Rotman graduated from the University of Business and worked at one of Canada's five largest banks, which was the envy of many people.
However, after only five months in the bank, Adam Spodek quit his job, left Bay St. Financial Street in Toronto, packed his bags and moved to New York City, or as he put it, to "the heart of world finance."
According to reports, the 25-year-old Adam has been living in New York for more than a year, and his life is as rich as advertised online, and although the cost of living is high, he always finds a way to save some.
Currently, Adam works as an Operations Analyst at Premium Merchant Funding. Usually, I share an apartment with two roommates on Manhattan's Upper West Side for a monthly rent of $1,500.
Adam said the cost of living could be a little higher...... But in the long run, wages will always exceed the cost of living.
It is reported that Adam successfully entered one of Canada's top five banks after obtaining an undergraduate degree from the Rotman School of Business, but he felt that he had little chance of achieving the career he wanted at Bay St., and that New York City could make more connections and better develop his career, so he quit after five months.
"If you imagine that there are only five big banks in Canada, and there are millions of credit unions in New York, there are a lot of banks, not a few of them. I just feel like New York has more opportunities and options. ”
Adam is not one of them, and in recent years, more and more skilled young professionals are leaving Canada's financial districts for New York, London, Hong Kong, and more, and many believe that the reason is that Toronto is losing its appeal to people looking for high-paying and career opportunities. Canada's largest industry – finance – is also losing some of its top talent, which is undoubtedly terrifying.
According to statistics, the financial services industry accounts for a large portion of the workforce, with more than 800,000 employees, half of whom are located in Ontario.
Experts say the youth exodus not only damages Toronto's reputation as a bustling metropolis, but also threatens Canada's economy.
Giles Gherson, chairman and executive of the Toronto Regional Board of Trade, said that New York business is growing, and financial services companies there are meeting growing market demand, so there are more opportunities, while Canadian growth is slow.
"When you see that Canada's population – not GDP – is growing at a faster rate, you can expect per capita income to be declining, in other words, Canadians are losing their ability to make money. Gerson added.
Young people are often driven by a variety of values when making career decisions, but money is still one of the reasons for choice and exodus.
According to Indeed's senior economist Brendon's analysis, in the past 6 months, the annual salary of the job posting in Toronto is 35% lower than the median annual salary of the same position in New York, while the gap between high salaries is even larger, and between June and November 2023, the salary of executive directors and software engineers in New York is more than twice that of Toronto.
Canada's housing crisis and cost of living are also contributing to the exodus, with more than 40% of Ontario post-secondary graduates considering leaving Ontario according to statistics.
According to Mercer, a human resources consultancy, Toronto has the lowest cost of living and the highest quality of life compared to other popular cities around the world.
However, several of Canada's largest cities, such as Toronto, Vancouver, Victoria in British Columbia, and Hamilton in Ontario, ranked among the most unaffordable cities in North America, the Oxford Institute for Emergency Studies said in a 2022 report.
Tony Stillo, director of Canadian economics at Oxford Economics, explains: "Housing prices in Hamilton are about the same as in Manhattan, slightly lower, but Manhattan is much more expensive than Hamilton. ”
In this regard, some netizens have a deep understanding and said: "I once left Bay St. for a 40% salary increase, and the living place where I live is also cheaper, and I don't regret it at all." If you want me to move back now, unless you give me a 30% raise, to cope with the increase in housing prices and commuting. ”
However, some netizens said: "New immigrants will take over these positions." ”