Finance internships in Canada range from $19/hour at a Big Four accounting firm to $50/hour at a top fintech. This guide breaks down every major category — what they pay, when to apply, and how to get hired.
The Quick Answer: Salary Comparison
| Internship Type | Salary Range (CAD, Annualized) | Hourly Equivalent |
|---|---|---|
| IB Summer Analyst (Big Five) | $85,000-$110,000 | $41-$53/hr |
| IB Summer Analyst (Global/Boutique) | $125,000-$208,000 | $60-$100/hr |
| Commercial Banking Co-op | $45,000-$85,000 | $22-$41/hr |
| Big Four Accounting Intern | $39,000-$67,000 | $19-$35/hr |
| Asset Management / Pension Fund | $42,000-$62,000 | $20-$30/hr |
| Fintech (Wealthsimple SWE) | $74,000-$104,000 | $36-$50/hr |
| Insurance / Actuarial | $52,000-$58,000 | $25-$28/hr |
| General Finance Co-op (Banks) | $42,000-$52,000 | $20-$25/hr |
Source: Glassdoor, PayScale, Levels.fyi, Wall Street Oasis, bank career pages
1. Investment Banking Summer Analyst Programs
The most competitive and highest-paying finance internships in Canada.
Big Five Banks IB Internship Pay
| Bank | Summer Analyst Salary (CAD, Annualized) | Full-Time Analyst Total Comp | Conversion Rate |
|---|---|---|---|
| RBC Capital Markets | ~$95,000-$110,000 | $160K-$200K | High |
| TD Securities | ~$90,000-$105,000 | $155K-$190K | High |
| BMO Capital Markets | $100,000 (confirmed posting) | $150K-$185K | High |
| Scotiabank GBM | $110,000 (confirmed Prosple) | $145K-$180K | High |
| CIBC Capital Markets | ~$85,000-$100,000 | $140K-$175K | High |
| National Bank | ~$95,000-$100,000 | ~$171K | High |
Source: BMO confirmed job posting (2027 IB analyst, $100K), Scotiabank via Prosple ($110K), PrepLounge
Program Details
- Duration: 16 weeks in Canada (May-August); 10 weeks at US-based banks
- Training: 1-week orientation + structured training program, then desk placement
- Daily work: Financial modeling, company valuations (DCF, comps), pitch books, M&A analysis, client presentations
- Conversion: Full-time analyst classes are "primarily comprised of past summer interns" — BMO, TD, and RBC all confirm this on their career pages
Requirements
- Penultimate-year undergraduate (3rd year of 4-year program) or 1st year MBA
- GPA: 3.5+ strongly preferred
- Technical skills: DCF valuation, 3 financial statements, comparable company analysis
- Behavioral: STAR method answers
- Superday interviews: 4-6 hours, 4-5 rounds (technical + behavioral + case)
Target Schools
| Tier | Schools | IB Placement |
|---|---|---|
| Tier 1 | Western (Ivey HBA), Queen's (Smith Commerce) | Dominant feeders |
| Tier 2 | McGill (Desautels), Waterloo (AFM), UofT (Rotman) | Strong placement |
| Tier 3 | UBC (Sauder), Schulich (York), Laurier | Need more networking |
Source: Mergers & Inquisitions, Wall Street Oasis "2025 Canadian Target Schools Ranking"
Application Timeline
| Bank | Application Window | Notes |
|---|---|---|
| RBC Capital Markets | Dec 2025 (Summer 2027) | Earliest recruiter among Big 5 |
| BMO Capital Markets | Feb-Jun (Summer 2027 posted Jan 28, 2026) | 1.5 years in advance |
| TD Securities | Spring, one year before start | Spring 2025 for Summer 2026 |
| Scotiabank | January 2025 for Summer 2026 | Rolling basis |
| CIBC | Varies by term (~January for summer) |
Critical insight: IB recruiting has moved dramatically earlier. Some banks now post summer analyst roles 1.5+ years in advance. Students need to start networking in Year 1 of university.
How to Get Hired
- Network 30-40 times before applying — WSO consensus is 30-40 coffee chats
- Start early — begin networking 6-12 months before applications open
- Come to Toronto in January/February for in-person meetings
- Submit within first 2 weeks of the posting opening to signal preparedness
- Prep 30+ hours — technical (DCF, LBO, comps) + behavioral (STAR method)
2. Commercial Banking Co-op Programs
A more accessible path into banking with less competition than IB.
