Toronto Boutique/MM Comp Thread
Curious on how comp looks at boutique shops in Toronto. Have heard everything from pennies (FirePower) to above street (Agentis). Curious about places like Eight Capital, Osprey, Valitas, CCC, Paradigm etc, but anywhere is appreicted
Also curious about comp structure (base/bonus) and all colour on Analyst/Associate/VP+ is greatly appreciated, as I'm aware the promotion schedule at these places might be different than Big 5/BB
If you feel like it:
Firm:
Title/YOE:
Base:
All-in Comp:
Hours:
Notes:
Following
bump.
Am at one of those on your list.
I started with base decently below the big 5, ramped really quickly and the gap is almost negligible now. Bonus payout is quarterly and WILDLY varies based on firm. Some of these places are really ECM shops pushing through equity deals on volume to clip the 6/6 with some fairness opinion or 61-101 work to cap off. Those ones are boom and bust depending on how the small cap equity markets and junior mining flow are. Can range from absolutely crushing big 5 peers to zero for multiple quarters.
The ones that are more even have a good mix of advisory and financing work. Like real mandates, not just fairness opinions. You still have some dry quarters on bonuses but net net, all in comp I'm generally on par with my big 5 peers and sometimes come in higher.
Some of these firms have more rigid promotion structures and hierarchies similar to banks, others like mine are discretionary. You deliver, you get the bump, see my comment on my base ramp.
My hours as an asso - generally 50-60 with the occasional 80-100 when big advisory files come in because deal teams are like 3-4 people. No more than a couple times a quarter
My hours as a veep - 40-50 almost entirely doing coverage now. When heavy on execution, probably 50-60.
Thank you, this is super helpful. At a firm like yours, or one of the ones mentioned, what does the process look like for recruiting? Would cold emailing for a position work? Just curious as that's how it is at some US boutiques
Great question. We post at the schools but more as a backup. By the time we post, we already have our interview shortlist. Almost all of those are kids who cold emailed, we have met and vetted. The final interview pool is always 5-6 of those and a couple of dipshit Queens kids who flopped out of bank interviews (courtesy of one of our queens alum bankers).
We don’t give a shit about pedigree. We can teach you proper technicals in a couple of days. What We really want are hungry, fearless people who want to close deals. Give me a non-target with a point to prove any day.
so the answer to your question is yes, please cold email. Be thoughtful. My firms policy is we meet all our inbound cold emails. We would rather grab a coffee and put a face to the name over spending hours looking at cookie cutter resumes from Queens and Ivey.
Great intel, SB'ed. Interested in hearing your base ramp, can't see past comments cuz you're anon
Any idea what the comp offered at a place like Origin is? It seems like the firm is strictly focus on M&A and doesn't do any ECM.
following
Agentis is still above street, 120k base as AN1, bonus varies widely. Some make 200k+ all in, some don't.
Any idea how hard it is to get a position there? I see their posting all the time but my friend said there were like 5 rounds of interviews before he got dinged lol.
I did both of their online assessments (IQ/math one and personality) before getting removed. I assume they use those automated systems to filter people and then look at resumes later
Some Agentis analysts I’ve spoken with say it’s completely merit based and networking won’t help much in the recruiting process. Both people I spoke to got in via cold applying on LinkedIn.
From what I’ve been told, they’re looking for 3.8+ GPA and hardcore infra modelling skills/ general passion for infra.
Firm: One of the ones not on your list, it has also not been mentioned on this site at all.
Title/YOE: Analyst 1
Base: 60k
All-in Comp: 90k
Hours: ~50
Is this a MM shop? Are you able to provide some more detail?
Second this
Yes. MM M&A. 15 - 25 employees. 2 deal teams and an advisory arm.
I’ve really always wondered about FirePower. It seems they have crazy turnover.
Anyone have details on their comp structure?
They're one notch above Setter Capital
bump
Bookmarked this thread so I can comeback when someone inevitably makes fun of the 5’1 FirePower manlet guy
Where did he go? Exited to PE land?
I kept coming back for the same reason lol.
can someone fill me in on the firepower manlet lore?
^
He no longer works there but he was this ultra right wing unattractive dude that was around 5'0-5'1. That's pretty much it.
From what I’ve heard valitas pays base around street then over two years as an analyst your bonus is low 100s year one and low 200s year two so you average street over two years. Haven’t seen any activity recently so not sure if still true.
low 100/200 bonus? am i reading that right? meaning street base (100) + 100 bonus first year? and 200 bonus second year? or is that all in comp
All in my bad. Base is around street bonus takes you to all in low 100s first year, then all in low 200s second year
That sounds very very very wrong based on how they operated and compensated people a few years ago. They historically were a FirePower/Osprey Capital equivalent, and don’t see how that would have changed.
Agree, no way they pay that much
Late to this thread, might be a good time to revive tho.
Firm: MM firm not listed, 10 people here
Title/YOE: AN1
Base: 75k
All-in Comp: 100k
Hours: Good week = 50-60, bad week = 70-80
Notes: People are alright, deal flow is ok. Can't complain besides low comp
Are you trying to lateral to B6? Is it easy to do it from a MM in Toronto?
Extremely difficult
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