Investment Banking: Canada Edition
Canada and the US… pretty much the same, right?
How different could recruiting and the finance industry really be?
As it turns out, “a lot.”
In this interview with a reader who currently works in investment banking in Canada, you’ll learn:
- Networking ninja tactics – who knew the library could be so helpful?
- How recruiting differs in Canada and how you can break in
- Differences in the finance industry, the work itself, and exit opportunities
Let’s get started:
Breaking Into Banking… via the Library?!
Q: You have an interesting “how I got my first internship” story – let’s hear about it.
A: Sure. I was originally an accounting major and had done a few accounting-related internships, but was pretty clueless when it came to finance.
But I was very curious about the field, and one day I was in the library reading books on investing and learning what I could from each one.
I flipped to the back of one book and the author’s bio said that he was an alumnus from my school, and that he lived in my city – so I Googled him, found his contact information, called him and then proposed interning for him for 3-4 months for free.
He responded by offering a paid internship instead, which is where I got started.
Networking 201
Q: I think that’s one of the best networking stories I’ve ever heard.
It sounds like you were more direct with your networking tactics than most other aspiring bankers – what other stories can you share with us?
A: Once I met another high-level financier at my school – well-known, but not a “target school” – at a presentation there. I got his contact information, then met up with him for coffee and pitched him an investment idea on the spot.
That took him by surprise and impressed him because most people don’t have the nerve to do that.
It didn’t directly lead to a job, but a few weeks later I saw a job posting for another finance firm on the same floor in the same building as his company – so I asked him about it, and got a referral to go around the normal channels and speak directly with people at the firm that posted the ad.
I got into banking by taking a similar approach as well: I simply contacted another acquaintance and asked for what I wanted, getting a referral to a well-known M&A group in the process.
Q: So it sounds like being direct pays off – or at least it did for you.
A: You can’t be too in-your-face, but being direct worked way better for me than sitting around and trading emails for 9 months while you’re afraid to ask for an interview or propose an internship.
You want to show that you’re smart and that you can learn quickly, but you also want to be modest in your approach and not “brag” too much when you call someone.
Q: What about the numbers here – how many people were you calling or emailing each day to get results?
A: I called about 7 or 8 people per day for 2-3 months to get my full-time offer.
I didn’t call anyone on Mondays or Fridays – I just used those days for collecting names. I aimed for around 30 new names each weekend, which was enough for the 7 or 8 people per day I mentioned before.
Of those 7 or 8 people, I got through to about 2 or 3 per day via a combination of emailing and cold-calling.
If you want to get past gatekeepers, being nice to secretaries is essential – if you’re super nice and good at sweet-talking them, you’ll be able to get through to a lot of “unreachable” people.
But a lot of it also depends on the person and the mood they’re in – if someone’s having a bad day, you may just not be successful. And sometimes people get freaked out if they find out that you Googled their name to find them.
Recruiting in Canada
Q: How difficult is it to break into investment banking in Canada?
A: The degree of difficulty is very similar – there are fewer positions, but there are also fewer people applying in the first place, so those two factors even themselves out.
If you’re from Canada then you’ll have a more difficult time recruiting in the US because top schools here are not as well-known in the States, and because of the usual work visa issues.
But sometimes if you’re coming from the US – especially if you went to a top school there – it can be easier to break in here.
Q: You mentioned the work visa problems for Canadian citizens looking to work in the US – do you have any friends who made the move successfully? How difficult is it to get around these issues?
A: I’ve had friends who have done it, but they all came from the top undergraduate business schools for investment banking here, e.g. McGill and Ivey.
I don’t know how difficult it is personally because I focused 100% on banks in Canada instead – I just figured that my chances would be higher and that there would be fewer issues.
Q: Let’s talk about the actual recruiting process in Canada. How are resumes and interviews different from the US and other regions? Are there assessment centers like you see in Europe?
A: No assessment centers. Resumes are pretty much the same, but there are a couple differences in investment banking interviews:
- There’s more of an emphasis on “fit” questions because the offices are smaller, and they want to be 100% certain that you are the perfect candidate.
- I had an additional round of interviews after my Superday interviews – they brought in the top 3 candidates and interviewed us again to determine who would get the offer.
M&I Note: These differences may apply outside of Canada as well.
For example, both of the points above are true at many small private equity firms in the US – they focus obsessively on “fit” questions and may put you through 20 rounds of interviews because they’re tiny and “fit” is critical.
Investment Banking in Canada
Q: So recruiting itself sounds similar, though there are some differences due to the average office size in Canada.
What about the industry itself? How is Canada different from the US?
A: Sure. The industries in both countries are more different than the recruiting processes – here are the key points:
- It’s smaller – Everyone knows everyone else, and there are only a few major financial hubs – Vancouver, Calgary, Toronto, and Montreal.
