BMO Capital Markets IBD

jimbrowngoU's picture
Rank: King Kong | 1,523

Hey guys,

Looking for some information regarding BMO Capital Markets and their Investment Banking group -- specifically, their U.S. operations and their Technology IBD group. I know there won't be much info regarding deal flow or culture in the U.S. Tech group since it is relatively small/new, but given their U.S. IBD presence in health care, business services, industrials, etc., I would like to hear about analysts' experience at the firm, especially regarding culture and pay. I expect they pay standard base ($70k-$80k-$90k for 1Y, 2Y and 3Y analysts, respectively), but would like to know if this is true in BMO's U.S. IBD group. Also would love to hear about bonuses (how do they pay? Do they pay bonuses during the summer like most banks, or do they pay a stub to first years at the end of December to get everyone on the same pay schedule? And what kind of numbers are expected?).

I know the BMO IBD group as a whole has definitely come out of the recession as a stronger group and expect that it would place fairly well as a MM shop.

Any information is welcome. Thanks guys.

Comments (74)

May 31, 2010

I don't know much about the technology group but a friend that works there says the 2 best things are culture and pay. Apparently they pay above street and the people are easy to get along with. If you want to stay in banking it is probably a decent place to work as they don't tend to over hire and then lay a bunch of people off when things go south. Not great for exit ops though.

May 31, 2010

Cool, thanks for the response. In which office does your friend work? Which group? What level is he/she?

May 31, 2010

One analyst told me that base is 10k below street.

May 31, 2010
Advisory88:

One analyst told me that base is 10k below street.

When was this? I would think they'd be on par with all other banks by now... Was it as of last summer?

Jun 1, 2010
jimbrowngoU:
Advisory88:

One analyst told me that base is 10k below street.

When was this? I would think they'd be on par with all other banks by now... Was it as of last summer?

I was told this was true for first year analysts starting this summer.

May 31, 2010

I heard Canadian banks start salary at $65k.

May 31, 2010

I've heard that also...even at the big banks.

Jan 1, 2018

Consider that the Canadian dollar is worth less than the US dollar. So $65k Canadian is around $52k US

May 31, 2010

At the associate level, pay and bonus is in-line or above the street. Hours are just as bad as BB firms. At least in the healthcare group, they seem to have ample deal flow.

Jun 1, 2010

Their pay was going to be 60k, but they bumped it up to 70k. Bonuses are good, but the problem is exits. There are very little exit opps... it is fairly easy to get a 3rd year analyst offer and way easier than a BB to get an Associate offer (1 or 2 groups are well known not to promote analysts to associates though)

The PE shops just don't value the BMO US experience yet i guess. If you can get a transfer to Toronto, BMO metals and mining is comparable to GS TMT...

    • 1
Jun 1, 2010

Thanks -- I've heard the same thing (BMO now pays base on par with street).

I'm not too concerned with exiting to top megafunds. I'm more interested in late-stage growth equity and lower middle-market buyout shops -- i.e., places where recruiting will happen more through my MD than through headhunters.

Jun 1, 2010

associate offer means 0 exit ops. this firm is probably below rbc and rbc is below a lot of other firms..

Jun 1, 2010

As noted, I'm not concerned about the exit opps from BMO -- I'll be able to get interviews at a majority of the places I'm targeting through either alumni or my MDs contacts. Once I get the interviews, it's up to me to convert -- many of the places have associates from less-renowned MM shops than BMO.

Jun 1, 2010

M&A is in Chicago, while Lev Fin is in NYC. Both NYC and Chicago have industry groups as well. Overall, good MM bank that pays relatively inline with the Street each year. In general, most of the people there (NYC at least) are pretty laid back.

Jun 1, 2010
ShawnDU2009:

M&A is in Chicago, while Lev Fin is in NYC. Both NYC and Chicago have industry groups as well. Overall, good MM bank that pays relatively inline with the Street each year. In general, most of the people there (NYC at least) are pretty laid back.

Disagree. I know a few Analysts and Associates in the NYC office in M&A and it is definitely not laid back.

Jun 1, 2010

This is incorrect they have some Lev Fin people in Chicago (I interview with a MD that works in the office)

Jun 1, 2010

an insider told me they paid better bonuses that the street over the past couple of years because they weren't hurting as much as the big banks that had toxic assets and/or negative press.

