What kind of annual gross salaries do investment banks pay new graduates in Canada?
Similarly, what would be the annual gross salary paid by a large accountancy firm to a newly graduated student upon joining?
Re: Canadian Salaries
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*Originally posted by mAd_ScIeNtIsT: *
Similarly, what would be the annual gross salary paid by a large accountancy firm to a newly graduated student upon joining?
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Depending on which city you are talking about, it will be between 20-40k, IMO.
Hi MadS,
Assuming the candidate is seeking an entry-level I-Banking position after completing his/her first degree, a Full-Service institution such as Nesbitt Burns, Wood Gundy or Scotia McLeod would offer a Financial Analyst type position with a starting range anywhere between $45K - $55K Base Salary.
It would be significantly lesser, in the $40K - $45K range for Regionals and Boutiques.
As a new Accounting graduate, you're again looking around the $40K-$45K range, but jobs are much harder to come across.
In both cases, you can up the base if you have the appropriate certification - CGA, CMA, CFP, CA etc.
Hope that helps.
You can also check out some Canadian Job Sites like workopolis.ca, monster.ca, jobshark.ca etc. for more info.
Re: Re: Canadian Salaries
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*Originally posted by Faisal: *
Depending on which city you are talking about, it will be between 20-40k, IMO.
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Faisal,
I'm assuming thats USD?
MadS,
Also check out csi.ca... they might have some useful info.
Ok, the reason why I'm asking is that I've applied for an internal transfer within my company to our Toronto office because of a fabulous job that opened up in Toronto that I'm suited for. Whilst it's still not certain if I'll get the transfer, I'm suddenly worried that I might experience a lower quality of life since I would be localising in Canada and getting paid at the company's Canadian employee rate.
Now, the company I work for is extremely sensitive about realeasing any kind of salary information even to its own employees (it's bad for moral knowing what others make; It was embarrassing to find out that I make in 1 month more than an equivalent colleague makes in Kazakhistan in 1 year). It's therefore difficult for me to assess what a reasonable salary for me would be in Canada. Whilst I can and will find this out in future from the company, it's easier to just get to this now on GS :D
The reason I was asking about these salaries was that I was comparing my current gross salary level with what a new start in investment banking and in accountancy gets in the UK. (I know Canada has broadly similar taxation to the UK)
Currently, I earn about 80% of the starting salary that, say, Citigroup, Morgan Stanley, Deutsch Bank, etc would pay a new graduate on their trading programme (in the UK), and I earn about 33% more than a fresh graduate at Price Waterhouse Coopers in a non-consulting role (in the UK)
I am guessing that this ratio would remain the same in Canada, since we compete for employees with the same kinds of companies there.
So I guess that what I'm trying to get at is what the starting salary at multinational banks and financial services companies tend to be in Canada.
[QUOTE]
*Originally posted by mAd_ScIeNtIsT: *
So I guess that what I'm trying to get at is what the starting salary at multinational banks and financial services companies tend to be in Canada.
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MadS,
The Full-Service institutions I mentioned above are your equivalents to the "multinationals" so to say... in Canada, these top investment banks are mainly divisions of parent commercial banks - e.g. Nesbitt Burns (Bank of Montreal), Wood Gundy (CIBC), and Scotia McLeod (Scotiabank).
So yep, you're looking at a starting rate of $45K-$55K for a new graduate working as an entry-level Financial Analyst with a company such as the ones mentioned above.
That being said, while comparing salaries, make sure you take into consideration the fact that the cost of living in Canada is much less than that in the U.K. - and I mean "much" when I say so. Hence, it may make sense to do a relative comparison than an absolute one.
Good Luck... and lemme know if you need any more info/help. Dunno if it'd help, but I might be able to get some info from a couple of friends who're working in IBanking consulting capactities at Delloite and CGEY.
Thanks Umar Talib. No need for you to do anything further. If I get the job offer, the company will provide me advisors to run through the details of comparitive salaries and purchasing power, I’m sure.
I was just looking to see if there was anything that I’d overlooked that would cause me to withdraw my application.
And I really hope that “much” truly is “much” … my salary if converted to Canadian dollars is “much” higher than that (though what it buys in the UK is peanuts 
)
I thought u were a chemical engineer 
Why do so many people think that? 
I’m a BSc (Hons) graduate in Chemistry with Management. I work as a Systems Analyst for a fast moving consumer goods company’s IT department.
^ Is that company the blood sucking typical corp. American's fav. Phillip Morris?
Umar Bhai, how about a software engineer, with a Bach. & Masters in CS from a US university with a 5+ years experience get working in Toronto?
Maddy, re: i-banking if you're going towards the sellside/brokerage you'll need the CSC+CPH (similar to the series 7/63 in the US) to get licensed. Maybe some additional CSI courses over time to keep you competitive in the game depending where you're headed. CFA (or working towards one) would help if leaning towards analysis/research etc.
Re: acounting firms, british qualifications will be recognised to get you call-ups and entry level positions, but you'll have to get up to par with some stuff - taxation courses etc. Regardless, the British-Canadian conversion route is quite straightforward for CA's/CIMA's and CA/CGA/CMA's and vice versa. UK CIMA's are recognised as equivalent to Canadian CMA's, but that may not hold weight for much longer as a CA-CMA merger is already in the works.
Umar bhai's covered up most of the info pretty well. Compensation at the entry level is kinda decent but not too high, but there's a considerable diff in salary:cost of living ratio when comparing the two countries.
maddie, u want the dirt on your company's pay scales? go to vault.com and look up your company's Board and ask. dont divulge too much details about yourself i.e. u are internal transfer from Uk etc etc, just ask about pay scale at your grade.
Well Diablo, thanks for your help but I wasn't really interested in those 2 careers.
I needed to know those salaries because in the UK, I make 75% of what an investment banker's base salary is and about 33% more than what an accountant earns at my level of experience (2 years).
I was trying to get a yardstick measure for approximately what my salary as a Systems Analyst in the consumer goods industry would be should I accept a transfer to Canada.
maddy, my bad. skimmed the post instead of reading it in detail. I’m not down with the specifics but you should be able to make good coin in such roles, esp in the GTA or Calgary, Alberta.
anyway, not sure if this is similar to what Fraudia bhai mentioned or if you’re aware of it already, but here’s a useful tool to get an idea of salary ranges. Nothing official or based on any detailed stats but gives a fairly close bracket:
diablo mah man, on vault u can get the inside scoop on any company almost.