Rising through the ranks of IB in Canada
Hello, I’m a junior in college at a non-target school in Canada, further I am in sciences was planning for medical school (still have that option) but I am now considering investment banking even though I know it would be very hard for myself to make it in my circumstances. I have 2 questions though:
1) I’ve heard that many people don’t make it past being an analyst and they quit and move onto something else with less pay and better life style. Let’s take out burnout, what are the chances you can actually rise through the ranks of analyst, associate etc up until either VP or MD? I basically want to understand how often to people get fired even if they put everything into it and are very passionate about it? For example if I went into medicine, I know I would have job security once I finish my 10+ years of education.
2) in the Canadian scene what are the salaries like and is it really possible to transfer to the states? I know money is not everything and I actually really enjoy finance classes I have been taking. But with that said if I went into IB instead of medicine I would hope it’s at least comparable to what specialists in medicine make in Canada. Or at least close to equal in pay.
Thank you!
1) If you are dedicated and decent at your job, you will make VP for sure. If you are dedicated, decent at your job, and personable / likeable, you will make Director. Making MD can be very tough because you need to establish a client base for yourself and a lot of time that means trying to find a niche or an underrepresented sector at your bank or something like that to build your own book of clients, I hope it is obvious why this can be hard. I would say either way you will make VP and "worst" case scenario you can leave at that level for some nice corp dev jobs with better WLB, sacrificing comp ofc. Also I would say that there is a lot of self-selection as to why people leave and don't try to make D / MD. You are either an Analyst and want to do PE and therefore leave, or you are a VP who is starting to build a family that wants to see them more.
2) This thread is actually really accurate: https://www.wallstreetoasis.com/forums/canada-ib-vs-pe-comp-megathread
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