Best groups at Canadian Big 5?

I just joined one of the AM arms of the Big5 and have many similar questions. I can comment on some of the things that I've been observing and hopefully someone else will provide more insights on this (and correct me if I'm wrong):

1. Lower pay in exchange for better WLB. At AM, the base pay for junior analyst is lower than IBD, and the bonus is negligible. The total comps will likely stay in the low range for some time until you actually start to manage the funds (that's what I've been hearing, correct me if I'm wrong). The WLB at AM is much better; at least I can enjoy the nights during the work days without working extended hours. In general, culture at AM is friendly (again, depending on the banks/teams) and likely better than banking 

2. Although there might be some overlaps (depending on the asset classes you cover), the skillsets for AM are pretty different from that required for IBD. Building models quickly and accurately, working on deal transactions, and preparing presentable materials might be the focus of IBD while at AM you are more likely required to process and collect information from various sources (expert/earnings calls, sell-side research etc.) and make judgement base on such information. At AM you'll likely to be working closely with a PM and learn directly from them. It's not impossible to switch to IBD from AM, it's just that you have to think about what style of work/life is what you really enjoy/interested in and perphas prepare the story of why when you want to make the switch. 

3. Exits: other independent AMs, investment arms (public equities, fixed income etc.) of other pension funds (CPP, OTPP etc.) and insurance company (manulife etc.). IBD might have better access to PE/VC.