Outside of MFs and pensions, what is the appeal of PE in Toronto? You take a substantial cut in comp – senior associates make what an ASO1 in banking would make. Is it just a trade off for better WLB and more “interesting” work?
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Based on the most helpful WSO content, the appeal of Private Equity (PE) in Toronto outside of Mega Funds (MFs) and pensions includes several factors:
Work-Life Balance (WLB):
Interesting Work:
Long-Term Career Path:
Compensation:
Culture and Environment:
Tax Considerations:
In summary, the trade-off for better work-life balance, more interesting work, and a supportive culture makes PE in Toronto an attractive option despite the potential pay cut compared to IB.
Sources: What is Canada comp like?, IB vs PE Pay Progression in Canada, TORONTO 2020 1st-Year PE Associate Compensation, Why is everyone in love with PE?, Why is everyone in love with PE?
People that go to the Canadian MM generally want more hands-on operational experience, be more involved in the portco mgmt. process, ability to be more impactful in a smaller team and directly be part of the corporate development / FP&A / strategy teams of their portcos. And sometimes they're dangled a bit more of the carry pool / earlier access to carry than say at a Canadian MF. Canadian MFs are similar to banking 2.0, and pensions are generally not as involved with portco mgmt.
Also banking just sucks so much, especially if you're in a bad bank / group, so sometimes people jump at any respectable-ish buyside offer they get
But I agree with you - personally I am at a pension and I think its best to either to Canadian MF or pension, the paycut and WLB is quite poor at the Canadian MM and worth it imo
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