Wanted to get an updated view on what groups at RBC have strong deal flow/are doing well (within the firm). Would also love to know what exits look like from various groups and how they compare. Not many people from my school are going, and most posts are from over a year ago.
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Real Estate is the best - high deal flow and great culture.
M&A and PU&I.
Beyond just interest in PU&I, what would be the reason to choose one over the other?
RBC’s exits and deal flow are much more inconsistent compared to other large banks. PU&I more or less guarantees at least some good deal exposure. There are a number of groups at RBC that are purely capital markets work, but PU&I gets M&A work somewhat consistently, and definitely more frequently than most other groups at the bank. I'd still pick M&A over PU&I since M&A only touches live deals (or at least that's how it was when I was there), but PU&I is probably the best coverage group in terms of deal flow. I'd pick Lev Fin over any coverage group as well.
M&A exits best to vanilla PE while PUI exits to PE and also infra funds if you find that interesting
PU&I, M&A, LevFin, Industrials, Energy…avoid everything else
Don't even consider FIG
Copying my answer from a thread a year ago:
I used to work at RBC. Here’s what I gathered:
Good Groups: M&A, PU&I, FIG, Lev Fin, Industrials, Financial Sponsors (culture and turnover are awful in the first 3, though). I know someone also mentioned Energy, but all the O&G work is done out of Houston primarily, and most other infrastructure/utilities work is done out of NYC.
Mid Groups: CME, ECM, DCM (obviously, capital markets groups are a little lighter on hours, but exits to the buyside are a little harder. You will want to be in a data vertical if you're in CME - they get no media deals relative to the American BBs and firms like Moelis.)
Avoid: Healthcare, RE, Consumer, Tech (healthcare has slightly better deal flow than the other 3, but turnover was insane, worse than M&A. There are some years where 0-1 analysts complete the 2-year program, and a lot of the interns try to lateral to another bank or internally to another group at RBC. Healthcare also lost its group head in mid-2024 to DB of all places.)
Keep in mind that “sweaty” at RBC doesn’t necessarily mean good or bad deal flow. M&A only touched deals once they went live - some groups, particularly those in the “avoid” category, will have you pitching 24/7
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Just weak deal flow overall.
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