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If you want to do PE after 2 years, then RBC is the no-brainer. If you want to use the brand name and do something outside of finance or more vanilla corporate then go MS. That’s simple. Don’t assume you can switch over to IBD after just a year or two. Even then you’ll have to put in another 2 years there before heading to PE. RBC would also give better lateral opportunities if that’s your thing no doubt.
This is completely false. Internal candidates always get first look for open spots, especially from strong FO groups: IB group changers, GCM, S&T, etc.
Also, it's extremely hard to lateral "upstream" as a junior banker, especially to the extent of RBC to MS. I'm not saying it's impossible and hasn't been done, but I would much rather try to do so coming from MS GCM than RBC IB.
Even in the case that you spend 2 years in GCM before you're able to lateral, your exits as an analyst 3 from MS will be markedly better than the average RBC analyst exit.
This is a no brainer for me. MS
This is actually so wrong... I don’t think you realize how common it is to lateral up especially from a place like RBC. In the lateral market, rarely anyone from Citi/Barclays/CS/BAML will actively recruit to leave for GS/JPM/MS. Why? Because your exit opps are already solid from those places and analysts don’t want to leave their teams. From a place like RBC, people are always willing to jump up to the top/mid tier BBs and EBs because it is a big enough of a jump to make it worth your time interviewing.
I work at an EB and just in the past year, Ive seen RBC analysts interviewing in the office all the time. I personally know 3-5 Analysts at my bank who came from RBC. Just did a quick LinkedIn search and youll see that RBC first years lateral all over the place, with a strong presence at Evercore and GS
OP: I really hope you didn’t go with MS GCM. Let me tell you why this is the wrong choice. With MS GCM, your only shot ever at getting into IB is internally with MS. No other top bank will look at you for IB roles because you have absolutely no experience/skills you need to be a successful analyst in IB. No DCF/LBO/M&A valuation experience, no experience making CIMs, handling data room, diligence, etc. Would you rather have a tiny shot at lateraling internally to MS IB or would you rather have a very good shot at lateraling to GS/JPM/Citi/Evercore/PWP/CS and so on? Easy choice here
I love the username change from goldmanorbust to rbcnumberonefan, truly shows character development