Hi guys,
I am a rising junior at a target school with an offer from BMO Capital Markets Quant for 2023. Can anyone provide some color on the role? Is it full on quant or just S&T w/ programming? I also have an offer for RBC Originations. So which one is more interesting/would have more exit opportunities?
Thanks in advance!!!
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Hey! I interned twice at BMO Capital Markets in their Quant program, joining a desk for full time.
I can't speak for RBC, but I definitely found my time spent at BMO valuable. I didn't have a finance background coming into my first internship, but people on the desks I interned on were more than willing to show me the ropes. My first internship involved a mix of engineering and some modelling, and second was almost all engineering. One thing I have to admit is that, at least for the desks I've been in, it is a lot of engineering at the analyst level, with the expectation that you learn and potentially move on to something else if you want. However this is going to be very desk dependent. If you're apart of the rotational expect a mix of both. As for exit ops, I had no trouble getting interviews from buy side prop firms, as well as other Canadian banks like RBC (for both SWE and quant trading). That said I've also done some internships at a FAANG, so not sure if that plays into it.
As for RBC, I haven't worked there but they are the bigger bank and are ahead of the other Canadian banks when it comes to quantitative strategies in trading. So if you have an offer in S&T for RBC Capital Markets, I say go for it. However, I'm not sure what RBC Originations is, whether that's front office or if it's even S&T. Might be something you would want to clarify before accepting any offers.
EDIT - I should mention this is for Toronto. Not sure what the scene for either BMO or RBC is in the US.
Good Luck!
Thank you so much for the clarification! Maybe the US internship program is slightly different. Also to note, RBC Originations is actually within their DCM group (totally opposite role compared to BMO CM Qaunt). I just haven't heard any exciting exit opportunities from DCM into HF or PE or even lateraling into IB.
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