Toronto New Grad FT Recruiting
Currently in my last semester - failed B5 IB recruiting for SA 24 (no interviews), tried to delay grad to recruit for SA25 and didn't land any interviews then, either. Neither in my first attempt nor my 2nd. Go to a semi (Laurier). Coffeed the captains, MDs, alums, and non-alums. I did get interviews at a few shops in USA (1 MM, 1 BB), but I wasn't polished enough. This was something I worked on for the past year and through mock interviews, I have fixed for the most part. Note: I don't blame anyone but myself for my lack of success in recruiting
I have a MM IB internship (2 transactions, 1 announced and 1 ongoing) and then for S24 I did equities at a $1B fund. Resume has been vetted by friends in IB, and if it means anything, I have received responses from MD coffees saying my resume is good (point I'm trying to make is I don't think that the problem is my resume).
I've been emailing the smaller boutiques in Canada with emails for coffee and to network (never straight up ask for job) - no responses.
I've done the following:
- Resume reviewed by upper years, analysts/assocs, and an MD from the fund I was at who was initially in IB at a B5
- Vetted networking emails by WSO and peers - I always make sure to personalize the email as much as possible to show I didn't just copy/paste a template and slap their name on it.
- Some may call this an invasion of privacy, but I was wondering whether I come off bad on the phone - I had a buddy of mine sit beside me and listen to 1 call I did - no glaring errors as per that call. I rarely ask the cookie-cutter questions (day in the life, what their favourite deal is) and I try making it less interrogative and more like a conversation (you might say this is common sense, but I wanted to put it out there before someone mentions this)
At this point, I'm willing to take anything that can help me lateral to IB in the future, and am willing to work for scraps for the short term. I've been asking my friends in B4 who work FT for some help to get in, but hiring is slow there, too.
Does anyone have any tips for navigating the Toronto market? I have been emailing firms in the USA, and definitely get better reception (albeit still lower), as well as the UK.
I can't sleep at night as each day closer to graduation brings pain as I don't have anything locked in.
My friends tell me to delay grad, which I am open to doing, but if I wasn't able to land any B5 on/off-cycles before, what am I gonna do by delaying grad now (which I think is too late as everything for the summer is over)
Should I start studying for the GMAT and take whatever job I can get and try for UofT MFE (matriculation July 2026)?
how were you able to apply to MM as a canadian (like which one?) and if you didint need sponsorship you should try for those because you got into one of them and looks like you would have good chance
the MM I did in S23 was a small Canadian one.
The US MM interviews I did, some of them do sponsor (HL, Blair, Baird iirc)
Toronto is competitive that’s for sure but it could be that you’re fine up until you get in the room with them. Your resume and coffee chats are clearly not the problem.
I'd assume the same, but I never got a chance to even interview for any of the B5 - I tried for oncycle and off cycle.
Thank you for the advice, though. Definitely need to polish myself more.
How did you find your US interviews compared to Toronto?
You are competing with grads from Ivey, Queens, U of T, McGill, Rotman, etc. And kids who did internships/work placements in IB. And kids with connections. It’s hard to get a FT placement in IB out of undergrad without a summer internship. Most spots are taken up by kids who were offered FT after the summer. Not sure what your grades are like but banks ask for them and they are reviewed. As you know, IB is super competitive. You need to be polished and know your technicals inside and out. You have to be ready because you may only have one shot and there isn’t room to blow it. You also have to be likeable and personable. The interviewers have to be able to see themselves working with you for long hours. I don’t mean to be negative, but you need to be realistic and consider other options. IB isn’t everything. Maybe consider also applying to other Canadian cities other than TO. Consider Montreal or Calgary.
You provided OP with literally no concrete advice, better to just not comment at that point lol
Dude. He is from Laurier and not the co-op program. He is competing with students from target schools. He has not been able to get offers and interviews don’t pan out. He is confused and losing hope. Some of the reasons as to potentially why were outlined above. Along with maybe look into other options. Time to be realistic
Sneaks in U of T with the tier 1 schools lol. He is in the same position if not better from Laurier. He also has IB on his resume and ER I believe. He will be fine, he just needs to stop looking at MDs and interviewers as above him
That is crazy denial you're in, there is no such thing as "I got in to U Penn but didn't go because it was too expensive" in Canada. They all cost the same, so you are at Laurier because you have less horsepower than a Smith, Ivey or Rotman grad and had to make do with a B average for uni apps. For a job like IB that has a bottomless well of applicants and filters the stack via proxies for intelligence, Laurier will never stack up and that is evident in the outcomes.
OP, I
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What is a top asset manager?
like Blackrock/Vanguard/T.Rowe
Hey, first of all congrats on landing the AM internship!
I think GPA was definitely a barrier when I was recruiting SA24/25 - having a 3.5 isn't that helpful when others have 3.8s with same calibre of internships.
For FT, I don't think it was that much of a barrier (I had an FT interview at an EB I got by cold emailing and my GPA was brought up). I'm getting responses (not from B5/6, but boutiques and MMs in USA/UK) commending my transaction experience and resume, but most aren't looking to take in an analyst right now.
Including yesterday and today, I've gotten 4 responses saying they're not taking in any analysts. These are 2 boutiques (one hybrid boutique/MM) in Canada, and 2 in the UK.
how did you land your current role? heavy networking/technical prep?
Talked to like 2 interns at the firm and some senior people. they were super helpful. Learned techs online
I’m at a big 5.
I’m scratching my head a bit, it seems you’ve spoken to captains, networked and have a solid resume - I’m very confused on why you couldn’t land an interview 2 summer processes in a row.
Laurier is a great school and does pretty well on Bay Street.
I think it’s mainly due to your coffees / calls to be honest. I take call from students and the ones that go while, I keep in mind for when summer processes start.
Anyways, a few people have mentioned - it’s incredibly difficult to land big 5 since most spots are given to the summer class. You seem to have solid internship experience, probably best to try for boutique or big 4 corporate finance / deals teams and lateral afterwards.
I haven’t seen many big 5 bankers jump to other big 5 unless it’s changing groups I.e, FIG -> M&A or something. So you’ll have a good shot down the line.
Hey, I'm a grade 12 student from toronto and I have offers to Rotman Commerce, Laurier BBA, and UW AFM.
I was leaning towards AFM in hopes of breaking into a FO role, would you advise against it? Should I take Rotman or Laurier over it?
I worked with a guy that did rotman MFE, they place well into B5 IB, and other roles. If you don't want to delay grad / start your career in a different area of finance that may be your best bet rn
Move on from B5, hard to get right out of undergrad.
Email the boutiques (Haywood, Cormark, SCP, Red Cloud, Beacon, Clarus, Paradigm, etc.) and tell them how much you love junior mining. Bound to get an interview.
Brush up on your interview skills because they sound like they're lacking.
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