- It’s less structured – Direct promotes from Analyst to Associate after 3 years are more common here, and getting an MBA is not as common. They are also more willing to take on people from unconventional backgrounds.
- The industry focus is different – In Canada, the big industries are mining, natural resources, and energy. In Montreal and Toronto there are some tech, pharmaceutical, and biotech companies, but overall the industries we cover are narrower than what you would find in the US.
Q: You’ve mentioned a couple times now that offices are smaller overall – does this also mean that deal teams are smaller and that Analysts get more responsibility?
A: Definitely. Deal teams are leaner overall, and sometimes entire teams here consist of just 10 bankers (M&I Note: Even at middle-market firms in the US that would be small – sizes in the dozens are more common).
I’ve seen Analysts take deals from A to Z before, and do things that are normally reserved for Associates and VPs.
Q: What about the ratio of clients and deals to pitches?
A: That’s dependent on your bank, your group, your location, and the industry, so it’s difficult to generalize – but overall I don’t think it’s too much different from banking anywhere else.
Right now, I’m working on 7 major projects and of those, 5 are pitches and 2 are deals.
So I’m only spending around 30% of my time on clients, but that’s common for investment banking unless you’re in an extremely busy group.
Q: What are the hours like?
A: I’ve been doing 90 hours a week since I started – pretty much the same as the US and other developed markets.
Don’t come here thinking that you’ll be leaving at 7 PM every day just because it’s Canada!
Q: You mentioned earlier that there are more direct Analyst-Associate promotes in Canada. Does that mean that rather than pursuing the usual exit opportunities, most bankers just stay in the industry?
A: I wouldn’t say “most” bankers here stay in banking, but there is definitely less of an obsession with exit opportunities.
I’ve seen a few people leave for the buy-side, but overall the percentage is lower than in the US, where almost all Analysts move on after 2-3 years.
One other difference is that the MBA to investment banking path is rarer here – I don’t know why exactly, but it’s more unusual to jump into banking if you’ve already gone to business school.
Q: You’ve now worked in a couple fields within finance and accounting – what are you planning to do in the future?
A: At this point I’m planning to stay in banking for a few years and then move into private equity.
Accounting, asset management, and private wealth management were not for me – I like being on the transactional side a lot more, so banking and PE are a better fit.
Q: Great, thanks for your time.
A: No problem.
Finance in Canada – Series:
- Investment Banking in Canada – Overview
- Break Into Investment Banking in Canada (Part 1 of Interview)
- Investment Banking in Canada: On the Job and Exit Opportunities (Part 2 of Interview)
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What is the Finance (Banking, PE) scene like in Vancouver? My fiance’s family is from there so we’re considering relocating from London to Vancouver at some point in the future.
It’s my understanding that there is a lot of focus on mining out there and my bank seems to have some tech. A quick look on outlook (my bank has one of the largest IB groups) also shows only about 5% of our IB workforce is out there too and so it’s not very big.
Think it’s pretty much what Nick said – much smaller than Toronto and possibly the other financial centers as well, but with a similar industry focus.
Thanks – what about Vancouver from the PE side? Is there any mid-cap or larger PE in Vancouver? I’m a consultant now, in the process of breaking into mid/large cap PE, and intending to relocate to Vancouver in 4-5 years. Quite a non-traditional route.
I’m sure there are PE firms there, but there are probably far more in Toronto. My guess is there are just a few and they’re probably local and mid-size or smaller.
Great article, Brian! It was definitely great reading about recruitment tailored specifically to Canada.
Cool glad to hear it.
Hi Brian,
Great article.. I think regional articles make a good read and cover finer differences between IB at US and Non US regions… Could you please arrange for an interview focusing on the Indian scenario…Thanks..
http://www.mergersandinquisitions.com/investment-banking-india/
How do analysts from Canadian offices of BBs fare in top-10 b-school admissions, compared to their US analyst counterparts?
I think they probably fare about the same – Canada and the US are not dramatically different. You would see more of a difference between, say, applicants from the US and China than you would between the US and Canada. So many bankers apply to business school that it’s more about how you’re unique vs. which specific city you were in.
I hear from some of my finance professors that Canadian students going to a US grad schools tell them that the toughest thing about top US MBA schools is getting in. The reason for this is that getting an A+ (or a 4.0) in a Canadian university course is tougher due to a bureaucratic obsession with maintaining a 2.0 average GPA and bell curving down if necessary. US universities have a higher average GPA because this rule is relaxed.
I had a different experience when I tried recruiting in Canada. I tried interviewing and I would have to say I had a pretty tough time. Firstly, I completed a Masters at LSE and I thought I would find it easy to find a job in Canada. But the recruiting was very structured and they don’t interview graduates, only graduating students from Ivey, McGill or Queens. Also off-cycle openings were hard to get due to lack of industry expertise.
