Bank of Canada

www.bankofcanada.ca
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Bank of Canada Reviews

Updated February 20, 2015
Updated February 20, 2015
19 Reviews
3.7
19 Reviews
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Employee Reviews

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  1.  

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

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

    I have been working at Bank of Canada

    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.

    Recommends
    Neutral Outlook
  2.  

    Great foot in the door; that is about it

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

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Neutral Outlook
  3.  

    Great experience, sorry it didn't last longer

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

    I worked at Bank of Canada

    Pros

    great compensation, great people and environment

    Cons

    upward mobility is somewhat difficult

    Recommends
    Neutral Outlook
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  5.  

    Top 100 Companies in Canada

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Contractor - Technical Writer in Ottawa, ON (Canada)
    Former Contractor - Technical Writer in Ottawa, ON (Canada)

    I worked at Bank of Canada as a contractor (more than 3 years)

    Pros

    People are so nice at Bank of Canada. Benefit package is amazing which is why they have long-term employees. Flexible with time off and the leadership is down-to-earth, and aware of their employees.

    Cons

    Some of the challenges is to get your voice heard. You tend to be pigeon-hold if you are not in top management. There is some flexibility in movement, but only with full-time employees.

    Advice to ManagementAdvice

    Allow cross movement and training of all employees.

    Recommends
    Positive Outlook
  6.  

    Excellent place to start your career

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

    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

    Neutral Outlook
  7.  

    Good place to work

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

    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 ManagementAdvice

    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.

    Recommends
    Neutral Outlook
  8.  

    Awesome Institution

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Contractor - Analyst in Ottawa, ON (Canada)
    Current Contractor - Analyst in Ottawa, ON (Canada)

    I have been working at Bank of Canada as a contractor (more than a year)

    Pros

    Benefits, work culture, wonderful learning opportunities

    Cons

    great career mobility if one obtains higher education

    Recommends
    Positive Outlook
  9.  

    The most private sector like government department but...

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

    I have been working at Bank of Canada

    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.

    Doesn't Recommend
    Neutral Outlook
  10.  

    Excellent place where to start a career

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

    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 ManagementAdvice

    Consider sponsoring MAs for promising RAs.

    Recommends
    Positive Outlook
  11.  

    RA at BoC - Great learning experience

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

    I have been working at Bank of Canada full-time

    Pros

    Great learning experience, chance to work on cool projects.
    Lots of face time with senior members
    Exposure to research and modelling
    Lots of independence given

    Cons

    Work is not actionable to not motivating
    Spend all your time working on research that is read a few times and then filed away
    No advancement without Masters

    Recommends

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