Jun 1, 2010
technoviking:

an insider told me they paid better bonuses that the street over the past couple of years because they weren't hurting as much as the big banks that had toxic assets and/or negative press.

Past couple of years has been good for BMO in terms of compensation. Definitely been at or above Street. Since Street bonuses were all over the place this year, they paid relatively inline from what I heard.

Jun 1, 2010

know anything about the lev fin group in nyc?

Jun 1, 2010

I was under the impression that all IB was done out of Chicago, except Energy in Houston, and Healthcare and Lev Fin in NYC. This was what a VP in M&A told me last fall, so things might have changed.

Jun 1, 2010

M&A is primarily based out of Chicago, with a few M&A professionals in NY.

NY has ECM, DCM, lev fin, and some industry groups (healthcare, FIG, business services). Chicago is home to the rest, though Houston has energy, San Francisco has a small healthcare team, and Boston has a small healthcare and a small business services team.

Culture in the entire company, from what I've heard, is off the charts. I don't necessarily mean hours are great (though the satellite offices -- SF, Boston and Houston -- are rumored to have terrific hours), but it's a "flat" organization, very collegial, and very laid-back. You're not going to find an MD in a bad mood ripping apart an analyst or associate, because that's just not tolerated. And this culture starts at the top.

As for pay, base is standard (70-80-90), and bonuses are dependent on group performance but have been at-or-above Street over the past few years. This year, at least for one of the groups, was above-average.

Again, this is all based on hearsay from two individuals in a single group, so take it for what it's worth.

Jun 1, 2010
jimbrowngoU:

M&A is primarily based out of Chicago, with a few M&A professionals in NY.

NY has ECM, DCM, lev fin, and some industry groups (healthcare, FIG, business services). Chicago is home to the rest, though Houston has energy, San Francisco has a small healthcare team, and Boston has a small healthcare and a small business services team.

Culture in the entire company, from what I've heard, is off the charts. I don't necessarily mean hours are great (though the satellite offices -- SF, Boston and Houston -- are rumored to have terrific hours), but it's a "flat" organization, very collegial, and very laid-back. You're not going to find an MD in a bad mood ripping apart an analyst or associate, because that's just not tolerated. And this culture starts at the top.

As for pay, base is standard (70-80-90), and bonuses are dependent on group performance but have been at-or-above Street over the past few years. This year, at least for one of the groups, was above-average.

Again, this is all based on hearsay from two individuals in a single group, so take it for what it's worth.

i have a pal who works for BMO Chicago, can confirm that he works long hours but work environment is friendly and positive

Jun 1, 2010

they are investing a massive amount of money into their US operations. some really impressive hires. Should see some good results in a few years. In toronto they are number one at metals and mining, however brutal scary hours, Most groups have a pretty good culture, not stoggy and overally formal etc.

Jun 1, 2010

Can you elaborate a bit on brutal scary hours? For Cap markets or industry group?

Jun 1, 2010

bump, curious about any changes/developments with BMO CM?

Jun 1, 2010

ECM platform ramping up, DCM has always been solid (especially in MM space) with lending relationships. Product groups usually more brutal, industry groups will vary. HC, tech got crushed as of late, and industrials was light.

Jun 1, 2010

BlackRock is solid...

Jun 1, 2010

an MD just left Carlyle to join BlackRock.

Jun 1, 2010

deleted

Jun 1, 2010

Shit, now even BusinessWeek is pimping their stuff out on WSO. Next thing you know everyone is going to rearrange their target schools to line up with BWs top 10...

;)

Jun 1, 2010

depends on group

Jun 1, 2010

completely depends on group...PMG is where it's at from what I'm told. PAG is also quite solid. Unfortunately for BLK, many of their summers runoff to top IBD or trading after because of the culture. Smart people but not intense, at all. Bonuses are also low compared to IBD.

Jun 1, 2010

PAG is back office, dont do that.

Jun 1, 2010

What youngibd said is partly true. PAG kinda sucks, and the top groups (PMG, FMA, etc.) traditionally have taken very few or no interns. It really depends on what specific group you end up in.

Jun 1, 2010
monkey23:

What youngibd said is partly true. PAG kinda sucks, and the top groups (PMG, FMA, etc.) traditionally have taken very few or no interns. It really depends on what specific group you end up in.

