volunteers a range or a rule of thumb, thank them and do not press for more detail. A good response is “That’s helpful, thank you,” followed by a question about something else.
A short example
Say you are speaking with a first-year analyst, and the call is going well after you have already asked about their group and training. Near the end, you might say: “One thing I would like to understand better before I apply is how bonuses work in general. Is that something you can speak to, or is it better to ask the recruiting team?”
That wording does three useful things. It makes the question about the system. It gives the person an easy way out, by naming the recruiting team as an alternative. And it shows you are thinking ahead to a real decision. If they answer, great. If they redirect you, say thank you and move on without any awkwardness.
If you ever feel unsure, leave the question out of the call. You can always ask the recruiting team later, and nobody will remember that you did not ask a banker.
What Should I Ask Instead on a Networking Call?
Most of what students want to know can be learned without asking about money. Here are better questions and what each one tells you.
- “What does a typical week look like in your group?” This tells you about workload and the kind of work.
- “How is the analyst class staffed on deals?” This shows how responsibility is shared.
- “What do people do after their two years?” This reveals career paths. Our guide to analyst exit opportunities goes into more depth.
- “What made you choose this firm over others?” This tells you what the person values.
- “What would you do differently if you were recruiting again?” This gives you advice you can use right away.
If you do want a sense of the money, there is plenty of public information. Our salary guide and the analyst compensation overview explain how base, bonus and progression usually work, in hedged ranges. Pay varies by bank, city, year and performance, so treat any range as a rough guide.
Isn’t Pay Part of Making a Good Decision?
Of course it is. You are allowed to care about compensation, and you should understand it before accepting a job. Nothing here asks you to pretend otherwise.
The point is to separate two stages. In the exploration stage, you are learning what the work is like and whether you want it. In the decision stage, you have an offer and are comparing details. Pay questions fit the second stage much better than the first.
It also helps to remember that pay at comparable firms for the same level is often in a similar neighborhood, though it varies by bank, city and year. The training, the group, the people and the exit options usually matter more to how your career turns out. If you are weighing a move to another field later, our comparison of investment banking and private equity shows how both the work and the pay structure change.
What If the Other Person Raises the Topic First?
Sometimes a banker will volunteer information, such as “the money is good, but you earn it,” or “bonus season is stressful.” Respond naturally and show interest in the experience around it.
- If they mention bonus season, ask how it works at their firm in general terms.
- If they say pay is competitive, ask what else they would look at when comparing firms.
- If they share a specific number, thank them and do not repeat it elsewhere. Casual sharing can be sensitive.
You can also be honest if the topic comes up. If someone asks why you are interested in banking and you say “the learning curve and the opportunities, and yes, the pay,” that is fine. Just do not make it the headline.
What Mistakes Should I Avoid?
Keep these in mind on any networking call.
- Do not ask about hours, pay or perks in your first message or in the first few minutes.
- Do not ask someone to compare their pay with a peer’s.
- Do not ask about your own likelihood of getting an offer or a specific pay level.
- Do not take notes about someone’s personal compensation and share them.
- Do not treat a polite non-answer as an invitation to push.
If you want a structure for how to prepare questions, our networking guide has examples that stay on topics bankers enjoy discussing.
Key Takeaways
- Avoid asking about pay on a first networking call, since it can read as a focus on money and asks for something personal.
- Compensation questions fit after you have an offer, or with a recruiter, and should ask about structure and process, not personal numbers.
- Use networking calls to ask about the work, the group, the training and career paths.
- Public sources and our salary guides can answer most pay questions without putting anyone on the spot.
- If someone shares a figure, thank them, do not press for more and keep it private.
Want Personalized Interview Coaching?
If you are serious about breaking into investment banking, the best thing you can do is work with someone who has been through the recruiting process and knows what top banks look for. At Wall Street Mastermind, we have coached over 2,500 students through recruiting at bulge bracket banks, elite boutiques, and middle market firms. Book a free strategy call to learn how we can help you prepare.
Related Articles
- Investment Banking Salary Guide: What Analysts and Associates Actually Earn
- Investment Banking Analyst Salary and Bonus: Complete Compensation Guide
- Investment Banking Bonuses Explained: How Much Do Analysts and Associates Make?
- Investment Banking Exit Opportunities: Where Do Analysts Go After 2 Years?
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