Why is BMO Metals & Mining the best group in Canada?
BMO M&M is one of the only groups in Canada that is known in the US and you likely are on a lot of big deals, but does the sacrifice really make up for it? What makes people choose that group/stay, when PE exits are limited , lateraling to the US is limited given the niche sector, and mandated 6 days in office is just brutal.
Is there something i'm missing here, when you can join an average group at the Big 5 and have a much easier time exiting to PE/comparable pay?
Its one of the least desired groups when it comes placements at BMO so most ppl arent voluntarily joining the group. Also Canada has a lot of mining hardos that are ok with this shit. The same way tech hardos are ok with wtv abuse came with MS Menlo. Also M&M has its own bonus pool and the figures I heard for AN1 was on par with EVR M&A in the states.
Second this, very few want M&M. None of the people going in are the smartest, or the best networkers, it is a bunch of people that found a niche and made a way. I would argue it is much easier to get BMO M&M than BMO diversified. Take one look at the juniors who joined the team since the incident, not a single one looks like they'd ever touch a US group no matter how hard they M&M
Will add that DIG is the second most popular group after M&A for placements so it is definitely much easier to get placed in M&M
I've done banking in Canada. Was at national but have spent time at JPM and Lazard as well. Unlike US or UK, you should be fine in any group in Canada because they are all ok at best. Probably best to stick with m&a though for most future optionality
What was National M&M like?
Whoever said that is lying. The metals of mining team gets paid the exact same same as most teams on the street. You’re just working way more hours. They’re not treated special compared to others. At any investment bank in Canada, besides the globals you’ll likely be paid in the same range.
I got the number from a friend in the group. It’s in line with most of the globals per the bonus threads. Can’t imagine BMO paying everyone those dollars.
Can confirm, when it comes to internships even generalists has a base of 100 while M&M is 115
Nah there’s a separate bonus pool
When Canadians say the street are they referring to Bay Street?
yes, well any firm in or around Toronto really
It's a good group because of its deal flow - consistently competing for and winning marquee transactions globally. Additionally, they have a separate bonus pool that puts their comp at around the globals
The issue is that the (1) group is very very sweaty (2) the mid and senior levels are sadistic (3) mining isn't really an interesting sector (4) mining IB skillset is not broadly applicable the way EBITDA driven sector coverage is
One thing I'll say is that I've hired a few former BMO M&M Analysts and interns who consistently have performed well
Mining is interesting as hell
Not the work you're doing as a coverage banker for the first 2 - 3 years.
Correct on all of the above except the separate bonus pool.
The people who choose to stay in that group have an active interest in making their and their subordinates' lives more difficult and more intertwined with work. Mining if fascinating, but the amount of databases they maintain and data they pull is enough to drive most if not all juniors away from the group.
Care to expand on the databases part? I’m also in a mining group and am curious to know how much they’re pulling
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