Compensation InsightHow Macquarie Pays
A comprehensive analysis of Macquarie Group's profit-sharing model, MEREP equity plan, career levels from Analyst to Managing Director, executive compensation, and global operations across 34 markets.
At a Glance
Career Level Hierarchy
Macquarie uses investment banking-style titles across ~20,500 employees. Unlike Big 4 banks, there is no Enterprise Agreement \u2014 all staff are on individual contracts with profit share as the dominant variable component.
Executive Committee (above M8)
Dual Track: Front Office vs Corporate/Technology
Front office roles (Macquarie Capital, CGM, MAM deal teams) typically earn 2\u20133x more in variable pay than equivalent-level corporate or technology roles. A VP in CGM trading may earn A$350K+ total, while a VP in Technology/COG earns A$220\u2013280K. The profit share model rewards revenue generation directly.
Compensation by Level
Total compensation breakdown for Sydney, Australia. All values in AUD.
| Level | Title | Base (Range) | Variable % | Total Comp (Range) | Equity |
|---|---|---|---|---|---|
| M1 | Analyst 0–2 yrs | A$80K \u2013 A$120K | 20% | A$100K \u2013 A$180K | None |
| M2 | Associate 2–4 yrs | A$110K \u2013 A$160K | 35% | A$150K \u2013 A$260K | Employee Share Plan |
| M3 | Vice President (VP) 4–8 yrs | A$150K \u2013 A$210K | 45% | A$220K \u2013 A$360K | Small MEREP |
| M4 | Senior Vice President (SVP) 6–10 yrs | A$180K \u2013 A$240K | 50% | A$280K \u2013 A$430K | MEREP (A$10–25K) |
| M5 | Associate Director (AD) 8–14 yrs | A$210K \u2013 A$290K | 55% | A$340K \u2013 A$550K | MEREP (A$25–75K) |
| M6 | Division Director (DD) 12–18 yrs | A$260K \u2013 A$370K | 65% | A$450K \u2013 A$760K | MEREP (A$50–125K) + DPS |
| M7 | Executive Director (ED) 15–22 yrs | A$320K \u2013 A$480K | 70% | A$600K \u2013 A$1.2M | MEREP (A$100–175K) + DPS |
| M8 | Managing Director (MD) 18+ yrs | A$400K \u2013 A$600K | 80% | A$900K \u2013 A$2.5M | MEREP + DPS + PSU |
Source: Glassdoor, Levels.fyi, Wall Street Oasis, Macquarie FY2025 Remuneration Report, H1B filings. Australian values include superannuation (11.5%). Front office roles (IB, trading, asset management) skew toward upper ranges; corporate/tech roles skew lower.
Total Compensation Range by Level
M8 (Managing Director) excluded from chart — total comp A$900K–A$2.5M+ distorts scale. Front office MDs can earn significantly more.
Salary by Division \u2014 Australia
Breakdown by role across Macquarie's four operating groups + technology & corporate. All figures in AUD per year (total comp including variable). Front office roles significantly outpay equivalent-level corporate/tech roles.
Macquarie Capital (Advisory & IB)
| Role | Average | Range | P90 |
|---|---|---|---|
| IB Analyst (Yr 1) | A$130,000 | A$100K–A$180K | A$270K |
| IB Analyst (Yr 2–3) | A$165,000 | A$120K–A$280K | A$324K |
| IB Associate | A$225,000 | A$180K–A$350K | A$400K |
| IB VP | A$320,000 | A$250K–A$450K | — |
| IB Division Director | A$550,000 | A$400K–A$760K | — |
Commodities & Global Markets (CGM)
| Role | Average | Range | P90 |
|---|---|---|---|
| CGM Analyst | A$120,000 | A$90K–A$170K | — |
| CGM Associate | A$180,000 | A$140K–A$260K | — |
| CGM VP / Trader | A$350,000 | A$250K–A$500K+ | — |
| CGM Director | A$600,000 | A$450K–A$1M+ | — |
Macquarie Asset Management (MAM)
| Role | Average | Range | P90 |
|---|---|---|---|
| MAM Analyst | A$110,000 | A$85K–A$150K | — |
| MAM Associate | A$160,000 | A$130K–A$220K | — |
| MAM VP | A$250,000 | A$200K–A$350K | — |
| MAM Director | A$450,000 | A$350K–A$700K | — |
| Portfolio Manager | A$350,000 | A$250K–A$600K+ | — |
Banking & Financial Services (BFS)
| Role | Average | Range | P90 |
