Canada IB Pay Increase?

Great if we can gather more intel about compensation increase in Canadian IB teams. This is what I've heard so far (might be wrong so happy to change if we get more accurate info):

RBC (Confirmed by 2 WSO Users):

Base salaries increased 10-15% firm wide

IB Analyst 1 at RBC all-in is around C$160-170k.

IB Associate 1 should be around C$270k.

CIBC (Confirmed by WSO User)

Base salaries increased to:

IB Analyst C$95k base

IB Associate $135k base

BMO (Confirmed by IB individual):

15% pay increase. Seems to be reflected on bonus only. 

Canaccord (Confirmed by IB individual):

IB Analysts' salaries bumped by C$5k (implies ~C$85K base)

IB Associates' salaries bumped by C$10k (implies C$110k base) 

Stifel (Confirmed by IB individual)

US increase has not trickled down to Canada yet. 

 

A bit late to the response here but this is false. Both EVR and GHL pay materially above the Canadian banks. 1st year analysts at both clear in the low-mid 200s, and Associate bases at both scale to the mid to high 200s in the later years. 

 

If you work at BMO, you probably already know this from a week ago. 

CB A1 - 90k + 5k signing

This is only for the credit group, can't speak for Cash Management or Trade Finance groups but they are most likely 10-20k lower in base. 

 
prospect-joe

If you work at BMO, you probably already know this from a week ago. 

CB A1 - 90k + 5k signing

This is only for the credit group, can't speak for Cash Management or Trade Finance groups but they are most likely 10-20k lower in base. 

Weird. I signed on as AN2 in CB and also only got 90 + signing. Does the base not go up for 2nd years? Do you have any insight into what bonuses typically look like for CB (credit) at BMO?

 

On average, the banking hours and lifestyle are better in Canada than the US. Less deal flow, typically less complex transactions, lower sponsor activity (and less SPAC activity, which really crushed some US groups last year). There is less travel too (which helps with hours/WLB) since most clients are concentrated in 3-4 major cities (vs spread all over the lower 48 in the US)

Some groups in Canada may be bad, but the average NY BB Group is worse 

source: I worked at a big 5 M&A group in Toronto and a EB in NY

 
Most Helpful

Depends on shop in both Canada and US for hours, for example a high deal flow / sweatier shop in Canada (BMO M&M, RBC Energy, etc) could lead to similar if not worse hours than many groups at BBs and EBs in NY. The clear difference comes down to comparing pay for effort, and in many cases (or most, excluding examples like Citi this year...) you'll still come out behind on total comp. Comp reflects cost of living (where these days, TO is sky rocketing in a manner not adequately reflected in comp), and exit opps. To ditch IB in Canada, the general PE exit options (for example) don't pay nearly as competitively as the options in NY & the US, which doesn't help Canadian IB pay. Long story short, if you want to maximize $, head to NY. If you want to maximize WLB, possible in Canada "on average" like the comment before mine, but not a guarantee. Better to choose an industry / group you're passionate about, in the place you want to be living, and dive into IB head first - see if it's the right fit (Canada or NY).  

 

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