I am a sophomore at a Canadian university, exploring opportunities in investment banking and private equity and attempting to understand the recruitment cycle and methods of Canadian banks. Can someone provide information on this, and is it different from the processes followed by US banks? I am aiming for summer internships in 2025 – when should I begin searching for opportunities and reaching out?
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Based on the most helpful WSO content, the investment banking recruiting cycle in Canada does have some differences compared to the US. Here's a breakdown of what you should know:
Recruitment Cycle: Canadian banks typically recruit earlier than US banks. For summer internships, the process can start as early as a year in advance. For a summer 2025 internship, you should be prepared to start looking into opportunities and networking in 2024.
Schools and Positions: Canadian banks, such as TD Securities, have been known to recruit specifically at certain schools for positions like Investment Banking Associate and Analyst. Target schools include Joseph L. Rotman School of Management, McGill, Richard Ivey School of Business, and Schulich School of Business, primarily for MBA candidates.
Networking: In Canada, networking is crucial. There have been mentions that Canadian banks may not weigh resumes as heavily as US banks, focusing more on interactions with bank employees and event participation. This means you should start reaching out and building relationships well before the formal recruitment process begins.
Recruitment Methods: The recruitment process in Canada may involve behavioral interviews conducted by external agencies and a strong emphasis on internal referrals and nepotism. It's important to engage with bank events and employees to increase your visibility.
For your specific case, aiming for a summer 2025 internship, you should begin your search and networking efforts in 2024. Keep an eye on the recruitment timelines of the banks you're interested in, and make sure to attend finance-related events at your university and externally to build a strong network in the industry.
Remember, the key is to start early, be proactive in networking, and stay informed about the recruitment timelines of the banks you're targeting. Good luck with your search!
Sources: What is Canadian comp and recruitment like?, How competitive is Private Equity in Canada?, https://www.wallstreetoasis.com/forum/investment-banking/canadian-2021-investment-banking-summer-analyst-thread?customgpt=1, CANADIAN 2020 Investment Banking Summer Analyst Thread, CANADIAN 2018 Investment Banking Summer Analyst mini Thread
Cycle likely to be a couple months after US cycle. It keeps moving up each year so you'd need to network with bankers and ask other students in investment clubs (which you're hopefully a part of as if you're not it'd reduce your competitiveness) regarding timelines.
If you haven't started interview prepping and networking by now I'd get started for summer 2025. If you however don't have a good 2024 internship lined up for 2025 interviews, then your effort might not be rewarded due to not being a competitive candidate.
The Canadian recruiting cycle is usually is at the same time or maybe a couple weeks after when the US starts.
Our summer process (US PE) kicks off February, as a datapoint
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