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Worse than Canadian IB. The only way you will make more than your IB peers is if you're at Altus/Onex/Oncap. Maybe Whitehorse too, but they're secondaries-focused and I don't know enough to speak on them. Perhaps someone can correct me if they've heard otherwise from their fund directly, but IMO there's no chance for comp increases, as PE funds have their pick of the litter. Look at Clairvest for example - they always have quality associates yet are known to pay at the lower end of the range.
Aso1 ranges can vary significantly - from my understanding all-in 140 to 180 at a non-pension.
The reason I still went into Canadian PE despite the relatively worse pay: (i) the pay is still very good relative to most jobs; (ii) lifestyle has generally been much better (though this will be fund dependent and should be a focus of diligence if WLB matters to you); (iii) work is infinitely more interesting and meaningful (though that's a personal take... I understand psychopaths exist that somehow genuinely enjoy client advisory); and (iv) I figured it'd be more relevant / I'd take away more applicable skills and lessons if I ever wanted to do something entrepreneurial.
Hope that's helpful.
Thanks for the insight. Do you have any insight into Torquest or Birch Hill or any of the mm?
Above pension funds
TQ 190
BH 200-220
Just FYI it's "Altas" not "Altus"
You should try to get laid, or at least get some sunlight.
Agree with the above comment. Pay is drastically lower than at the Big 5 banks. For instance, let's say you were to leave your Aso1 role at a Big 5 bank to join a non-pension PE shop (other than Onex/Altus/Oncap), you would give up 270-290k all-in comp for approximately 160-200k all-in comp. This is considerable and the gap widens exponentially for the first few years. Once you reach VP at a PE shop, the lines are obviously blurred since carry can become quite material ("can", not "will").
The gap is similar but slightly lower at the analyst level. 1st year analysts at my bank make approximately 180k all-in. Some of them have exited to PE analyst roles that pay 110-130k.
What kind of post 2-year IB PE roles pay $110-130 in this country? Even the pensions (CPP/OTPP) pay 150+ and that's first year out of school
Depends on your location. As soon as you step out of Toronto, pensions and PE shops don't pay that much. CDPQ and PSP in Montreal do not pay 150+ first year out of undergrad.
Also, I was referring to candidates who leave after 1 year in IB, not 2.
Check out the WSO database. It shows associates at fulcrum and signal hill earning $200k.
Whats the pay range for Analyst/Associates at the big pensions ? CPP and OTPP particularly? Is it inline with what youd make at a Big 5 (assuming thats 160-170k)
First-year analysts at the Big 5 make 170-190k all-in, which is higher than what the pensions pay at the analyst level. At the first-year associate level in the Big 5, associates make 130-140k base and bonuses of approximately 100% (260-290k all-in), which again is higher than what the large pensions pay at the associate level. Can't provide exact ranges for the large pensions though.
Do you know what the Americans in Toronto are paying in CAD for An1 (i.e. Evercore, GS)?
CPP/OTPP pay $150-160k for first years while Canadian Ibanking pays $170-190k first year
Ive heard cpp and otpp are closer to 130-140 for AN1 - is this true
What are hours like at some of the PE firms in Toronto? Novacap, Signal Hill, Imperial, etc.?
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How do you think wlb will differ between being an analyst at a Big 5 vs associate at MM PE?
Congrats on TorQuest
Can anyone comment on hours/wlb at any of these MM pe shops in Toronto?
Also interested
For LMM firms you can get away with ~150 Associate / ~200 VP with functionally 9/5 with minimal weekend work when you’re not live on something. Co-investment opportunities too which can be very nice if you’re at a place with solid dealflow.
This is accurate from my experience. Agreed co-invest capital can be significant… if I count my gains from co invest, I made the same if not more than my peers in IB and worked the hours you mention when not on something pressing/closing.
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The numbers thrown around seem accurate. When I was last looking for an associate level hire out of Canada, we were getting strong resumes with some of the above names on the resume and asks were only around $175k - $225k CAD + upside exposure, which relative to what I'd get in the US...is a very good deal.
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