For the fortunate few who at the firm, where should I aim my sights? Trying to get some advice on where to shoot.
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M&A
This is as honest as it gets. I used to work for RBC before lateraling to another firm
If you don’t have a preference in an industry: M&A. Look, it’s the best group at RBC for generalist PE exits for sure but it can’t compete with MS, Citi, CS, BAML’s M&A groups. Deal sizes are just smaller on average than them. Better than most of the UBS and DB groups, but just don’t expect to be always working on large deals like the above BB mentioned.
If you do have a preference in Power, Utilities, Infra, then choose PU&I. Believe it or not, it’s actually one of the best PU&I groups on the street. Deal flow is insane and you will get worked.
If you have a preference in FIG, choose FIG. Nothing like Goldman FIG, but it is one of the top FIG groups due to the old DB rainmakers coming over 3-4 years ago.
Real Estate is actually solid as well thanks to the Brookfield relationship. Would say it competes well with any other BB in this area as well.
All other industry groups are ehh. Sure, they’re good but nothing to write about. Competes with lower BB and then UMM players like Jefferies, but honestly can’t say that they are anywhere near the Top/Mid tier BBs in other industry groups.
Basically, PU&I, FIG, and Real Estate can compete w anyone in their own niches. M&A is the “best” just because of the nautral technical experience and PE exits but its not comparable to the top/mid BBs. The other industry groups are comparable to DB, UBS, and sometimes Jefferies.
Bunch of reasons but in no particular order
Team was having 2nd year of weak dealflow so I felt I wasn't growing anymore
I didn't want to rely on the balance sheet to win mandates, sometimes felt like alot of the work I was doing was meaningless and purely executional without much thought
My particular coverage area within the group didn't make good hiring decisions and so it felt like upward mobility was limited while at the same time the people we hired were not very competent
Forget RBC, Go to BMO. Large bonuses with excellent culture.