Canada Associate Bonuses MUCH Less?

bbanker124's picture
Rank: Chimp | 13

I have been trying to find out what I-banking associate bonuses at the big 5 banks in Canada are, on average. I assume they are MUCH lower than in the US but I have no data at all on this. Does anyone have any data on year 1, 2, and 3 associate bonus levels (post MBA) at RBC, CIBC, BMO, Scotia, TD?

Here's what I am assuming

Associate 1: 70-80. (so with $85K Salary, total 155-165)
Associate 2: 80-110 (so with $85KSalary, total 165-195)
Associate 3: 120- 140 (so with $85K Salary, total 205-225)

Is this pretty close? Or are they even lower? Again I have no info, except for base salary

I am working at a boutique in NY and am thinking of hopping over to Canada but don't want to make way less.

Can anyone give me a range for each of these levels?

Comments (30)

Apr 25, 2010

I am aware of a 1st year associate (direct a-to-a promote) in Canada who will make >$300k this year (excluding his signing bonus). However, this is at a non-canadian bank though. From what I've seen, the Canadian banks will pay slightly less than the US firms in Canada. If I were you, I'd aim for the US BBs that are located in Toronto.

Apr 25, 2010

Thanks. Any idea on what that % discount would be for pay by the Canadian banks vs. the international ones in Canada?

Apr 25, 2010
bbanker124:

Thanks. Any idea on what that % discount would be for pay by the Canadian banks vs. the international ones in Canada?

No clue dude, sorry.

Apr 25, 2010

Don't know about associates but analysts make anywhere from 30% to 50% more (all in) at a BB firm. Assuming those %s hold that may give you an idea.

Apr 25, 2010

Are those numbers supported by experience in/knowledge of Canada specifically? I would have thought the difference would be less since the big 5 banks own most of the deal flow in Canada. I've heard the comparison is not the same as a BB vs. mid market or boutique comparison in the US.

Anyone else have any associate year 1, 2, 3 numbers at the big 5 in Canada? Do they really pay that poorly?

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Apr 25, 2010
bbanker124:

Are those numbers supported by experience in/knowledge of Canada specifically?

The one I mentioned is true.

Apr 26, 2010

Your numbers are shit. A close friend of mine will be working in one fo the big 5 post MBA, and was told he will make in excess of 200,000 all in first year. Big 5 vs bulge bracket in Canada is not the same as middle market vs BB in the US.

Apr 26, 2010

Based on what people said above, it seems that salary at the analyst and associate levels are much higher in the Toronto offices than the New York offices. Is there a reason for this?
I know that deal flow in Canada was stronger relative to US over the last year, but 200,000 all in for first year analyst is still much higher than what a first year analyst can make in New York.
Are the salaries higher to attract people who would otherwise go to New York?
(exchange rates and tax rates can't be used to justify it since both currencies are at parity, and the new york city tax makes tax rates in NYC the same as in Canada (both at around 40%))

Apr 26, 2010

No I think the point being made is that the DIFFERENCE between US BB and US middle market pay in the US (both in NY for example) is much bigger than the difference on pay between US BB and Canadian big 5 in (both offices in Toronto for example), at all levels.

$200,000 all in quoted was associate level if I'm not mistaken?? This seems high to me. Are there any sites that post Canadian compensation other than this one and bankersball? Anyone else know anything about associate level comp in Canada at big 5?

Apr 26, 2010

post mba = associate

Apr 29, 2010

Any other info out there on Canadian associate pay at big 5? There must be some people lurking with an idea..

Apr 26, 2010

Keep in mind that CoL in NYC is much higher than CoL in Toronto. Not to mention Ontario has a pretty low marginal tax rate (~41% at top bracket).

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Apr 29, 2010

how can they pay less in canada. for one thing the cost of living is higher. for another it would be impossible to attract any talent.

Apr 29, 2010

Not even remotely helpful. Cost of living is lower by far vs. NY. I'll leave other comment alone.

I guess this thread is dying. Would be grateful to anyone else with data..

    • 1
Apr 29, 2010
bbanker124:

I have been trying to find out what I-banking associate bonuses at the big 5 banks in Canada are, on average. I assume they are MUCH lower than in the US but I have no data at all on this. Does anyone have any data on year 1, 2, and 3 associate bonus levels (post MBA) at RBC, CIBC, BMO, Scotia, TD?

Here's what I am assuming

Associate 1: 70-80. (so with $85K Salary, total 155-165)
Associate 2: 80-110 (so with $85KSalary, total 165-195)
Associate 3: 120- 140 (so with $85K Salary, total 205-225)

Is this pretty close? Or are they even lower? Again I have no info, except for base salary

I am working at a boutique in NY and am thinking of hopping over to Canada but don't want to make way less.

Can anyone give me a range for each of these levels?

I can confirm your Associate 1 salary. Your bonus figures are low though.

Jun 11, 2012

Wondering if these packages will be same for ER Associate in canada

Jun 11, 2012
energyanalyst:

Wondering if these packages will be same for ER Associate in canada

Not even close... First these figures are over 2 years old, the bonuses are lower for IBD in the current environment. Secondly, and more importantly, ER Associates are analysts and even comparing an ER analyst to a banking analyst, they would earn less.

Jun 11, 2012
rufiolove:
energyanalyst:

Wondering if these packages will be same for ER Associate in canada

Not even close... First these figures are over 2 years old, the bonuses are lower for IBD in the current environment. Secondly, and more importantly, ER Associates are analysts and even comparing an ER analyst to a banking analyst, they would earn less.

Thanks rufio...Yeah, I met few bankers in CFA luncheon today they told me market is tight, bonuses are small...too many bank analyst covering same company.....

Jun 20, 2012

1st year associate base is $100K at the big 5, and bonuses are generally in the 80%-100% range.

I have a friend at one of the global bank's Canadian office and his base is $135K. Bonuses are on the higher end as well, as was his signing bonus.

Jun 22, 2012

Thanks :)...

Oct 15, 2018

Has anyone got recent information regarding Associate (Post MBA) comps in Canadian Big banks (Top 5)?

"Be persistent and you will get, be consistent and you will keep it, be grateful and you will get more"

phuckQuotes

Oct 16, 2018

Would be interested in this as well. Anyone with Associate comp data (ideally post-MBA) in Toronto Big-5 care to shed some light?

Oct 20, 2018

Summer Associates(MBA) in S&T get 90k base. I believe FT S&T post-MBA should be at least 100K base.

"Be persistent and you will get, be consistent and you will keep it, be grateful and you will get more"

phuckQuotes

Most Helpful
Oct 23, 2018

low of 95 base for Scotia. high of ~160 base for CS (1st year, not stub). RBC highest base for big 5 @ 120. Total first year comp from 225 (assuming you're not in a coverage team with no flow) to ~ 280 for globals/ big 5 (if you have a banner year). This usually involves getting worked to death if you're making 280 first year @ big 5.....

I'm not including mid market groups that roll under the commercial banking platform, that's a different kettle of fish and total comp is half of what the capital markets is. GMP base was 80 a couple years back, but I wouldn't be surprised if that's been moved higher since analysts at big 5 are largely getting more than 80 base now.

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Oct 23, 2018

Do you know what the bonuses are like at Scotia?

Oct 24, 2018

I believe these figures are mainly for IB. Do S&T Associates make something similar to that @ big 5s?

"Be persistent and you will get, be consistent and you will keep it, be grateful and you will get more"

phuckQuotes

Oct 20, 2018
Comment
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Oct 23, 2018
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