An MBA/CFA is not related to how much you make, at least in my experience. If you don't have one or both, you likely won't be a senior analyst. On the sell-side, salaries range widely depending on the model (some compensate you strictly based on trading revenue in your stocks while others offer a salary and a discretionary bonus at the end of the year and yes, banking still factors in.) A good senior analyst on the sell side is likely earning $250K+, with the potential to earn twice that or far more if you're a star at a bulge bracket firm.