So, you want to work in Canada? Good luck with that. With the Canadian immigration website crashing in the hours after the Trump victory and senior financiers tweeting Canadian immigration advice, there’s clearly appetite to move to Canada. There just aren’t many finance jobs there.
Canada’s financial centre is in downtown Toronto. It’s basically four streets. And most of what goes on there is pretty pedestrian by Wall Street standards. Yes, Goldman Sachs is in Toronto – but doesn’t have any job openings anywhere in Canada right now (and associate salaries there are a mere US$103k according to Glassdoor). Yes, J.P. Morgan is in Toronto, but most of its jobs there are related to commercial banking (think treasury, think credit). And yes, European banks like Deutsche and UBS are there too – but they’re not doing much hiring either.
This leaves the Canadian banks. They do have a handful of jobs going in Toronto, but even those are mostly tech and operations. If you’re looking to migrate from Wall Street to Canada now, the six openings we’ve identified below look like some of the more appealing…
1. Citi wants a senior developer for its equity derivatives risk delivery group in Mississauga
Mississauga is a lakeside City on Lake Ontario next to Toronto. Citi’s got a development team there and it wants someone to help build its new portfolio risk, analytics and PnL reporting platform. You’ll need to know Python, KDB, Java/Storm, as a start.
2. RBC wants a core Java electronic trading developer in Toronto
RBC is looking for a senior technologist who knows about algorithmic trading engines, order management systems and smart order routing for its Toronto office. You’ll work with traders and with quants to formulate algo trading solutions and you’ll need past experience of working with algo trading engines.
3. RBC wants a Toronto-based mid-market M&A associate
Canadian M&A reached a nine year high of $123bn in the first half of this year. If you want a piece of this action, RBC is hiring an associate to support its M&A team in Toronto. The succesful hire will prepare, ‘presentations, research materials, proposals, financial models, and transaction documentation’ for RBC’s VPs and directors. – All the things that an associate in IBD on Wall Street does, basically. Except in Toronto. For the mid-market.
4. RBC wants an academic to collaborate with its Toronto-based machine learning group
Algorithmic trading may be the present. But algorithms written by machines are the future. RBC has got a “machine intelligence research” team in Toronto. It’s looking for academics to collaborate with it. In return, you will get, “unique access to structured and unstructured bank datasets.” You’ll need a PhD in computer science and an ability to code in Python.
5. Markit wants a VP in fixed income sales
Markit is looking for a Toronto-based fixed income sales person to cross-sell its products to clients in Canada. You’ll need to know all about structured products, fixed income valuations and liquidity process.
6. The Ontario Teacher’s Pension Plan wants an investment associate for its alternative investments arm
Toronto isn’t known for its hedge fund community, but can you always work for the Ontario Teacher’s Pension Plan, which is looking for someone to help it produce, ‘absolute, uncorrelated returns by investing in various external manager strategies’. You’ll need quantitative skills and you’ll need “market knowledge.”