I had a previous IBD internship at CS India. But after talking to headhunters, I found out that Canadian Banks looks solely on experience in Canada.
Also, the only few interviews I had secured through networking were very very technical. I was well prepared and I know the Breaking into Wall Street guide top to bottom. But I had some crazy questions on mining valuations, reserves and such. They require you to know your stuff regardless of background.
Being unsuccesful in Canada, I’m back in London and I’m finding recruiting a lot easier. Interviews are more behavioral here and technical questions are pretty straight forward.
Interesting to hear that – honestly that is the first time I’ve heard about someone getting super-technical questions in industry groups. Usually they don’t assume you know anything but I guess that’s not always the case. I am adding material on oil & gas and mining to the interview guide as soon as the new oil & gas modeling course is finished but I guess that’s a bit late…
Was wondering what kind of timeframe are you looking for relasing financial modeling course for oil and gas sector ?
Late November
Thanks Brian, your supplementary guide for FIG group really helped me out in London. Even though I wasn’t directly tested, I was able to lead the interviewers into testing me on topics that I’m interested in. They were pretty impressed that I knew specific techniques for FIG, TMT, Oil and gas and such. I learnt that taking control of the interview and leading them towards asking something you are familiar with really helps.
Cool glad to hear it!
I just wanted to clarify the notion that Canadian interviews are less technical. This recruiting season I interviewed with one BB and two Big 5 banks in western Canada. All the interviews were extremely technical (>90%). Interestingly, the BB interview was so crushingly difficult that I almost laughed at some of the questions I was receiving. It was as if they added an extra level or twist to every question they took from the guides. I was perplexed as to why the questions were so difficult, but got no response when I tried to reach out to the interviewers. On the other hand, the Big 5 interviews were much more straight-forward, but still very technical, “straight from the book” type questions. I ended up doing pretty well, but never got an offer from one of the Big 5 after my second round. It also seems like very few boutique type firms are hiring in Canada. — That’s just my experience. Great article Brian!
ps. looking forward to the oil and gas modeling course.
Thanks for the comments, from the ones above it seems people have had both experiences here. I think a lot of it depends on your background and which groups you’re applying to, though interviews have definitely become more technical post-financial crisis.
Hi there. I am from the UK and currently in Corporate finance advisory at a Big 4 firm. However, I really want to move to Canada in an IB role. Could you give me ‘a route’ as to how to get there?
Do you think it would be better for me to get 2 years of investment banking experience in England at a BB (as it definitely is easier from the sounds of it) and then try to move over. Are the banks in canada keen to hire people from overseas with a bit of experience?
Also, do you happen to know which is the most sought after over there. 1) Investment bankers, 2) equity analyst or 3) investment management? I am interested in all but want to do the one that will give me the best chance of getting to Canada (specifically Vancouver).
NB. The canadian IB industry seems so tough to crack. In England, my friends who did ‘liberal arts’ degrees are in BB in M & A where as all the banks in the US/Canada seem to require Business/commerce/economic degrees.
Dear Contributor of this article,
May i ask if you are willing to speak with me for few minutes? Like you, I reside in Canada and go to a well known but not target school? To prove my authenticity, I can send you my university email id to your personal email. Who knows we might be from the same school !
My email id – volunter4p@yahoo.com
Thanks much,
It’s Brian, right?
Great article. I’m a junior at NYU (CAS) originally from Vancouver. I’ve been reading the site for a while to prepare for SA recruiting this coming semester but I never thought there would be an article published that is so close to home for me. Thank you for keeping your range of topics open to anything. I appreciate it.
I will pickup your breaking into wall street guide soon so I can support the work you guys do.
Cheers,
Parker
Cool, glad to hear it.
Hi,
Strange you didnt cover this in the interview.
But What about those “other” numbers in the canadian market? ( read “$$$$”)
Thanks.
I didn’t even ask because most developed markets pay about the same… very little difference between US, UK, Canada, and so on except the currency is different.
Since undergraduate business programs are the norm here in Canada, I’d actually say interviews tend to be a lot more technical than what you’d encounter in the US. It’s expected that candidates have a very strong grasp of accounting/valuation since they all learn it in school.
- Canadian banker
Could be – from the comments here it seems like the experience is mixed.
Hello M&I:
It was mentioned in the interview that getting an MBA is not a common way to break into Investment banking in Canada. They are also more willing to take on people from unconventional backgrounds. Can you name a few unconventional backgrounds? Also, if getting an MBA is not common, what would be common? Networking? Please advise. Thanks.
Regards,
KS
Unconventional might mean starting out in corporate finance at a normal company and then going to IB, or maybe doing Big 4 to IB… basically, anything that is not starting out in IB/PE with internships and then just moving in full-time.
MBA programs still work, but it’s not quite as common according to the interviewer… so networking or going to a top undergrad business school are more common.
