Big 5 IB Comp Levels (Analyst/Associate/VP)
Anyone have a good read on comp at the Big 5 in Canada across coverage vs product groups? From what I’ve seen, analyst base looks like ~100–105k from postings, but curious how bonus shakes out (and if there’s any real difference between coverage vs product at the junior level).
Would also be helpful to get a sense of progression:
- Analyst bonus range?
- Associate base/bonus
- VP base + typical bonus range?
Also any differences in pay between groups (& which is the highest and lowest) or is it mostly standardized across the bank?
Appreciate any insight.
Director at a Big 8 (think RBC, Raymond James, Desjardins). Strong year for deal flow, broke 250K all in after bonuses.
Congrats on RBC
Based on the most helpful WSO content, here’s a breakdown of compensation levels for the Big 5 Canadian banks in investment banking:
Compensation Levels
Analyst (1st Year):
Associate:
Vice President (VP):
Differences Between Groups
Progression and Pay Trends
If you’re looking for the highest-paying groups, product groups like M&A or LevFin may edge out others due to deal intensity, but the differences are not as stark as in larger markets like the U.S.
Sources: Canada IB Pay Increase?, What is Canada comp like?, What is Canadian comp and recruitment like?, Big 5 IB Junior Comp, Banks that Pay USD in Canada
I cleared just under $600k as a yr1 VP top bucket and expecting closer to $650-$700k this year in yr2. This is in Canada.
Really appreciate you sharing that. As you’ve moved up, have you seen the comp gap between stronger and weaker groups widen compared with when you were an analyst, and are there particular teams in Canada that consistently come out at the top or bottom on comp from what you’ve seen?
It’s hard to tell between groups. Some banks give a premium to M&A. Otherwise the sectors that are hotter and bring in more revenue in a year will get a bigger slice of the pie.
No you didnt (at least not at a big 5)
Um ok, you can believe whatever you want, I’ll enjoy the pay. Feedback was that it was the very top of the band if that helps.
Unlikely. VP1 is usually $450-500k range at Canadian banks. If you are at Scotia then $350-400k
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Happy to hear I was above average on the street, at least in maple bucks! Certainly not at Scotia..
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