Investment Banker Salary: Chicago, IL vs Boston, MA
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 Chicago, IL and Boston, MA, based on BLS OEWS May 2025 wage data and BEA regional price parities for 2024.
1Which City Pays More?
Detailed Comparison
| Metric | Chicago, IL | Boston, MA | Diff |
|---|---|---|---|
| Median Annual Salary | $100,760 | $101,200▲ | -$440 |
| 25th Percentile | $67,380 | $74,400▲ | -$7,020 |
| 75th Percentile | $160,890 | $163,970▲ | -$3,080 |
| 90th Percentile | $211,260 | $225,070▲ | -$13,810 |
| Price Level (BEA 2024, US = 100) | 103.6 | 108.3 | -4.7 |
| Median at National-Average Prices | $97,263▲ | $93,473 | +$3,790 |
| Total Employment | 24,080 | 11,860 | +12,220 |
3Summary Analysis
On paper, Boston, MA pays $440 more (median: $100,760 vs $101,200). BEA's regional price parity is 103.6 in Chicago, IL and 108.3 in Boston, MA (United States = 100). At national-average prices the medians are $97,263 and $93,473, so Chicago, IL comes out ahead once local prices are counted.
5Reading This Comparison
The $440 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: $97,263 for Chicago and $93,473 for Boston, a difference of $3,790.
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 (Chicago-Naperville-Elgin, IL-IN; Boston-Cambridge-Newton, MA-NH) and cover prices only, not taxes.
BLS estimates 24,080 Investment Banker jobs in the Chicago area and 11,860 in the Boston area. For broader context, see our Illinois overview and the full Investment Banker city ranking.
Frequently Asked Questions
Is Investment Banker salary higher in Chicago, IL or Boston, MA?
Boston, MA has the higher median wage for Investment Bankers ($101,200 per year, against $100,760 in Chicago, IL; BLS OEWS May 2025). Restated at national-average prices using BEA regional price parities, the medians are $97,263 in Chicago, IL and $93,473 in Boston, MA.
How do prices compare between Chicago, IL and Boston, MA?
The U.S. Bureau of Economic Analysis puts the 2024 regional price parity at 103.6 for the Chicago-Naperville-Elgin, IL-IN metropolitan area and 108.3 for the Boston-Cambridge-Newton, MA-NH metropolitan area, where the United States is 100. That is 3.6% above the national level for Chicago, IL and 8.3% above the national level for Boston, MA.
Which city pays Investment Bankers more once local prices are counted?
Chicago, IL: at national-average prices its median Investment Banker wage is $97,263, against $93,473 for Boston, MA. The adjustment divides each median by the area's BEA regional price parity and covers prices only, not taxes.