CIBC LevFin

Based on the most helpful WSO content, here's what you need to know:

1. Compensation and Hours:

   • In general, Canadian IB compensation tends to lag behind U.S. counterparts, with total comp reflecting the cost of living in Canada. For example, 1st-year analysts in Canadian IB typically earn around $168K on average.
   • Hours in Canadian IB, including LevFin, can vary depending on the shop. High deal flow groups (e.g., BMO M&M, RBC Energy) may have hours comparable to or worse than many bulge bracket (BB) groups in New York. However, work-life balance (WLB) is often cited as being more achievable in Canada compared to the U.S.

2. Exit Opportunities:

   • LevFin in Canada offers solid exit opportunities, particularly into credit-focused roles. Credit funds are a common exit, offering attractive hours (often 60 hours per week) and competitive pay, including cash bonuses and potential carry.
   • While private equity (PE) exits are possible, Canadian PE options generally pay less competitively than U.S. counterparts, especially in New York. However, credit markets remain a strong and growing area, with opportunities in private, non-transparent, and illiquid markets.

If you're looking to maximize compensation, heading to the U.S. (e.g., New York) might be a better option. However, if you're prioritizing WLB and are interested in credit-focused exits, Canadian LevFin could be a great fit.

Sources: Canada IB Pay Increase?, Leveraged Finance Exit Opportunities, JP Morgan Corporate Client Banking and Specialized Industries Salary + Bonus, Career Progression, BB Leveraged Finance, LevFin WLB-focused Exits and Other Questions