Fidelity vs RBC

When comparing Fidelity's Equity Research program to RBC's Global Markets, the decision largely depends on your career goals and the type of experience you're seeking.

1. Prestige:

   • Fidelity is a highly regarded buy-side firm, particularly for its Equity Research program. It offers strong brand recognition in the asset management space and is well-respected for its fundamental research capabilities.
   • RBC, while a solid player in the sell-side space, is generally considered a tier below top-tier investment banks. However, it has been gaining traction in certain areas, particularly in Canada and specific sectors like Industrials.

2. Exit Opportunities:

   • Fidelity: As a buy-side firm, Fidelity's Equity Research program positions you well for roles in asset management, hedge funds, or other buy-side opportunities. It provides a strong foundation for transitioning to other buy-side roles, which are often the end goal for many finance professionals.
   • RBC: A Global Markets internship at RBC would typically lead to sell-side roles, such as sales, trading, or research. While it can offer exits to buy-side roles, the transition is less direct compared to starting on the buy-side. RBC's exit opportunities are generally more aligned with middle-market private equity or corporate roles rather than top-tier buy-side firms.

3. Resume Impact:

   • Having Fidelity on your resume signals strong buy-side experience, which is highly attractive for future buy-side roles.
   • RBC's Global Markets experience is valuable for sell-side roles and can be a stepping stone to buy-side opportunities, but it may not carry the same weight as Fidelity for buy-side-focused career paths.

In summary, if your long-term goal is to work on the buy-side (e.g., asset management or hedge funds), Fidelity's Equity Research program is likely the better choice. If you're more interested in sell-side roles or want broader exposure to Global Markets, RBC could be a good fit.

Sources: GS Cross Markets vs RBC, Exit-Ops: Equity Research vs. Investment Banking - (A Definitive Guide, Part 2), Reputation of Union Square Advisors, FT Partners, and RBC?, T Rowe vs Fidelity vs Capital, Allianz Global Investors Graduate Programme vs IB?