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)

Base Salary:
Analyst $90k
Associate $120k
VP $150k

All-in:
Analyst 1 $150k
Analyst 2 $170k
Analyst 3 $200k
Associate 1 $250k
Associate 2 $300k
Associate 3 $350k
VP $400k - $650k
ED $700k - $1m
MD $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 comment on BB or boutique comp, so will let others chime.

Pension Fund PE (CPPIB)

All-in:
Analyst $140k - $200k
Associate $200k - $300k
Senior Associate $300k - $400k
Principal  $400k - $600k
Senior Principal $600k - $800k
MD $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:

All-in comp:
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 ER Associate 1st year - $130k
Big 5 Bank IB Associate 1st year (direct promote from analyst in 2 years) = $220k

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Comments (92)

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  • Analyst 1 in IB - Cov
Jan 1, 2021 - 8:22pm

One of my friends claims OTPP pays less than CPP. 85k base + 5% bonus for analysts. How true is that? 

  • Intern in PE - LBOs
Jan 2, 2021 - 1:34am

Yeah, I've heard the same thing for OTPP's new analyst program (direct placement into a group). From what I've heard, less that 100k all in for a first year analyst. Anyone else confirm? 

Also not sure if the CPP numbers are true for 1st year analyst in the rotation program; I've heard that CPP ranges from 100-110k all in first year. OMERS Rotational pays the best (120-130k all in). Can anyone confirm?

Jan 1, 2021 - 8:46pm

If you're not at a huge fund the drop off in pay is huge compared to the US. 
 

  • Associate 3 in PE - Other
Jan 2, 2021 - 2:11pm

Just adding on to this comment with an anecdotal datapoint:

My firm (current invested + dry powder of c. $5bn; global mandate) recently greenlit a Canadian office. Pay will be the same dollar amount as USD positions, but in CAD. So if associates in the American offices are paid target US$250k, then Canadian associates are paid target CA$250k.

  • Analyst 1 in IB-M&A
Jan 1, 2021 - 9:40pm

Does anyone have info on the mid-market PE funds, i.e. Birch Hill, Imperial, ONCAP (pays like Onex?), TorQuest etc?

  • Analyst 1 in IB - Gen
Jan 12, 2021 - 1:32pm

Torquest was hiring an analyst out of undergrad 2 years ago. Heard base was $60k and they didn't end up finding anyone at that comp. 

  • Research Analyst in PE - Other
Jan 2, 2021 - 11:52am

Any insight on buyside public equities in Canada? Thinking Mawer, Waratah, Gluskin, Turtlecreek, etc

Jan 3, 2021 - 3:21am

I've heard Mawer pays 1st year Equity Analysts 120k all-in (80 base + 40 bonus).  That's on par with buy-side public equities shops in Toronto.  Lots of variance between firms though as you move through the ranks since progression isn't as structured as say IB or PE.  

Apr 20, 2021 - 8:27pm

Not sure about capital markets, but can give a bit of commentary that pay for juniors doesn't differ between non-PE and PE investing roles as far as I can tell (I worked at a pension fund).

  • Analyst 2 in IB - Cov
Jan 3, 2021 - 3:47am

You would for sure have a discount working at a satty with how bonuses are allocated. Usually with an uptick in "lifestyle" re: less hours worked. The exceptions would be Calgary banks when energy markets are / have been hot

  • NA in IB-M&A
Jan 10, 2021 - 8:51pm

BBs and EBs in Toronto generally pay above the Canadian banks at pretty much every level pre-Director/MD. Top-bucket analysts can make $20-60k more per year (vs. analysts at big-5), with the top end being the firms that straight convert their USD analyst comp to CAD. At the associate/VP level the premium is probably around $50k+ but with more variability depending on performance and deal flow. At the MD level, performance matters way more than platform and strong MDs can get paid on either platform

  • Analyst 2 in IB - Restr
Jan 7, 2021 - 1:28pm

Ranges with experience level, but 1st year Associate can expect C$160k-C$200k all-in. 

  • Intern in PE - LBOs
Jan 5, 2021 - 3:50am

Would maybe put a disclaimer that these numbers are for "good ish" years. Past few years CPP has been overperforming their benchmark so the comp is reflective of that. If they underperform, it would be less. 

  • Analyst 1 in PE - Other
Jan 11, 2021 - 12:15am

I know OTPP does for their new grad program

  • Prospect in IB-M&A
Jan 7, 2021 - 2:11am

Heard no/very low bonuses across most banks this year due to lack of deal flow
GS & Citi Calgary literally paid no bonus while hours went up to pretty ridiculous amounts since WFH apparently

  • Analyst 1 in IB - Cov
Jan 7, 2021 - 12:59pm

I can tell you with absolute certainty that the Calgary BB offices did not pay "literally no bonus" this year and was actually relatively in line with prior years despite covid. Yes WFH hours have gotten worse but to say that they paid out no bonus is a total lie. 

Source - close friend works at one of the BBs in Calgary you named.  

  • Prospect in IB-M&A
Jan 6, 2021 - 12:16pm

Has anyone successfully been able to negotiate a slightly higher base for a new grad IB/PE Analyst role or would recommend atleast trying to negotiate? Obviously these are standard across the board which is why I would imagine the answer to the above is no but thought I'd see if anyone had other opinions

  • Intern in PE - LBOs
Jan 7, 2021 - 1:22am

I asked CPP if it was negotiable since I had a US banking offer that paid a lot more. They said no.

  • Intern in PE - LBOs
Jan 7, 2021 - 2:12am

Did my summer at that US bank. Found the work not very intellectually stimulating. Saw CPP as somewhere I would be happy long-term. Would probably be looking at coming to CPP anyways after banking or 2+2. 

  • Analyst 2 in IB - Gen
Feb 24, 2021 - 12:56pm

Corp. banking comp for analysts is typically 80-85k base, with 20-50% bonus. Desjardins would likely be at the lower end of this spectrum, although I don't know anyone in CB there.

Mar 7, 2021 - 12:05am

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  • Prospect in IB-M&A
Mar 9, 2021 - 1:48pm

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Jul 16, 2021 - 7:26am

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