This year, PMG is taking 12-15 interns. I knwo this because I worked there two years ago and stay in touch.

WIth regard to PAG, while back office, this was traditionally the best internship opportunity at BLK. This is no longer the case as this summer (which is the first FYI) PMG is taking intern from UG. Again, I am very close to a pm there and guarantee this is wholly accurate.

Jun 1, 2010

hey young ibd. does PMG take full time from ugrad too? namely stern

Jun 1, 2010

yes they do take FT. this past fall was the first time ever and I believe they brought in about 10 analysts in the PMG group. it's a rotational program within: fundamental research, quant, and trading.

Jun 1, 2010

BlackRock is extremely legit. it is diff from having an ibank on the resume because BlackRock mostly on the buy-side

there are much fewer slots (regardless of group) when compared to ibanking, better hours, and solid pay relative to hours worked

exit opps are generally at the buyside: Hedge funds, other asset management firms, FoF, BB AM groups, or director/portfolio manager tracks

many people would rather have BlackRock than an ibank, but thats purely due to more available ibanking slots.

Jun 1, 2010

I agree with you, that's why I said traditionally. I know in the past PMG has taken very few, but this summer they are starting to hire more aggressively. This is the first year FMA is taking summer interns or students straight out of undergrad with no full time investment banking experience. In my opinion, PMG, FMA, and RQA are on the same level as i-banking or trading. PAG is not.

Jun 1, 2010
monkey23:

I agree with you, that's why I said traditionally. I know in the past PMG has taken very few, but this summer they are starting to hire more aggressively. This is the first year FMA is taking summer interns or students straight out of undergrad with no full time investment banking experience. In my opinion, PMG, FMA, and RQA are on the same level as i-banking or trading. PAG is not.

agreed...

Jun 1, 2010

awesome company

Jun 1, 2010

for London it would be veeeeery new to me that there are any ppl in FMA without 2-3 years of experience.... in 2010 there were no interns in FMA EMEA....

Jun 1, 2010

Any additional thoughts here?

Jun 1, 2010

BMO has a boutique focus (200MM-5B), but has the resources of a BB. They have no intention of leaving that MM deal size range. They are split equally between NYC and Chi offices, so neither is weaker than the other.

They have a strong energy group down in Houston, and their metals/mining groups is pretty good.

Jun 1, 2010

Are you looking to work in Canada or US? In Canada their metals/mining group is the shit like post above me said.

Jun 1, 2010

Looking to work in the US. Any idea of what groups are strong there, both Chicago and NY?

Jun 1, 2010

Think they also have a small TMT focused satellite office in Boston.

Jun 1, 2010

A few HC people in Boston as well

Jun 1, 2010

Anyone know anything about the groups in Chicago?

How strong are they in real estate, industrials, food, m&a, and dcm

Jun 1, 2010

bump

Jun 1, 2010

Just saw this now. How did the it go? I'm interviewing w BMO in NY office for same position now and any guidance would be appreciated.

Jun 1, 2010

how would you know your group already?
is that standard fare?

happy to give advice; no asking for referrals please

    • 1
Jun 1, 2010

This role is a 1.5 year analyst role.

Jun 1, 2010

They're looking for an analyst for this group. It is through a recruiter.

Jun 1, 2010

oh okay
well whatever your past experience is, that's all going to be fair game
in all honesty its not too likely they'll ask you too much sophisticated technical stuff, UNLESS you already have investment banking background
just know about the industry you're going into (industrials), big moves, where it's headed, etc etc

happy to give advice; no asking for referrals please

Jun 1, 2010

which office?

Jun 1, 2010

NY thanks

Jun 1, 2010

is this SA or FT?

Jun 1, 2010

FWIW, I interviewed with their SF office, specifically tech. It was straightforward technicals, but asked a number of brainteasers. Something along the lines of 'how many gas stations in the US' and 'if you were a key on a keyboard, what key would you be'?

A number of people were from the NY office, so there may be some layover in types of questions asked.

Jun 1, 2010

FT -- could you maybe lay out how you answered those type of questions. I know they are just looking for your thought process. But, any advice on how to go about answering those brain teasers. The recruiter told me the same thing -- that expect brainteasers. I am interviewing with a tag team of two VPS -- 2 on 1. Thanks everyone.

Jun 1, 2010

Check out metals & mining.

Jun 1, 2010
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