Sell Side and Promotions in Toronto?
Hey everyone. I'm a Canadian student hoping to get a FT position in Toronto in a few years and I had a couple questions as to how the industry here works.
How often do people in Toronto stay in IB rather than jump to buy side? I heard it's more common to stay in IB can anyone tell me if this is true?
Also I hear that promotions are more common in Toronto. Is this more for Analyst-Associate promotions or even for promotions to D/MD? Is reaching D/MD a reasonable goal in Toronto or is it close to impossible what with the smaller industry?
And finally, should I stick in Toronto or attempt to get into the US through recruitment (My school does send some people to the US) or by getting hired in Canadian firm and lateraling to the American branch in NY? Should I just ignore the US since I don't have citizenship? Are there any major differences between NY/Toronto? (lifestyle, structure, recruitment, comp)
Thanks guys
(PS it's my first post go easy on me)
There will still be Canadian bankers that jump to the buy-side from banking, but mainly for lifestyle reasons instead of higher comp. In fact, some of the top PE firms in Canada don't even pay close to what an MM US PE firm would pay.
In Toronto, A-A promotions are more common, and there are less MBA -> Associate transitions as you would see in the States. Making it to D/MD level will be tough no matter what country you're in lol.
Staying in Canada or moving to the States is a decision that you will have to make on your own. However, I will tell you that Toronto is definitely not much of a financial hub, and this will be reflected by lower pay and worse exit opps than its NYC counterparts.
I actually studied in Toronto but will be joining BB IB at a NYC/London/HK office as I want to avoid being pigeon-holed in a place where not much outside of Oil/Gas/Commodities is happening lol.
How are you getting around citizenship issues, are you already a citizen?
Also about comp, how is the comp at the Big 5 banks in Toronto? I heard some people say analyst pay is sometimes higher in Toronto but I have no clue if that's accurate, from what you say it doesn't seem right. I'm not really planning on going into PE anyways so would a job in IB have a heavily lower comp?
BB's sponsor your work permit.
Big 5 comp for IBD is lower than other major hubs like NYC/London/HK/Singapore, but the cost of living is also much much lower in Toronto. 1st year analyst will expect 65k USD base, whereas BB bankers will earn 85k USD.
Toronto banking will definitely not pay as much as other cities tbh. Also compare the Canadian tax rates to places like HK/Singapore where income tax is 16% across all tax brackets. Culture might be better in Toronto though lol.
Base in Toronto for A1 is around 80-85k CAD.
Yes, sounds about right. I just converted to USD for comparison purposes.
Does a work Visa lead to a green card/citizenship or is it the NAFTA Visa that you can get from being Canadian that's only for work?
Also thanks for info on comps between cities.
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