Canada to NYC Lateral
For those of you who have made the transition from IB in Canada to the U.S., I'm wondering if you could please answer a few questions, draw some comparisons, and share your experience?
- Where did you move from (Big 5 Bank, Global, Boutique)?
- Pros/cons of your former and current bank?
- Pros/cons of Canadian vs. U.S. IB landscape in general?
- What was the process like of getting a Visa?
- Where did you learn more and have better experience / mentorship?
- Any perspective on the differences in work life balance / culture is helpful.
- Is it worth it to finish my Analyst years and come in as an Associate?
- Where do you have more buying power / ability to save money?
- In terms of the actual work, was there a lot of catching up, or did you feel fully up to speed?
- How was the lateral recruitment process?
- If my intention is to do banking in the U.S. for 2/3 years and come back, is it worth it?
Thank you so much!
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Not in IB but know a lot of folks that have done the Canada -> USA IB leap. Answers below:
Would be interested in this as well!
1. N/A (I'm not a lateral so can't speak on that) but generally the U.S. IB landscape is better than the Canadian one.
2. If you're a Canadian citizen then you'll be brought on as a TN (NAFTA) visa (not all firms sponsor so double check beforehand (example: UBS and BofA do not). Usually the firm handles all the work (they have legal teams that deal with it all).
3. It's hard to differentiate since I don't have the Canadian IB experience but I found that most people here are super friendly and helpful. Since the teams are larger you'll have a bigger analyst or associate class so it's easy to make friends. I also found that its much easier to network and meet other finance professionals. Also mentorship is really dependent on the team and firm itself, some seniors are more willing to be mentors and others not so much. Really recommend finding a mentor that is outside of your team since they can offer advice without being subconsciously bias.
4. If you're transitioning to a bulge bracket or elite boutique then your work-life balance will be different (more hours) from a big five. Mostly because there isn't as much deal flow in Canada as there is in the states (bigger market, more deal flow, IPOs, etc.).
5. N/A
6. NYC/SF salaries especially with the recent bumps in base pay will give you a better comp package compared to Toronto offices, however, cities like NYC/SF are expensive and rent will set you back a bit in terms of saving. It's possible to save money and have more buying power but you just need to be wise with your spending. For example, if you plan on going out every weekend then it'll be more costly in NYC.
7. N/A
8. Can't speak on the lateral process but in terms of recruiting, you need to emphasize heavily why you want to shift into the U.S. market. Not sure what sector you're currently in but definitely talk about the major deals/trends happening in the U.S. market and tie it into your "why" answer. You have to sell them on why they should take you instead of another analyst from a U.S. firm.
9. This one is tricky to answer cause it depends on your own goals. If you plan on doing banking long-term then definitely the Canadian IB landscape is better for that in terms of work-life balance. However, if you're aiming to do buy-side (PE, HF, AM) then definitely recommend staying in the U.S. since you'll have more opportunities to recruit for these roles.
Hope this helps!
It's been a while since I posted on this topic so I thought I'd reshare some thoughts and old posts. Hopefully, they've aged well. Note below is more for Analyst/Associates. For VPs and above advice might be a bit different (I'd strongly prefer US for more senior roles).
1. Big Five (think RBC/BMO/TD/Scotia) MBA associate, graduated top MBA school (think Rotman/Ivey). Candian banks are surprisingly uptight relative to their US counterparts. I think there is a major inferiority complex north of the border. However, I would say that top Canadian bankers are just as good as top bankers (even at top BB/EBs). Deal size south of the border is "sexier" (larger in $ and volume) but it's not like technical skills like DCF or acc/dil math suddenly changes.
2. Used to be easier (I moved a few years ago). Tricker now. See my old post on the topic below.
https://www.wallstreetoasis.com/forums/tn-1-visa-for-canadians-academic…
https://www.wallstreetoasis.com/forums/trump-nafta-tn-visas-canadians-a…
3. Honestly, at the junior level the experiences are surprisingly comparable. There's some modest technical work (DCF, comps precedents) and significant bullcrap (moving logos around on PPT).
4. When I was in Canada, there was a very corporate feel (I think this was consistent at all the big 5)
5. Highly context dependent, but I would recommend yes.
6. This is all over the place, but (to state the obvious) you are earning and spending USD instead of CAD (so call it... 1.2x factor). If you are in a HCOL city (like NYC), it's about the sameish as Toronto/Vancouver. If you are in a LCOL city (Chicago? I haven't really lived in a Tier 2 US city) that it's like Montreal (from what I'm told - this is second hand from friends)
7. Again, mostly inferiority complex from Canadians. I think the best Canadian bankers can hold their own against their US counter parts.
8. See post below, specifically item #3 - "Are you 'US Caliber'?"
https://www.wallstreetoasis.com/forums/ibd-barriers-to-entry-for-canadi…
9. Generally, yes. There are a lot of "Coming Home" programs from recruitment firms like Vlaad and Co (check out Bill's Buzz) that will give you very good credit for work done while in the US. I've heard of people coming back that get a decent title bump when they return. There is some cache to working in the US. YMMV.
Rerum voluptate sit expedita. Exercitationem ut optio quia laboriosam quia ut odit.
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