Canada IB vs PE Comp Megathread
I've seen lots of questions on IB vs. PE comp in Canada. Thought it would be helpful to post what I know. Full disclosure - I am a longtime lurker posting from a throwaway account. 10 years in the industry working at one of the places below.
Canadian IB Comp (Big 5 Bank)
Base Salary:
Analyst $90k
Associate $120k
VP $150k
All-in:
Analyst 1 $150k
Analyst 2 $170k
Analyst 3 $200k
Associate 1 $250k
Associate 2 $300k
Associate 3 $350k
VP $400k - $650k
ED $700k - $1m
MD $1m+
Comp will vary slightly from above based on ranking ie. low, mid or top bucket for Analysts/Associate and and revenue generation for VP/ED/MD. I can’t comment on BB or boutique comp, so will let others chime.
Pension Fund PE (CPPIB)
All-in:
Analyst $140k - $200k
Associate $200k - $300k
Senior Associate $300k - $400k
Principal $400k - $600k
Senior Principal $600k - $800k
MD $800k+
OTPP comp is comparable to above. Keep in mind that their titling is a bit different because OTPP doesn’t have a “Sr Associate” position. In other words, a CPPIB Sr Associate = OTPP Principal. Similarly, CPPIB Principal = OTPP Senior Principal. CPPIB Senior Principal = OTPP Director. MDs are the same.
Smaller pension funds like PSP, AimCo, IMCO, HOOPP, OPTrust, BCI will pay less. Onex/Altus pay the most - inline with US megafunds.
One final word of caution when comparing IB vs. PE comp. Investment banks typically promote on a 3 year cycle, whereas large pension funds like CPPIB promote on a 4 year cycle. In other words if you were 6 years out of undergrad and a direct promote from Analyst>Associate>VP in IB, your comparable tenure at a place like CPPIB might only be Associate or Sr Associate.
Feel free to chime in below if you have other datapoints.
______________________
Editing post to add a few confirmed datapoints from the comments below:
All-in comp:
OMERS Rotational Analyst 1st year - $120k - $130k
CPPIB PE Analyst 1st year - $140k - $160k
Big 5 Bank Capital Markets Rotational Analyst 1st year - $100k
Big 5 Bank ER Associate 1st year - $130k
Big 5 Bank IB Associate 1st year (direct promote from analyst in 2 years) = $220k
Thanks for this, I found it very helpful
Do you have a sense of how comp changes for those banks that are moving away from a 3-year analyst program? For example if you only did 2 years or 2.5 years as an analyst then become associate is your first year associate comp more similar to analyst 3 or associate 1 in your post?
Closer to Associate 1 comp
220k at TD
Great post
Any information regarding equity research comp in Canada?
Buy-side or sell-side?
Sell-side, mainly Big 5.
One of my friends claims OTPP pays less than CPP. 85k base + 5% bonus for analysts. How true is that?
Yeah, I've heard the same thing for OTPP's new analyst program (direct placement into a group). From what I've heard, less that 100k all in for a first year analyst. Anyone else confirm?
Also not sure if the CPP numbers are true for 1st year analyst in the rotation program; I've heard that CPP ranges from 100-110k all in first year. OMERS Rotational pays the best (120-130k all in). Can anyone confirm?
Interesting because I heard OMERS pay is terrible.
CPPIB first year base is ~90k and bonus is ~50k (the range is 0-90% of base).
OMERS first year is correct but CPP is closer to 140-160. OTPP unsure, I've heard numbers anywhere from $100k to $150k, probably depends on group
From what i have heard, its 35 percent target bonus and then there is a multiplier based on individual, firm and group performance.
False. OTPP new grad is 100k base + signing + performance bonus
Is that for Private Capital/Infra groups only? Seems pretty high comp for a pension fund
Lol 5% bonus? Your friend is so wrong. That must be for a non-investment analyst like in Risk or Finance dept.
If you’re not at a huge fund the drop off in pay is huge compared to the US.
Just adding on to this comment with an anecdotal datapoint:
My firm (current invested + dry powder of c. $5bn; global mandate) recently greenlit a Canadian office. Pay will be the same dollar amount as USD positions, but in CAD. So if associates in the American offices are paid target US$250k, then Canadian associates are paid target CA$250k.
Searchlight?
Does anyone have info on the mid-market PE funds, i.e. Birch Hill, Imperial, ONCAP (pays like Onex?), TorQuest etc?
Bump
Torquest was hiring an analyst out of undergrad 2 years ago. Heard base was $60k and they didn't end up finding anyone at that comp.
bump
Bump
Any info on Canaccord, Fort Capital, or Agentis?
Agentis pays above street, but hours are worse supposedly.
A few years ago, I know Canaccord was paying slightly above street.
