Reviewed on 9 October 2026. Investment banking pay in India is often discussed through rumours about bonuses at a handful of global banks. This guide uses one published, dated dataset instead: the Randstad India Salary Trends Report 2025–26. It shows what that dataset says city by city, what it can't tell you, and how to evaluate an offer where much of the pay is a discretionary bonus.
What the dataset measures
The report says it analyses more than 100,000 jobs across 8 Tier-1 and 24 Tier-2 cities (page 6). It reports average annual CTC in ₹ lakh for three experience bands:
- Junior: 0–5 years
- Middle: 6–14 years
- Senior: 15 years or more
Its banking, financial services and insurance (BFSI) section includes an "investment banking" table on page 31. The report doesn't break that category down into specific titles such as analyst, associate or vice president, or by type of firm.
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| City | Junior (0–5 yrs) | Middle (6–14 yrs) | Senior (15+ yrs) |
|---|---|---|---|
| Mumbai | 7.55 | 25.89 | 54.64 |
| Ahmedabad | 6.68 | 20.72 | 40.94 |
| Kolkata | 6.53 | 16.51 | 31.82 |
| Bengaluru | 5.87 | 17.06 | 30.02 |
| Delhi-NCR | 5.82 | 17.68 | 34.14 |
| Pune | 5.82 | 17.00 | 32.27 |
| Chennai | 5.46 | 16.54 | 32.09 |
| Hyderabad | 5.40 | 15.68 | 29.06 |
Average annual CTC, ₹ lakh. Source: Randstad Salary Trends Report 2025–26, page 31.
Mumbai, home to the headquarters of SEBI, BSE and NSE, has the highest average in all three bands in this table. The gap widens with seniority: Mumbai's senior-band average is ₹54.64 lakh, against ₹29.06–40.94 lakh in the other cities listed.
Why your offer may look very different
- Averages hide the spread. A global bank's analyst programme and a small advisory boutique could both fall under "investment banking" here. Their packages can differ widely.
- Bonuses vary. In some finance roles, a significant part of pay can be a discretionary annual bonus. A single average CTC figure can't show how much of it was guaranteed.
- Titles differ. "Investment banking" job titles are used for everything from deal execution to sales support. Read the actual responsibilities.
- The bands are broad. The junior band covers freshers through to five years' experience.
Roles grouped under "investment banking"
Job titles vary between firms, so read the responsibilities rather than the label. These descriptions are general, not taken from the report:
| Work area | Typical tasks | Evidence to show |
|---|---|---|
| Deal execution (M&A or capital raising) | Financial models, valuation, information memoranda, due diligence coordination | Models you built and can defend, with your assumptions documented |
| Equity or debt capital markets | Preparing offer documents, working with regulators and exchanges, investor materials | Understanding of the public issue process and disclosure documents |
| Coverage or origination | Client relationships, pitching, deal sourcing | A record of client work and sector knowledge |
| Research or analytics support | Industry analysis, comparable-company tables, data work | Accurate, well-sourced analysis and clear writing |
Pay structures can differ between these work areas even within one firm. Ask which area the role sits in before you compare it with any benchmark.
Check that the employer is what it claims
In India, firms that manage public issues are registered with SEBI as merchant bankers. SEBI publishes a list of registered merchant bankers, which showed 253 records on 9 October 2026. Not every advisory firm needs this registration, because it relates mainly to managing securities issues. Still, if a firm says it runs IPOs or other public issues, it should be on the list, and the entry gives its registration number and contact details.
Worked example: valuing a bonus-heavy offer
The offer below is illustrative.
A candidate with seven years of corporate finance experience receives a Mumbai offer: fixed annual pay of ₹18,00,000, plus a discretionary annual bonus described as "typically 0–50% of fixed pay", with no guarantee.
| Bonus paid | Bonus amount | Total annual pay |
|---|---|---|
| 0% | ₹0 | ₹18,00,000 |
| 25% | ₹4,50,000 | ₹22,50,000 |
| 50% | ₹9,00,000 | ₹27,00,000 |
The benchmark average for Mumbai's middle band (6–14 years) is ₹25.89 lakh. This offer exceeds it only if the bonus is close to the top of its range. The guaranteed part, ₹18 lakh, is well below that average.
Questions this example should prompt:
- What bonus percentage did people at this level actually receive in the last two cycles?
- Is any part of the first-year bonus guaranteed, and is it pro-rated if you join mid-year?
- Is any bonus deferred, or subject to repayment if you leave?
- When is the bonus paid, and does it depend on firm, team or individual performance?
Compare offers on guaranteed pay first, then add the realistic range of bonus outcomes. Don't compare them on the best case.
Building a case for a career move
If you're moving into investment banking from audit, corporate finance or consulting, your evidence matters more than the headline averages. Bring transaction or valuation work you can explain in detail, models you built, and the outcomes. For skills preparation, see our guides to financial modeling best practices and salary negotiation in Indian interviews.
Limits of this benchmark
- It is one recruiter's 2025–26 dataset, not an official statistic, and it doesn't define the roles in its "investment banking" category.
- It reports averages only: no medians, ranges or bonus breakdowns.
- Employer type (global bank, domestic investment bank, boutique) isn't separated.
- CTC isn't take-home pay.
Use the city averages as a rough reference. Make your decision on the written offer, the realistic bonus history and the work you'll be doing.