Wall Street pay will bounce in 2012 from last year's sharply reduced levels, but bonuses will be lower and have more strings attached than before the financial crisis, the latest tally of finance-industry compensation shows.

So-called incentive-based pay, which includes cash and stock awards, is set to be flat to up 5% to 10% from a year earlier, according to a forecast set to be released Monday by consulting firm Johnson Associates. At the same time, financial firms are keeping a lid on cash outlays by deferring more pay and trimming their workforces.

'We are as low as we have been in 10 or 15 years,' said Alan Johnson, managing director of Johnson Associates, referring to Wall Street's bonus pool. 'It's the new normal.'

The forecast is the latest sign that the weak economy, tougher regulations and uneasy markets that are hampering banks' financialperformance are pinching their workers' wallets. Job cuts have slowed from their frenetic pace in the second half of 2011, when two dozen global financial firms announced plans to cut more than 100,000 positions, but rethinking cutbacks and compensation is now the norm.

Many securities-industry employees still rake in far more in pay than most other professions. But gone are the days when scores of star traders would get million-dollar, year-end windfalls. The average managing director is set to take home about $930,000 in total pay for 2012, up 3.3% from $900,000 a year ago but down about 23% from $1.2 million in 2010.

Since the financialcrisis brought the bailouts of firms such as Citigroup Inc., C -0.92% Bank of America Corp. BAC +1.13% and Morgan Stanley, MS +0.97% firms have shifted much of their pay to incentive-based structures such as deferred pay that aim to curb risk-taking.

Mr. Johnson said an equitytrader who is managing director at a major firm could receive as much as 70% of his pay at a later date, an arrangement that ties more compensation to long-term performance.

Reflecting a big rebound from last year's plunge, the survey said bond traders