Agentis is at 100k base for A1s. Not sure if this has changed given the recent salary bumps across the street
Base is now 120k
Thanks for the info.
Quite timely for my offer comp negotiations.
Any insights and data point re comps for PSP PE/credit investment and public equities?
PSP pays 82K base for a first-year analyst. This was 2019 tho so could've changed. As for bonus I've heard 30% but not sure as to how legit that is.
I heard base is 83k + 30% bonus
Also, are the figures you provided in USD or CAD?
CAD. Figures above apply to Toronto positions only. Comp would differ for US and global offices.
Any insight on buyside public equities in Canada? Thinking Mawer, Waratah, Gluskin, Turtlecreek, etc
I've heard Mawer pays 1st year Equity Analysts 120k all-in (80 base + 40 bonus). That's on par with buy-side public equities shops in Toronto. Lots of variance between firms though as you move through the ranks since progression isn't as structured as say IB or PE.
Would you say that the Toronto-based HFs (Polar, Anson, Fiera) would also be looking at around the same range?
How do hours look at Canadian IB vs PE?
Anyone know comp numbers at pension funds for non-PE investing roles/capital markets?
Not sure about capital markets, but can give a bit of commentary that pay for juniors doesn't differ between non-PE and PE investing roles as far as I can tell (I worked at a pension fund).
When you say that Onex/Altas pay inline with US MFs, does that mean equal in USD or CAD?
To clarify, I believe US MFs pay their Associates 300-350k USD, is Onex/Altas paying their Associates 300-350 USD or 300-350 CAD? If USD, that's a steal, you are looking at converted comp at 380-445k CAD.
Onex pays inline with US MFs in USD equivalent. Toronto-based Onex Associates will clear $400k CAD.
Wowza! Would you know how compensation at Brookfield/Clairvest/Torquest would work?
Can confirm. Can also confirm Onex Associates also get worked like dogs in return
Is this for the directs PE groups at those pension funds? Is there a comp difference between the directs and funds group at these pensions?
Comp is same for direct PE and funds for same title, but promotion cycles could vary between the two groups (probably firm dependent)
Are these figures applicable across the country or only Toronto? Wondering if you would see a discount working at e.g. Big 5 Bank in Vancouver vs. Toronto?
Comp would be similar across Canada. US positions pay differently.
Vancouver pays slightly less depending on the shop
You would for sure have a discount working at a satty with how bonuses are allocated. Usually with an uptick in "lifestyle" re: less hours worked. The exceptions would be Calgary banks when energy markets are / have been hot
Can anyone comment on pay at US BBs or EBs in Toronto?
Heard Evercore pays same as US analysts converted to CAD
Is this real? That would imply A1 comp to be around 250 CAD, which is obscene. That is more than a lot of first year associates make.
Have heard some US & global BBs pay above street at junior levels (some 3rd year associates making $400k+)
BBs and EBs will pay a material amount more on an all-in basis than the Canadian 5. Currently at an EB in Toronto and cleared 200k as an A1.
BBs and EBs in Toronto generally pay above the Canadian banks at pretty much every level pre-Director/MD. Top-bucket analysts can make $20-60k more per year (vs. analysts at big-5), with the top end being the firms that straight convert their USD analyst comp to CAD. At the associate/VP level the premium is probably around $50k+ but with more variability depending on performance and deal flow. At the MD level, performance matters way more than platform and strong MDs can get paid on either platform
How are the hours at US BBs in Toronto? Is it as bad as NYC IB hours? I.e. consistently 80+ hrs?
Any info on MM PE funds in Canada?
Ranges with experience level, but 1st year Associate can expect C$160k-C$200k all-in.
Scary accurate whoever you are
Would maybe put a disclaimer that these numbers are for "good ish" years. Past few years CPP has been overperforming their benchmark so the comp is reflective of that. If they underperform, it would be less.
Do the pension funds (OTPP/CPP) offer a signing bonus for new grads?
No. In a way it's baked into the higher base.
I know OTPP does for their new grad program
Any info on comp f
Heard no/very low bonuses across most banks this year due to lack of deal flow
GS & Citi Calgary literally paid no bonus while hours went up to pretty ridiculous amounts since WFH apparently
I can tell you with absolute certainty that the Calgary BB offices did not pay "literally no bonus" this year and was actually relatively in line with prior years despite covid. Yes WFH hours have gotten worse but to say that they paid out no bonus is a total lie.
Source - close friend works at one of the BBs in Calgary you named.
Has anyone successfully been able to negotiate a slightly higher base for a new grad IB/PE Analyst role or would recommend atleast trying to negotiate? Obviously these are standard across the board which is why I would imagine the answer to the above is no but thought I'd see if anyone had other opinions
I asked CPP if it was negotiable since I had a US banking offer that paid a lot more. They said no.
