BMO Salary Bands

[charliebrown]

Any BMO employees out there? My friend is considering taking a job and would like to know the salary bands for a manager position (head office position as opposed to branch mgr)

Info on manager & up would be appreciated (so she can know what to look fwd to further down the road)

THANX!

[jd82]

It depends on where you live and what "kind" of manager it is.

PM the details.

[AirBosh]

Manager grade brand start anywhere from 53k - 80k

[fly]

Need to know the band level.. It can vary substantially. As well, senior management levels gets bigger bonuses and extra days vacation.

[AirBosh]

Typically 35-36 band for manager and senior is 37-28

[charliebrown]

Typically 35-36 band for manager and senior is 37-28

ok, so i'll tell her
band 35/36 expect anywhere from 53-80k
band 37/38 expect ???

(i assume u meant 38 for senior manager)

on a side note, is it proper to ask during interview process about salary bands? especially salary bands for the next 1/2 levels up?

[AirBosh]

What position is 'your friend' applying for at the bank? Just curious

mmmm if you think you are qualified then ask for the higher band

[charliebrown]

Hmm, she didnt specify, but based on what she's telling me and what's available on the career section:

13266 Manager, Financial Strategy Corporate Areas

Position provides proactive advice, creative solutions and analysis to support financial and strategic initiatives for the Bank. Stay current on global financial services trends and practices in order to contribute to financial and business strategy development and provide support for new business development. Complete environmental scans, assessments and financial model analysis of the Financial Services industry and other key segments, and propose proactive value-creating recommendations and solutions. On an ongoing basis, monitor competitors’ performance through critical assessment. Meet both formally and informally with LOB’s to discuss current issues, market activities and trends. Prepare recommendations to senior management, based on discussions and research, outlining strategies that leverage expertise and market trends to add value to their business and enhance performance. Prepare reports and responses to inquiries from senior bank management on an as-needed basis.

Job Requirements: One or more of CA, CFA, CGA, CMA or MBA combined with 6 to 9 years experience in financial role and preferably 2+ years in a financial consulting environment. Experience in financial analysis and modelling. Strong analytics and an information seeker. Must be able to think conceptually and strategically. Above average relationship management capabilities. Able to relate at all levels. Excellent communication skills; verbal, written and presentation. High achievement orientation and flexibility to adapt to various project needs. Solid knowledge of bank’s financial systems and processes.

[fly]

Didn't you ask about BMO employee mortgage rates since your wife works at BMO? Ask her to find out.

Edit: Mistaken identity.. sorry! :)

From the description, it's at least band 36.

[ferkel]

I would expect something from 56-65k for something in band 35

[AirBosh]

I would expect something from 56-65k for something in band 35
I concur....

[fly]

It's band 37.. Pays 64k-96k. Median is 80k.. 4 weeks vacation, 10% bonus.

[AirBosh]

It's band 37.. Pays 64k-96k. Median is 80k.. 4 weeks vacation, 10% bonus.


Really!! When will i ever get to level 37....

[charliebrown]

It's band 37.. Pays 64k-96k. Median is 80k.. 4 weeks vacation, 10% bonus.

Thanks! will fwd the insider news over :)

[jd82]

What position is 'your friend' applying for at the bank? Just curious

mmmm if you think you are qualified then ask for the higher band

hmmmm... im not sure about that.. usually each job has a specific grade attached to it.. if you're VERY qualified, they will probably pay in the high range of the grade (as opposed to low or mid).

[charliebrown]

It's band 37.. Pays 64k-96k. Median is 80k.. 4 weeks vacation, 10% bonus.

haha...i'll ask her to ask the recruiting manager if it's in fact a band 37 job :)
and as others have mentioned, get her to push for band 38?? (what's the range for that?)

It's kinda neat the different numbering systems at different banks.

