It's tough to get good insight on this, but now that 2023 is over, I'm curious about the total pay (base plus bonus) for A1s at big 6 banks in Toronto — RBC, BMO, TD, CIBC, Scotia, and NBF.
I'm aware salaries were lower in 2023, so if it's easier, you could also share what typical compensation looks like under normal market conditions. I’m curious to know which banks are paying highest on the street.
Thanks in advance for any info you can share!
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Ah, the quest for the golden bananas of compensation data! Based on the most helpful WSO content, here's what the jungle drums have been saying about the compensation for A1s at the big 6 banks in Toronto:
First Year Analyst Compensation: Traditionally, a 1st Year Analyst in Toronto could expect a base salary in the range of CAD 80-85k, with bonuses potentially adding another 40-60k, and sometimes a signing bonus of 5-7.5k.
2023 Compensation Trends: The specific numbers for 2023 haven't been explicitly mentioned in the threads, but there's a general indication that salaries were lower. This could be due to a variety of market conditions, including economic downturns, changes in deal flow, or other financial pressures.
Comparing the Big 6: It's a bit of a jungle out there, and banks can be secretive about their pay scales. However, the threads suggest that bonuses are declared around the end of the year, and there's usually a bit of variance between the banks. RBC, BMO, TD, CIBC, Scotia, and NBF all compete for top talent, so they tend to keep their compensation packages competitive with one another.
To get the most accurate and up-to-date information, it's best to swing through the latest threads on the WSO forum or network with current employees who can share the freshest bananas—I mean, numbers. Keep in mind that bonuses can fluctuate significantly based on individual and company performance, so the total compensation can vary from year to year.
Sources: Toronto - Boutique Investment Banking Compensation, 2021 Big 6 Canadian bonus thread, Big 5 Toronto Analyst Comp Help, 2021 Big 6 Canadian bonus thread, Base Compensation Increase | IBD | London
Highest paying is pretty easy - Rothschild. Among big 6, pretty much all the same (find that mining groups tend to pay the most). My shop had AN1/2 in mining make ~ 200k in 2023.
Highest paying? Rothschild closed one public deal in 2023. Would be shocked if comp was the same as their US counterparts
Rothschild, what? Would be shocked if junior comp exceeded B5 on average, to say nothing of globals or boutiques in TO
Data point is anecdotal - know a junior on the team. Just the base alone I believe was ~160 CAD.
Rothschild Toronto also just cut their entire diversifed team including the head of Canada, so there's that.
Rothschild is definitely at the top, if not the top, of the street in Toronto in terms of comp, 100%. They do a lot of mining PF work that isn't public.
Don't know if youre willing to say which big 6, but if you could at least narrow it down, would be really appreciated.
Curious to know among the top banks in the big 6 so RBC/BMO/TD
What do the globals pay generally?
At analysts levels believe it's between $95k - $110k CAD
Any insight on big 6 all in comp or it varies largely from bank to bank?
Higher than Canadian banks. Analyst 1 base salaries are generally in the 105-130k range with all in comp in the 190-220k+ range over the last couple years (although this was during Covid and may decrease a bit going forward). I’ve heard/seen of higher data points from top analysts at certain firms
All in Comp increases roughly by another 20-30k+ for analyst 2
there is more variability at the associate-vp+ level, but the bands are much higher than big5
$100K base, ~$50K mid bucket (~$175K was top bucket for an AN1 at a B5 this year and ~$210K was top bucket for a AN2).
Globals pay like $10-30K more and as for EBs, believe 1st years at Evercore Toronto during 2021 got >$200K (though that was obviously an anomaly).
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