Canadian Wages
What is the reason for wages in Canada to be so low?
Looking to move back from NYC for an associate role and the best bank PUI team is offering 110k cad base, which is 80k usd. They said that this is in line with the market.
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I thought associate base in Toronto was 135k CAD across the big 5/6, and the 110k number applied to other capital markets areas (S&T, CB, etc). Would love to hear insight if anyone can chime in and correct me if I’m wrong.
Sorry i should have mentioned that this is for levfin. In NYC my base was 175 usd at the same bak but huge downshift to move back to do the same job and work on the same deals.
It is a totally different economy with different regulation.
Market is smaller, very limited sectors, cost of living is also lower, plus if you gotta look the salary in local currency relative to cost of living in local currency not one solely in USD.
All of this said, 110k still seems like a lowball offer. Negotiate!
Thanks, COL is pretty high in Toronto these days. A 1 bed room is around 3k now.
It seems that the people living in the city is mostly there due to family and friends ties, and not so much due to their job. Otherwise the u.s would make more sense.
Where are you getting $3k for a 1 bed? Its $2.4k ish in downtown core from what I'm seeing
Canadas a shithole that doesnt know what it wants to be USA might as well annex it
🇺🇸 🇺🇸
Smaller market, and too many applicants for too few spots so they just can. I’m not sure where you have an offer from at $110,000 though - I don’t know any Associate roles in IB that have a base that low
The largest Canadian bank
RBC? Damn, RBC really paying that low for an associate in Toronto?
Do you have an old employment letter from them or something? RBC does not have a different base salary by team, so 135,000 for PU&I seems very odd
LevFin in PU&I in Canada is not a real sector
It is. Coverage regarding PUI clients. Its a unique team that does project finance and lev fin, but is housed within lev fin.
LevFin market is very small, and the Big 5 groups are not comparable to the US BB groups. There is no term loan B market Canada, and barely any HY issuances. Most of the flow is mid market subordinated / mezz lending
Just can't compare our pay scales to the US, its a different game for many posters who have said so above. Used to be that at least our cost of living was lower to offset the net impact, but thanks to socialism (which I'm going to get downvoted for), things are more expensive so we're net poorer and especially on an after-tax basis too (we love 50% income tax).
Thats the problem. Even the midsize u.s F500 CEO makes more than any of the Canadian banks CEO.
The largest bank - RBC or maybe TD, doesn't pay 110k base for any investment banking associate role. This must roll in under corporate banking but even then, 110k sounds low.
Looks like its lowball due to being an internal transfer. Spoke with a few people and thats what theyre saying.
Could it be they are low balling you because they don't want you there (headcount issues?) but have to make an offer because you're internal and potentially om good stead???
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