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.
Bump
RBC's paying 160-170K all-in in Toronto?
CAD prob
Correct, CAD.
Montreal?
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.
bump
Can confirm RBC have increased base salary for analysts and associates across all offices by approximately 10-15%. Unsure about bonuses.
Thanks for the intel. will add it to the main post.
.
Great! Thanks. Any indication how much total compensation will be?
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.
100% agree.. lower rent and no PST in Calgary. IB pay must feel like nothing in Toronto or Vancouver.
I made 350k as an AS3 in Canada. Didn't seem like highway robbery to me.
💯 Associate base is horse-shit.
.
Reach out to HR tbh.
Do we know how much Toronto EBs are paying (Evercore and Greenhill)?
EVR pays USD (similar to NYC)
GHL pays similar to the Canadians now
What is all-in analyst comp?
So how much is EVR paying in that case?
A bit late to the response here but this is false. Both EVR and GHL pay materially above the Canadian banks. 1st year analysts at both clear in the low-mid 200s, and Associate bases at both scale to the mid to high 200s in the later years.
Any info regarding National Bank?
There was a bump to both analyst and associate base. Believe AN1 base was bumped to 95K, AS1 to 135K.
Any clue what total comp will be for those roles?
TD?
Any insight on Raymond James analyst pay in Toronto?
.
Would you happen to know total comp for Analysts?
Work in cap markets at RBC and went from 140-160 base USD as first year associate. Analysts got an extra 10.
Is this in Canada?
No NYC
Bump
Nothing trickles down
That's what she said.
Anyone hear anything on the global banks?
Bump
anything on Scotiabank?
No clue, but they seem to pay the lowest in general amongst big 5
deleted
Bump
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.
Wondering if you can provide details on the increases?
I heard this on the CIB call, but have not received any specifics. Do you know what the increase is?
Details would be great so that we can update the thread! Thanks
Any chance you can confirm actual Associate 1 numbers ? (Base comp)
What is TD doing?
Is this pay increase just for IB, or other positions in Global Markets (S&T, ER, etc.)? Anyone have colour on updated Analyst thru VP numbers for S&T? Cheers.
I just accepted an offer for S&T at a lower big 5 for AS1 my base salary 120k.
.
Anything on TD?
For BMO can anyone shed some colour on the 15% pay increase? Does Corporate Banking Base match Investment Banking Base at the Analyst level at BMO? What's the base for new Analysts and 2nd year analysts at BMO CIB now?
Bump
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?
What’s TDs all in AN1 comp
Did the Barclays pay raise make it over to Canada?
You know it
Anyone know about comp for Toronto Global Offices? (MS, BAML, Citi, etc)
Generous
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.
Any idea what corporate banking bonuses as % of base might be like at the bb/global satellite offices in Canada?
Have any idea what the total comp at Citi is for a first and second year analyst?
They just got another pay bump at the start of 2022.A close friend works at Citi in Toronto in Corporate Banking. AN2 base salary bumped to 125K CAD.
Associate 2 or analyst 2 ?
Any stats on Desjardins?
Lol employees work for free there.
Can confirm top bucket 2nd year analysts at RBC this year was $215k (if you run-rate the new $95k analyst base)
Associate comp in Canada is peanuts. I live in Toronto and worried about surviving on this shit base.
Anyone know based on bonus whispers what the Canadian average analyst and associate all in compensation figures will be this year?
Anyone know about 2022 bumps given what competition is doing?
I sure hope so. I just signed an offer an no hints this under review. but there is certainly the same junior staffing challenges.
Given the lower base compared to US, does Canada IB has better hours and WLB? Or is it as shitty as US hours?
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
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).
Might need to update this again, potentially more raises announced this week.
Rumors of certain offices raising to 100k base
I can confirm that some banks have officially raised to 100k base for AN1
I have no clue how they avoid brain drain paying so little in incredibly expensive places. Toronto/Vancouver post-tax are basically as much as HCOL American cities...but the American cities offer a better lifestyle + opportunities.
trust me if we could get the sponsorship to go to the U.S., we would in a heartbeat
Did they stop with TNs etc? A few friends are stateside on TNs. In HF and PE though.
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
This is exciting! any color at all on how you came across these rumors? and does it extend to associate level?
Can anyone confirm the new Associate base comp for TD ?
prob too late but its 110K
Is this for Rotating Associates or FT?
Which banks raised? And what is the new salary level?
I know RBC and BNS did 100%
AN1 - 100K; AN2 - 105K; AN3 - 110K
Voluptatem qui vel accusantium dolores. Sapiente quia neque asperiores veniam omnis cumque provident. Accusamus pariatur quia impedit recusandae perspiciatis. Consequatur quod est rem rerum eveniet sit. Consequatur quae perferendis vitae architecto ex laborum. Non accusamus at id pariatur est consequatur est perferendis.
Quis quis dolorum ad laboriosam illum ut esse commodi. At incidunt est et cupiditate nostrum officia sequi. Et et deleniti provident ea est consectetur.
Esse sit id ut recusandae reiciendis. Commodi hic accusantium voluptas laborum minima est ipsum. Quia quaerat tempore ad pariatur ut. Illo quaerat autem sint laudantium quas.
Aut ut dolores maiores sit. Quia modi fugiat molestiae eligendi nemo. Modi fugit quidem harum et. Dolore possimus nobis et animi aut consequatur voluptate.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quo nemo ut ut recusandae omnis perspiciatis ea. Et voluptatem omnis id nemo. Eius porro atque dolor.
Quo esse et eum quae consectetur. Et eius asperiores tenetur sunt soluta. Nam omnis possimus accusamus qui. Molestiae voluptatem consequuntur sint sed. Omnis quia molestiae et et eius voluptatem ducimus rem.
Fugiat nemo tempore asperiores voluptas omnis. Rerum quasi enim sed omnis illo quae quibusdam. Nostrum in aperiam placeat aperiam et facere dolores.
Neque et totam accusantium. Reprehenderit omnis nobis inventore quam vitae est corrupti tempore. Neque cupiditate est rerum. Repudiandae dignissimos aliquam veniam officiis.
Omnis eligendi voluptatem quis dolor recusandae. Aut ut doloremque minus voluptatum temporibus. Ratione excepturi saepe non consequatur voluptatem. Vel nihil incidunt illum earum beatae. Omnis ex ut non repellat voluptas numquam nesciunt.
Eos corrupti sed quaerat numquam deserunt architecto corrupti autem. Sit quidem omnis mollitia amet.
Nulla molestiae voluptate dolor atque dolorem et et. Placeat qui animi eaque laboriosam ut. Voluptas sit voluptatem est nemo cumque soluta asperiores quia. Eos facere in esse et expedita et quisquam. Ipsam non ex omnis minima est. Ea hic modi et aperiam ut.
Eaque illum qui saepe nemo molestiae. Et beatae et ab itaque.