Investment Banker Salary in Richmond, VA
Investment Bankers in Richmond, VA earn a median of $127,000/year, ranging from $97,790 (25th percentile) to $203,200 (90th percentile). After Virginia state taxes (5.75%) and cost-of-living adjustments (COL index 101), this is equivalent to $125,743 in purchasing power vs the US average.
On the ground in Richmond, VA
Banking, insurance, and middle-market industrial M&A advisory give the metro a conservative, deep IB market. Notable employers in this market include Davenport & Company, Capital One Securities, and Hilliard Lyons Investment Banking successor team, plus boutiques like Heritage Capital Group. A 1BR in the Fan or Museum District runs around $1,400/mo and a 2BR in Carytown closer to $1,700/mo. GRTC Pulse covers Broad Street but most associates drive 64 or 288. Virginia's progressive income tax tops out at 5.75 percent. CFA progress is baseline. Capital One supplier-base M&A, Markel-affiliated insurance-sector advisory, and federal-government-contractor sell-side advisory are the practice hallmarks differentiating senior-banker work here.
1Salary Distribution in Richmond, VA
2Estimated Take-Home & Purchasing Power
* Estimates only. Does not include federal income tax, 401k, health insurance, or local taxes. Use the Salary Calculator for a detailed breakdown.
How Does Richmond, VA Compare?
| City | Median | COL Index | COL-Adjusted |
|---|---|---|---|
| Richmond, VA (current) | $127,000 | 101 | $125,743 |
| San Francisco, CA | $193,000 | 186 | $103,763 |
| New York, NY | $185,000 | 187 | $98,930 |
| Seattle, WA | $187,000 | 162 | $115,432 |
| Boston, MA | $171,000 | 162 | $105,556 |
| Austin, TX | $154,000 | 124 | $124,194 |
4Frequently Asked Questions
What is the average Investment Banker salary in Richmond, VA?
The median Investment Banker salary in Richmond, VA is $127,000 per year as of 2026 BLS OEWS data. The 25th percentile is $97,790 and the 90th percentile is $203,200.
Is Richmond, VA a good place to work as a Investment Banker?
Richmond, VA has a cost of living index of 101 (US average = 100). After adjusting for cost of living, a $127,000 Investment Banker salary in Richmond, VA is equivalent to $125,743 in purchasing power compared to the US average.
What is the cost of living adjustment for Richmond, VA?
Richmond, VA has a cost of living index of 101, meaning it is 1% more expensive than the US average. The state income tax rate in Virginia is approximately 5.75%.
What is the Investment Banker salary range in Richmond, VA?
In Richmond, VA, Investment Bankers earn between $97,790 (25th percentile) and $203,200 (90th percentile), with a median of $127,000 per year.
How many Investment Banker jobs are there in Richmond, VA?
According to BLS OEWS data, there are approximately 11,200 Investment Banker positions in the Richmond, VA metropolitan area.
What do Investment Bankers earn in Richmond, VA?
Based on BLS OEWS 2026 data, Investment Bankers in Richmond, VA earn a median annual wage of $127,000. The middle 50% earn between $97,790 and $162,560. The top 10% earn more than $203,200. There are approximately 11,200 Investment Bankers employed in the Richmond, VA metro area, with annual job growth estimated at 4.3%.
Is Richmond, VA a good place for a Investment Banker?
Richmond, VA has a cost of living index of 101 (US average = 100), making it 1% more expensive than the national average. After adjusting for cost of living, a Investment Banker in Richmond, VA earning $127,000has the equivalent purchasing power of $125,743 relative to the US median. Virginia has a state income tax rate of approximately 5.75%.
What is the cost of living adjustment for Richmond, VA?
Richmond, VA's cost of living index is 101, based on composite data including housing, food, transportation, healthcare, and utilities. This means that $127,000 in Richmond, VAhas the same purchasing power as $125,743 in a city at exactly the US average cost of living. Housing is typically the largest driver of cost of living differences between metros.
Compare Richmond, VA with Another City
See a detailed side-by-side comparison of salary, taxes, and purchasing power.
5Should You Work as a Investment Banker in Richmond, VA?
The headline median of $127,000 is only part of the picture. Richmond, VA's cost of living index is 101 (US average = 100), meaning a dollar here buys roughly 99¢ of what it buys in an average US city. The $127,000 salary effectively purchases $125,743 worth of goods and services at national-average prices.
Housing is the single biggest driver of cost-of-living differences between metros. In Richmond, VA, housing costs fall closer to the national average of 25–30% of gross income, leaving more room in the budget for savings, transportation, and discretionary spending. For a $127,000 salary, that translates to roughly $35,560/year on housing alone.
State tax plays a meaningful but smaller role. Virginia levies a state income tax of approximately 5.75%, which reduces take-home by roughly $7,303 per year on this salary. States with zero income tax (Texas, Florida, Washington, Tennessee, Nevada) offer a structural advantage, but often offset it with higher sales tax or property tax. After state tax and approximate federal FICA (~7.6%), the estimated take-home is $110,600. This excludes federal income tax, which varies by filing status and deductions.
For comparison, here are nearby alternatives: San Francisco, CA ($193,000 median, COL 186); New York, NY ($185,000 median, COL 187); Seattle, WA ($187,000 median, COL 162). If you're optimizing for purchasing power, compare the COL-adjusted column in the table above and pick the highest number. If you're optimizing for career progression, weight total employment and yearly growth in the role — larger markets offer more lateral moves and promotion velocity, even when nominal pay is lower.
The 4.3% year-over-year growth rate for Investment Bankers in Richmond, VA is a leading indicator of market health. Healthy growth at a steady pace — enough to support mobility but not so fast that compensation is racing ahead of credentials. For side-by-side comparisons, try the full city ranking for Investment Bankers or the Virginia state overview.
Data source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS) Program. All figures are approximate annual estimates based on the most recent available BLS data. Actual salaries may vary based on experience, education, employer size, and specific role. Cost-of-living data represents composite indices from publicly available metropolitan area data.