Bank of Canada Reviews

Updated August 19, 2015
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3.5
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Recommend to a friend
Approve of CEO
Bank of Canada Governor of the Board of Directors Stephen S. Poloz
Stephen S. Poloz
2 Ratings

19 Employee Reviews

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  1. Helpful (1)

    Economist

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Disapproves of CEO

    I worked at Bank of Canada full-time

    Pros

    Good work-life balance; good benefits; solid defined benefit pension plan.

    Cons

    Sometimes unclear what leads to promotion: policy work or research? Also, you have to live in Ottawa, which is a great city for families, but not so much for singles.


  2. Good if you're not so in to the teamwork thing.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook

    Pros

    Important work, exciting times. Very friendly people. Nice city. Building is being upgraded. Great internal mobility.

    Cons

    The organization can be bureaucratic and slow moving, and there is a very individualistic culture.


  3. Account Manager

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Account Manager in Montreal, QC (Canada)
    Current Employee - Account Manager in Montreal, QC (Canada)
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Bank of Canada (More than 3 years)

    Pros

    It sounds good to say you work there

    Cons

    Sales roles have a poor base salary - management can be very self centered about having a promotion for themselves and not help you to grow


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  5. Helpful (1)

    Secure job with regular hours

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Bank of Canada full-time

    Pros

    1) Regular pay (not high, but liveable) 2) Minimum 3 weeks vacation 3) extended health benefits 4) pension plan and employee investment matching plan 5) Good coworkers

    Cons

    Sitting all day every day. Dealing with rude clients. Pay could be better. Sales goals can be draining. Changes to policies and operations all the time. Can be boring.


  6. Helpful (1)

    Great foot in the door; that is about it

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Ottawa, ON (Canada)
    Current Employee - Analyst in Ottawa, ON (Canada)
    Doesn't Recommend
    Neutral Outlook

    I have been working at Bank of Canada full-time (More than 3 years)

    Pros

    -Job security (you have to try and lose your job if you're in a core function or supporting one) -Pace, and portfolio of work: It is not "government" work. It's quite busy but often manageable if you have strong communication skills. Work is interesting.

    Cons

    The following is my observation with my particular department. Recognition is a major weakness. Given the technical requirements of most of the work at the Bank, one would expect quality of findings, demonstrated subject matter expertise, and thorough, personalized knowledge sharing to weigh in on your performance evaluation. Instead, chatting up your manager, "selling" (boasting) your work with (unnecessary) team-addressed emails the only observational information your manager may consider. (I did not assume this; they have admitted this). IMO, annual performance reviews with mandatory tranches of employees does not inspire quality of work. You learn to adjust to it but it operates under the bias of the manager's style. Pay: If you're deciding between BoC, CMHC, OSFI, EDC, CDIC, private sector, the Bank is undoubtedly the poorest choice in this regard. Chances are, if you're interviewing with the Bank, you are a desirable candidate. There are better options elsewhere. This department has witnessed 66% turnover in my time here. You can't point causal with that but it's certainly worthy of concern.

    Advice to Management

    If you want to tranche performance and require people be put into the negative buckets, that's your choice. Don't expect them to stay when pay is already below that of peer organizations.


  7. Great experience, sorry it didn't last longer

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Neutral Outlook

    Pros

    great compensation, great people and environment

    Cons

    upward mobility is somewhat difficult


  8. Helpful (1)

    Excellent place to start your career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Research Assistant in Ottawa, ON (Canada)
    Current Employee - Research Assistant in Ottawa, ON (Canada)
    Neutral Outlook

    I have been working at Bank of Canada full-time (More than 3 years)

    Pros

    - Highly educated and friendly colleagues - Easy mobility across departments and teams - Excellent management - Motivating and respectful work environment

    Cons

    - Limited opportunities for advancement - Low salaries - Depending on field of interest, limited practical experience


  9. Good place to work

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Analyst
    Former Employee - Senior Analyst
    Recommends
    Neutral Outlook

    I worked at Bank of Canada full-time (More than 3 years)

    Pros

    Good people to work with. life balance and benefits are good in general

    Cons

    Management is poor at best. Wrong people running several departments in the Bank make difficult the job of people who know the job . Pay compared to private sector is pretty bad too. I left the bank making more than double tax free. This is how bad it is. Also unfair treatment on promotions.

    Advice to Management

    Retire and let those who are more qualified to lead. If you are a manager who manages people then manage people dont interfere at the work. Also improve the salaries so that you can attract the best talent. You canno hire people from top banks with the level of pay you offer.


  10. Helpful (1)

    The most private sector like government department but...

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook

    Pros

    The people are great; everyone is highly motivated and intelligent. The work culture is good, lots of department events and socials. If you pass professional designation exams (ie CFA or FRM) the bank will reimburse your costs.

    Cons

    Workplace is very academic, which isn't surprising since most economists have PHDs. The work can be repetitive and simplistic.


  11. Helpful (1)

    Excellent place where to start a career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Research Assistant in Ottawa, ON (Canada)
    Former Employee - Research Assistant in Ottawa, ON (Canada)
    Recommends
    Positive Outlook

    I worked at Bank of Canada full-time

    Pros

    Lots of interaction with senior management. Constant opportunities to learn from some pretty brilliant people, both inside the Bank and visiting scholars. Chance to get involved in meaningful work. Welcoming environment for independent initiative.

    Cons

    Almost no chance for internal promotion. Nature of work can be very repetitive such that there is little value to staying on as an RA beyond a year.

    Advice to Management

    Consider sponsoring MAs for promising RAs.



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