US non-target Canada IB recruiting

Based on the most helpful WSO content, here's what you need to know about recruiting for IB in Canada as a US citizen:

1. Recruitment Timeline:

   • Canadian IB recruitment typically starts later than the US. For summer analyst roles, recruitment in Canada often begins in the late summer or early fall, compared to the US where processes can start as early as the spring or summer of the prior year.
   • Networking is crucial, and many Canadian banks (RBC, TD, Scotiabank, etc.) have structured recruitment cycles similar to US banks but with slightly less aggressive timelines.

2. Target Banks:

   • TD and RBC are often highlighted positively in WSO threads for their strong deal flow and culture.
   • BMO has received mixed reviews, with some suggesting it may not be as competitive or desirable compared to other Canadian banks. However, this can vary by group and location.
   • Other notable players include Scotiabank, CIBC, and National Bank, as well as global banks with Canadian offices like Goldman Sachs, JPMorgan, and Morgan Stanley.

3. Key Considerations:

   • As a US citizen, you won't face the same visa challenges as international students, which is a significant advantage.
   • Focus on networking with Canadian bankers, especially alumni from your school or those with US connections.
   • Be prepared for a slightly different interview style, as Canadian banks may emphasize fit and cultural alignment more than technicals compared to US banks.

4. Things to Avoid:

   • Avoid underestimating the importance of networking in Canada. The market is smaller, and relationships play a significant role in securing interviews.
   • Be cautious about relying solely on online applications without leveraging connections, as this can lead to being overlooked.

If you're targeting Canadian IB roles, start networking early, focus on building relationships with bankers in Toronto (the hub of Canadian IB), and tailor your approach to the slightly different recruitment timeline and culture.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/canadian-2021-investment-banking-summer-analyst-thread?customgpt=1, SA 2019 Recruitment timeline for Canadian undergrads to US, Here are the Target Undergraduate Schools in Canada, CANADIAN 2018 Investment Banking Summer Analyst mini Thread, IBD Barriers to Entry For Canadians and How to Overcome Them