Toronto - Boutique Investment Banking Compensation

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

 

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).

 
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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.

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