Post-MBA Investment Banking Canada
Hello,
I am looking for some insight into post MBA IB recruiting in Canada. I was initially considering applying to U.S. schools but getting a work visa in the U.S. is difficult. I am a Canadian citizen with Canadian experience. Here are my questions:
Are Rotman and Ivey the only two schools worth applying to if my goal is IB? How many associates do the Big 5 banks and Bulge Brackets hire in Canada? Does recruiting depend on GMAT/grades or on networking?
If you attend a target school in the US, and recruit for the bulge bracket, they tend to be receptive towards internationals. Besides, attending school in the US will allow you to get OPT (though not a guarantee towards a visa, it gives you more chances at the lottery). Perhaps someone who is from outside the US but recruited successfully post-MBA can chime in here?
That aside, just through a quick LinkedIn search - Ivey and Rotman appear to be your best shot for an Associate role in Toronto. Rotman's benefit is that it has an internship (2Yr program). Ivey MBA is one year, but has a strong alumni network nonetheless. I spoke to someone from Ivey's MBA program who claimed that ~3-5 students received IB offers (not many more were gunning for IB in the first place). A2A is a lot more common in Toronto, which leaves very little incentive for Banks to recruit entire classes from MBA programs, like they do in the US - the market is a lot smaller in Canada. Hope this helps!
As mentioned above, A2A promotion are very common so banks tend to hire very few associates (maybe 3-5 per year vs. 20-25 analysts). Also, note that all else being equal, banks would rather hire from a top US school / LBS / Insead than from Rotman / Ivey so I would really encourage you to apply outside of Canada. Note that recruiting from int'l schools is very cyclical. In good times, people can get jobs in NYC / London and typically prefer that to returning straight to Canada (doing a couple years at a BB / EB in NYC / LDN is very well looked upon and it's super easy to come back) so you see more hiring from Canadian schools, but in more difficult time, top candidates tend to come back to Canada so you see much less, if any hiring from Canadians MBA programs.
Are Rotman and Ivey the only two schools worth applying to if my goal is IB?
IMO yes. Rotman more so than Ivey because as mentioned above, the internship plays a factor in hiring.
**How many associates do the Big 5 banks and Bulge Brackets hire in Canada?
I can't speak to the other schools, but Rotman typically places anywhere between 9-15 associates every year (Source: I'm a recent grad) Below are numbers for Rotman, I can't speak to the numbers from other schools.
RBC 2-3
TD 1-2
Scotia 1-2
BMO 3-4
CIBC 2-4
Morgan Stanley/Barclays etc. 0-1
Boutiques Incl. Paradigm etc- 1-2
Does recruiting depend on GMAT/grades or on networking?
Grades and networking
Feel free to PM me if you have any questions.
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