Hello M&I:
Will you be looking into writing an article about the I-banking, M&A, IPOs, Venture Capital or PE specifically for Canada?
It will be great if you can include a few things like which MBA programs from which school in Canada will best lead students to the i-banking / finance industries.
I shall be grateful if you can do that. THANKS!
Regards,
KS
Honestly, probably not on all of those. Those industries are not that much different in Canada – I may do something on exit opportunities or business school there, but it depends on who steps forward to volunteer. Most of the contributions on the site these days are from other people.
Hey M&I;
I’ve been reading the site on occasion for the past few years. Like the stories, I can relate to a lot of them.
I would be willing to step forward and help with a Canadian focused article on PE, VC, IB. I too have an extremely off track course into the IB world. Undergrad in sciences, professional chef for majority of my 20′s, MBA (Canada), turned VC most recently joining a boutique IB. I also have a CFA for all the little it is worth.
Let’s discuss.
KN
Sure – could you email me at editor@mergersandinquisitions.com? Would love to cover more about the finance industry in Canada.
KS,
Regarding unconventional backgrounds, I am a political science major. I networked my butt off through on-campus events/volunteer opportunities and managed to land a summer internship in s&t. I can relate to the guy writing the article in that getting past the gatekeepers takes a lot of creative networking for students without a finance background.
Be happy to speak with any other non-bcomm types out there looking to break into the industry.
Great site by the way.
GH
Hi GH,
Are you still willing to speak with non-bcomm person looking to break in the industry? If so, please lets connect through:
k355k355 at gmail.com
Sincerely,
K
Comp is generally very similar to what you’d earn in the US. And since CDN bank did fairly well during the downturn, comp is still relatively close to pre-crisis level, at least at the analyst level. CDN analyst earned a lot more in the last 2 years than pretty much anyone elsewhere in the world (bonus range in 2009 was $70-$80K for first year and $100 – 120K for 2nd year, and 2008 was similar is not a little higher). Intl bank pay a much higher base salary ($90-95K) as it was adjusted with US level with the CAD was at ~0.60USD. I can’t speak for every bank, but the bonus pool was north american where i worked so for analysts, it’d made no difference whether you were in New York or Calgary.
@ Stranger
I clearly remember interviewing you so i don’t want to get too specific, but i’d have to disagree with a few things you said. If i remember correctly you were an engineering student, but as Canadian Banker mentioned, 98% of hire have a business school background and questions tend to be very technical, at least in the earlier rounds (some banks have 1 or 2 rounds of solely technical interviews before they start assessing fit, etc). So yes, it very hard to break-in if you don’t have a finance background. And fit is extremely important as teams tend to be small and ppl are expected to stay on. And i would say Canadian recruiting is very inclusive, it’s true that Ivey, Queen’s and McGill will provide a large chunk of new hires, but banks will generally present at 10-12 schools, which is very high given the population of Canada. And international experience is very much valued as much if not more than Canadian experience.
And since most analysts are generalist (products, industry or both), they tend to get a much wider exposure, especially since there’s generally only 1 or 2 analyst / associates staffed on a deal (with product / industry support provided by senior bankers). Many of the industry groups at my former bank didn’t even have junior bankers.
former canadian banker
Hey Former CAD banker,
It seems like you have recruiting exp so I wanted to get your advice on something. Last month I interviewed with one of the 5′s for a FT position. In my city, they mentioned they were not hiring this year (they tend to, although I think it`s around 1 or 2 analysts), so much of the positions would be in TO and some in Calgary. I went for the initial round, and felt I performed really well – apart from not knowing one technical question and my grades were mediocre, not comparable to the 4.0s.
I asked for feedback from the VP and he mentioned that I needed to brush up on my technicals because of the missed question was something that can be googled easily, and on my grades. Other than that, he gave me a perspective of that out of the candidates that they interviewed, I was their second choice to advance to Superday.
What do you think my options are as to breaking into banking? I’m graduating this April, do you think I should apply to a SA position and delay my grad? Or should I just grad and re-apply for FT next year? If so, what are some things I can do to catch their eye again?
Thanks,
Breaker
Thanks for your comments – very insightful. Interesting that Canadian banks actually paid more than others in recent years.
@CA
Wow, its a small world, good to hear. The tougher technicals really helped me though in London. I just got an offer and I’m very pleased. Its been a long hard struggle. Looking to work for a couple of years before returning to good ol’ Canada.
Hello,
I recently completed the interview process for a major Canadian bank last week. I was applying for a winter internship position. There were two phone interviews, with the first one being technical and the second one being fit.
After this, I was flown out to the bank’s office for a superday. There were four rounds of interviews, followed by a lunch. The first interview was with younger associates and was very technical, while the following interviews were with more senior bankers and was more fit questions.
Although I did not receive an offer I was pleased with my progress. Out of an original applicant pool of over 100, the bank said only 4 were flown out, and that every candidate was extremely impressive.
