Slave salaries in Toronto

I am close to finishing my MBA and looking for a job in finance (non I bank) and am amazed at the low level of salaries being offered in this field. I am also amazed at how eager my fellow students are to accept salaries starting at 65k. Most (trust me I am not prejudiced) of them are from foreign countries and find it amazing making 40k (after revenue canada’s chop chop). I am so pissed at this. What the heck was the point of going through an MBA when the job I would be getting would pay me way below what I am making right now. I am sick at yahoos coming to campus giving all the speeches on career growth and advancement when they willing to pay like crap… Should I be looking at other cities such as NY or London. Is there anyone else in my boat?? I have few interviews lined up through campus recrutiment but do not feel like going through them given the levels of salaries.

…65k? Where did you do your MBA? Lakehead?

why stay in toronto if you can go to NY or London?

No not Lakehead…one of the top b-schools in toronto.

NY and London is looking like an option. But what amazes me is the backward mentality of both the banks and the students who turn into droves to accept whatever is thrown at them…

Did you do any research before enrolling in the MBA program?

can’t be rotman…

how much are they offering for associates position?

$40k in US dollars or Canadian dollars…oh wait, it doesn’t matter…

i told you guys that these BB start out around these salaries and you guys called me crazy. from what i’m asking, its not easy to get ajob at the bb that is over 100k. the only job i heard that paid over 100k right out of school without necessary experience in finance is ibanking and trading. ibanking is because you work 100 hours and trading is damm hard to get. at the same time, don’t complain. just cause you got an MBA doesn’t mean you’re worth that much money in any case. the fact you think you deserve more money because you did an MBA is the exact reason why having na MBA shouldn’t pay much. when did reading a few books translate into making money? dont’ feel bad though. i have met an Ivey MBA and Rotman MBA that worked at Discount Brokerage. however, they got out of here very quickly and moved onto the wholesale side.

how much are you making frank?

Don’t worry. If you come across the same way in an interview you’ll never even get to the salary negotiation stage.

what was your pre-mba experience? also why don’t you want to start on the sell-side then move over? All the research houses and trading desks of the front office of the big5 banks, pay very well. You need a reputation before you start demanding stuff on Bay St I would say.

FIAnalyst Wrote: ------------------------------------------------------- > Did you do any research before enrolling in the > MBA program? Bingo. Not sure if this is what you meant, but the MBA market is pretty watered down. Didn’t ryerson also just start up an mba program? I also know people who have been interested in taking the online MBA route. Sure an MBA is great, but you need to tone down your expectations dude. It’s so funny how all these students have such high expectations. Schulich definitely isn’t what it used to be. I know people who have gotten into the program that I have pains in my brain speaking to because they’re so unbelievably stupid. The program took a big hit as far as my personal perception of it goes, when they accepted someone like that. This persons friends in said program aren’t necessarily all that better. Naturally (if you were able to deduct as much from my above comment), one should be able to surmise that MBA enrolments all across the board are down considerably. Now this could be due to the fact that there’s a shit load of more schools that offer an MBA which also saturates the market with mba’s, hence lowering their value. It’s simple economics, really. I hope you took advantage of the network that you should have built (since that seems to be the only intrinsic benefit of…well, as long as it’s not Schulich. :wink:

Other than the networking, I believe MBA’s are only good if you have an undergraduate in another field (i.e. science, etc). Otherwise, whats the point of learning the same things twice! At least in a M. Sc. program it’s research-based and builds on what was learned from ungrad. It’s seems that MBA programs are just profit centers for universities since the courses are duplicates of undergrad and easy to set up (low cost and high revenue!)

When a young hot shot is coming to our firm he’d certainly have to show us why he’s worth such a salary fresh from college. No experience, just a piece of paper and theories in his head do not makes us money. Pretty much *anyone* can go for a fulltime MBA and get the piece of paper but few of them are actually worth it. The attitude of I’ve got the MBA, pay me $ results in us showing you the door.

Ibanking associates out of B-School get a 90-100k base. Analysts out of undergrad are getting 60-65k base.

65-80K plus bonus, for non-ibanking first year is pretty good. If that’s buyside, it’ll jump up quickly in a year or so, if you’re decent and they like you.

I am not sure we can call it slave salary. All those stories about 70-80hrs a week workhours in US, I do not think they work that much here in Toronto. (Turkish, please correct me if I am wrong.) I worked for asset magegement company, which is in top 10 AUM in Canada, and their mutual fund managers/analysts went home like 6-6:30, though they traveled fairly frequently. (Their sales force worked longer but marketing, which I was in, went home even earlier.) If you gross that up to 70-80hrs a week, it might just go to 100k. Of course, it might be different story somewhereelse, so I am just saying this strictly based on my personal experience.

everything can be considered slave salaries. but the thing is, if you don’t like it, go do something else. stand on the corner and sell crack or something.