Salary difference Toronto - NYC? Investment Mng Client Services
I have about 5 yrs of Client Service experience in the NYC Investment Management industry. Started as an RFP writer then moved to Client Service Associate. My salary right now is 80k plus 10 bonus. As an Institutional Associate, I support the Advisors, deal with clients & prospects, work on presentations, commentary & reporting, resolve settlement issues, arrange meetings, etc.
I am looking to move to Toronto. I know salaries there are lower in general, which is fine bc of the cheaper rent and free healthcare.
But how much lower? When interviewing, I would like to ask for $70k - but is that completely out of a normal salary range? Ive seen some job listings with a range of 45-55 but that seems so low for the # of years of experience they want.
I have no idea about local adjustments but don't forget, the free healthcare everyone is enjoying is off the higher tax rates from your pay check and everyone else with a decent job. Cheers.
I'm not sure what exactly you do but when I met people in those roles at my firm they were working in a call centre. If there's retail funds then I suspect you'll be either doing that or dealing with advisor's(usually I see advisor's having specific sales reps they contact). If its institutional clients then your salary expectations maybe more accurate(also since RFP's are not generally written for retail investors) but I'm not sure if they have that job title or if its something else. I think you maybe looking at different jobs with similar titles.
Not much info about Client Services salaries, but generally the main differentiator in finance roles between NYC and Toronto is in the form of bonus (base is generally the same). Also, don't expect rent/expenses to be significantly lower. The difference these days, given exchange rates won't be much more than ~200 a month or so...
The Client Service role is Institutional & is sometimes called Investor Relations or Sales Associate.
I disagree about the expenses, I can rent a bedroom in a share in downtown Toronto for $400-$600, walking distance to the financial district. I can rent a share in a luxury building (gym, pool, doorman) for $700-$900. There is no way I can do that in midtown or downtown Manhattan.
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