I will now go to school next semester, and I hope to use this experience to obtain an upcoming summer internship.
I recently switched from Accounting to Finance and am having a hard time finding a internship for anything finance related in Western Canada. I’m not too great with my technical skills and I was wondering what would be the best way to make sure I have these down pat? Also, it seems that all the ibanking jobs go to grads with stellar grades. Is networking the best way to overcome a decent (but not awesome) GPA in Canada as well?
Many thanks!
Accounting/finance books, training programs, getting a friend to help you… and yes, networking is all you can do to overcome a lower GPA unless you want to do a Master’s program or wait a few years for an MBA.
Thanks for the quicky reply! I think I was wondering more as to what degree do I need to build my technical skills. Are the guides on this website sufficient enough? Also, I was wondering when the regional listing will be coming out?
Thanks for all your help, you really are contributing tremendously to a lot of people.
Yes the modeling courses here are sufficient as the Advanced and industry-specific ones go way beyond what you actually need in banking. Regional listing: check the Networking Ninja Toolkit there is already a list there.
Hey there.
I’m also from Western Canada but attending school out east. Like yourself I found it very difficult to find finance work in BC – the big banking teams all work mostly out of Toronto. I also have mediocre grades compared to my competition.
I recently signed with one of the big 5 banks and will be starting FT next year. My grades were definitely the weakest part of my application with my work experience being the strongest.
Some advice I would give is to look for corporate finance roles with companies in industry (mining, oil and gas companies) and try and get internship work with their strategic development or capital markets groups. I worked at a Transportation company in their capital markets group and saw a few deals close – great experience to chat about in my interviews. Technicals are not something that will help differentiate you if you nail them, but it will hurt you if you don’t nail them so definitely study hard.
John.
If I am applying directly through a firm’s website, whom should I address the cover letter to if a recruiter’s name is not specified? I do know a few analysts at the bank but I am not 100% sure who the recruiter is and who is going through the resumes and cover letters.
Thanks.
http://www.mergersandinquisitions.com/investment-banking-cover-letter-template/
Also, I know from reading your other posts that I can omit the physical address on the cover letter if I am applying online but should I also omit my email address and/or cell number?
Thank you.
Leave them in… unless you want the bank to not be able to contact you…
Toronto seems to be very CFA-centric for some reason.
Did the contributor attend the Schulich School of Business?
I actually don’t know – I never ask about that information to make sure that I don’t accidentally include it or respond with answer about schools/banks etc. anywhere.
hi, i’m a 2nd year finance looking to find an internship this summer in IB but i had a pretty bad GPA as a freshmen. It was a D+ last year but i picked up the pace and should have B- or B by end of the year. How do I explain my horrible first year marks and do they request transcripts at interviews? if not how do they verify marks?
thanks
http://www.mergersandinquisitions.com/investment-banking-interview-ju-jutsu/
Brian- I was reading you how to get full time offers. I’m interning now, but I realized there’s this mistake I have done. One of the VPs asked me to send them a list of firms in alphabetical order, I sorted it obviously, and didn’t review and sent it. Checking over my sent box, I realized what I did was, I sorted it alphabetically, noticed ” XYZ company” was at the top, but I left it there, and just deleted the spacing, so it would be “XYZ company” at the first line, before A, B, C, etc.
I just realized it but I already sent it yesterday. Thing is I need to submit another document to him tomorrow. Should I say something along the lines of, “I realized XYZ company was at the first line when I was skimming over, so I have reattached the revised”? or should I just skip over it, and just send him whatever I need to send him tomorrow?
It’s just in my heart itching, so I’m not sure whether I should fix my error (in doing so, remind him if he missed it), or just leave it.
I wouldn’t say anything about it or attached a revised version unless he asks specifically.
Thanks, could you elaborate on that? I was reading through your “How Summer Interns get full time offers” article and it noted that if you realize a mistake, you should fix it asap and not do it again.
I would always think in this situation, if you realized you made a mistake, it would help if you took the initiative and correct it yourself? no?
A mistake is only a mistake if someone else notices – otherwise, you are just making yourself look worse and getting nothing out of it.
Brian, I mentioned in a previous post that I had a low GPA (2.5). To make things worse, I am an international. Do I still have a shot at MM, Boutique firms for banking internships?
PS I got your Networking Ninja toolkit, btw. It’s not a guarantee but would using the toolkit still help in this case?
It’s tough to get in with a 2.5 GPA – it helps if you have full-time work experience already or something else that reduces the impact of that GPA. You can still do it (case study here: http://www.mergersandinquisitions.com/finance-low-gpa-no-experience-non-target-school/) but you might have a much easier time recruiting in your own country.
Hello Brian!
My name is Marcos and I’m brazilian, do you think that it would be possible for you to write some article about the investment banking cenario in a brazilian edition?
