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. 

Comments (106)

May 20, 2021 - 12:45pm
IVIcap, what's your opinion? Comment below:

Bump

IB - Coverage
May 21, 2021 - 3:47am
Goya Beans, what's your opinion? Comment below:

CAD prob

To live is to suffer, to survive is to find some meaning in the suffering.

May 21, 2021 - 7:10am
TexRillerson, what's your opinion? Comment below:

Correct, CAD.

"Drill, Baby, Drill" - Sarah Palin

  • Analyst 2 in IB - Gen
Apr 22, 2022 - 11:54am

Same pay for RBC in Montreal (confirmed by a few colleagues). And, actually, analyst 1 comp last year was more around $165-180k depending on bucket.

  • 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 - 11:36am
TexRillerson, what's your opinion? Comment below:

Thanks for the intel. will add it to the main post.

"Drill, Baby, Drill" - Sarah Palin

May 21, 2021 - 2:29pm
TexRillerson, what's your opinion? Comment below:

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

"Drill, Baby, Drill" - Sarah Palin

  • 1
May 21, 2021 - 6:21pm
Canucklehead, what's your opinion? Comment below:

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. 

KC
  • 2
May 21, 2021 - 7:21pm
TexRillerson, what's your opinion? Comment below:

100% agree.. lower rent and no PST in Calgary. IB pay must feel like nothing in Toronto or Vancouver.

"Drill, Baby, Drill" - Sarah Palin

  • Analyst 1 in IB - Restr
Jun 4, 2021 - 7:00pm

EVR pays USD (similar to NYC)

GHL pays similar to the Canadians now

Jun 5, 2021 - 9:54am
TorontoMonkey2018, what's your opinion? Comment below:

There was a bump to both analyst and associate base. Believe AN1 base was bumped to 95K, AS1 to 135K.

Jun 5, 2021 - 1:49pm
TexRillerson, what's your opinion? Comment below:

Any clue what total comp will be for those roles?

"Drill, Baby, Drill" - Sarah Palin

May 22, 2021 - 11:49am
IVIcap, what's your opinion? Comment below:

Any insight on Raymond James analyst pay in Toronto?

IB - Coverage
May 22, 2021 - 3:32pm
TexRillerson, what's your opinion? Comment below:

Is this in Canada?

"Drill, Baby, Drill" - Sarah Palin

  • 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.

  • Analyst 1 in IB - Gen
Jun 4, 2021 - 5:04pm

I heard this on the CIB call, but have not received any specifics. Do you know what the increase is? 

Jun 4, 2021 - 7:46pm
TexRillerson, what's your opinion? Comment below:

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

"Drill, Baby, Drill" - Sarah Palin

Aug 2, 2021 - 6:40pm
prospect-joe, what's your opinion? Comment below:

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
prospect-joe

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

Same as the comp in their US offices but paid in CAD.  So around 15-20% more in total comp, but significantly higher base salaries from associate and up.

  • Analyst 1 in IB - Cov
Dec 2, 2021 - 3:33pm

Anyone know based on bonus whispers what the Canadian average analyst and associate all in compensation figures will be this year?

Feb 13, 2022 - 10:09am
ramsingh, what's your opinion? Comment below:

Given the lower base compared to US, does Canada IB has better hours and WLB? Or is it as shitty as US hours?

  • Analyst 2 in IB - Cov
Feb 13, 2022 - 10:39am

On average, the banking hours and lifestyle are better in Canada than the US. Less deal flow, typically less complex transactions, lower sponsor activity (and less SPAC activity, which really crushed some US groups last year). There is less travel too (which helps with hours/WLB) since most clients are concentrated in 3-4 major cities (vs spread all over the lower 48 in the US)

Some groups in Canada may be bad, but the average NY BB Group is worse 

source: I worked at a big 5 M&A group in Toronto and a EB in NY

Most Helpful
  • Associate 2 in IB - Cov
Feb 14, 2022 - 2:10am

Depends on shop in both Canada and US for hours, for example a high deal flow / sweatier shop in Canada (BMO M&M, RBC Energy, etc) could lead to similar if not worse hours than many groups at BBs and EBs in NY. The clear difference comes down to comparing pay for effort, and in many cases (or most, excluding examples like Citi this year...) you'll still come out behind on total comp. Comp reflects cost of living (where these days, TO is sky rocketing in a manner not adequately reflected in comp), and exit opps. To ditch IB in Canada, the general PE exit options (for example) don't pay nearly as competitively as the options in NY & the US, which doesn't help Canadian IB pay. Long story short, if you want to maximize $, head to NY. If you want to maximize WLB, possible in Canada "on average" like the comment before mine, but not a guarantee. Better to choose an industry / group you're passionate about, in the place you want to be living, and dive into IB head first - see if it's the right fit (Canada or NY).  

Mar 3, 2022 - 9:09pm
IVIcap, what's your opinion? Comment below:

I can confirm that some banks have officially raised to 100k base for AN1

IB - Coverage
Mar 3, 2022 - 10:41pm
whatsapitchbook, what's your opinion? Comment below:

trust me if we could get the sponsorship to go to the U.S., we would in a heartbeat

STONKS
  • 1
Apr 20, 2022 - 2:11pm
BOBBERT, what's your opinion? Comment below:

Yeah this is the secret no one talks about. We're all vying for sponsorship. I wish I figured it out earlier. The Canadian economy is absolutely in the shitter. If I was at a top school id be talking to career services about what i gotta do to secure that visa

Mar 9, 2022 - 12:26pm
cad_Ballasone, what's your opinion? Comment below:

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Mar 30, 2022 - 7:22pm
ConnorGraham1, what's your opinion? Comment below:

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  • Associate 1 in IB - Cov
Apr 22, 2022 - 5:44pm

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Apr 22, 2022 - 7:10pm
wrightwoman851, what's your opinion? Comment below:

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