Just curious - why would you opt for CPP over a US banking offer
Anyone have insights into Corporate Banking Comp All-In in Toronto at Big 5 or smaller banks? (e.g. Desjardins)
Corp. banking comp for analysts is typically 80-85k base, with 20-50% bonus. Desjardins would likely be at the lower end of this spectrum, although I don't know anyone in CB there.
I can provide colour on Big 5: (Figures in $CAD)
Analyst: 90K + 20-25%
Associate: $115K + 30-45%
VP: $150K + 45-70%
Between ranks I believe base rises 5K/y at the analyst rank and $10K/y Associate+.
Does anyone know if VPs / MDs can flow their income through a corporation?
If this VP base is real, an absolute shit show to be making $150K base for that level of seniority and years of banking experience. I do understand that Canadian IB positions pay different than US, but this makes me beg the question as to why anyone would do 3-4 years at the Associate level to make $255k (150K + bonus of 70%) only for it to be taxed at an effective tax rate of ~38% and take home only $158K in earnings.
Would love to hear from anyone who is at the VP level in Canada for clarity on this as it makes no sense to me (genuinely curious, not being a prick re: compensation).
Very accurate and helpful. Thanks. Will throw in CPPIB 2nd year analyst comp ~160K incl. bonus although obvsly bonus varies year to year.
Do US offices pay more or is it about the same in USD?
Do rotational program salaries stay the same throughout the program?
Great post… Thankss all for the insight ! Anyone have any insight on comp at lifeco AM credit side.. Public or private credit..
CPP is way overpaid. Kyle is a chump.
Cannacord pays top of the street with excellent deal flow. Very underrated!
You're PE numbers look good based on conversations I had with applicants when hiring out of Canada. Only thing I'd add which I think you sort of touched on, is that outside of the big funds, comp drops off quite quickly.
What's the ballpark comp for analysts at the smaller pension funds mentioned above?
i can only speak for the big ones, but what i know is that base is $100-110K and bonus is 30-70%
Canadian banks paying associates flat base across the whole stint?
Do you know how this structure has changed with the pay bumps last summer?
Also curious what it looks like for BBs in Calgary/Toronto.
Just flipped through Litquidity's buyside comp survey that was circulated late Oct / early Nov. One data point has a Principal / Sr. Associate at OTPP all in comp at CAD 225k (125 base + 100 bonus). Can anyone confirm this number or did returns just shit the bed this year?
This seems to be right, I've heard similar numbers as OTPP Associate base is $125k and bonus is capped at under 100%, usually in the ~70% range. Think people take the lower comp for better WLB but not sure if that has been the case since COVID. Lots of turnover recently.
Wow. I can see why now...you have first year analysts across the border making close to the same amount (if not more) nowadays.
Agreed that it sounds ballpark correct for associate. I think principal level there should be meaningfully higher.
Wildly inaccurate. Associates make more than that, I believe their base was recently bumped up to 150K and bonuses generally in the 60-100% range.
OTPP doesn't have a senior associate. Straight to principal who get a big bump up in pay as they start to receive LTIP payments and higher salary + target bonuses.
Any info on how comp compares between CPP and OTPP at the associate level onwards?
Approximately how much does a fresh principal make at OTPP?
Any info on the Senior Analyst title at OMERS Capital Markets? I get the impression their Senior Analyst title is more in line with Associate at ibanks/other pensions.
Senior Analyst is more in line with associate and used in Capital Markets. Progression in capital markets is Analyst -> Senior Analyst -> Principal -> Director -> Managing Director.
Any idea what comp looks like for the value creation team at a shop like CPP? Range quoted above for Senior Associate is 300-400 - how much lower would value creation be at the same level?
Not at CPP, but at another pension fund and I believe at that level (let's say below VP) comp is the same for investment and value creations teams.
Are these figures still relevant or has inflation helped increase comp this year? Hearing some firms are bumping base and bonus.
Based have been bumped, OTPP recently changed their bonus structure too and it’s now more heavily weighted toward individual performance. Base for analysts on the private capital teams is 105K.
Can you elaborate on the comp structure at OTPP?
TD pays $135k Associate 1 base
Is that in USD?
The only Global MF in Canada in the RE group.
All-in:
Analyst $160k - $220k
Associate $240k - $350k
Senior Associate $380k - $490k
Principal $500k - $700k
Director $800k - $910k
Partner $1300k+
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Brookfield?
Sounds like Brookfield. Can anyone confirm?
Does anyone know what AIMCO pays?
Any info on Private Credit comp?
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any insight on Fort Capital, Echelon?
Had an offer from Echelon as an Analyst a few years back.
They offered $45K which I tried negotiating. They bumped up to $55K which I then declined and they were shocked...
Not sure if this has changed.
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