Oh and thanks a lot for your posts!
Sure, but it is dependent on who wants to volunteer to contribute. No one here has worked in Brazil so as with most of the new content these days, it depends on who can help out.
Hi , thanks for the web page, it is very interesting
Im doing my first semester at John Molson School of Business (concordia uni)
Is it a bad school if I want to get into Ibanking ? ( If I had the grad to get to mcgill next year)
Is international exachange more important than the school you attend to ?
How can I get a position in Japan for 2 years after my bachelor ? ( I speak Japanese begiinner, I am still taking courses)
tks
billy
It is not a target school so definitely not ideal, McGill is far better if you can get in. International exchange is 100x less important than school name. For Japan you need to be a native speaker so don’t bother.
Okay thanks
But Im still not sure about my major, Iam hesitating betweena become in finance or international business
I want to start in Investment banking or Consulting then move to Business development, preferably in the aerospace and defense industry
Which major should I choose ? Is it true that internation bus. is not enough functional ?
billy
http://www.mergersandinquisitions.com/investment-banking-major/
Doesn’t matter much either way.
Hi Billy,
The difference between JMSB & McGill is minimal if you are looking for IB in Canada. Although McGill placements are better inside Canada for IB, you will get the chance to interview with all Canadian investment banks.
The only time where McGill crushes JMSB is if you are interested in working for a US MM/BB IB. McGill get’s Lazard, CS, JPM, OW, BCG.. JMSB doesn’t sorry buddy
Either way it’s tough from both schools. Most positions are in Toronto so you’ll be against IVEY/QUEENS anyways..
It’s tough.. only 2-3 people get IB jobs from JMSB per year.
hi
Thanks for the information. But I guess outside Canada, Mcgill is better rated…
If I want to do IB and I have the chance to do an international exchange for one semester, which country will look better on my resume, Japan or England? I am in a big strugle here …
thanks guys
Billy
Japan probably looks more exotic and therefore more attention-grabbing, especially if you’re not Asian… but some would disagree.
With which GPA scale should we apply in IB in Mtl ?
I mean something like 3.2 or 3.0 ? or thats way to low ?
McGill is on 4.0, so on your resume you write 3.9/4.0
JMSB is on 4.3, so on your resume you write 4.0 / 4.3
3.2 IS WAY TOO LOW for IB in Canada.
For each IB application in Canada there are at leasts 150 applications and sometimes 300 in MTL, and woudln’t be surprised to see 500+ in Toronto.
By the way, People usually do business Dev after or before doing any consulting/IB or PE ?
I mean can BD be more prestigious then IB or even PE sometimes ? or just more profitable ?
billy
Usually after. It’s not more prestigious or more profitable, just better hours.
Okay thanks ,
On a resume, is picht sentences such as “Guided By integrity” or “Followed an hight sense of ethics” is “too much” to put on a resume for IB ?
Yes those sound silly, remove them
lol thanks man for the advise man .
I have so many questions concerning IB because I am planning to go study abroad (I m from Canada) and I am planning to finish my undergrad in England or Germany. There is it many target schools in Germany ? I mean do big IB Firms are interested by them ? Do you know any websites for reliable info on the ranking of German and English schools ?
Germany I’m not sure. Basically in Europe you need to be in the UK at a top school like Oxbridge, Warwick, Imperial, etc. to have a good shot at getting into IB.
Okay I see, but after the big names such as Warwick..Cambrisge, Oxford.
Do University of Liverpool , Birmingham and Nothingham rated as top schools for investment firms?
Or lets say if I had to choose between Mcgill University (Canada) and those UK ones…Which one give you the best shot in IB
thanks
McGill
New hire: Sales and Trading Associate at Big Canadian Bank (8 month work term)
Background: Engineering Undergrad directly into MBA (half way done and departing on a work term)
I am working in the equity derivatives team and dealing with structured retail products. I have taken one course in accounting and another in finance as part of the first half of my MBA. I am good with excel, a quick learner and a hard worker but I feel like I might be throwing myself into the deep end without knowing how to swim. I have done a lot of reading on this site and in books but I am unsure if all this reading is going to fully prepare me for this job.
I would love to hear any advice you may have.
That’s probably fine, S&T doesn’t require as much finance knowledge initially as IB
What about lancaster and Loughborough?
Not sure but think they are still below McGill
okay thks , but what about Mcgill vs university of Bristish Columbia?
I mean if I would do it in British Columbia, are we stuck in BC? And is it a very good name? even in the US, UK/Europe through Toronto ?
And is it true that the Big 4 do more hiring at UBC then at Mcgill ?
Honestly I just don’t know maybe someone else who knows more about Canada can help out
okay thanks !
The big 4 does not recruit at McGill? What kind of insanity are you speaking. McGill is one of the best schools for both Accounting and Finance recruitment.
