Yes.

Probably $150K-$200K CAD as a first-year Associate at the top 2 pension funds and less at the others. Not sure about VP pay.

The CEOs of some Canadian pensions earn into the millions (see: http://fairpensionsforall.net/2015/02/08/canada-pension-fund-managers-highest-paid-in-world-pension-pay-dilemma-becomes-acute/), but the average MD, even at CPPIB, may not necessarily earn that much. I would say high six figures are more likely, with a few earning above that depending on performance.

It will be extremely tough because recruiting in Canada is extremely tough even for citizens there. You’re much better off focusing on the U.S., assuming you’re a U.S. citizen.

Thanks for adding those points.

Regarding the first one: Yes, obviously, but we try to disguise interviewees’ identities by using language such as “top 10” even if it is not meaningful in the particular market.

On your second point, OK, sure, but how does that really change the interviewee’s points? Both you and he seem to argue that Canadian pension funds pay absurd prices, at least for Canadian assets, and, occasionally, for international assets (as with the London airport example).

On the third point, sure, I’ve changed around the math in the article.

Any pension fund outside of the top 2 (OMERS, PSP, Caisse, HOOPP, bcIMC, AIMCO, OPTrust, etc.) are fairly weak, both with regards to talent level and compensation. You will make more as a 3rd year IB Analyst than a VP-equivalent position at these funds. No joke. Public sector employee salaries are publicly disclosed in Canada and you can look this up.

Regarding tax: Canadian pension funds are non-taxable ONLY IN CANADA. They still have to pay taxes on foreign operations and earnings. OP mentioned it him/herself (“We also spend a lot of time structuring deals to minimize the local tax burden.”). Any time a Canadian asset is up for sale, you can bet that a Canadian pension fund is going to win the auction since they can pay absurd prices in the absence of taxes. If a Canadian pension fund manager didn’t win the auction, you know the buyer overpaid.

The math for odds of breaking into Canadian IB is totally off too. Of the ~300 or so graduates interested in IB, a certain portion of them go off to work in the U.S. or London. They’re not all competing for jobs in Canada. This is partially offset by students from semi-target schools such as Waterloo / Laurier, Calgary, Alberta, UBC, etc. (all of OCR at the Big 5).

Also, “Big 5” banks in Canada have been hiring ~8-12 Analysts a year for their Toronto head office for the last few years now.

Unfortunately, no. No volunteers yet.