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 (90)

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  • 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 - 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. 

Jun 2, 2021 - 2:37pm

PSP pays 82K base for a first-year analyst. This was 2019 tho so could've changed. As for bonus I've heard 30% but not sure as to how legit that is. 

  • 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.  

  • Intern in S&T - Other
Jan 2, 2021 - 8:15pm

Anyone know comp numbers at pension funds for non-PE investing roles/capital markets?

  • Prospect in IB-M&A
Jan 5, 2021 - 1:19pm

Can confirm. Can also confirm Onex Associates also get worked like dogs in return

  • Intern in PE - LBOs
Jan 3, 2021 - 12:50am

Comp is same for direct PE and funds for same title, but promotion cycles could vary between the two groups (probably firm dependent)

  • Analyst 2 in IB - Ind
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

Jan 8, 2021 - 9:22pm

BBs and EBs will pay a material amount more on an all-in basis than the Canadian 5. Currently at an EB in Toronto and cleared 200k as an A1.

  • 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. 

  • Prospect in IB-M&A
Jan 5, 2021 - 6:56am

Do the pension funds (OTPP/CPP) offer a signing bonus for new grads?

  • Analyst 1 in IB - Ind
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 - 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. 

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Total Avg Compensation

July 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (36) $363
  • Associates (209) $232
  • 2nd Year Analyst (120) $152
  • 3rd+ Year Analyst (28) $146
  • Intern/Summer Associate (100) $145
  • 1st Year Analyst (442) $133
  • Intern/Summer Analyst (357) $82