Career Paths within Finance
There are several rewarding careers in financial services that we explain on this site. Entry level positions in all of these specializations are most easily accessible through an undergraduate degree specializing in Finance or Accounting or a select graduate program (a quantitative masters or an MBA), but realistically, we have seen employees in all fields having more esoteric educational backgrounds (although at a minimum, university degrees are required in today’s market).
We have a nifty career cheat sheet here for ease of getting in (assuming a lateral and not from on-campus recruiting), compensation and where to get out – ranges are from confidential sources. For compensation, we offer the Canadian banking range. If the bank is a boutique, lop off anywhere up to 30% for base and bonus can go as low as zero (especially the commodity focused ones in bad years, but apparently even Deutsche Bank paid goose eggs not long ago). For bulge brackets and elite boutiques, add on up to 20% for base and bonus (keep in mind some global banks pay in USD on a 1:1 basis, which boosts the figure even more due to FX).
Professional Interview Series
- Interview With A Mergers & Acquisitions Investment Banker – Part II
- Interview with a Mergers & Acquisitions Investment Banker – Part I
- Interview with Sales & Trading Associate in Hong Kong
- Interview with an Oil & Gas Investment Banker: Part III
- Interview with an Oil & Gas Investment Banker: Part II
- Interview with an Oil & Gas Investment Banker: Part I
- Interview with: Loan Syndications Associate in Hong Kong
- Interview with: Investment Banking Summer Analyst
- Interview with: Corporate Banking Associate
- Interview with: Big 4 Corporate Finance VP
- Interview with: Real Estate Commercial Banking VP
- Interview with: Transfer Pricing VP
- Interview with: Private Debt Analyst
- Interview with: Treasury Analyst
- Interview with: Big 4 Transaction Advisory VP
- Interview with: Wealth Management Associate
- Interview with: Foreign Exchange Trader
- Interview with: Renewables Investment Banker
- Interview with: Credit Rating Agency Analyst
- Interview with: Equity Research Associate
| Career | Base Salary | Average Bonus | Average All In Salary | Preferred Candidates | Exit Opportunities |
|---|---|---|---|---|---|
| Commercial Banking | ~$60,000 | 10% - 20% | $65,000 | New Grads | Corporate Banking, Credit |
| Corporate Banking | $70,000 - $90,000 | 25% - 60% | $100,000 | New Grads, Commercial Banking, Investment Banking, Accounting | Investment Banking, Debt Capital Markets, Credit Funds, Sales |
| Counterparty Credit | ~$70,000 | 10% - 15% | $80,000 | New Grads, Commercial Banking | Credit Funds, Commercial Banking |
| Credit Rating Agency | ~$50,000 | 10% - 15% | $55,000 | New Grads | Corporates, Corporate Banking, Credit Funds |
| Debt Capital Markets | $70,000 - $90,000 | 75% - 100% | $150,000 | Corporate Banking, Syndications, Investment Banking | Investment Banking, Fixed Income Funds, Credit Funds, Rating Agencies |
| Equity Capital Markets | $70,000 - $90,000 | 75% - 100% | $150,000 | Investment Banking | Investment Banking, Equity Research, Equity Sales, Equity Funds |
| Equity Research | $70,000 - $90,000 | ~50% | $120,000 | New Grads, Equity Capital Markets, Accounting | Investment Banking, Corporate Banking, Asset Management, Hedge Funds |
| Investment Banking | $70,000 - $90,000 | 75% - 125% | $160,000 | New Grads, Corporate Banking, M&A, ECM, DCM, Equity Research, Private Equity, Transaction Advisory, Accounting | Private Equity, Hedge Funds, Pension Funds, Corporate Development, Treasury, Investor Relations, Sales |
| Management Consulting | ~$75,000 | ~15% | $85,000 | New Grads, Investment Banking | Hedge Funds, Private Equity, Corporates |
| Mergers and Acquisitions | $70,000 - $90,000 | 75% - 125% | $160,000 | New Grads, Investment Banking | Investment Banking, Private Equity |
| Private Equity | ~$70,000 | ~50% | $105,000 | New Grads, Investment Banking, Mergers and Acquisitions, Management Consulting | Corporates |
| Retail Banking | ~$30,000 | ~10% | $32,000 | Current Students, New Grads | Asset Management, Retail Brokerages |
| Risk Management | ~$60,000 | ~15% | $70,000 | New Grads | Sales and Trading |
| Sales & Trading | $70,000 - $90,000 | 35% - 65% | $120,000 | New Grads, Risk Management | Investment Banking, Hedge Funds, Asset Management |
| Syndications | $70,000 - $90,000 | 40% - 60% | $100,000 | Commercial Banking, Corporate Banking, Investment Banking, Accounting | Debt Capital Markets, Corporate Banking, Credit Funds |