Introduction 

A career in investment banking can be demanding and high-pressure, with long hours and tight deadlines often the norm. However, the rewards can be substantial, with many investment banks offering competitive salaries and attractive benefits packages. In this article, we will compare and contrast the benefits offered by various investment banks, highlighting those with the best and worst offerings in 2023. Our analysis will focus on several key benefits, including leave, maternity and paternity leave, dental, medical, and life insurance coverage. 

Please note that our guide is based on information we have gained from candidate conversations and vary. 

The Best

Evercore 

Evercore, a leading independent investment banking advisory firm, stands out for its comprehensive and competitive benefits package. Recognising the importance of work-life balance, Evercore provides generous leave policies, including 20 days of paid annual leave, 5 days of personal leave, and additional sick leave. 

In terms of family leave, Evercore goes above and beyond the industry standard, offering 16 weeks of paid maternity leave and 8 weeks of paid paternity leave. This focus on family support extends to adoption assistance, with Evercore providing financial aid to employees who are adopting a child. 

Evercore also offers a robust health and dental insurance plan, with a wide range of coverage options to suit the diverse needs of its employees. The firm's life insurance policy is equally comprehensive, providing coverage of up to 4 times the employee's annual salary at no additional cost. 

Goldman Sachs 

Goldman Sachs, one of the most prestigious investment banks globally, is well-known for its commitment to employee well-being and satisfaction. The firm offers a competitive benefits package, including 20 days of paid annual leave, as well as a flexible personal leave policy that enables employees to take time off for personal matters or emergencies. 

The firm's family leave policy is also noteworthy, with 16 weeks of paid maternity leave and 4 weeks of paid paternity leave available to employees. Goldman Sachs also provides financial assistance for adoption and surrogacy expenses, further highlighting its commitment to supporting its employees' families. 

Goldman Sachs' health and dental insurance plans offer extensive coverage, with a variety of options to cater to the needs of its diverse workforce. The firm's life insurance policy provides coverage of up to 2 times the employee's annual salary, ensuring financial security for beneficiaries in the event of the employee's passing. 

J.P. Morgan 

J.P. Morgan, a leading global financial services firm, offers a competitive benefits package to its employees. The firm provides 20 days of paid annual leave and a generous sick leave policy, ensuring employees can take the time they need to rest and recuperate. 

J.P. Morgan's family leave policies are among the best in the industry, with 16 weeks of paid maternity leave and 6 weeks of paid paternity leave. The firm also offers financial assistance for adoption expenses, demonstrating its commitment to supporting employees through their family life. 

Health and dental insurance coverage at J.P. Morgan is comprehensive, with numerous options available to suit the needs of its employees. The firm's life insurance policy provides coverage of up to 2 times the employee's annual salary, ensuring financial security for their loved ones. 

The Worst

Jefferies 

Jefferies, a global investment bank, has not kept up with its competitors in terms of benefits offerings. Employees at Jefferies are only entitled to 15 days of paid annual leave and limited sick leave, making it difficult for employees to strike a healthy work-life balance. 

Family leave policies at Jefferies are also less generous than those at leading investment banks, with only 12 weeks of paid maternity leave and 2 weeks of paid paternity leave available to employees. The firm does not provide financial assistance for adoption expenses, which may be a disadvantage for employees looking to grow their families through adoption. 

Jefferies' health and dental insurance coverage is relatively basic, with limited options and higher out-of-pocket expenses for employees. The life insurance policy at Jefferies offers coverage of only 1.5 times the employee's annual salary, which may not provide sufficient financial security for beneficiaries. 

Nomura 

Nomura, a Japanese multinational investment bank, also falls short when it comes to offering a comprehensive benefits package. Employees at Nomura receive just 15 days of paid annual leave and a limited sick leave policy, which can make it challenging to manage personal commitments and maintain a work-life balance. 

Family leave policies at Nomura are not on par with industry leaders, offering 12 weeks of paid maternity leave and 2 weeks of paid paternity leave. Unlike some of its competitors, Nomura does not provide financial assistance for adoption expenses, which can be a significant disadvantage for employees seeking to adopt a child. 

The health and dental insurance coverage at Nomura is relatively basic, with fewer options and higher deductibles for employees. Furthermore, Nomura's life insurance policy covers only 1.5 times the employee's annual salary, which may not provide adequate financial protection for the employee's family in the event of their passing. 

Credit Suisse 

Credit Suisse, a global wealth management and investment banking firm, offers a less competitive benefits package compared to the top-ranking investment banks. Employees at Credit Suisse are entitled to 15 days of paid annual leave and limited sick leave, which could hinder employees' ability to achieve a work-life balance. 

The firm's family leave policies are less generous than those of its leading competitors, with 12 weeks of paid maternity leave and 2 weeks of paid paternity leave. Credit Suisse does not offer financial assistance for adoption expenses, making it less supportive for employees who wish to adopt a child. 

Credit Suisse's health and dental insurance coverage is more basic than that of the leading investment banks, with a smaller range of options and higher out-of-pocket expenses for employees. Additionally, the firm's life insurance policy offers coverage of only 1.5 times the employee's annual salary, potentially leaving beneficiaries with insufficient financial support. 

Conclusion 

The benefits packages offered by investment banks can vary significantly, with some firms providing comprehensive coverage and generous leave policies, while others lag behind. Evercore, Goldman Sachs, and J.P. Morgan stand out as industry leaders in terms of benefits, offering competitive leave policies, extensive health and dental coverage, and substantial life insurance policies. In contrast, investment banks like Jefferies, Nomura, and Credit Suisse have more limited offerings, with less generous leave policies and less comprehensive insurance coverage. 

When considering a career in investment banking, it is essential for job seekers to evaluate the benefits packages offered by potential employers, as these can significantly impact their overall job satisfaction and work-life balance. By prioritising firms with competitive benefits packages, job seekers can ensure they are well-supported both professionally and personally throughout their careers in this demanding industry.