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 $90kAssociate $120kVP $150k

All-in:Analyst 1 $150kAnalyst 2 $170kAnalyst 3 $200kAssociate 1 $250kAssociate 2 $300kAssociate 3 $350kVP $400k - $650kED $700k - $1mMD $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 - $200kAssociate $200k - $300kSenior Associate $300k - $400kPrincipal  $400k - $600kSenior Principal $600k - $800kMD $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