Middle market investment banks, ranked
Middle market investment banks advise mid-sized companies and private equity firms rather than the largest corporates, and many are strongest in one product or industry — Houlihan Lokey, for example, is the top-ranked global restructuring advisor per LSEG. Both pay a $110,000 posted first-year base, the same as the bulge brackets, with reported all-in of $175k–$205k at Houlihan Lokey and $185k–$215k at Jefferies. Hiring is group by group rather than through a generalist pool, so you pick the segment and office when you apply. William Blair, Harris Williams, Baird, Lincoln International, Piper Sandler and Raymond James are tracked but not yet ranked.
2 of 12 ranked programs match · Last verified October 10, 2026 · See the full IB List →
Houlihan Lokey financial analysts prepare and analyze financial information, run valuations, and build marketing materials for M&A, capital raising and restructuring engagements. Hiring is by segment and office, so applicants choose Corporate Finance, Financial Restructuring or valuation advisory up front. The restructuring franchise and high deal count give analysts early live-deal exposure, though the analyst class is smaller than at the bulge brackets.
Salary band, hiring status & why it ranks here — see the full Houlihan Lokey IB page →
Jefferies analysts build financial models and valuations, prepare pitchbooks and offering materials, and support M&A and financings alongside senior bankers. Unlike generalist programs, applicants apply to a specific group and city, so your group is fixed at application. The summer program starts with orientation and training and feeds the full-time analyst class.
Salary band, hiring status & why it ranks here — see the full Jefferies IB page →
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