First Year Analyst Compensation in Canada
Recently an MD told my friend that if he works with him at one of the Big 5 Canadian banks that he will pull in from 125-175k in his first year. Is this accurate can you make 100k bonus in year 1 ?
Also, for the people who are/where analyst what did you make in your first year (all in) for Canada or the US.
I would be very surprised at those numbers. Base for Canadians is 65-70K, globals go from 75-95K. The bonus percentages obviously depend on the year but I doubt very much that a Canadian would pay 1.5x base as bonus... I may be wrong on that front though.
It's possible. I highly doubt it, but you would be surprised at the amount of influence certain managing directors have.
I believe Canadian banks did pay out close to $100k for first years in 2006, so there is precedence. Also, given that Canada's economy emerged more or less unscathed from the crisis, banker pay has been almost a non-issue for the general public, so there isn't any political pressure on banks to limit pay (although some banks have changed pay structures for Director level and higher)
That said, $100k is optimistic but that range is about right. My MD also provided me with numbers close to that, saying to expect 80-120% bonus.
Can anyone else confirm that TD BMO RBC Scotia and CIBC pay aprox 100 % of base in Canada ?
wtf seriously!?!?! omg i wanna work in canada!
In ontario,,,,, $125k gross in 1st year. it's $84k after taxes. yes folks. 1/3 of your pay is gone in taxes
Thanks jrotmensen, i thought there were more Canadian bankers on this site
Not a banker myself (in fact, a high school senior, haha), but a family friend is a 1st year analyst at Big 5. I overheard those numbers from conversation between my parents and her parents.
I can confirm those number for the big 5 Canadian banks (although TD is slightly higher)...
I know TD pays a higher base( I had an offer from them), but i was under the impression that they pay slightly smaller bonus to compensate.
Yes, all in for first year ~130. About the TD smaller bonus I don't know. And for the BB offices the salaries are 130% - 150%.
I summered and am about to start at one of the Big 5. I heard 2nd year top bucket at both TD and BMO eclipsed 170k for 2008/2009, so your range sounds about right.
It's fairly well-known that Big 5 have outpaid the globals in recent years, due to FX, retention concerns, and conglomerate woes at many of the globals. Canadian investment banking is a pretty profitable enterprise for the banks with exposure to the hot sectors (in Toronto, metals & mining).
How do 1st and 2nd year analyst bonuses at RBC in New York compare to their bonuses in Toronto?
RBC top bucket 1st years just got 25k stub for 1/3 of year (Jul - Nov). No way NY is that high.
Does anybody know what New York got then?
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