RBC Capital Markets vs Rothschild
For summer analyst position, which is the best bank to join in NY: RBC Capital Markets vs Rothschild vs HSBC?
- Which would be the best to start career at?
- Which if I am looking to lateral after the summer?
How to Choose a Summer Analyst Position
As OP pointed out, it’s good to consider which companies would be good for starting a career and what potential future opportunities they could lead to. There’s lots of advice on WSO about how to decide between summer analyst offers, but here are some suggests related to the firms in question:
- Rothschild if you’re interested in Rx and the distressed space
- Have seen plenty of guys make the jump from Rothschild M&A to middle market PE
- That same jump is also doable from RBC, but you will need to be proactive as you won't be atop any HH's priority list
- Rothschild M&A is not bad - that being said, they are really a European-focused shop and I think NY plays second fiddle in many cases
- I would say go with whichever one you prefer from a cultural perspective as excepting Roths RX, exits will be pretty similar
- It will be impossible to go from RBC or Rothschild to BB for full time after the summer, and not because those are not good firms, but because BBs will look to do ~0 full-time hiring
- Assume that you'll either sign with the firm you interned at, or downgrade/exit for full-time if no return offer
Recommended Reading
- Head of US Investment Banking at RBC Capital Markets Quits
- The Rise of RBC Capital Markets
- Rothschild NYC Office
- Why Does Nobody Talk About HSBC?
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You're probably going to get a bunch of answers encouraging you to do Rothschild and go the Rx route. Great team if you have an interest in Rx, but don't do it unless you have a genuine interest in the distressed space.
Have seen plenty of guys make the jump from Rothschild M&A to middle market PE and that same jump is also doable from RBC, but you will need to be proactive as you won't be atop any HH's priority list.
What about going from RBC or Rothschild to BB for full time after the summer?
It will be impossible, and not because those are not good firms, but because BBs will look to do ~0 full-time hiring. Assume that you'll either sign with the firm you interned at, or downgrade/exit for full-time if no return offer.
For NY definitely Roths vs RBC. I would personally go Roths. As (like JNB150) pointed out, they have a very good RX team in the city, and their M&A is not bad - that being said, they are really a European-focused shop and I think NY plays second fiddle in many cases. I would say go with whichever one you prefer from a cultural perspective as excepting Roths RX, exits will be pretty similar
Not so sure about the RBC route. I know a guy who interned with RBC and is having a difficult time lateraling to BB firms, although he has gotten interviews for top regional firms.
people on wso make it seem like it's so easy to get in a BB it's ridiculous. Majority of their FT hires are interns or people interned at a different EB/BB. If it were me I'd take RBC since the culture seems good from the people I met but I have no clue on what places more in PE between Rothschild and RBC.
It IS easy to get into BB if you're from the right prep school -> Ivy League background. They also think that because it was relatively easy to get in during the 2014-2016 academic years while M&A activity was running wild.
I also know a couple of guys who were able to do the lateral relatively painlessly by simply waiting for the effects of 2008 to wear off and hiring to exceed their intern pipeline.
Thing is it's also wildly overrated as far as I can tell.
Yeah
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