Stats needed to get into banking? [Canada]
I am a Canadian student, starting university this year (one of the top 3 Canadian undergraduate programs) and am wondering what type of "stats" I would need. My goal is to get into one of the BB shops located in Toronto (Gs, Leh, Citi, Ml, JPM, MS etc).
I am wondering what "stats" are competitive.
What level/type of extracurriculars are looked at specifically (volunteering, clubs, sports?), is a certain type mandatory for a good portfolio?
What gpa is required? (3.8+?)
Also is CSC required? it looks pretty insignificant to me at this stage...iv'e seen it as a requirement for jobs like "office assistant" at some small canadian firms.
Any help welcome
Why the hell would you want to work at a BB shop in Toronto? If you want to work in NY, you'll stand a better chance just applying for the BB internships there and you'll have a much better experience.
why do I want to work at a BB shop in Toronto? because it seems more "realistic" and "likely" considering that most people at my school who end up at BB's are in Toronto offices. Are you sure its "easier"/"better chance" to get into NY? I highly doubt it for some reason lol
Your logic is flawed. Just because most kids who go to BBs at your school end up in Toronto doesn't make it easier. Others on this board will tell you the same thing. BB offices in Toronto are tiny and hire, like, 2 interns each per year.
a) What's so funny? b) What's your "reason?"
Search function, been answered many times. Basic rule is deans list or close to it, solid EC's, start networking early.
Brisbane is right, competition for the handful of BB spots in Toronto is fierce. On the other hand the process for work Visa in the US for foreigners is ridiculous so you will need to be exceptional. I'd apply to NY as well.
The advantage of FT in Toronto is that the smaller teams lend more opportunities to do work usually reserved for more senior professionals. The guys I've talked to are confident about their career mobility and the firms move them overseas when they're done 2 years if they want.
80%+ and a high level of EC's are required. Take on some leadership. CSC not required.
It's a lot easier for a Canadian to get a work Visa than any other country. If you can get the Visa, go for NYC. The recruiting classes are a lot bigger and it seems there are always a good amount of kids from Ivey, Queens, and McGill.
Yes, because of NAFTA, Canadians can easily obtain a Visa under TN status and not have to worry about the H1B lottery.
^ Wow, didn't know about that. Apparently you don't even need to apply for TN in advance, you can just show up at at a US airport and it'll be taken care of.
Sounds easy eh? Nowadays, NYC and West coast offices of BB banks are extremely cautious about using the economist loophole in the TN Visa.
US locations of Lehman, UBS, Morgan Stanley, Merrill Lynch, Moelis Co, and others have stopped hiring Canadians out of undergrad. Credit Suisse is still hiring but is nervous about the issue and only taking a couple. Goldman is still hiring a bunch with no objections to the TN. JPM still hires. Citi NYC doesn't come on campus but will consider interviewing/hiring if you make the effort. Blackstone and Evercore are having issues with the TN and may not hire in the near future.
Of course, BB offices in Canada and Canadian banks are always hiring. Not easy to get in though.
Substantiate this, please. Also, does this affect Canadians studying in the U.S. (who can buy time because of OPT)? That's what concerns me more.
I guess I made the egocentric mistake of assuming that what happens at Ivey is indicitive of what happens at other Canadian business schools.
The CS thing is recent. They cut back hiring dramatically for summers this year. They used to hired 6-10 kids a summer from my school. Historically, they have hired the most Canadians of any bank. Especially back in the DLJ days.
Maybe Lehman hires from McGill or Queens, but they do not come to Ivey for NYC anymore.
Yes, please explain and/or link. What is the 'loophole' you are refering to, and what caused the situation to change?
The loophole is actually fairly well-known. The catch with TN is that it only allows certain professions in -- "economists" are allowed in but "investment bankers" are not. So banks/immigration lawyers do their best BSing to turn an investment banker into an economist.
http://modernyuppie.blogspot.com/ The musings and antics of a Meathead college wrestler turned asset backed securities trader.
I think this has more to do with market issues than anything else. They have cut back or stopped recruiting at a lot of places CDN. Lehman isn't doing any FT hiring and I'm sure they pulled back their summers too. I wouldn't worry too much about it. Once the banks clear up their balance sheets (whether it's 6 months or 2 years), UWO, Queens, and McGill will all start seeing increased recruiting from BBs. Canada is an easy way to get some great non-USA talent without worrying about visas.
Just met with a few of my contacts in CS beginning of Aug. I can verify the point about CS with respect to hiring Canadians. It's true CS is cutting the hiring from CAN.
another point i'd like to bring to table for Canadians is the new definition from US Dept of State on Visas in July 07. They have defined two new categories namely "interns" and "trainees"...if you guys are adventurous try to read thru the verbage...
http://exchanges.state.gov/education/jexchanges/private/trainee.htm http://exchanges.state.gov/education/jexchanges/about/interim_0607.pdf
Getting J-Visa for summer is always tough mainly due to time constraints. once you receive your offer for SA you mite not have enough time to go thru all the paper-work. you have to be quick.
the new definitions impact FT hires as banks wanna bring you in thru the "trainee" definition instead of the TN loophole now, but the issue with "trainee" is you need to have one year of related work experience to qualify as a "trainee".
most canadians break into NY after masters... this is the typical Canadian in NY story. (well from the ppl i've met/ spoke to... not sure if that qualifies as a good sample size)
Hi Skotumk,
Have you had any experience with the new Visa definitions? Not exactly clear if that's workable.
Im really a Concordia Grad working in Accounting in Toronto. I try to fulfill my dream of being an obnoxious, confident, wealthy hedge fund trader with the anonymity of <abbr title="Wall Street Oasis
">WSO, even though Im nothing like this. I applied at so many finance jobs, even though I failed to get even a BNP Operations job. I project my insecurities on other people by posting obnoxious, out-of-line dumbass comments that aren't even the half bit funny (but they are to me). No, if you'll excuse me, Im auditing the taxes of a REAL Hedge Fund Manager, while he throws bananas and monkey feces at me, and I weep like the non-banker I amhttp://modernyuppie.blogspot.com/ The musings and antics of a Meathead college wrestler turned asset backed securities trader.
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