You fill out Cacee forms for big 4 jobs in sept.
I’m currently doing a 6-month internship at the NYC office of a Canadian Investment bank in the capital markets division. I go to a non-target (but still good) school and have good credentials (GPA/activities etc) and graduate in 2013. Is it likely that my experience here will give me an advantage getting into American BB banks or would I be better off focusing on Canadian banks?
Forgot to add that I attend an American University.
If you are a Canadian citizen you probably have a better shot there.
American Citizen actually.
Hi, if I’m planning on pursuing an IB career in Canada, am I better off attending one of the top universities in Canada rather than the US?
Not necessarily, top US schools are still recognized there.
Great interview. I know you don’t know Canada very well, but what are your thoughts on a recent call lawyer practicing corporate law? I have a finance degree at a non target (but still good) b-school, A to A- average, top canadian law school?
Depends on what kind of law experience you’ve had and how long you’ve been at it. http://www.mergersandinquisitions.com/breaking-and-entering-into-finance-part-ii-the-lawyer/
I graduated from McGill with a Bachelors of Science (GPA of 3.00/4.00) and from Concordia with a Bachelors of Engineering (GPA: 3.70/4.30) and I have a GMAT score 710 (92nd percentile). I also have been working as an analyst in Strategy and Business Development for a year and half after a few internships in unrelated fields. Since I know Canadian Banks typically prefer finance related backgrounds and since American Banks will not consider me (I tried), I was wondering what is the best course of action:
1. wait a few years and get into a top MBA program
2. start a Masters in Finance (if so, which M. in F. do Canadian banks target the most?)
3. do the CFA
Thanks
Definitely #2… not sure about specific schools as I don’t know the Canadian MSF scene that well.
What are your thoughts on the Queen’s Business School MFin program. Additionally, what are your thoughts on getting a job in Corp Dev (a mini- PE arm) of large institutions, and how do I land such jobs?
Don’t know much about it so can’t comment on the school and recruiting there. Corporate development: http://www.mergersandinquisitions.com/corporate-development-recruiting/
Hey M&A,
I’m trying to make an undergrad advice and it’s coming down to a business school target (Ivey) and a basically guaranteed accelerated accounting program double major with math (Math/CA @ Waterloo). I’d say I like finance more but I’m not sure if I’d want the lack of work-life balance in IB. Also I’m attracted to an undergrad education of more substance but it’s not a must.
What are your opinions in starting in accounting and then moving into corporate finance because of the career-security of the CA designation? I’ve read your accounting to IB article and I understand there are many ways (TAS, MBA, etc.)
I mean undergrad decision*
You could do it but you are much better off starting in IB if you can do so as it’s still quite difficult to move in, even in Canada where the CA designation means more. I wouldn’t assume you have too much “career security” as that concept is increasingly irrelevant.
Hey does anybody know where I can find information on which universities in Canada are target/semi-target schools for IB?
Thanks.
Where can I get list of natural resource focused Canadian banks and
PE firms? I’d love to approach them since I have little experience in that sphere also I come emerging country with a lot of natural resources. I hope my background fits those banks .
http://www.mergersandinquisitions.com/faq/#networking
Hey M & A
I am interested in a carreer in Sales (retail brokering in investment banking). I am studying a Concordia University in Finance. But really I want to get in wallstreet in sales or at least in the US big cities. What is the best way to position myself for that ? I mean should go to mcgill in Political Science? that would help me you think ? Plus do I need a master or a CFA for stockbrokering ? Investment wont look at me even if I am very talented in sales or its all about the name of my school like IB ?
I really want that job !
thanks
CFA useless for stock brokering. Study abroad in the US to have the best shot. Network a lot and make weekend trips to the US where you want to work.
Hi M & A,
In addition to the various networking tips that has been mentioned in this website; I had a question about Investment Award Ceremonies. While these are NOT a recruitment event, do you feel showing up in investment award ceremony (Morningstar Canadian Investment Award) could be a good strategy for networking. For obvious reasons I have never been to any of these Award ceremonies and the tickets are pricey too (about $300 CAD). I was wondering in these kind of events would there be any networking opportunities. I will be starting my MBA in September 2011 in a business school in Canada that is considered to be among top 3 here.
Yes potentially but if you’re too junior it may not work as well
What are the chances of breaking into IB if you do not go to a target school? Say, a school like McMaster, UToronto – Mississauga, etc. Are they non-existent?
Chances are low and you need to network a lot – look under Recruiting at the top
Hey Brian, I have read practically all your articles and have found them extremely informative. I’m entering the Richard Ivey School of Business in London, Ontario and I am very interested in breaking into investment banking within the United States. With that said, my question is, how do you break into investment banking, coming from a target school in Canada, in the United State? I would love to read an article on the topic!
