Salt & Soil Analyst

Salt & Soil Capital  •  Calgary, AB (Remote, Canada-wide)  •  Full-time •  Competitive wage

Start date: May 15, 2026  •  Application deadline: April 2, 2026

About Salt & Soil Capital

Salt & Soil Capital is a Calgary-based investment firm that acquires, operates, and grows high-quality businesses from retiring owners across Western Canada. Founded by two Harvard MBAs with deep experience at McKinsey and as C-Suite executives, Salt and Soil’s name reflects who we are: salt of the earth people who are willing to get their hands dirty, show up consistently, and think long term. Our work spans a range of industries and business models, with a focus on fundamentals and hands-on involvement rather than financial engineering.

The Role

We are looking for one exceptional student graduating from a business, engineering, economics, or other analytically rigorous program in Spring 2026 to join us as a Private Equity Analyst working end-to-end on our entire buy-side M&A process.

At Salt & Soil, we do not follow the typical model for financial services analysts, where firms assign repetitive, routine tasks with very little involvement in the higher-level actions driving results. Instead, we invest deeply in a single person and provide them with individualized coaching to spur their professional growth and skillset. The result is a demanding environment where you are constantly pushed to solve new problems, own new tasks, and operate at increasingly high levels. To succeed, you will need to be someone who has the ‘triple threat’ of a) genuine curiosity and humility to ask the non-obvious questions, b) the determination to stick with hard tasks when the path is unclear, and c) a methodical approach to problem solving with the ability to critically analyze various forms of data. You will join conversations typically reserved for MDs, given work that is genuinely high priority for the firm, and supported in building a real, practical foundation in private equity. Exposure to this environment will give you an advanced toolkit in a variety of areas that will assist you with the next stage of your career and beyond, wherever that may be.

What You’ll Work On

This role consists of many of the aspects of a typical entry-level financial services analyst role, such as building and stress-testing financial models, running diligence, and assessing industry dynamics; combined with unconventional aspects typically reserved for more senior roles where you are handed a complex problem that requires structuring, clear communication, and consistent execution at a high level with limited direction. As examples, you can expect to:

Investment & Deal Analysis

• Build and review financial models, operating forecasts, and return scenarios (e.g., modelling how a 5% increase in input costs with flat revenue growth affects debt repayment on a leveraged acquisition)
• Conduct market, competitive, and industry research (e.g., mapping the decision-making chain for aluminum-clad windows from architect specification through to distributor and installer)
• Own commercial, financial, and operational due diligence (e.g., re-normalizing the earnings of an owner-operated HVAC company where personal expenses have been run through the business for several years)
• Prepare materials for investment committee reviews and investor presentations (e.g., summarize market size, growth drivers, and competitive positioning for a potential acquisition in the clothing products distribution sector)
• Manage and coordinate transaction documentation and data room organization (e.g., structuring a virtual data room with financials, legal contracts, and operational information to support lender and investor diligence)

Deal Sourcing & Evaluation

• Analyze acquisition targets across industries and business models (e.g., identifying the top 10 privately owned millwork companies in Alberta)
• Manage our external deal sourcing team, deal pipelines, and CRM tracking for privately held businesses that are not listed for sale (e.g., identifying and contacting the owners of 30 independent concrete contractors in Western Canada to understand ownership succession timelines)
• Speak directly with brokers and business owners to gather information and build relationships (e.g., speaking with the owner of a second-generation steel fabrication business to understand retirement plans, growth constraints, and openness to selling)
• Review and propose next steps for confidential information memorandums (CIMs) to determine which opportunities warrant deeper work (e.g., reviewing a CIM for a specialty chemicals distributor and within 20 minutes developing 5 major questions you have to inform valuation)

Who We’re Looking For

We know that successful people come from diverse backgrounds, so we encourage you to apply if you feel you would be a good fit for the role. Prior exposure to finance, consulting, or business operations is helpful but not required. Rather than specific knowledge or skills, we look for people with:

• Curiosity and humility: Asks the question nobody else asked, admits what you don’t know, and takes ownership of outcomes rather than just tasks. This also takes the form of being:
  • Personable: Comes across as credible and approachable in speaking to everyone from owners to brokers to bankers to investors, is comfortable often being the first point of contact with external parties
  • Genuinely curious about how businesses work: Has an interest in understanding operations, customers, competitive dynamics, and what actually drives value over time

• Determination: Manages research projects independently, meets deadlines without constant oversight, and proactively raises obstacles before they become problems. We see this in individuals who have:

• • Self-motivated: Looks for novel ways your work can contribute to the team’s goals, even when not explicitly requested
  • Ownership mindset: Feels responsible for delivering results and will try new approaches if previous ones fail

• Problem solving and analysis: Able to break down an unfamiliar industry, identify its key players, estimate a market size from limited data, and understand why a company’s margins differ from its peers. In addition to raw analytical ability, we look for problem solvers who are:

• • Creative: Able to produce and adapt high-quality visual and written marketing materials, slide decks, and investor briefs. Not afraid of finding different ways to present information or tell a story
  • Comfortable forming and revising views under uncertainty: Builds an initial perspective from limited public information, then updates it clearly as financial statements, customer data, and diligence findings become available

Structure & Location

• Remote role, open to candidates located anywhere in Canada. Co-locating in Calgary is preferable but not required.
• Some travel requiredto visit portfolio companies and attend in-person Salt & Soil activities
• Compensation: Competitive salary of $45,000 - $55,000/year

Application Process

If this role sounds like the kind of challenge you are looking for, we would love to hear from you. Apply via online form by April 2, 2026. https://www.saltandsoil.ca/careers-and-blog/analyst-2026

1. Company profile (due EOD April 6): If you are selected for the next stage, you’ll be asked to submit a one page summary by EOD April 6 of a privately owned business you believe would be a good candidate for the Salt & Soil acquisition model. The company name must begin with the same letter as your last name. Go beyond publicly available data; visit the business in person, call the owner, speak with a customer or supplier. Surprise us with something interesting but respect confidentiality and the time of the owners.
2. First interview (week of April 6): A 30-minute conversation with our current Analyst to discuss your interest in the role and give you a candid picture of what the day-to-day work actually looks like.
3. Second interview (week of April 13): A 60-minute virtual interview with one of Salt & Soil’s Managing Directors covering your background, motivations, and how you approach real problems and hypothetical situations that come up in deal work
4. Case assignment (week of April 20): A practical exercise built around the company you chose in your written submission, covering two of the most common activities in this role:
   1. Company research: You will be asked to answer 5–7 outside-in questions about your target company covering key risks, market dynamics, customer base, and competitive position; present your findings in a way that is clear and easy to act on
   2. Financial model: You will receive a standard financial model and be asked to populate it with your own assumptions for the target company. We are less focused on the specific numbers and more interested in understanding how you think through a problem, where you apply judgment, and how you communicate uncertainty
5. Final case presentation (week of April 27): You will present your case assignment and discuss your findings, followed by a broader conversation about Salt & Soil, the role, and your longer-term goals
6. Decision: May 1, 2026
7. Start date: May 15, 2026
8. One-month overlap with our outgoing Analyst to ensure a thorough handover