Investment Banker Salary: Boston, MA vs San Francisco, CA
BLS reports this occupation as "Securities, Commodities, and Financial Services Sales Agents" (41-3031); every figure on this page is for that BLS occupation.
Side-by-side comparison of wages and local price levels for Investment Bankers in Boston, MA and San Francisco, CA, based on BLS OEWS May 2025 wage data and BEA regional price parities for 2024.
1Which City Pays More?
Detailed Comparison
| Metric | Boston, MA | San Francisco, CA | Diff |
|---|---|---|---|
| Median Annual Salary | $101,200 | $102,290▲ | -$1,090 |
| 25th Percentile | $74,400▲ | $73,920 | +$480 |
| 75th Percentile | $163,970▲ | $161,150 | +$2,820 |
| 90th Percentile | $225,070 | $265,690▲ | -$40,620 |
| Price Level (BEA 2024, US = 100) | 108.3 | 115.6 | -7.3 |
| Median at National-Average Prices | $93,473▲ | $88,476 | +$4,997 |
| Total Employment | 11,860 | 10,420 | +1,440 |
3Summary Analysis
On paper, San Francisco, CA pays $1,090 more (median: $101,200 vs $102,290). BEA's regional price parity is 108.3 in Boston, MA and 115.6 in San Francisco, CA (United States = 100). At national-average prices the medians are $93,473 and $88,476, so Boston, MA comes out ahead once local prices are counted.
5Reading This Comparison
The $1,090 gap between the two medians is a gap in dollars, not in what those dollars buy. Dividing each median by its area's regional price parity restates it at national-average prices: $93,473 for Boston and $88,476 for San Francisco, a difference of $4,997.
The price levels come from the U.S. Bureau of Economic Analysis, which describes them this way: “Regional price parities (RPPs) measure the differences in price levels across states and metropolitan areas for a given year and are expressed as a percentage of the overall national price level.” The figures used here are the all-items index for each whole metropolitan area (Boston-Cambridge-Newton, MA-NH; San Francisco-Oakland-Fremont, CA) and cover prices only, not taxes.
BLS estimates 11,860 Investment Banker jobs in the Boston area and 10,420 in the San Francisco area. For broader context, see our Massachusetts overview and the full Investment Banker city ranking.
Frequently Asked Questions
Is Investment Banker salary higher in Boston, MA or San Francisco, CA?
San Francisco, CA has the higher median wage for Investment Bankers ($102,290 per year, against $101,200 in Boston, MA; BLS OEWS May 2025). Restated at national-average prices using BEA regional price parities, the medians are $93,473 in Boston, MA and $88,476 in San Francisco, CA.
How do prices compare between Boston, MA and San Francisco, CA?
The U.S. Bureau of Economic Analysis puts the 2024 regional price parity at 108.3 for the Boston-Cambridge-Newton, MA-NH metropolitan area and 115.6 for the San Francisco-Oakland-Fremont, CA metropolitan area, where the United States is 100. That is 8.3% above the national level for Boston, MA and 15.6% above the national level for San Francisco, CA.
Which city pays Investment Bankers more once local prices are counted?
Boston, MA: at national-average prices its median Investment Banker wage is $93,473, against $88,476 for San Francisco, CA. The adjustment divides each median by the area's BEA regional price parity and covers prices only, not taxes.