Best wishes,
Jeffrey Truong
A lot of banks should recruit there and visa issues are easier to handle than if you were from another country. I don’t really think there is enough to it to actually write something detailed but I’ll see if someone volunteers there
How’s University of Toronto compared to Mcgill?
Both are good schools. And I believe banks recruit at both schools too.
Brian:
Thanks for another useful article.
I have done my undergrad from south asia, Masters in Finance from a mid-tier US school (gpa 3.5) and networked my way to a small MM boutique in NY. I’ve had a fair share of direct deal flow experience over the last 7 months as an Associate (more of Senior Analyst role leading junior analysts) here. At this point I am considering a move to an upper-tier reputable Boutique, BB or Canadian IB (my fiance is from Calgary) upon completing 1 year.
I prefer to remain a generalist and believe PE/HF exit options from IB are much stronger in the US, simply because of the large number of firms that operate here in multiple industries.
With first hand experience in deals and a moderate GPA (maybe no longer decisive), what are my chances of getting into a Canadian BIG 5 or US BB? Should I wait longer than 1 year before making the leap? Do you think moving to Canada (given I can get into IB) will limit my exit ops?
Would highly appreciate your thoughts.
GPA doesn’t matter as much. Your chances of getting into a Canadian big 5 are pretty decent. Not sure about US BB. I don’t think you should wait – there are no shoulds/ should nots – just network and see what opportunities come up. I think NY is a great location since most firms are there, possibly better than being in Canada. I wld probably stay in NY but if your fiance wants to go back to Canada, that’s another story.
Hi Brian, thanks for the article.
I’m a Canadian from Vancouver currently studying undergraduate finance/accounting at NYU’s Stern business school. I’m a sophomore right now, and ideally in the future I would like to come back to Canada for provided that compensation and opportunities are competitive with NYC/Asia. Would a finance/accounting double major from NYU Stern with a high GPA and internship experience in NYC and Shanghai be at an advantage or a disadvantage applying to Canadian banks compared to a similar candidate from Ivey? I ask this because I was accepted to Ivey with scholarship, but chose to come to NYU instead despite far more expensive tuition because I felt that there would be far more opportunities, and it would be a huge “doh!” for me if it turns out that Ivey is actually the better positioned school.
Advantage but probably more so in NYC/Asia. Why don’t you try to land yourself a job in NY? Might be easier than you think
Hey Brian,
Just wanted to say a quick thanks for everything you’ve posted here. I’ve finally managed to break in from the back office! The pool of information available on this site is just incredible, and your posts about the back office were extremely motivational! Thanks again man.
Anytime!
Hello,
I like your site a lot. I am a 16 year old student living in Toronto. I want to become an inveatment banker. I am a straight A student with a 95% average. I also play multiple sports and do lots of extra activities such as DECA. I was wondering if you could help me out. First question, which university should I go to? I have heard that western, queens, and McGill along with many others are prestigious, or should I go to the states. I want to work on wall street and am willing to do anything. I want the best school to get me to wall street. By wall street, I want to work at large investment banks such as Goldman Sachs, jp Morgan, and Lehman brother. Lastly, when should I get a MBA? Should I get it right after university or get it after 3 years of work experience. Please get back as soon as possible.
Target universities. McGill is a good one. The top schools in the States too.
I think you should worry about your undergrad before you worry about your MBA. Some do it after 2-3 years of work experience, some don’t.
Is Richard Ivey at western a target school? And do u think I would be able to get into school like Harvard, or Stanford? With what you see here?
Yes Ivey is a target. See: http://www.mergersandinquisitions.com/investment-banking-canada-recruiting/
Getting into top schools: sure, it’s possible but really comes down to what you’ve done outside of school and if you have really impressive achievements (national / international recognition).
hullo,
im currently at centennial college in toronto for my certificate in accounting and im doing ACCA at the same time with London school of business and finance in toronto. ACCA gives me a degree of bachelors of science in Applied Accounting.
what are my chances of getting to investment banking in either U.S. or canada?
what can i do to get into IB?
please advice.
thanks
Land yourself an internship and network a lot!
Hello,I’m currently a 2nd year Economics student at McGill, with a minor in Finance aswell.
Investment Banking interests me, however im not part of the “management” faculty…and thus not involved in the recruiting/placements etc. What would you recommend? Can I compete with bCom students with a B.A in economics?
Thanks.
I’m not familiar w the system at McGill. As long as you can attend campus recruitment events, you should be fine
Hello,
I am masters student in science and I would like to get a career change. Banking interests me and i was wondering if you could give me any advice as to how to change fields completely? Most suggested that i do an MBA but that usually require work experience…
http://www.mergersandinquisitions.com/investment-banking-masters-programs/
Does Canadian salary + Bonus = NYC/ London Compensation?
As I’ve said before, it depends on your bank & your role. I’d presume so given standard of living but I may be very wrong