What are your guys' opinions on doing Investment Banking in Canada? Pros/Cons?
Hey all
Incoming Summer Associate at one of the Canadian super BB's. Can anyone give color as to their experience in Canada / eventually matriculating into the United States? Thx
Bump
As you go further in your career it'll be less lucrative than the US while doing similar amounts of work. For ex I've heard A2A bonus is less than half of the figure in the US.
Nah we don’t work as hard as the NY banks
I’m from Canada so hear my perspective.
Deal flow and market share is obviously dominated by the Big 5 banks. US banks here are mostly satellite offices and are extremely competitive to get to but deal flow likely won’t be as good as the Big 5. PE exits don’t pay as well as IB like they would in the US so the banks here are willing to shell out cash to retain talent.
Recruiting in Canada - I will use Toronto as this example - is not as structured as the US. They usually take guys out of undergrad/Big4 laterals. MBA recruiting in Canada is awful for IB, unlike the US where MBAs hold weight so imo doing an MBA to get a second try at IB is stupid and it likely won’t work.
As you get more senior in IB in Canada, spots become more limited and so does job security. Remember how I mentioned how PE in Canada doesn’t pay as well as IB like the US (except for ONEX or maybe the pensions), a lot of these guys like to stay in IB because they know they won’t be able to make those salaries elsewhere. So unlike the US you have a lot less options and as job security decreases as you get more senior you’re betting at that point you’re going up and not out.
All in all, it pays well in Canada but it’s not going to make you become a rainmaker.
The lack of entrepreneurial culture is astounding. There are large amounts of folks who own random businesses that make more than MDs and work less hours. It’s not a cake walk and is high risk, but to your point on turnover at senior levels I don’t think people account for that properly
If you really think about it, gunning for an MD position and climbing up the corporate ladder in IB is as high risk - IMO more high risk than starting your own company.
Thank you very much :-)
Will have to disagree with the fact that CDN banks shell out cash to retain talent. While CDN IB pays marginally more than CDN PE on average, at the end of the day both are meaningful discounts to your global counterparts in the same seats and put you barely ahead of other industries in the country.
Glad the Scotia 'Super BB' narrative is still alive and well in your threads.
Never divulged being at Scotia, I just said I was at a Candian super BB (GS/MS/Scotia)
One of those are not like the other lol
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