Does anyone have any insight on Canadian Big 5 internship programs?
I'm currently a freshmen at University of Western Ontario w/ AEO, and I'm looking into landing an internship in financial services this summer. I found that BMO offers an internship program for on-going post secondary students, as well as an internship at RBC dominion securities. I tried looking online, but not much info was given on what they look for in a candidate, the interview process, etc. Was hoping maybe one of you monkeys would know a bit more about the program.
Thanks in advance!
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It depends what you want to do. All of the big 5 have different divisions (ie RBC Capital Markets vs. RBC Dominion Securities and TD Asset Management vs. TD Securities) that cover various services so they tend to each recruit a bit differently.
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Thanks for the reply. From what I've seen, the capital markets/TD Securities roles are mainly for juniors as an SA. On Linkedin, there were freshmen that interned at RBC dominion securities but their profiles didn't go in depth on what it entailed. For BMO, I was referring to this program:
http://www.BMO.com/pdf/BMO_Student_Internship_Program-Canada.pdf
As for placement, preferably Toronto but I'm not too sure on where they place you. Any insight would be greatly appreciated!
Just got back from BMO's event at my campus. They're not doing online applications for our school till December. The actual interviews don't start until January. Talked to one of the recruiters and they want you to emphasize why you want to specifically work at BMO.
Also, they don't normally hire freshmen. What city are you looking for work in? I'm assuming Toronto.
Yes all of the Big 5 divisions that do IB and Capital Markets work mainly recruit juniors for SA positions. Most applications are November-January, but it depends on the program (Rotational programs generally recruit earlier). Applying online makes it hard to stand out as they get ~700 resumes per position.
Is the BMO program I posted above similar to capital markets though? They're listed under different tabs on the BMO website, and under requirements instead of saying "in 3rd year of study at an UG program" it says for any returning post secondary students.
No that one I believe is for sophomores and possibly freshmen, as for the positions, you might do some work with BMO Capital Markets but that depends on your position. To be quite honest I've heard of that program before but I don't know a lot about it as I'm working for another bank under another program.
The reality is, it will be very difficult to get an internship at one of the big5 Canadian banks as a freshman unless you know someone who will refer you/pass along your resume.
The kids who had RBC DS internships after their freshman year were more than likely (probably 95% of the time) working in a private wealth management (PWM) branch supporting an investment advisor. 9/10 times, these kids get these jobs because their parents know the investment advisor or have their assets at that branch.
Honestly, dont get too wound up on getting a banking internship after your freshman year. Focus on building up your extracurriculars at school over this year and next (e.g. Investment club, finance club) so you can try getting something more meaningful next summer when you'll be more marketable. Besides for your junior year summer recruitment (aka the job that matters) grades are a far more important determinant than previous summer jobs anyways.
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