London vs Toronto
Hello people! Would you claim London to be still better than Toronto for IB? Isn't the salary range (including bonus) too low than US and Canada considering the fact of high cost of living in London?
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I am only an intern but since I am Canadian I might be able to provide a bit of perspective. In Toronto you will see lots of career bankers because there are a lot less buyside opportunities here than the US (and arguably the culture of banking is a lot better). In London you still have Megafunds and lots of MM PE funds that have offices there so if you are looking to exit to buyside then I would think London is the way to go. If you are career banking then I can at least say that is more common in Toronto, but the actual salary comparison is hard for me to make since I have never lived in London.
There are certainly more opportunities and exit options in London as being a global city no doubt! But I found the compensation relatively low than US and Canadian big 5. My cousin works at a tier 1 IB in London and what she makes annually is drastically lower than the US market and also what RBC capital markets or TD offers in canada! Even if GBP has a higher exchange rate compare to USD or CAD, still the salary doesn't make sense as London being the most expensive city to live, that's all!
London for 1) one of the best cities in the world 2) much better work opps 3) almost exclusively cross border deals 4) you can go on weekend to Paris, Rome, Budapest..5) More international
That said if you’re Canadian you can stay in Toronto and you’ll be fine there. Also as a Canadian it will be slightly harder to land a spot in LDN.
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