Canada IB vs PE Comp Megathread
I've seen lots of questions on IB vs. PE comp in Canada. Thought it would be helpful to post what I know. Full disclosure - I am a longtime lurker posting from a throwaway account. 10 years in the industry working at one of the places below.
Canadian IB Comp (Big 5 Bank)
Analyst 1 $150k
Analyst 2 $170k
Analyst 3 $200k
Associate 1 $250k
Associate 2 $300k
Associate 3 $350k
VP $400k - $650k
ED $700k - $1m
Comp will vary slightly from above based on ranking ie. low, mid or top bucket for Analysts/Associate and and revenue generation for VP/ED/MD. I can't or boutique comp, so will let others chime.
Pension Fund PE (CPPIB)
Analyst $140k - $200k
Associate $200k - $300k
Senior Associate $300k - $400k
Principal $400k - $600k
Senior Principal $600k - $800k
OTPP comp is comparable to above. Keep in mind that their titling is a bit different because OTPP doesn't have a "Sr Associate" position. In other words, a CPPIB Sr Associate = OTPP Principal. Similarly, CPPIB Principal = OTPP Senior Principal. CPPIB Senior Principal = OTPP Director. MDs are the same.
Smaller pension funds like PSP, AimCo, IMCO, HOOPP, OPTrust, BCI will pay less. Onex/Altus pay the most - inline with US megafunds.
One final word of caution when comparing IB vs. PE comp. Investment banks typically promote on a 3 year cycle, whereas large pension funds like CPPIB promote on a 4 year cycle. In other words if you were 6 years out of undergrad and a direct promote from Analyst>Associate>VP in IB, your comparable tenure at a place like CPPIB might only be Associate or Sr Associate.
Feel free to chime in below if you have other datapoints.
Editing post to add a few confirmed datapoints from the comments below:
OMERS Rotational Analyst 1st year - $120k - $130k
CPPIB PE Analyst 1st year - $140k - $160k
Big 5 Bank Capital Markets Rotational Analyst 1st year - $100k
Big 5 Bank Associate 1st year - $130k
Big 5 Bank IB Associate 1st year (direct promote from analyst in 2 years) = $220k