Hello,
I'm interested in hearing what people have to say about the compensation (base and bonus) offered to summer analysts, full time analysts, and associates at boutique investment banks in Toronto (in $CAD).
I've done some searching on the forum and through Google and have found very little data to make estimations.
Some examples for "boutique Toronto investment banks" are companies like Osprey Capital, FirePower Capital, Eight Capital, Gravitas Securities, and Valitas Capital Partners.
Information about deal flow, culture, exit opportunities, and other interesting facts about those banks is also appreciated.
I've heard that many of these companies offer a base salary and then pay out cash bonuses for each deal that they complete - I'd like to get an idea of what this typically totals out to over the course of a year.
Thanks, WhatsAPitchBook
subtle bump - do we have any Canadian investment bankers with information?
buddy of mine summered at a Canadian boutique last summer and got a Base Salary (very low) and cash bonus at the end of the summer that basically brought comp up to street. As you could imagine, the deal flow was nuts because of the volume of Cannabis deals done. But if your bank is somewhere like Cannacord, then that's a whole other box of frogs
Many of these such as Osprey, Firepower, and Valitas do not pay their interns, or junior analysts as they like to call them.
I work at a Canadian boutique, our base is lower and our bonus is entirely dependent on deal flow. If a deal closes we get a bonus check after we receive payment. If we do not close then there is no substantial bonus for that deal (maybe a small work fee).
Would you mind providing a range or estimate of what one can expect in terms of base salary and bonus in a bad/medium/good year (in $CAD)?
I figure base can range from as low as $40,000 to as high as $80,000 depending on the shop. I know that this is very vague but you have to understand that these banks are all very much different from each other with different levels of deal flow and types of transactions. A younger shop like Firepower might pay less than a more established one such as Cormark, though this is an assumption on my part.
Bonus will be heavily dependent on deal flow so it could be around $10,000 - $20,000 on bad years and $50,000 plus on better years.
My bank's all in comp was around $100,000 last year for what it is worth.
These shops can also be divided further into private market banks and public market banks.
Shops like CG, Eight Capital, Echelon, Beacon, and Cormark have a big focus on the public markets. As a result, these have been the banks that have been doing a lot of Cannabis deals in the past few years.
Valitas, Firepower, CCC, Newpoint, and Osprey are much more private market focused. If you go on the websites you will see a lot more M&A, divestitures being the main focus, as a total percent of deal volume. If you look at Beacon's website for example you will see a lot more equity financing transactions as a proportion of deal volume. You will also notice that the public market banks have an equity research and an S&T arm.
Compensation is fairly standard across the big 5 and common MM 'big' names like Cormark, Cannacord, except Evercore is generally slightly higher.
This is typical; 5-10k Sign on 80-90k base +Bonus which is very dependant on group and market
Thanks but this post was more about the smaller lesser known boutique investment banks that information isn't already posted online for.
Still informative so thanks for your contribution - if you have any information on smaller boutique banks in Toronto your further contributions would be much appreciated.
Thanks
Does anyone else have further insights on this topic?
bump
Echelon starts at $45K base. Heard INFOR was ~60K base.
I'd imagine most of the smaller boutiques would be in the same range and bonus would be deal flow based.
Damn - that's a really bad base. Leave immediately. Is it also bad hours with that base? or is it a 9-5
Echelon had bad hours from what I have directly heard from past team members.
I turned it down because the base was absolutely too low - how do you even cover your basic living costs on that salary.
Canadian boutiques unfortunately pay absolute trash.
Avoid firepower. Full of 5'2" manlets
lol
lol I knew some of the guys from there years ago, all of whom went running for the hills when they got better opportunities, but I'm dying to know who this person you speak of is. I actually tried figuring it out from the team page on the website but they have a f*ckton of juniors and cycle through what seems like endless amounts of them so I'm not quite sure who it is.
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