|---|---|---|---|
| Personal Banker | A$68,000 | A$55K–A$82K | — |
| Business Banker | A$95,000 | A$80K–A$120K | — |
| Private Banker | A$135,000 | A$110K–A$175K | A$220K |
| Financial Advisor | A$120,000 | A$90K–A$180K | — |
| BFS Manager | A$140,000 | A$115K–A$175K | — |
Technology (COG)
| Role | Average | Range | P90 |
|---|---|---|---|
| Junior Software Engineer | A$95,000 | A$80K–A$115K | — |
| Software Engineer | A$130,000 | A$110K–A$160K | — |
| Senior Software Engineer | A$165,000 | A$140K–A$195K | — |
| Lead Engineer / Architect | A$195,000 | A$170K–A$230K | — |
| Data Engineer | A$155,000 | A$130K–A$190K | — |
| DevOps / SRE | A$145,000 | A$120K–A$180K | — |
Corporate Functions
| Role | Average | Range | P90 |
|---|---|---|---|
| HR Advisor | A$85,000 | A$70K–A$105K | — |
| Risk Analyst | A$95,000 | A$78K–A$120K | — |
| Compliance Manager | A$145,000 | A$120K–A$180K | — |
| Legal Counsel | A$165,000 | A$130K–A$220K | — |
| Finance Manager | A$140,000 | A$115K–A$175K | — |
Source: Glassdoor, Levels.fyi, Wall Street Oasis, Emolument, Indeed, Macquarie FY2025 Annual Report. P90 = 90th percentile where available.
Global Presence \u2014 34 Markets
Macquarie operates in 34 markets with ~19,735 employees. Unlike Big 4 banks concentrated in Australia, Macquarie earns ~70% of revenue from international operations. India is a growing technology and operations hub.
Office Locations by Region
| Region | Major Cities | Est. Staff |
|---|---|---|
| Australia | Sydney (HQ — 50 Martin Place), Melbourne, Brisbane, Perth, Adelaide | ~9,000 |
| United States | New York, Houston, Chicago, Los Angeles, Dallas, San Francisco | ~3,000 |
| United Kingdom | London (Ropemaker Place) | ~1,800 |
| India | Mumbai, Gurugram (NCR), Hyderabad, Chennai | ~2,200 |
| Hong Kong | Hong Kong (One International Finance Centre) | ~700 |
| Singapore | Singapore (Marina Bay Financial Centre) | ~450 |
| New Zealand | Auckland, Wellington | ~250 |
| Europe | Dublin, Frankfurt, Zurich, Luxembourg, Paris | ~700 |
| Asia-Pacific | Manila, Seoul, Tokyo, Kuala Lumpur, Jakarta, Bangkok | ~500 |
| Other | Dubai, Johannesburg, Toronto, Mexico City, São Paulo | ~400 |
India \u2014 Technology & Operations Hub
India Market Context
- Mumbai: Financial services hub; Macquarie Capital & CGM operations
- Gurugram: Technology and corporate operations centre (GCS)
- Hyderabad & Chennai: Growing technology delivery centres
- Macquarie pays 20\u201340% above Indian market rates for equivalent roles
- Comp & benefits rating: 3.8/5 (Glassdoor India)
Revenue Split: 70% International
- ~30% Australia & NZ
- ~30% Americas
- ~25% EMEA
- ~15% Asia-Pacific (ex-Australia)
Source: Macquarie Group FY2025 Annual Report, Glassdoor, LinkedIn, company website. Staff estimates are approximate.
Profit Share & Variable Pay
Macquarie's profit share model is unique in Australian banking. Unlike Big 4 banks with separate STI + LTI, Macquarie allocates profit share from division-level pools \u2014 the more profit you generate, the more you earn. The compensation ratio (comp expense / income) is the Board's key metric.
5-Year Compensation Ratio
Variable Pay % by Level
How Profit Share is Determined
Profit Share = f(Individual Performance, Business Group Profit, Company Performance, Risk/Conduct)
The Board uses a top-down + bottom-up approach. Division-level pools reflect financial performance, risk management, and market conditions. Individual allocations are principles-based, considering performance against objectives (3 non-financial + 1 financial factor). The Board retains full discretion and uses the compensation ratio vs international peers as a reasonableness check.
