Canada IB Pay Increase?

Great if we can gather more intel about compensation increase in Canadian IB teams. This is what I've heard so far (might be wrong so happy to change if we get more accurate info):

RBC (Confirmed by 2 WSO Users):

Base salaries increased 10-15% firm wide

IB Analyst 1 at RBC all-in is around C$160-170k.

IB Associate 1 should be around C$270k.

CIBC (Confirmed by WSO User)

Base salaries increased to:

IB Analyst C$95k base

IB Associate $135k base

BMO (Confirmed by IB individual):

15% pay increase. Seems to be reflected on bonus only. 

Canaccord (Confirmed by IB individual):

IB Analysts' salaries bumped by C$5k (implies ~C$85K base)

IB Associates' salaries bumped by C$10k (implies C$110k base) 

Stifel (Confirmed by IB individual)

US increase has not trickled down to Canada yet. 

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Comments (66)

May 21, 2021 - 3:47am

CAD prob

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Most Helpful
  • Associate 1 in IB - ECM
May 21, 2021 - 11:11am

Can confirm RBC have increased base salary for analysts and associates across all offices by approximately 10-15%. Unsure about bonuses.

May 21, 2021 - 2:29pm

Great! Thanks. Any indication how much total compensation will be?

"Drill, Baby, Drill" - Sarah Palin

  • 1
May 21, 2021 - 6:21pm

Associate pay is still way too light considering the high COL in the CAN cities. Calgary or Edmonton that seems okay but not Van or Tor. 

  • 1
  • Incoming Analyst in IB - Cov
May 25, 2021 - 5:44pm

Anyone hear anything on the global banks? 

  • Analyst 1 in IB - CB
Jun 4, 2021 - 3:21pm

Can confirm TD has also made salary increases in Canada from Analyst - VP in Investment Banking and Credit Origination. Global Markets is under review for a raise also.

Jun 4, 2021 - 7:46pm

Details would be great so that we can update the thread! Thanks

"Drill, Baby, Drill" - Sarah Palin

Aug 2, 2021 - 6:40pm

If you work at BMO, you probably already know this from a week ago. 

CB A1 - 90k + 5k signing

This is only for the credit group, can't speak for Cash Management or Trade Finance groups but they are most likely 10-20k lower in base. 

  • Analyst 2 in IB - CB
Aug 2, 2021 - 8:24pm


If you work at BMO, you probably already know this from a week ago. 

CB A1 - 90k + 5k signing

This is only for the credit group, can't speak for Cash Management or Trade Finance groups but they are most likely 10-20k lower in base. 

Weird. I signed on as AN2 in CB and also only got 90 + signing. Does the base not go up for 2nd years? Do you have any insight into what bonuses typically look like for CB (credit) at BMO?

  • VP in IB - Gen
Aug 16, 2021 - 8:07pm

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Aug 21, 2021 - 4:31pm

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Total Avg Compensation

September 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (220) $232
  • 2nd Year Analyst (135) $154
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (103) $143
  • 1st Year Analyst (487) $135
  • Intern/Summer Analyst (377) $82