Salary
- BMO Commercial Banking: ~$85K annualized (WSO)
- Scotiabank Commercial Banking: ~$80K annualized (WSO)
- General Big 5 co-op (non-IB): $20-$30/hour ($42K-$62K annualized)
- CIBC average intern: ~$52K/year (Indeed); up to $122K for certain CM roles
Available Departments (TD, representative)
Asset Management, Commercial Banking, Corporate Banking, CPA Pre-Approved Audit, CPA Pre-Approved Finance & Accounting, Data & Analytics, Digital Strategy, Financial Planning, Private Banking, Wealth, Risk, Compliance/AML
Application Timeline (All Big Five)
| Term | Dates | Applications Open |
|---|---|---|
| Summer | May-August | January |
| Fall | September-December | May |
| Winter | January-April | September |
Tip: RBC offers full-time internships of 4, 8, or 12-16 months. TD and BMO Capital Markets feed into analyst programs through their co-op pipeline.
Source: TD Careers, RBC Careers, Wall Street Oasis
3. Big Four Accounting (Deloitte, PwC, EY, KPMG)
Accounting internships have the widest availability but lowest compensation among finance roles.
Salary Data (Canada)
| Firm | Hourly Rate (CAD) | Annual Equivalent | Source |
|---|---|---|---|
| PwC Toronto | $32-$35/hr | ~$67K | Reddit r/Big4 |
| Deloitte Canada | $25-$32/hr | ~$52K-$67K | Industry data |
| EY Canada | ~$27-$35/hr | ~$56K-$73K | Estimated |
| KPMG Toronto (tech) | $19-$20/hr | ~$40K-$42K | Levels.fyi 2023 |
| Average Accounting Intern | $18.74/hr | ~$39K | PayScale 2026 |
| Average Audit Intern | — | $58,554/yr | Glassdoor 2026 |
Acceptance Rates
- PwC: ~2.5% (304,000 applicants for 7,500 positions)
- Deloitte: ~0.85% (2M applicants, 17K hires in US)
- KPMG: ~4% globally; 90% full-time conversion rate for interns
- EY: ~2.9% (UK programs)
Key insight: KPMG's 90% conversion rate is the highest among the Big Four — if you get the internship, you almost certainly get a full-time offer.
Program Types
| Program | Duration | Best For |
|---|---|---|
| Audit/Tax Busy Season | January-April | CPA-track students |
| Summer Audit/Tax | May-August | Exploring accounting |
| Consulting/Advisory | 8-12 weeks (summer) | Higher pay, broader exposure |
| CPA Pre-Approved Pathways | Through co-op | Students wanting CPA credit during internship |
Career Trajectory (Full-Time, CAD)
| Level | Years | Salary Range |
|---|---|---|
| Associate | 0-2 | $45K-$65K |
| Senior Associate | 2-4 | $65K-$85K |
| Manager | 5-7 | $100K-$130K |
| Senior Manager | 7-10 | $150K-$180K |
| Partner | 12+ | $250K+ |
Advisory/consulting roles pay significantly more than audit/tax at every level.
Source: Becker, Wall Street Oasis, PayScale
4. Asset Management & Pension Funds
Canada's pension funds are a unique path that doesn't exist in the same way elsewhere. The "Maple Eight" are among the most sophisticated institutional investors globally.
Major Pension Funds
| Fund | AUM | Intern Roles |
|---|---|---|
| CPPIB | $570B+ | Investments, Risk, Technology |
| OTPP (Ontario Teachers') | $250B+ | Investments, Finance, Risk, Technology |
| OMERS | $133.6B | Technology, Investments, Corporate Functions |
| CDPQ | Large | Investments, Infrastructure |
| PSP Investments | Large | Multi-asset, PE |
Intern Compensation
| Fund/Company | Hourly Rate (CAD) | Annual Equivalent |
|---|---|---|
| OTPP | $20-$30/hr ($24/hr confirmed) | ~$42K-$62K |
| OMERS | ~$25-$35/hr (est.) | ~$52K-$73K |
| CPPIB | Competitive (not disclosed) | Highest prestige |
| Fidelity Canada | ~$23/hr | ~$48K |
| Manulife | ~$24/hr | ~$50K |
OMERS Standout Programs
- 4-12 month work terms across Technology, Investments, Corporate Functions (Accounting, HR, Finance, Strategy)
- OMERS Private Equity: Dedicated PE internship in NYC office (~20 person team, $15.2B fund)
- OMERS Oxford Rotational Program: 4 rotations x 6 months (Asset Management, Operations, Leasing, Development); applications open August
- Offices: Toronto, London, New York, Singapore, Sydney
Why Pension Funds Matter for Canadian Finance Careers
CPPIB and OTPP compete directly with mega-funds (Blackstone, KKR) for large deals worldwide. Full-time Associate compensation ranges from $150K-$350K CAD — competitive with PE — but with meaningfully better work-life balance.