CEO Total Compensation History
| Year | CEO | Total Comp | Note |
|---|---|---|---|
| FY2019 | Nicholas Moore → Shemara W. | A$18.9M / A$5.7M | Moore's final year; record comp |
| FY2020 | Shemara Wikramanayake | A$16.9M | COVID; still substantial due to CGM |
| FY2021 | Shemara Wikramanayake | A$18.6M | Strong MAM performance fees |
| FY2022 | Shemara Wikramanayake | A$24.1M | Record year; energy crisis boosted CGM |
| FY2023 | Shemara Wikramanayake | A$26.9M | Record profit share; highest ever |
| FY2024 | Shemara Wikramanayake | A$23.5M | Down from record; profit fell 32% |
Equity & Retained Profit Share
Macquarie's MEREP is the cornerstone of retention. A percentage of each individual's annual profit share is retained above thresholds, converted to RSUs, and vests over 3\u20135 years. Forfeited on resignation \u2014 creating powerful golden handcuffs.
Active Plans
Typical MEREP Vesting (Senior Staff)
Retention Rate by Level
| Level | Retention Rate | Vesting Period | Instrument |
|---|---|---|---|
| M1–M2 | 0–10% | N/A | Cash only (no retention) |
| M3 | 10–20% | 2–3 years | RSUs via MEREP |
| M4 | 20–30% | 3 years | RSUs via MEREP (A$10–25K) |
| M5 | 30–40% | 3–4 years | RSUs via MEREP (A$25–75K) |
| M6 | 40–55% | 3–5 years | MEREP (A$50–125K) + DPS |
| M7 | 55–65% | 4–5 years | MEREP (A$100–175K) + DPS |
| M8 | 60–70% | 4–5 years | MEREP + DPS + PSU eligible |
| Exec Committee | 70%+ | 5–7 years | MEREP + DPS + PSU (ROE/EPS) |
PSU Details (Executive Committee Only)
- Performance hurdles: ROE and EPS (equally weighted, 4-year performance period)
- CEO vesting: 6 years total (4yr performance + 1yr hold + 1yr additional hold)
- Other ExCo: 5 years total (4yr performance + 1yr post-vest hold)
- FY2025 special condition: MBL Licence Conditions must be removed by 30 June 2029
- No dividend equivalent payments during vesting period
- Subject to Board pre-vest assessment of collective contribution
ASX Insider Trades & Director Dealings
Disclosed to ASX under Corporations Act. Most acquisitions are MEREP vesting events. Disposals are typically sales to meet tax obligations on vested profit share equity.
| Date | Person | Role | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Jun 20, 2025 | Shemara Wikramanayake | CEO & MD | Acquisition | 32,700 | A$209.72 | A$6.9M |
| Jun 20, 2025 | Alex Harvey | CFO | Acquisition | 14,200 | A$209.72 | A$3.0M |
| May 15, 2025 | Glenn Stevens | Chairman | Acquisition | 500 | A$215.30 | A$108K |
| Mar 12, 2025 | Shemara Wikramanayake | CEO & MD | Disposal | 18,500 | A$222.85 | A$4.1M |
| Feb 28, 2025 | Ben Way | Head of MAM | Disposal | 12,000 | A$218.40 | A$2.6M |
| Dec 10, 2024 | Greg Ward | Head of CGM | Disposal | 8,500 | A$205.60 | A$1.7M |
| Nov 15, 2024 | Michael Silverton | Head of Macquarie Capital | Disposal | 6,200 | A$198.75 | A$1.2M |
| Sep 22, 2024 | Stuart Green | Head of BFS | Disposal | 4,800 | A$193.40 | A$928K |
Context on Executive Share Dealings
Most "Acquisition" transactions are MEREP vesting events where retained profit share converts to actual shares. "Disposal" transactions are typically tax-related sales. Macquarie requires Executive Committee members with 10+ years at ED level to hold between 75% and 665% of fixed remuneration in MQG shares (minimum shareholding requirement). Hedging of these shares is prohibited.
Source: ASX announcements (Appendix 3Y), Macquarie Annual Report FY2025.
Executive Compensation \u2014 FY2025
CEO Base: Only ~A$812K (FY2024)
Wikramanayake's fixed remuneration of A$811,569 is remarkably low for a ~A$80B market cap company. ~95% of her total comp is variable \u2014 making her one of the most "at-risk" CEOs in global banking. On a statutory basis, FY2025 total compensation was ~A$29.3M. By contrast, CBA's Matt Comyn earns A$2.63M in fixed remuneration alone.
Board / Non-Executive Director Fees
- Chairman (Glenn Stevens): ~A$870K per year
- Non-Executive Directors: ~A$300K\u2013A$400K per year
- Committee chairs receive additional fees
- Directors must hold MQG shares (minimum shareholding requirement)
Senior Leadership Compensation
Macquarie's profit share model means executive comp is dominated by variable pay. The CEO's base salary is only ~A$812K \u2014 but total comp reaches A$23M+ through profit share and PSUs. APRA CPS 511 requires deferral, malus, and clawback.
