Dealmaking jobs in Spain offer junior bankers sun, sea and — in the case of Citigroup — the promise of better work-life balance in a job known for its brutal working hours.

But pay for investment bankers in junior and mid-ranking roles in Madrid and other Spanish cities still lags heavily behind London, despite recent salary hikes for some, according to a new compensation survey by iDeals, a virtual data room that works with banks, and networking website M&A Community. Around 315 bankers were included in the survey.