Hedge Fund Internship in Toronto with Low Salary

Heheda's picture
Rank: Chimp | 12

Hi,

I got an intern offer from a 2~8B AUM hedge fund in Toronto. They offer me like 5.5k CAD per month plus an unknown bonus at the end. I am wondering if it is too low and planning to argue with the HR. I am not sure if it is worth doing so as I have no bargaining power at this stage and no idea of the current market price in Toronto as I just came to Canada for several months.

I will work with a PM and guess my job will be doing whatever he asked. I would like to gain some experience in HF market before I move to the state. I guess this experience may help me find some larger HF in the state.

Comments (11)

Most Helpful
Mar 9, 2019

holy shit it's an internship don't argue with HR about the stipend. take it and don't be an idiot.

    • 4
Mar 9, 2019

Don't worry about the pay at this stage. I know it's lower than the HF or IB/PE figures you see on this site. You should understand that you have a rare opportunity in Toronto.

Toronto's HF scene is tiny... even if you include places like Gluskin (most of their money is in non alt, especially if you exclude BF). Gluskin, Picton, Waratah are the only shops I can think of that have AUMs close to the $2-8bn range. And the only places that hire interns.

https://www.bnnbloomberg.ca/waypoint-seeking-to-st...
"A Canadian investment firm that crushed the returns of its peers last year is looking to raise $500 million for what would be one of the country's largest hedge funds"

"The Alternative Investment Management Association of Canada said 58 per cent the country's hedge funds have less than US$100 million under management, with the median size US$41 million."

Mar 9, 2019

Thanks for your reply.

Yeah, it is much lower than what I expected. I used to work as an intern in a BB of the state and the salary is much higher than that of this HF. I know the rate in Canada is lower but never expected that much. Besides, I also have an alternative investment intern offer from a Pension fund which gives me 65k per month. I am wondering if it is a better choice.

    • 1
Mar 12, 2019

bump

Mar 12, 2019

Seems fairly normal for undergrad. I interned for major hedge fund in Toronto and received similar comp. Its important to understand that Canadian market is much different, limited number of players and seats at the table. I would say take the HF internship, unique learning experience and responsibility is very good. Happy to answer questions if you want to message me privately

    • 2
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Mar 13, 2019

Even if you do argue with HR successfully, (which I don't recommend as it is highly unlikely), you're not going to get a worthwhile increase anyways, especially after Canadian taxes. Same thing applies to that pension job you mentioned, yes it's more money on paper, but its a marginal difference after deductions.

The HF pay is more than enough to live in Toronto and enjoy it so stop worrying so much about comp and focus on gaining experience/ learning geez.

    • 1
Mar 19, 2019

Thanks. Yeah, as an intern, it makes no difference after tax deductions. the experience is more important at this stage.~~~

Funniest
Mar 19, 2019

Definitely argue with HR. Please report how it goes. You should ask for at least 2x what they offered because at the end of the day you'll be making them a ton of money over the course of your internship stint. They can afford it and you obviously deserve it.

I really hope you spend the whole internship doing coffee runs and picking up dry cleaning for someone equally as arrogant as you.

"Out the garage is how you end up in charge
It's how you end up in penthouses, end up in cars, it's how you
Start off a curb servin', end up a boss"

    • 3
Mar 19, 2019

if you'll be working with the PM, then you should be willing to start work for free. What you don't seem to realize is...if you do a good job and they like you, they can give you any kind of bonus they want. If they make a lot of money off your work, they could hand you 100k in cash, and ask you to stay. The PM could help you get your dream job elsewhere if they like you. This is worth more money than any possible base salary. You seem to be looking very short sighted. Think the long game.

If you were a tech star and interning at facebook or google, then you could command a higher base because there is a lack of tech talent. But that is not your situation...you are lucky to have an internship at all...you should treat it a such.

Don't try to negotiate wth HR..it will make you look like an idiot, and they might just pull the offer and go to somebody who has more appreciation for the offer.

just google it...you're welcome

    • 1
Mar 19, 2019

Hi,

Thanks for your reply. really appreciate it. I guess I will stick to the current comp and won't argue with the HR. I realize the most important thing to survive in the HF industry is to show them that you can make money for them and then you can get the return you deserve, other than arguing before you make any contribution like you said.

Mar 19, 2019
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