Any Bankers in Calgary?
HI guys,
I am currently interning for a medium sized company in Canada and one of the Financial Analysts approached me and asked if I would be interested in investment banking once I have finished my degree.
I obviously said yes absolutely. He told me that his friend is in a management position for on of the big (as big as it gets in Canada) Canadian investment banks in Calgary and he thinks I would do well in Investment Banking.
Now I was wondering if anyone here is working (or has in the past) in Calgary (or Toronto),or knows someone who works there. If so, what is it like compared to other places? (hours, pay, environment in canadian banks vs BB etc.)
Also, how would a top Canadian bank rank in terms of experience for potential future jobs. Obviously not quite as prestigious as BB but do they still have a decent reputation outside of Canada??
Any input would be greatly appreciated!
One thing I can tell you about Calgary is that it is expensive as shit.
Everything you do there will give you enormous "sticker shock"
It is more shocking than NYC, London, or HK.
Not sure why, but it is true......
well I live in Vancouver now. Calgary is significantly cheaper than Vancouver! But it is certainly interesting that you say it is worse than London and NYC. He said 1. year Salary would be around 80k and no bonus but after about 4 years compensation would be around 500k including bonus. does this sound legit or is it a little optimistic ??
That doesn't right at all. Unless you're bringing in deals, there is no way you're pulling in 500k with bonus.
Also, no bonus for the first year after working for the large banks? Again, gut sense is that it doesnt sound right.
PS: Calgary is a shit hole. I don't care how good the money is there, it sucks there.
Interested in this as well
Lived in Calgary for 2 years. Very cyclical business environment (depending on how well the oil & gas companies do in the region). The sticker-shock happens when oil & gas companies (think Suncor) do very well and sustain it for a bit; everything suddenly inflates in price.
It's a fine city, but you're better off with Toronto in my opinion. Calgary was a hotbed for oil & gas IBD work...not so much of that these days.
Not sure about comp.
Haven't lived in Calgary but really have a hard time believing it is more expensive than NYC or London...
What university do you got to if your still in your degree? Also 500K including Bonus after 4 years? WTF
Some serious misinformation here.
Expensive but not as much as NYC. There are a large number of well paying jobs in Calgary (mostly law, banking and engineering/O&G) and that pushes up prices (think $1500/1 bdr apartment, $8 for a beer in the city core). Parking prices is pretty bad though, second only to NYC according to Collier.
The starting salary at all these positions around 70K+ (yes, including the 9-5 jobs), so the differentiating factor between the 9-5 jobs and banking is the bonus/upside potential. Most recent bonuses (July) were 50K-60K for first year analysts.
The work environment is more "stable", exploitation companies can only go so long before they need to raise money. There will be a M&A spree in the industry, just like beginning of 2011, when things pick up and everyone rushes to buy at depressed prices.
Hours is VERY group dependent. Some will grind you till 2am everyday. Others will let you go home consistently at 6pm if things are slow (like now). BTW this is at the major shops in Calgary, not some bucket shop.
BBs in Calgary tend to have better hours than NYC but still more than the Canadian banks. Pay is inconsistent at some (ie. CS pays a starting salary of 92K + 10k sign on, bonus likely below average though considering the shape of the overall company).
The prestige question makes you sound like an idiot and I won't be answering it.
Think kalga covered most things. I might just add that you pretty much get the same internship or analyst experience as you would in a BB. But the deals are very industry specific. In Calgary, that would be oil & gas and Toronto is more so metals and mining focused.
Obviously in terms of global reputation, the Canadian banks are again well-known for the energy sector. For example, BMO Capital Markets is rated as one of the top banks in metals and mining and Scotia Waterous is known for O&G. The banks presence outside of Canada is arguably very small but nonetheless they do advise on some deals here and there.
I think if you are looking to begin a career in investment banking in Canada, working at the Canadian banks would be a great starting place.
Just going to bump this for 2015. How's banking up there and what is comp like for anyone currently banking in Calgary?
Bump
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