PE Pay Across Canada
I've been trying to dig around and see what the pay differences are for PE analysts across Canada. It's a no brainer that Toronto makes more than other cities in Canada but does anyone know by how much?
In banking it's not that noticeable of a difference. Toronto will pay $190k for AN1 while Vancouver/Calgary will pay ~$160-170k (I think, correct if wrong)
Can anyone share what you should expect to be paid as a PE AN1 in Toronto vs somewhere else in Canada like Vancouver/Calgary? Toronto is kind of a shit hole so it would be best to avoid moving there, but if the pay and exit ops are better, then fuck it.
Based on the most helpful WSO content, the compensation for PE analysts does vary significantly across different cities in Canada, with Toronto generally offering higher salaries compared to other cities like Vancouver or Calgary. Here's a breakdown of what you can expect:
Toronto: For a first-year PE analyst (AN1) in Toronto, the compensation is generally higher due to the concentration of large firms and the competitive financial market. While specific figures for AN1 aren't detailed in the context, it's inferred that Toronto offers more competitive pay, likely aligning with or exceeding the banking sector's compensation for similar roles.
Vancouver/Calgary: The compensation in these cities for a PE AN1 might be slightly lower compared to Toronto. In the context, it's mentioned that banking roles in Vancouver might offer around $160-170k for an AN1, which could be a useful reference point. PE roles often align closely with banking in terms of compensation structures, so it's reasonable to expect a similar, if not slightly higher, range for PE roles due to the added responsibilities and investment focus.
Comparative Analysis: Toronto not only offers higher compensation but also potentially better exit opportunities given its status as a financial hub in Canada. This could influence your decision if career growth and opportunities are a priority alongside salary considerations.
While Toronto might not appeal to everyone due to personal preferences regarding lifestyle and city environment, the financial incentives and career opportunities it offers in the PE sector are significant. If maximizing your career potential in private equity is your goal, Toronto might be worth considering despite its downsides.
Sources: IB vs PE Pay Progression in Canada, What is Canada comp like?, Toronto Vs Vancouver Job, TORONTO 2020 1st-Year PE Associate Compensation, Ask me anything: I'm a private equity associate in Canada
There aren’t too many analyst programs in Toronto tbh
190k for AN1 is a bit optimistic in current environment lmao, assuming you’re talking about big 6 not globals
What would you expect all-in for AN1s at Big 6? Does 160-170k sound right?
Yes. Would be expected value.
PE shops pay lower than IB at associate level except Onex/Altas/Brookfield so doubt the LMM PE shops in Canada are paying 190k for analysts
This is correct, they are not
Think some of the lower tier pensions in Toronto (i.e. AIMCO, HOOPP) are at around 100K, maybe a bit higher. Higher tier pensions like OTPP, CPP, plus some GPs like TQ at ~150K. Don't really get the big bucks in PE unless you hop in at the ASO level to places like Altas and Brookfield.
Do you know how much Altas or Brookfield pays?
At the associate level, its roughly in line with US Megafund comp, so at current FX levels, around 400K CAD (if not more).
Important to note that if you are working in IB in Canada for a team other than RBC M&A/BMO M&A or a global there is little to no precedent for getting a role at either of those places. They fill essentially their entire classes with kids returning from the states.
Altas ASO 1 is USD$250k. Perks are free lunches, dinners, ubers, and insane pension, among others. Source: My buddy worked there 2023 Winter as an intern.
Do you know how much the pensions pay at the ASO level?
Bit less certain on Aso level, but buddies have mentioned ~$250K to ~$280K for Aso1 - could be off though.
CPP asso ~250k
del
Dawson pays ridiculously high to compensate for the pigeonholing and culture, have heard $250K base for AN1
Not true. Used to be ~$225K all in An1, now around $180K all in
Dawson the place to be if you want secondaries in Canada. Exits have been Evercore PCA and Ares
LMAO Dawson rebranded from Whitehorse Liquidity Partners?!?! Just check this site, horror stories everywhere. Pay may be high, but so is insanity.
Focusing on comp at the analyst level is dumb
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