Thought it'd be helpful to share some information I've gathered and see if others have more data points during the current hot lateral market
Pay USD equivalent (either USD directly or USD converted to CAD at FX)
Evercore
Lazard
Pay USD equivalent for either base or bonus only
Citi (USD for bonus)
Pay CAD
GS?
| +267 | Why UBS Is the Worst Place to Start Your IB Career | 40 | 2d |
| +219 | UBS 2nd Year Analyst Q&A (2026) | 41 | 1d |
| +102 | What's your craziest "hardo" story? | 18 | 1h |
| +72 | UBS IB 26Q2 a Disaster! Advisory Revenue Down 23%, Capital MarketsDown 5% | 11 | 1h |
| +53 | Wolf of Wall Street vs. Reality: Anyone else feel scammed by the movies? | 19 | 15h |
| +50 | Suspended for a Year | 21 | 20h |
| +49 | Elite Boutique interview questions | 17 | 2d |
| +37 | so confused about 28 SA timeline | 30 | 10h |
| +34 | Lincoln International Return Offers | 8 | 29m |
| +33 | Rate my non-target resume | 19 | 4h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Lazard does too. I think Evercore as well but can't confirm.
Evercore pays USD
How much in CAD do EVR An1 end up making usually?
Thanks to both, I’ve updated the list
Barclays pays the CAD "equivalent" (they choose some sort of flat FX, but generally in-line) of the corresponding USD base. So US$150K -> C$180K etc
Do Barclays base salaries scale similar to the US or do they stay flat like the Big 5?
At least at the junior levels they scale in line, as far as I can tell.
Is bonus also FX adjusted? e.g. do you get US$150K -> C$180K, or US$150K -> C$150K?
Citi pays in CAD with fx adjustments only for bonus.
Base salary is what they pay in the US but in CAD i.e. C$100k for first years
How is Rothschild Toronto. I know it's metals and mining and it's a split office with DC, but how is deal flow?
What are Barclays bonuses like in Canada? As a % of base, roughly.
Probably in line with U.S. offices
Are the bonuses all-cash at these places? Making $400k in-in and paying 53% marginal tax rate over $250k sounds painful.
Wait until you see how expensive housing in Canada is. Idk about Toronto, but Vancouver is the second most expensive city in the world for housing right after Hong Kong.
Looking at home sale postings is so discouraging. Work you but off -> make $250k -> pay 40% in tax -> barely qualify you for a detached home in TO/VAN.
I don't feel sorry for home owners who have dipped into their equity to put down payments on investment ppties if it comes crashing down.
Do the locals have a shot at buying RE or is it all just foreign buyers?
Sorry when u say USD equivalent, do you mean the USD amount but in CAD (i.e for EVR 120k CAD base for A1s) or the USD amount fx adjusted to CAD?
It does get confusing but should be either getting paid directly in USD or the USD amount converted at an exchange rate into CAD
Personally can't confirm for Evercore except for the comments in this thread
Credit Suisse pays in CAD but USD equivalent (applies a lower FX avg rate)
ANL 1: C$105K
ANL 2: C$120K
Is this based on US$90k base? Do you know if the recent pay bump to $110k made it way to Canada yet?
Do most of the banks that pay in USD (fx adjusted to CAD) adjust for a lower fx rate than usual? Or else EVR AN1 base in Canada would be like 150k? I recall a buddy at JPM getting around 95k CAD previously in their Canadian office back when their base was 85k USD (taking the actual fx rate would've made it ~110)
This does seem to be a thing
At the end of the day, it’s the all-in comp that matters. All of the legit BBs and EBs in Toronto will pay a premium to the Canadian banks
I think most (if not all) of the global s are at or above C$100k base for first year analysts now, with the EBs reaching $115-125k base. These firms also increase analyst base each year by $10-15k
All in comp this past summer for top first year analysts at global banks was generally C$195-200k, with some standouts making more
I've heard BB bonuses in Canada are lower because the base is higher, any truth to it? Or is it an overall larger figure.
Junior pay is discouraging in Canada, especially if you live in Van/Tor. Senior Associates at Canadian banks make as much as Senior Analyst at top banks in US.
unfortunately most industries in Canada pay lower relative to the US (big law, accounting, tech, PE, medicine)
Agreed on cdn bank IBD comp...it's ridiculously low. It's also why people lateral to join BB/EB offices in canada - there is a pathway to $400-450k+ as a senior associate which is much better than big 5
Takes an even bigger drop in CDN PE. Know friends of mine making more as 1st and 2nd year IB analysts in US than some principals at pe shops, pensions in TO. Makes no sense
What about onex?
BAML?
bump
How much does Scotiabank (O&G/power specifically) pay in the US?
Any info on BAML?
Aliquam dolorem quia soluta laborum omnis labore ducimus. Sed velit optio omnis aperiam assumenda itaque. Explicabo mollitia reprehenderit ut non inventore. Aperiam minima sit sunt est blanditiis dolorum eligendi. Delectus cupiditate cumque accusamus et consequatur beatae qui.
Maiores velit ad a autem. Quaerat omnis ad quod eum dolorem quia provident. Et vel dolorem nihil ducimus molestiae dolorum accusamus. Deserunt assumenda aliquid nihil debitis impedit.
Nihil odio nobis fuga molestiae est voluptas. Reprehenderit occaecati adipisci sit dolor rerum.
Aspernatur labore amet aut qui. Nihil consequuntur earum ducimus aperiam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Explicabo perferendis sunt consequuntur molestiae tenetur. Reprehenderit cupiditate dolorem et inventore aut veritatis.
Doloremque voluptatem unde consequatur sed repellat sit. Minima similique reprehenderit sed dolorem consequatur. Itaque error sint aut cumque quae ut aut. Quas quo animi ad quasi sint quos. Officia dolores sed laborum totam incidunt ipsum. Tempore tempora libero et rerum.
Consequatur ipsa quis aut ut voluptates accusantium. Labore libero sit repellat deserunt. Et voluptatem excepturi dolorum quae velit voluptas magni.