Where do candidates from average banks end up during on-cycle?

How do candidates in top groups vs average/bad groups at banks such as RBC, Wells, etc fare during on-cycle PE recruiting? Do most analysts receive headhunter outreach and if so, which PE firms have you seen analysts from banks like these get interview traction at? I'd appreciate any insight

6 Comments
 

The average exit from all of these firms are LMM/MM firms. The top groups may have the rare kids exit into a UMM firm or a large MM firm. I want to note some exceptions like RBC PU&I exist where you can get some infra MF looks, but by and large the "top" groups at these firms exist mostly to MM firms(just better ones). There are very rare UMM exits, but again VERY rare.

 
Most Helpful

Please re-read my comment... but to not be snarky: PU&I gets INFRA MF PE looks because that's the sector it specializes in and is has a good record in the infra space. M&A and PU&I for generalists should be similar, but I would still guess PU&I is better because frankly, RBC PU&I is an actual good PU&I group across the street, M&A simply isn't. M&A is good relative to the firm, but not across the firm. Idt the delta is too huge, but it exists. I would for example rather pick a DB top group over RBC M&A any day of the week if my goal was to maximize exits but I most likely would not do the same for RBC PU&I(prob would for anything better than DB amongst the other BB's and EB top groups, but that in itself says a lot about how good PU&I is relative to others)

 

Rerum eos et beatae et cupiditate blanditiis. Numquam aspernatur enim quis rem vitae. Totam necessitatibus ut aperiam ut voluptas quo quae. Repudiandae dolores nihil enim qui totam id tempora. Provident sit explicabo ea laudantium.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”