Source: Mergers & Inquisitions, OMERS Careers, OTPP Careers, Levels.fyi
5. Fintech
Canadian fintech internships pay among the highest in finance, driven by tech-level salaries.
Wealthsimple (Canada's Largest Fintech, $5B Valuation)
| Role | Salary (CAD, Annualized) | Hourly |
|---|---|---|
| Software Development Intern (Summer 2026) | $74,000-$90,000 | ~$36-$43/hr |
| Data Science Intern (Summer 2026) | $74,000-$90,000 | ~$36-$43/hr |
| SWE Intern (Summer 2025, Levels.fyi) | $104,000 | $50/hr |
| SWE Intern (Fall 2025) | $93,600 | $45/hr |
Wealthsimple Unique Programs
- High School Internship: No degree or resume required. Apply with 3 one-minute videos. 12-month paid program rotating through business ops, product dev, and marketing.
- Regular internships: Hybrid (2 days/week in Toronto office). Salary depends on year of study and past internship terms.
- What you work on: Real products impacting millions of users. AI chatbot handles 60-70% of customer inquiries.
Other Canadian Fintechs
- Shopify (fintech-adjacent): $40-$50/hr for SWE interns
- Cohere (AI, Toronto-based): Competitive tech-level compensation
- Nuvei, Lightspeed Commerce: Fintech payment companies with competitive intern pay
Source: Wealthsimple career postings, Levels.fyi, LinkedIn
6. Insurance & Actuarial
Actuarial internships offer strong long-term career prospects with each exam passed increasing your salary.
Major Employers
Manulife/John Hancock (largest in Canada), Sun Life Financial, Great-West Lifeco (Canada Life), Intact Financial
Compensation
| Company | Role | Salary (CAD) |
|---|---|---|
| Sun Life | Actuarial Intern | $52K-$58K/yr |
| Manulife | Actuarial Internship (6.5 months) | Competitive |
| Average | Actuarial Intern (Canada) | $57,134/yr |
| Sun Life | Actuarial Associate (New Grad) | $79K-$86K/yr |
| Sun Life | Actuarial Analyst | $63.8K base + $3.4K bonus |
Manulife Actuarial Internship
- Duration: 6.5 months (longer than typical 4-month co-op)
- Exposure: Full insurance product lifecycle — pricing, reserving, financial actuarial work
- Scale: 40,000+ employees, 116,000+ agents, $1.3T+ AUM
Tips for Actuarial Internships
- Pass exams early — each SOA/CAS exam passed during university increases your starting salary
- Sun Life specifically supports FSA/FCIA designation pursuit through their Associate Program
- Manulife recruits for 6.5-month terms — plan accordingly
- Data analytics skills are increasingly important alongside traditional actuarial knowledge
Source: Glassdoor, Sun Life Careers, Manulife Careers, upGrad
CPA vs. CFA: Which Certification Path?
If you're deciding between accounting and investment management, this comparison matters:
| Feature | CPA | CFA |
|---|---|---|
| Focus | Auditing, taxation, financial reporting | Investment analysis, portfolio management |
| Cost (CAD) | ~$14,000 | ~$4,813 |
| Study Time | ~400-600 hours total | ~900 hours total |
| Pass Rate | ~50% per section | ~22-56% per level |
| Entry Salary (CAD) | ~$55K-$65K | ~$60K-$70K |
| Senior Salary (CAD) | Higher at senior levels | Higher at entry, plateaus |
| Best Path To | Auditor, CFO, Controller, Corporate Finance | Portfolio Manager, IB, Research Analyst |
| Required? | Often mandatory for accounting roles | Encouraged, not compulsory |
Key Canadian insight: CPAs earn more at senior levels. CFAs start ~$5,000/year higher at entry level but the gap reverses over time. Some professionals pursue both.
Bank CPA pathways: TD and CIBC offer "CPA Pre-Approved Audit" and "CPA Pre-Approved Finance & Accounting" co-op streams — you earn CPA-qualifying experience during your bank internship.
