Need Advice: Deutsche Bank vs RBC for Summer 2025 S&T Internship
Hi everyone,
I’ve recently received offers from Deutsche Bank and RBC for Summer 2025 in their Sales & Trading divisions, with potential conversion to full-time roles. I’d really appreciate any advice or insights to help me decide between the two.
RBC:
- Pros: The culture feels more welcoming, and their 3-desk rotation gives broader exposure. They’re also flexible with my final-year status (I’m not in my penultimate year, which is unusual for summer internships). Another plus is that the internship converts directly into an analyst role on a specific desk, providing more certainty.
- Cons: RBC’s London presence and brand recognition seem weaker than DB’s, and last summer’s conversion rate was only 40%.
Deutsche Bank:
- Pros: DB has a stronger London presence and better exit opportunities, with an 80% conversion rate last summer. Their grad scheme offers rotations across more desks before committing long-term, which I value.
- Cons: The mandatory rotation includes both financing and flow desks, but I’m more interested in flow, so only one rotation in this area is limiting. I’ve also heard about longer hours and less job security. The biggest issue, though, is that they strongly prefer penultimate-year candidates. They’ve suggested I’d need to pursue a master’s degree to convert, which I’m not keen on due to the cost and time commitment.
I’m tempted to reach out to DB and explore whether I could interview directly for an off-cycle or grad scheme role instead, as I’m in my final year. Does anyone have experience with this? Would it be worth pursuing?
I’d love to hear your thoughts on both firms, particularly for S&T in London, and any advice on how to approach this decision.
Thanks in advance!
Based on the most helpful WSO content, here’s a breakdown to help you decide between Deutsche Bank (DB) and RBC for your Summer 2025 S&T internship:
RBC:
Pros: - The welcoming culture and 3-desk rotation provide a broader exposure to different areas within S&T, which is great for someone still exploring their interests. - Flexibility with your final-year status is a significant advantage, especially since you’re not in your penultimate year. This reduces the pressure of needing a master’s degree for conversion. - Direct conversion into an analyst role on a specific desk post-internship offers more certainty about your career path.
Cons: - RBC’s London presence and brand recognition are indeed weaker compared to DB, which could impact your long-term exit opportunities. - A 40% conversion rate is relatively low, meaning there’s less assurance of securing a full-time role.
Deutsche Bank:
Pros: - DB’s stronger London presence and better exit opportunities make it a more prestigious name on your resume, especially for future roles in S&T or other finance areas. - An 80% conversion rate is a significant advantage, providing a higher likelihood of securing a full-time role. - The grad scheme’s multiple rotations across desks allow for a more comprehensive understanding of the business before committing to a specific area.
Cons: - The mandatory rotation across financing and flow desks might not align with your preference for flow desks, which could limit your exposure to your area of interest. - Longer hours and concerns about job security are valid considerations, especially if work-life balance is important to you. - The preference for penultimate-year candidates and the suggestion to pursue a master’s degree for conversion could be a dealbreaker if you’re not willing to invest in further education.
Key Considerations:
Advice on Reaching Out to DB:
If you’re leaning towards DB but are concerned about the penultimate-year requirement, it’s worth reaching out to explore the possibility of interviewing directly for an off-cycle or grad scheme role. Highlight your strong interest in flow desks and your willingness to commit to the firm long-term. However, be prepared for the possibility that they may still require a master’s degree for conversion.
Final Thoughts:
Ultimately, weigh the importance of long-term brand value versus immediate fit and flexibility. If you’re still unsure, consider reaching out to alumni or current employees at both firms to gain more insights into their experiences.
Sources: International Student - Chance of getting an IBD internship in London?, Can someone just be honest with me about Deutsche Bank, Deutsche Bank Offer, Non-target average student declined BB trading ops offer, now having some second thoughts, https://www.wallstreetoasis.com/forum/job-search/ibd-sa-after-graduation?customgpt=1
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