Hi Everyone,
Frist year IB analyst here. There are a couple things about my situation which frustrate me, for starters may base salary is $45K CAD, my bank offers no training program and it is a very unorganized place. I.e, the interviewer forgot to confirm an interview with me during (the date I couldn't even make and I told her beforehand) recruiting, and popped on zoom herself and asked me where I was. The people at my bank are really nice and good people, seasoned and talented bankers but for a person starting out, it is just a tough situation. I've also been making a bunch of mistakes with things I do not have experience.
I should not be complaining but I am finding it so hard to apply myself and take ownership over my tasks because it is almost like learning a foreign language with no one to help
Any advice would be much appreciated - beginning to feel pretty lost right about now. The other analysts are experienced hires and they are doing well which just makes me feel like ass.
So a few of the larger CA banks used to be our business partners, they all seemed fairly organized? like RBC or Scotiabank.
How many other grads are there and did you have lunch together to discuss things informally? It is a bit unusual to hire a grad and then not help them at all.
Also, while 45K CAD seems low, looking at generic base salaries in Canada, it is not entirely out of the norm either. Canada doesn't have NYC salaries.
The big banks here are great, just rigorous - I am at a boutique bank started. From what I hear, apparently the lowest base in Canada is 75k. My MD literally told me during my internship "trial by fire" in regards to no training program for analysts and interns.
Did they not tell you about the salary before you started? Or did they promise some form of high bonus that won't materialize due to covid or something else?
That would be bad, but not much you could do about it; especially in your first year.
if you really don't like it you can give notice and hunt for a better job.
From which target are you in Toronto?
I should also mention that I bought a training program for myself.
A big part of why people in PE recruit bankers is because of the world class training banks give. This includes the starting training, as well as on the job training that you get while working closely with people higher up than you. Whether you’re considering PE or not, it’s important to think of this.
If you aren’t getting the best part of the job, I’d consider looking for a job elsewhere, but that’s just my (possibly incorrect) opinion.
Onboarding training (TTS and the like) has basically zero relevance to PE beyond a few useful excel shortcuts.
Why type of modelling is required in PE besides LBO's? How relevant is the modelling in banking for PE?
I worked at a boutique IB in Toronto and am currently at a Big 5 now - while 45K base is definitely on the lower side, the person above telling you to quit is definitely giving you the wrong advice. Not having a formal training program isn't exclusive to your current shop; most boutiques with under 25 employees just don't have the resources required to train new analysts in a program like Marquee or BIWS, because:
1) Boutiques only hire on an ad hoc basis - those programs generally target banks with an on-cycle hiring program and a decent pipeline of incoming analysts every year. The economics of training 1 - 2 analysts every other year just doesn't make sense for them to dedicate their efforts on
2) Some boutiques just don't generate sufficient deal-flow to afford the incremental cost
3) The analysis done at boutiques / mid-market firms is less rigorous, especially if you're dealing with private clients / family owned businesses
As long as you have a good head on your shoulders, have a strong grasp of accounting / finance concepts (or are proactively looking for ways to build upon this), and most importantly, approach work with a good attitude, you'll be fine. I can assure you that the formal training program I had at a Big 5 taught me nothing incremental to what I had already learned in school, at the boutique, or from self-prep work. I've met tons of people that went through a formal bank training program and had the competency of a pile of bricks. At the end of the day, IB is an apprenticeship job - you get better at it by getting in more reps, seeing more types of transactions, and taking note of your key learnings from every process. The most important thing is attitude - no one cares if you graduated from Harvard with a 4.0. The best analysts I've met are ones that are proactive, willing to roll up their sleeves, and constantly trying to learn more.
A quick comment on your current situation. WFH is hard, everyone recognizes that regardless if you're at a BB, boutique, or a 2-person M&A shack. However, the onus is on you to figure things out and to proactively reach out to your analyst / associate cohort with more experience than you to give you a hand. Them helping you isn't a one way street; the quicker you get ramped up, the more work you can take off their hands. If compensation / deal experience / training is something that matters to you (as it should for most), you should look to lateral to a bigger firm with a more structured analyst program ASAP. However, you can't get there until you prove that you can kill it at your current role.
Thanks a lot man, that was amazing to hear - do you mind if I PM?
Sure, no problem
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