Investment Profession in Canada

[sam_dxb_canada]

Dear All,

I am 32 year old guy, CFA Charterholder, working in Dubai as an Investment Analyst with a tax free salary of about CAD$ 140k a year.

My question is to other CFA Charterholders or people from the Investment Profession; how is the job market and what are the salary levels for analysts with no Canadian Experience?

Thank you,
Sam

 

[TempResident]

Dear All,

I am 32 year old guy, CFA Charterholder, working in Dubai as an Investment Analyst with a tax free salary of about CAD$ 140k a year.

My question is to other CFA Charterholders or people from the Investment Profession; how is the job market and what are the salary levels for analysts with no Canadian Experience?

Thank you,
Sam

I’m a CFA holder and CPA designated in Canada working for an Investment Bank in Canada too. The job market has high barriers to entry. Most banks prefer CPA or CBV designations than CFA because it is tailored to Canada’s business environment. But if you have substantial work experience you should be able to land in a job very easily. You’re probably not going to start with such a high salary because you don’t have Canadian Work Experience but will be for sure above average. And you will be paying A LOT on taxes. (Believe me, my tax deductions are crazy)

 

[sam_dxb_canada]

I’m a CFA holder and CPA designated in Canada working for an Investment Bank in Canada too. The job market has high barriers to entry. Most banks prefer CPA or CBV designations than CFA because it is tailored to Canada’s business environment. But if you have substantial work experience you should be able to land in a job very easily. You’re probably not going to start with such a high salary because you don’t have Canadian Work Experience but will be for sure above average. And you will be paying A LOT on taxes. (Believe me, my tax deductions are crazy)

Thank you for the reply.

Based on my web research, I am assuming an above average salary will be around CAD$ 100k? Am I correct?
That will be post-tax salary of CAD$ 75k in Toronto.
Cost of living is roughly the same in Toronto as Dubai.
So effectively I will be making half of my current pay

That sounds scary!

What kind of salary do you think is achievable post 3-4 years of work experience in Canada? I understand that the range may be large as an Individual's performance can change the figure drastically. Just looking for a ballpark figure.

 

[moonarch]

Dear All,

I am 32 year old guy, CFA Charterholder, working in Dubai as an Investment Analyst with a tax free salary of about CAD$ 140k a year.

My question is to other CFA Charterholders or people from the Investment Profession; how is the job market and what are the salary levels for analysts with no Canadian Experience?

Thank you,
Sam

See some other stance too.. ull be getting immigration there after few time..but in dubai u cant even after spend ur whole life...lifestyle security and best subsidized education opportunities for forthcoming family members too..Canada is investment too

 

[sam_dxb_canada]

See some other stance too.. ull be getting immigration there after few time..but in dubai u cant even after spend ur whole life...lifestyle security and best subsidized education opportunities for forthcoming family members too..Canada is investment too

I understand the points you are making, in fact those are the reasons why I am exploring Canada Immigration. However, I would like to make an informed decision after evaluating all pros and cons, so that there are "minimum" surprises

Appreciate your reply, thank you.

 

[crescent_jam]

I understand the points you are making, in fact those are the reasons why I am exploring Canada Immigration. However, I would like to make an informed decision after evaluating all pros and cons, so that there are "minimum" surprises

Appreciate your reply, thank you.

Keep doing your research and let us know what you come up with, please .

I did some calculations for my own scenario and the take-home salary for a $100,000 basic salary in Toronto was around 70% of the actual salary, not 75%. (Of course, I went beyond the federal and provincial income tax deductions and also considered Canadian Pension Plan contributions, the Ontario Health Premium (rolled up into income tax I think), and the Employment Insurance Premium.) And, if you're an Investment professional, I suspect you'll have other sources of income outside of a basic salary that will have different taxation rates as well.

My research has shown that I'm probably going to be in a less advantageous financial position (compared to the one I'm in now) when I move to Toronto, but I'm not actually moving for economic reasons. Yes, I want to be financially comfortable, but I have other motivations for wanting to migrate to Canada (lifestyle, environment (safety, cleanliness, organization, modernity), culture, political environment, population diversity, access to persons with values more closely aligned with mine, more choices and opportunities, etc.). You can't put a price on some things

It's heartening to see someone else taking the time to research and make an informed decision. So many of my friends here who are trying to migrate to Canada now keep overlooking that crucial step, and focusing on the fact that they can make "4x in Canada what they're earning now" (really, it's only about 2x more, MAYBE 3x more, if they're lucky) without considering how much of that they'll actually get to take home, as well as the significant difference in cost of living.

 

[scylla]

Based on my web research, I am assuming an above average salary will be around CAD$ 100k? Am I correct?
That will be post-tax salary of CAD$ 75k in Toronto.

Take-home will be between 71K and 72K after tax (not 75).

 

[TempResident]

Thank you for the reply.

Based on my web research, I am assuming an above average salary will be around CAD$ 100k? Am I correct?
That will be post-tax salary of CAD$ 75k in Toronto.
Cost of living is roughly the same in Toronto as Dubai.
So effectively I will be making half of my current pay

That sounds scary!

What kind of salary do you think is achievable post 3-4 years of work experience in Canada? I understand that the range may be large as an Individual's performance can change the figure drastically. Just looking for a ballpark figure.

Above average is between 90K-100K. For Canada Revenue Agency (CRA) purposes, you will be at tax bracket of 26% on 90K and above for Federal rate, but keep in mind you will ALSO have to pay taxes to the province you live in, say Ontario. The tax system in Canada is a progressive one. And yes, for a 100K salary a post-tax is around 70K-73K, but you also have deductions (before Net Income For Tax Purposes) or credits applied to your Taxable Income. For example, I make donations to non-profit-organizations so I receive a credit towards taxable income which reduces it $1 for $1. Since I studied in Canada, I'm carrying unused tuition amounts that are deductible and so on. However, no matter what credits or deductions you might have, your dollars earned in Canada are taxed at 26%. As it should be anyways since you are a high wage earner.

3-4 years of work experience it really depends on your performance and if you keep advancing your education. For example, the fact that you hold a CFA and have overseas work experience will get the job in Canada, but it will be way harder for you to advance in the corporate ladder if you don't pursue a Canadian designation or education.

As other fellow members said, there is much more about Canada as a country than an annual salary, bonus, and benefits. So I encourage to remain open-minded.

Regards,