Source: upGrad, CFA Institute, CPA Canada, Princeton Review
Master Application Calendar
| Month | What to Apply For |
|---|---|
| July-August | IB summer analyst apps open at some Big 5 banks (for following summer) |
| September | Winter co-op apps (all Big 5); OMERS Oxford Rotational; CIBC programs |
| October | Big Four accounting fall recruiting begins |
| November-December | RBC opens full-time internship apps; National Bank postings |
| January | Summer co-op/internship apps (all Big 5 for non-IB); Actuarial busy-season internships start |
| February-March | BMO CM summer analyst recruitment; IB interview season; Bank of America Canada apps |
| April-May | Fall co-op apps open; boutique IB firms still hiring |
| May-June | Fall co-op recruitment; summer programs begin |
| Spring (one year before) | TD Securities IB analyst program apps open |
FAQ
What is the highest-paying finance internship in Canada?
Investment banking summer analyst programs at elite boutiques like Evercore pay the most — up to $208,000 CAD annualized. Among Canadian banks, Scotiabank GBM pays $110,000 annualized (confirmed via Prosple). Wealthsimple's software engineering internship pays up to $50/hour ($104,000 annualized). The lowest are Big Four accounting internships at $19-$35/hour. Source: PrepLounge, Prosple, Levels.fyi.
When should I start applying for finance internships?
IB recruiting has moved dramatically earlier — some banks post summer analyst roles 1.5+ years in advance. BMO posted Summer 2027 internships in January 2026. For general bank co-ops, apply in January for summer, May for fall, September for winter. Big Four accounting recruits mainly in fall (October). Start networking 6-12 months before applications open. Source: BMO Careers, TD Careers.
Do I need to go to a target school for finance internships?
For investment banking, Western (Ivey) and Queen's (Smith) dominate placement. However, Waterloo AFM is rising fast and has mandatory co-op that builds a strong pipeline. For non-IB finance roles (commercial banking, Big Four, insurance), school matters less — strong GPA and networking can overcome a non-target background. Source: Mergers & Inquisitions, Wall Street Oasis.
How much do Big Four accounting interns make in Canada?
PwC Toronto pays $32-$35/hour (~$67K annualized). Deloitte Canada pays $25-$32/hour. KPMG Toronto tech interns earn $19-$20/hour. The Canada-wide average accounting intern rate is $18.74/hour (PayScale). Advisory/consulting intern roles pay more than audit/tax. KPMG has a 90% intern-to-full-time conversion rate. Source: Reddit r/Big4, Levels.fyi, PayScale, Becker.
Should I pursue CPA or CFA in Canada?
If you want accounting, audit, CFO track → CPA (costs ~$14K, ~50% pass rate). If you want investment management, equity research, IB → CFA (costs ~$5K, ~22-56% pass rate). CFAs earn ~$5,000 more at entry level, but CPAs earn more at senior levels. You can do both. TD and CIBC offer CPA Pre-Approved co-op streams so you can earn CPA credit during bank internships. Source: upGrad, CFA Institute, CPA Canada.
Are Canadian pension fund internships worth it?
Yes — Canadian pension funds (CPPIB, OTPP, OMERS) are among the most sophisticated institutional investors globally. CPPIB manages $570B+ and competes with Blackstone and KKR for deals. Intern pay ($20-$35/hour) is lower than IB, but full-time Associate compensation ranges from $150K-$350K CAD with better work-life balance than IB. OMERS also offers a dedicated PE internship in NYC. Source: OMERS Careers, Mergers & Inquisitions.
Final Advice
- IB pays the most but isn't the only path — Fintech and pension funds offer strong compensation with better hours
- Start networking in Year 1 — IB recruiting is now 1.5+ years ahead; other finance roles are 6-12 months ahead
- Internship = full-time offer — All major employers convert interns to full-time hires; focus on getting the internship first
- Consider certification early — Each actuarial exam passed increases salary; CPA co-op streams let you earn credit during internships
- Don't sleep on pension funds — CPPIB, OTPP, and OMERS offer world-class investing experience unique to Canada
Looking for finance internships? Browse finance internship positions in Canada updated daily. See also: Investment Banking Salary Canada 2026 | Big Five Banks New Grad Programs
Data Sources: - Big Five bank career pages (RBC, TD, BMO, Scotiabank, CIBC) - National Bank Capital Markets - PrepLounge "Investment Banking Salaries in Canada 2026" - Mergers & Inquisitions "Investment Banking in Canada" - Wall Street Oasis forums and salary database - Glassdoor Canada and PayScale salary data - Levels.fyi internship salary data - Becker "Big 4 Jobs" report - Prosple Canada graduate employer profiles - upGrad "CFA vs CPA Canada" - Reddit r/Big4 - OMERS and OTPP career pages - Wealthsimple career postings