Trader Salaries in Canada
4 stars based on
A Goldman Sachs employee recently caused a sensation by resigning in stock broker salary canada astonishing way -- he stock broker salary canada a scathing op-ed about his former employer in The New York Times. I still vividly remember the call that landed me on Bay Street.
It wasand on an overcast October morning, someone from the investment arm of the Royal Bank of Canada offered me my dream job. I finally made it. Stock broker salary canada as long as I can remember, I wanted to work in finance. As a junior banker or trader, you may not have much responsibility, but you see everything with fresh eyes.
What I saw was an industry unbelievably out of touch with reality. Retail investors are routinely gouged for ridiculous fees, and the Street is so clubby that rivals gang up on each other when someone tries to undercut the advisory fee schedule.
I once saw an investment banker become enraged when his plane ticket was booked economy instead of business class. Smith stock broker salary canada I had very different experiences, we made the same decision: I know so many others who wish they could do the same. Yet they never make the move because they are scared to part ways with their large paycheques, or they feel trapped by their big houses and private golf club memberships. When I left, one typically unemotional something trader e-mailed me privately to say: Stock broker salary canada you leave the office towers, you quickly realize that there is meaningful work beyond Bay Street.
When someone hears that I left banking behind, there is only one question that comes next: How big was the pay cut? Almost three years later, I still miss the money. I probably always will. I miss not having to fret about my weekly budget. I miss not having to worry that someone at my dinner table stock broker salary canada order an expensive bottle of wine, forcing me to opt out and drink by-the-glass alone.
No longer do I arrive at my desk at the crack of dawn to mindlessly enter bond yields into a convoluted spreadsheet. No one tells me that my Banana Republic cardigan is too fashion-forward for the office. No longer does a superior tell me that I leave the desk to pee too many times during the day. When I left Bay Street, I left something else behind: I saw investment banks get paid millions of dollars to offer fairness opinions on proposed takeovers, while rarely raising an objection to any deal.
And I saw research analysts getting paid enormous money, even though their predictions are so often wrong. Having said goodbye to all that, I now get a certain pleasure out of hearing bankers, traders and corporate lawyers grumble about their bonuses, even though the annual cheques are worth hundreds of thousands of dollars. Unlike them, I no longer have to use that number as my main measure of self-worth. Last year I watched the Super Bowl with a few of them, and during our post-game chit-chat one turned to me and said matter-of-factly: A number of my best friends still work on Bay Street, and some people I truly respect have been in the game for 30 years.
Most people in shiny office towers mean well. They love their kids, and they give loads of money to charity. In all fairness, no industry is perfect. Have you ever met a car salesperson willing to stock broker salary canada you their wholesale price? Journalists, too, deserve some stock broker salary canada for not raising more red flags about the excesses of the stock broker salary canada business, before the crisis reared its ugly head.
The big difference, though, is that bankers and traders make millions, and their poor due diligence can bring down financial markets. Will Bay Street or Wall Street ever change? Financial professionals who are as fed up as Greg Smith have two choices.
They can try to stay the course, or they can opt for a less demanding, more fulfilling life. The latter is a real option: A few weeks ago the Globe sent out a new job posting for our finance department, so I re-posted it on Facebook. Someone from Bay Street inquired about it and I initially laughed it off, telling him we could never match his current salary.
But he was serious. Find Passport to Prosperity in your community.