APRA CPS 511 Remuneration Requirements
- Up to 7 years deferral for senior executives in larger, more complex entities
- Malus provisions allow reduction of unvested retained profit share to zero
- Clawback applies to vested awards in cases of misconduct or material misstatement
- No hedging of unvested MEREP equity or minimum shareholding shares
- FY2025: CEO and MBL CEO received 10% profit share reduction due to ASIC licence conditions
- 142 conduct matters in FY2025 resulted in profit share adjustments
Benefits & Perks
Australia
United States
Global & Other Regions
- Discover Macquarie onboarding program for new employees
- Success at Macquarie program at 6 months
- 9-month leadership program for Executive Directors
- Graduate Development Program with structured rotations
- Reimbursement for professional memberships/subscriptions
- Macquarie Foundation — volunteering and community engagement
- Alumni Program with networking, events, and exclusive forums
- Hybrid working model (most roles); flexible arrangements
- Employee network groups and mentorship programs
- UK: Pension + private medical + MyBenefits flexible rewards
- India: PF, gratuity, medical policy, on-site food services
Performance & Pay Progression
Macquarie uses annual performance reviews with a formal year-in-review discussion. Objectives set against 3 non-financial and 1 financial factor. Profit share is the primary lever \u2014 not base salary increases.
Promotion Timeline & Hike
Performance Framework
Glassdoor Ratings
Career Ownership Culture
Macquarie expects employees to drive their own career development. Promotions are "highly based on social influence and visibility with senior leadership" \u2014 not automatic. Internal mobility is encouraged; many staff move across business groups during their career.
Key Nuances & Insights
Macquarie's profit share model means senior staff routinely earn 5–10x their base salary. A Division Director earning A$300K base can take home A$750K+ total. An ED or MD in a strong year can earn A$1–2.5M+. The FY2025 MEREP purchase of A$686M across ~19,735 staff averages ~A$35K per employee in deferred equity alone — but distribution is heavily skewed toward senior front-office staff.
Wikramanayake's A$812K base salary makes her one of the most exposed CEOs in global banking. CBA's CEO earns A$2.63M fixed. Goldman Sachs' CEO earns US$2M fixed. Macquarie's model genuinely aligns CEO pay with shareholder outcomes — when profit fell 32% in FY2024, her comp (on an awarded basis) adjusted accordingly, with a further 5% profit share cut in FY2025 due to ASIC licence conditions.
Retained profit share vests over 3–5 years and is forfeited on resignation. A senior ED with A$500K+ in unvested MEREP faces a massive walk-away cost. This is Macquarie's primary retention tool — far more effective than traditional equity vesting. The DPS Plan adds another layer for Executive Directors with notional fund investments.
A VP in CGM trading or Macquarie Capital advisory can earn A$350–500K total, while a VP in Technology or Corporate Operations earns A$220–280K. The profit share model rewards revenue generation directly. This creates significant internal pay tension but reflects the firm's market-based compensation philosophy.
A Macquarie Associate Director (M5) earning A$340–550K total compares to an NAB Associate Director at A$225–310K. At the CEO level, the gap is 3–5x: Wikramanayake's A$29.3M vs CBA Comyn's A$8.5M vs NAB Irvine's A$5.6M. This reflects Macquarie's fee-based investment banking revenue model vs the Big 4's NIM-dependent retail banking.
Unlike US banks where NYC is the comp benchmark, Macquarie anchors pay to Sydney. US and London staff earn similar or slightly more in local terms, but the real premium is in Hong Kong (high HKD base + substantial profit share). India staff earn well above local market but at ~15–20% of Sydney equivalent — a significant arbitrage for the firm.
Macquarie's Board uses the compensation ratio (comp expense ÷ income) as the primary tool to calibrate the profit share pool. At 42.2% in FY2025, this is lower than many global investment banks (Goldman Sachs: ~33%, but with different revenue mix) and is benchmarked against an international reference group. This ratio-based approach provides transparency unusual in banking.
The FY2025 PSU allocations for all Executive Committee members will only vest if MBL's ASIC licence conditions are removed by 30 June 2029. This is a unique, externally-imposed condition that creates real risk of total forfeiture — making these PSUs worth potentially zero regardless of ROE/EPS performance. A powerful regulatory lever on executive behaviour.