I think TD uses lower numbers, like band 9 = senior analyst, 10 = mgr
while BNS uses 6 = senior analyst, 7 = mgr/associate, 8 = snr mgr

have to ask my wife's RBC friend how their numbering system works

[jd82]

I just found the job internally. its listed as a 37.. job is at FCP. didnt think it would be that high based on the job title..

good luck!

[fly]

haha...i'll ask her to ask the recruiting manager if it's in fact a band 37 job :)
and as others have mentioned, get her to push for band 38?? (what's the range for that?)


It won't happen.. They'd have had to submit a hiring ticket which would've been approved at the VP level which has the salary and band information. Band 36 and 37 can be the same job title -- meaning if you're band 36, the manager can promote you to 37 with ease. For them to bump from 37 to 38 means they'd have to get VP approval since it's an extra 2% bonus. For the manager to ask the VP for a bump during the interview process is a career limiting move by the hiring manager -- it means they either didn't scope out the job responsibilities correctly or interviewed the wrong candidates.

[chickenbones]

You don't ask to increase the band of the job. Because that is predetermined by HR. But there are a lot of flexibilities with salary within each band. So your friend can always go for the higher range if she thinks she's qualified.

[flito ray]

Typically 35-36 band for manager and senior is 37-28

why do managers get 35-36K seems kinda low to me. But then again that's just me.

[83_gemini]

They're discussing pay grades, not dollar figures.

[coolspot]

why do managers get 35-36K seems kinda low to me. But then again that's just me.

At banks there are a variety of "managers" and "vps". The title themselves do not mean much - it's the band which really matters.

One summer I worked for a "VP" in the investment banking side of a large bank - but the VP only had 4 full-time employees and 4 - 5 co-ops working for her! In fact, in that area, if you weren't an employee you were a VP! (they had like 4 or 5 VPs). In any other area, the VP would have been a manager (maybe even just a team lead?). VPs in other areas have 2500+ people working for them...

Another example: branch manager vs. manager at corporate offices. Both are managers, but their pay grades are vastly different,

So basically titles at banks are not created equal - don't take them at face value ;)

[AirBosh]

Yea over at Nesbitt every Investment Advisor calls them selves a VP. It's a better sounding title when clients deal with them they think they are dealing with someone big time. :lol:

[charliebrown]

It won't happen.. They'd have had to submit a hiring ticket which would've been approved at the VP level which has the salary and band information. Band 36 and 37 can be the same job title -- meaning if you're band 36, the manager can promote you to 37 with ease. For them to bump from 37 to 38 means they'd have to get VP approval since it's an extra 2% bonus. For the manager to ask the VP for a bump during the interview process is a career limiting move by the hiring manager -- it means they either didn't scope out the job responsibilities correctly or interviewed the wrong candidates.

what's the salary band/bonus for band 38?

i had a recruiter call for a mgr position a little while ago; she was saying the pay was 90-110k (not sure if she meant all inclusive, i.e. including bonus) Which sounds a bit high in terms of overall cost to bmo, coz besides the higher salary, there's the higher commission to recruiter; and it's a manager(not sure about salary band) position

[fly]

what's the salary band/bonus for band 38?

i had a recruiter call for a mgr position a little while ago; she was saying the pay was 90-110k (not sure if she meant all inclusive, i.e. including bonus) Which sounds a bit high in terms of overall cost to bmo, coz besides the higher salary, there's the higher commission to recruiter; and it's a manager(not sure about salary band) position

Recruiters deal only with base salary. Bonus is reflective of the company's performance so they're not supposed to include that. It's possible that a band 38 job pays 90-110k base.

[orafshin]

Hello there,

I am offered a position at BMO as a Business Analyst. At the interview, my resource manager said that I am qualified as Intermediate-Senior therefore entitled to band 34 and not 35 (She intorduces me to other people as Senior BA).

I was wondering what is the salary range for band 34 and 35 and what other benefits are there for this band e.g vacation, bonus, etc.

I was also wondering how the bonus works and if you are in fact going to get it at the end of the year.

Your help is much appreciated.