Pay for junior private equity professionals in Europe has swelled by 52% over the past two years, showing the growing competition large investment banks face for talent in spite of recent salary hikes.

Private equity investment professionals with up to two years experience across Europe and Africa earned an average of €178,600 (£152,000) this year, according to new analysis from headhunters Heidrick & Struggles. This is up by 11% compared with 2020, but has swelled by 52% from the €117,300 paid out in salary and bonus in 2019.