The M&A landscape is more competitive than ever—and compensation packages are evolving accordingly. Recent trends, earnings, and even public statements by industry leaders like Jamie Dimon are reshaping how candidates evaluate offers.

1. Total Compensation Under the Spotlight

Despite persistent inflation, one's base salary remains foundational. But M&A professionals now place significant emphasis on deal-based bonuses, carried interest, deferred compensation, pension, and softer perks. Transparency is key—especially around bonus mechanics and LTIPs. Vague structures no longer cut it in a market driven by clarity and fairness.

In investment banking teams, the microscope is fixed on equity vs. cash splits. As one MD put it - "yes, well, we hope to one day be paid for the success we're having.".

2. Bonus Structures Must Be Credible

Both Wall Street and across the Pond, banks have began distributing higher bonuses—but largely concentrated at the top. In Q2 2025 alone, senior bankers saw raises of up to 50%, while junior staff felt sidelined. In M&A, firms risk demoralising emerging talent if their bonus frameworks aren’t equitable and transparent. Candidates now expect clear KPIs, historical performance data, and alignment with deal outcomes.

3. Equity That’s Tangible—Not Just Buzzwordy

Private-equity-backed roles and strategic M&A units increasingly hinge on equity upside. Yet candidates are now coming armed with questions on vesting schedules, exit timelines, and valuation assumptions. The era of “abstract upside” is fading—clarity builds trust, especially when deal execution and exits determine real financial gain.

4. Flexibility Is Now Non-Negotiable—Even in M&A

Earlier this year, Jamie Dimon made headlines with his profanity-laced critique of remote work—calling hybrid Fridays ineffective and insisting younger employees “can’t learn working from your basement". He’s even rolled out a full return-to-office mandate at JPMorgan, with just 10% of roles still remote.

Why this matters for M&A comp:

• Many senior candidates now expect flexibility around demanding deal cycles, either through hybrid work options or accommodation for family commitments.
• Infamous Di­mon-style mandates can be a turn-off in a market where work-life balance is increasingly pitched as integral to total rewards.

5. Culture & Career Vision Are Core Value Levers

Compensation in M&A transcends money. A firm’s culture, leadership ethos, and strategic vision carry increasing weight. Candidates—especially senior hires—ask: Where can I grow? With whom will I work? Does this align with my long-term career path? Hiring firms that articulate clear development programs and mentorship are winning bids, even against stiff financial competitors.

‍