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(Interested in this as well). In terms of pay, I can confirm CDPQ (Quebec) is shit at the junior (Analyst/Associate) level.
What's "shit"? Is it worst compared to a banking 3rd year if it's associate level? base/variable?
Have heard CPPIB pays relatively on par in banking and know a guy doing a work term in Teachers though not sure whether it's the same pay as FT prorated. Would have to find out more. PSP is more discrete in terms of everything so not sure.
I know that OTPP, Teachers here (HK) apparently "does not pay market" and that it has made it a bit tougher to get good candidates. CPPIB does pay much better but they work you a LOT (once again, HK), I head Toronto hours are much better. Other Canadian pensions, not so sure.
From what I have seen (once again from people out in Asia) is that they move around between Canadian shops, sometimes join FoF or other big institutions, the odd joins a direct shop (not really), IR at some PE shops. That's really it. At higher levels, it is cushy, pay not bad, hours good and you have lots of power since some of these guys (CPP, OTPP) are very big and powerful.
That being said, everyone wants to do co-investments these days, mostly to get some glory and also to reduce management fees. It is going to end in a lot of tears. Co-investments generally don't perform as well, most don't do their own under-writing and let's face it, these shops don't pay like PE funds/banks and so the best people usually won't be at the pensions, unless they are retiring or really senior, at which point they won't care as much...
Ok that was a ramble but hope it gives you some color. There are a few shops in Canada, but why not move down to the US and look around, or go abroad?
Good Luck
I have only 1 outdated (4 years ago) source but it's definitely below market pay. Someone from my bank who was a bad analyst ended up there after 2 years in banking and got 80k. Definitely below pay vs. banking on every level.
Non-existent or highly discretionary analyst/senior analyst level hiring. Exception is CPPIB which runs an undergrad program. PSP had a few hires past few years too. OTPP does not hire at analyst level. Associates hiring targets top performers from Canadian banks or analysts from US groups looking to return to Canada, with 2-3 years of strong deal and execution experience. In terms of trajectory beyond associate level, it varies with the size and growth of the fund.
edit: realized from comments below my wording was unclear. Above was writen in terms of hiring for analyst/associate titles AT the fund.
OTPP definitely hires at the analyst level - or they have in Asia, at least. I know because I've met the guy. 1-2 years out of banking...
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