Banks with Rotational Programs?
Looking into jobs in banking but not sure which route to take. Interested in IBD/Capital Markets but also kicking around commercial banking. Anybody know BB/MM firms with good FT rotational programs?
Off hand I know JPM, BB&T, Regions, Bank of America, Citi and TD Securities all have programs.
There are several, but the ones that are most cited are the ones by (alphabetical order) Citi, HSBC and JPMorgan Chase. They tend to last between 2-3 years; the more complicated a bank, the more important it becomes to understand your own organization. The rotational programs across these banks tend to share a "glamour" element and are very visible to senior management, and while they fish from the same ponds that the IB/S&T groups do, they result in a very different experience.
Citi: has SEVERAL rotational programs across MBA/UG/JD etc. Usually called "Management Associate" (MA), there is a Global MA program as well as regional variants. In addition, individual divisions and even mid/back office have their own rotational/MA programs. The broad Latam-focused one is called Citizens instead of "LATAMA" but same idea.
HSBC: the flagship is the undergrad global banking program. Four 6-month rotations around the world across different front office functions. Probably the most Front Office-y of the three, and it often morphs into a sustained career path (ie. Same dynamic continues off-program).
JPMorgan Chase: they have the MAP (Management Associate Program) for MBAs, which is a prestigious MBA program (four 6-month, 1 international). However, a lot of these are actually Middle Office functions supporting a Front Office group.
Having direct experience with more than one of these and friends who are alumni/currently in all of them, I would say that they are best deployed as a way to set yourself up for a good career WITHIN the bank. With that goal in mind, they are probably better than an IB/S&T/CM position, as they've groomed you to have a more complete perspective on the bank. Conversely, if you want buyside exit opps, a traditional IB/S&T (not ECM/DCM) job is better, as they expect to grind you for a couple of years before you move on.
Do big banks have international rotation program? (Originally Posted: 02/05/2017)
I am just wondering, do some banks have international rotation program?
So maybe you work in NY for the first 1-2 year and work at the same company in different countries? or is it more of informal networking opportunities?
Commercial banking?
Yes. that's the norm.
Investment banking?
It's extremely rare. The only one that I'm aware of is Barclays.
HSBC also have (or use to have) a rotational IB program. Knew a guy back when who did 1-year in London, HK and NYC. I also know a few people who made international moves (mostly NYC-London though) for their third analyst year. If your performance is good and you show genuine interest in staying in banking long-term, I think most banks would be accommodating to a certain extent.
GS new Analyst program... you have to go to a different location or division for your 3rd year
Banking Rotation Questions (Originally Posted: 10/22/2011)
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You are right...they mean IB services for middle market companies. The trick is that most MM companies don't have a need for things like acquisitions and so on so you won't do much of that. It's mostly lending. Still great experience though.
CRE is lending to developers and construction projects. If you like RE that's a great spot to be, although i don't think Capital One is big in it...or where its footprint is.
Specialty finance is most likely equipment financing, asset backed lending, maybe something like community banking. It is almost definitely not leverage finance or restructuring.
This position will give you great credit experience. Good luck
Portfolio Management at a commercial bank is monitoring of existing loans/credit exposures. If you want to end up in IB your best bet is to try to end up in whichever group does leverage/acquisition finance. I don't agree that most MM companies "do not have a need for acquisitions"... it's just that you're looking at a lending role so the best you can hope for is leverage/acquisition finance because it seems that you won't have the option to work on advisory.
Thanks guys for the great info, really helps me understand more about this role.
Kingb if you don't mind expanding on leverage/acquisition finance at a commercial bank that would be great. Which groups do you think would most likely be working with that kind of finance. Thanks!
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