Thank you for reading the second annual US Global Markets Compensation Survey. In this year’s edition, Heidrick & Struggles analyzed compensation data from 151 professionals across primary (public and private) and secondary markets focused on US fixed income and equities.

Together with our surveys covering alternative asset management marketing and investor relations and private equity investment and operating roles, this report offers a comprehensive view of executive compensation across both the sell side and buy side of financial services and private equity. 

This is the only study dedicated specifically to US Global Markets compensation. We plan to expand internationally in future editions to provide an even broader perspective. We hope you find the insights valuable, and we welcome your feedback—please contact us, or your Heidrick & Struggles representative, with any questions or comments.

Methodology

Methodology In an online survey fielded in the summer of 2025, we asked participants to provide data on their compensation for 2022 performance, paid in 2023 (which we will refer to as 2022), 2023 performance, paid in 2024 (which we will refer to as 2023), and 2024 performance, paid in 2025 (which we will refer to as 2024), as well as 2025 base compensation to date. All data collected was self-reported by the survey respondents and has been aggregated.

On confidentiality 

The US global markets compensation survey, 2025, was conducted on an anonymous basis.

Primary Market

Market context

Compensation trends for global primary market professionals from 2022 to 2025 reveal a story of gradual growth and evolving market dynamics. More than three-quarters of respondents reported an increase in their firm’s revenue in 2024, while 65% anticipate a similar trend in 2025. This consistent revenue growth, following several years of incremental improvement, has set expectations among professionals for higher compensation moving into 2025.

Since 2022, average total compensation for these professionals has steadily increased, reaching $1,272,000 in 2024. Though incremental, these increases signal a recovery aligned with improving business performance across the industry.

This environment of improving business performance is sharpening competition for top talent. As a result, hiring is shifting from filling tactical product-based roles to proactively building robust leadership benches capable of navigating increasingly complex technological, regulatory, and financial landscapes. Amid abnormally high activity across all product segments, attention is turning to how bonus and equity pools will be allocated in 2025. As these are finite funds, organizations will face complex decisions about how to best reward and retain high-performing professionals.

Secondary Market

Market context

Compensation trends among global secondary market professionals from 2022 to 2025 reveal a dynamic and nuanced landscape. Following a pronounced decline in average total compensation from $1,526,000 in 2022 to $1,286,000 in 2023, compensation levels rebounded in 2024 to $1,547,000, signifying a return to pre-decline figures. However, despite this upward trend, most respondents still report current compensation that is on par with or lower than what was received in 2022.

This overall compensation narrative is underpinned by several interrelated factors:

• Two-thirds of respondents saw an increase in their firm's revenue in 2024, and 70% expect similar gains in 2025, indicating strong business momentum. This growth has elevated compensation expectations for 2025 among industry professionals.
• Despite this business optimism, cash base compensation has steadily declined, dropping from an average of $722,000 in 2022 to $577,000 in 2025.

Overall, while robust firm performance and active macro markets have contributed to selective compensation gains, the sector as a whole has not regained the higher compensation baseline seen prior to 2023. Shifts in cash base and notable disparities across product focus, firm size, and respondent profiles underscore the evolving compensation landscape in global secondary markets.

For full organization and compensation data, download the full report.

About the authors

Shannon Bade Neason (sbade@heidrick.com) is a principal in the global Financial Services Practice and co-founder of the Global Markets practice; she is based in the New York office.

Elisabetta Bartoloni (ebartoloni@heidrick.com) is a partner and sector leader of the Americas Global Markets Practice; she is based in the New York office.