Associate Bases at Globals in Toronto
So I've heard base salary numbers for analysts at the globals being 90k+. But what are associate base salaries for the global offices in Toronto?
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Does anyone have insight on this? Also interested.
BAML is 140 for stub year and 170 for year 1. CS is similar. Not sure about the rest.
When did analyst base get bumped? Thought it was in line with the dom banks at 70-80?
A first year associate at BAML toronto makes 170k base salary..so after bonus they can clear around 300k, that is crazy.
I think their bonuses are lower so it evens out in the end.
Why is it that historically Canadian analyst/associate seem to be paid higher than peers in the states?
Is it due to FX? In which Canadian dollar is worth 0.9 US dollars?
Yes, it's due to FX. Most of the BB offices in Canada pegged their base salaries to historical CAD/USD FX rates (pre-crisis, when the FX rate was sub 0.90) and haven't updated since.
As an example, most first year analysts at BBs in Canada get paid $85k base (BAML is $92k), with a bonus similar (sometimes slightly lower) to their peers in NY. They also get the ~$10k bump in base salary each year. Thus, when the CAD was at parity with the USD, BB staff in Toronto made out like bandits.
This is the same case in Australia. I believe first year analyst base salaries for the BBs are $100k-$125k, but the bonuses are lower so it evens out. But still, with the AUD roughly at parity with the USD over the past couple years, the base salary difference is material
With regards to the OP's question, the numbers I've heard are generally $130-140k for first year associates.
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