A friend of mine who's worked at the big 5 IBD told me a 3rd year associate gets paid CAD300k base pre-tax. Is that about right (sounds a bit high to me)?
Any idea about the typical bonus range? Are comps in Canada the "high base/low bonus" structure or "low base/high bonus" like those in some parts of the world?
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bump! wow if 300k base is true, that's realllyyy goood. Anyone have insights
Your friend lied to you, base at CDN banks are actually very low so comp is very much low base / high bonus (much more so than anywhere else in the world). For associates, base is about $100K with total comp starting at ~$200K for first year associates moving toward $300-$350K for an A3. I would bet anything the figure you friend told you is for total comp.
The only possible way thats true is if your friend recently lateralled from a US BB and negotiated a FX adjusted equivalent base (US$200k base for third years in US). I really doubt it though, that sounds like an all-in number.
A 3rd year IB Associate at one of the 5 Canadians makes anywhere from mid-high 200 to low 300 all in, depending on the bucket they are in.
How does this compare to consulting in Canada? Talking roughly same levels - 1-3 years post MBA. Also, are salaries dramatically different between Toronto / Calgary / Montreal (both IBD and consulting)?
Consultants get paid ~$150K out of MBA (Bain was ~$15K lower than McK and BCG 2 years ago, but I would assume they closed the gap) + small bonus. Salary progression at MBB is much slower than in banking so the gap then widens as you move up. For both banking and consulting, salaries and bonuses are exactly the same across Canada (but obviously Toronto has more opportunities, especially when it comes to banking).
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