Investment banking in Europe vs Canada
So I recently made a few posts here about my experience at a boutique in Toronto. Worked at one for about 4 months until they slashed the analyst class. I have had some deal experience but due to my short stint/poor branding of the firm it’s been very hard to get some traction to bigger shops.
I am from a target school in Canada, that generally recruits well. Since I’m now 6 months out of school I’m getting close to new grad roles closing out for me. It’s competitive right now in toronto, extremely competitive, and even with a solid network it’s very hard to convince a firm to take me on when there are so many other guys who have better profiles than me.
I am considering europe as an option to work in banking, mostly due to the fact that the market is a lot bigger than Canada, they have more offices, and bigger opportunities. I am considering doing a masters degree somewhere in Europe, but I’m leaning towards the UK because as a Canadian you get a working visa just from being a Canadian. Apparently the masters in Europe tend to have a very strong pipeline to IB versus Canada, which is mostly dominated through undergrad programs feeding the new grad opportunities and then lateraling from big five to big five/ or the big 4 to IB.
Basically what I can get out of this is a reset. A masters degree from a good school in europe, with a bigger pipeline would allow me a better shot to break into banking than I would in Canada given my current situation.
Wanted to ask if what I’m doing seems worth it and attainable for my career. I want to further my education, become a more attractive candidate, and work in a place where I have a better opportunity to grow my career. I have european parents so they have an EU passport making it a bit easier for me. I would get a working visa so working in Europe/ UK is an option.
What are the best schools in Europe that would give me that network? Is this a good strategy? Is banking in Europe better than Canada?
Using a masters to start over from a clean slate is a tried-and-true strategy.
Top schools for banking/finance in Europe are Oxbridge/Imperial/UCL/LSE, Warwick is a valid choice too imho. If you wanna look outside of the UK, you can try for Bocconi in Italy or top masters like El Karoui in France.
I'd still aim for the UK because London is a notch above everywhere else in Europe, though Paris is a close second. I'm not an expert in Canadian banking, but I reckon you won't find as many opportunities there as in the US or Europe.
Why not target the US though? As a Canadian, studying/working there shouldn't be that hard.
US isnt worth it because of the visa situation. Its very difficult to get one full time after school. Whereas in the UK, as a Canadian, you are given a visa to work there because you are Canadian, so it is a more attainable option.
I see - then the UK is your best shot imho
Go to the UK - you’d be a more attractive candidate in Canada with London IB experience (if you even want to come back at that point)
I don't think this is true. I had IB experience at BB in London and while not being Canadian my cold emails / responses were still responded to, I wouldn't say that I had doors opened for me because of my IB experience in London. All else equal, they'd still prefer someone from shitty BMO/CIBC/National Bank over a CS/BAML/Barc/Citi from London
As many people on other forums have said, there's too much gatekeeping in Canadian IB
Do you speak french? Big difference in how you should approach it
If you only speak English, aim for a UK uni (pretty much only LBS/ LSE / Oxford (maybe)). For Masters in Finance they are the competitive ones.
If you speak french, aim for the ones above + HEC. The likes of ESCP/ ESSEC and so on are only worth it for french graduates (the high starting salaries in Paris skew the data). Here you could aim for some positions in Paris too, although I will warn you France is EXTREMELY elitist. Most kids in the masters already come from GEcoles
Overall doable if you aim for summer analyst positions, apply early, and get your story right
Hey, Could you elaborate a bit more on this? I am Indian and going to start the MiF in ESSEC.
It sounds like you’ve given this a lot of thought, and it’s great that you’re exploring all your options. Based on the context, here are some insights that might help:
European Market: The European market indeed offers a larger scope than Canada, with more offices and opportunities. This could potentially provide you with a wider range of experiences and exposure.
Masters Degree: Pursuing a Masters degree in Europe could indeed reset your career trajectory. It’s mentioned in the context that many people come from European Masters programs to investment banking, and being older than 21-22 is more common than most would think.
Schools: Some of the top schools in Europe that are well-represented in investment banking include WHU, Bocconi, Ecole Superieures, EDHEC, KTH, HSG.
In the UK, the target schools include Imperial, UCL, and Warwick.
Other notable schools in Europe include HEC, ESSEC, ESCP, EML, EDHEC, Ecole Polytechnique in France; IE Business School, ESADE in Spain; Mannheim Uni in Germany; St Gallen Uni in Switzerland; Luigi Di Bocconi in Italy; Stockholm School of Economics in Sweden; Rotterdam School of Management in Nederland; UCL, Trinity in Ireland.
Networking: Networking is key in the banking industry. It’s mentioned in the context that one person got an interview for a SA because they knew someone high up in the bank. So, while you’re studying, make sure you’re also meeting people.
Language: If you’re considering a country where English isn’t the first language, keep in mind that local language skills might be important. In Madrid, for example, it’s mentioned that you need to be able to communicate effectively in the office and in some work.
As for whether banking in Europe is better than Canada, it really depends on your personal goals and circumstances. Both markets have their own advantages and challenges.
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