Investment Banker Salary: Chicago, IL vs New York, NY
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 New York, NY, based on BLS OEWS May 2025 wage data and BEA regional price parities for 2024.
1Which City Pays More?
Detailed Comparison
| Metric | Chicago, IL | New York, NY | Diff |
|---|---|---|---|
| Median Annual Salary | $100,760 | $167,890▲ | -$67,130 |
| 25th Percentile | $67,380 | $100,830▲ | -$33,450 |
| 75th Percentile | $160,890 | $227,700▲ | -$66,810 |
| 90th Percentile | $211,260 | $326,290▲ | -$115,030 |
| Price Level (BEA 2024, US = 100) | 103.6 | 112.6 | -9.0 |
| Median at National-Average Prices | $97,263 | $149,152▲ | -$51,889 |
| Total Employment | 24,080 | 59,450 | -35,370 |
3Summary Analysis
On paper, New York, NY pays $67,130 more (median: $100,760 vs $167,890). BEA's regional price parity is 103.6 in Chicago, IL and 112.6 in New York, NY (United States = 100). At national-average prices the medians are $97,263 and $149,152, so New York, NY comes out ahead once local prices are counted.
5Reading This Comparison
The $67,130 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 $149,152 for New York, a difference of $51,889.
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; New York-Newark-Jersey City, NY-NJ) and cover prices only, not taxes.
BLS estimates 24,080 Investment Banker jobs in the Chicago area and 59,450 in the New York 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 New York, NY?
New York, NY has the higher median wage for Investment Bankers ($167,890 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 $149,152 in New York, NY.
How do prices compare between Chicago, IL and New York, NY?
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 112.6 for the New York-Newark-Jersey City, NY-NJ metropolitan area, where the United States is 100. That is 3.6% above the national level for Chicago, IL and 12.6% above the national level for New York, NY.
Which city pays Investment Bankers more once local prices are counted?
New York, NY: at national-average prices its median Investment Banker wage is $149,152, against $97,263 for Chicago, IL. The adjustment divides each median by the area's BEA regional price parity and covers prices only, not taxes.