Calgary IB?
I'm thinking about potentially doing a stint at one of the B5 in Calgary, and am wondering if anyone can give me advice in this direction. Some things I'm thinking about:
1. Exits: Any optionality to go the US?
2. Dealflow: Are the B5 equal? My impression from reading this forum is RBC is a leader but sweaty...any info beyond that?
3. Compensation: Ballpark? Similar to Toronto?
Thanks!
When considering a stint at one of the Big 5 (B5) banks in Calgary, you're looking at a unique landscape within the Canadian investment banking sector, particularly with a focus on the energy sector. Here's a breakdown based on the insights from the WSO dataset:
Exits & Optionality to the US: The exit opportunities from Calgary's B5 banks can be quite competitive, especially if you're aiming for positions in the US. RBC, for instance, has been noted for providing better lateral and private equity (PE) opportunities in the US compared to its peers. This is partly due to its strong brand and extensive network. However, the majority of analysts tend to move to other Canadian or American banks, with some landing roles at big Calgary PE shops like Arc, Azimuth, and Triwest. The geographical location might pose a challenge for US recruiting directly from Calgary, but it's not impossible.
Deal Flow: Among the B5, RBC is often highlighted as a leader in terms of deal flow, particularly in the energy sector. However, it's also known for demanding work hours ("sweaty," as you put it). BMO is praised for its great culture and low turnover, often hiring from UofA's PRIME program, indicating a competitive entry point. TD is known for a "cowboy type culture" with decent deal flow and probably the best working hours among the Canadian banks. CIBC is mentioned for having a decent culture and a focus on the harder working side, with specialties in oil and gas (O&G) and power and utilities (P&U). This suggests that while RBC might lead in volume, other banks offer distinct cultures and focuses that could influence your experience and opportunities.
Compensation: While specific numbers aren't provided in the dataset, it's generally implied that compensation in Calgary is competitive and might be similar to Toronto for equivalent positions. The cost of living differences and personal lifestyle choices between Calgary and Toronto could also influence how you view the compensation package's value.
In summary, your experience in Calgary's IB sector will vary significantly depending on which of the B5 you join, with factors like deal flow, culture, work-life balance, and exit opportunities varying across the board. RBC stands out for its deal flow and US exit opportunities but comes with the trade-off of intense work hours. Compensation is competitive, likely on par with Toronto, but the overall value can depend on personal preferences and lifestyle.
Sources: Calgary IB Rankings, RBC Calgary Mass Exodus, Walk me through the Canadian IB sector, Citibank in Calgary?, https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1
1. Exits:
Yes, US is an option. There's several that will internally transfer to the NY office after their analyst stint. NY PU&I teams are an option alongside energy groups in Texas.
2. Dealflow:
RBC is the leader in deal flow by a mile. BMO probably #2? The other 3 (4) can be different year to year. There's other threads around here where deal flow for each is discussed.
3. Compensation:
My understanding is that the base salaries for each firm are identical to their Toronto counterpart. (ie. Calgary RBC = Toronto RBC / Calgary Scotia = Toronto Scotia)
Bonuses will ebb and flow though.
Great. Would a US buyside exit be possible (i.e. CIBC -> infra PE or PC in the US?)
Possible, yes. Far from easy though.
It’s better to choose a bank that does better in the USA though, like BMO / RBC, maybe TD.
Very helpful. Thank you.
Figure US exits are easier from the globals?
From what I’ve heard RBC and CIBC are super sweaty, scotia has the best hours but also less deal flow.
Thanks!
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