Scotiabank Rotational Program or Try Recruiting for BB in NYC
Starting the full-time rotational program in S&T at Scotiabank in NYC in 2024 and was wondering if I should try to move to a position at a BB now or if I should stay and rotate on desks and then try to leave. Most BB banks are just hiring for analysts in specific product groups, whereas I have no idea which product I would excel at. Would it be easy for me to move from Scotia to a BB after 1-2 years? The base pay is standard across the street, but have not heard great things about bonuses, which worries me about Scotiabank.
Based on the most helpful WSO content, it seems like there are pros and cons to both options.
Staying at Scotiabank and participating in the rotational program could give you a broad exposure to different products and help you identify where your strengths and interests lie. This could be beneficial in the long run as it allows you to make an informed decision about your career path.
On the other hand, moving to a BB now could potentially offer better opportunities in terms of bonuses and career progression. However, as you mentioned, most BB banks are hiring for specific product groups, so you would need to make a decision about which product group to join without having the benefit of rotational experience.
As for moving from Scotiabank to a BB after 1-2 years, it's certainly possible, but it would likely depend on a variety of factors, including your performance, the job market at the time, and the specific BB you're interested in.
In the end, it's a personal decision that you'll need to make based on your own career goals and risk tolerance. It might be helpful to seek advice from mentors or others in the industry who have faced similar decisions.
Sources: Stay on commods desk at BB or move to glencore/trafigura?, 8 Reflections on Leaving IB After a Decade, Unhappy at MBB, Q&A: Alternative Path to F100 Corporate Strategy w/ Exit Details, Loyalty v career progression
Based on the most helpful WSO content, it seems like there are pros and cons to both staying in the rotational program at Scotiabank and trying to move to a BB now.
If you stay at Scotiabank, you'll have the opportunity to rotate on different desks and gain a wide range of experiences. This could be beneficial in helping you figure out which product you excel at and enjoy the most.
On the other hand, moving to a BB now could potentially offer better opportunities in terms of bonuses and career progression. However, as you mentioned, most BB banks are hiring for analysts in specific product groups, so you would need to have a good idea of which product you want to work in.
As for whether it would be easy to move from Scotia to a BB after 1-2 years, it's hard to say for certain as it can depend on a variety of factors, including the job market at the time, your performance at Scotia, and the specific BB you're interested in.
In terms of bonuses, it's true that there can be some variation across different banks. If this is a major concern for you, it might be worth trying to find out more about the bonus structure at Scotiabank and at the BBs you're considering.
Ultimately, the best decision will depend on your personal career goals and preferences. It might be helpful to speak with mentors or professionals in the industry to get their perspective.
Sources: Stay on commods desk at BB or move to glencore/trafigura?, Unhappy at MBB, Q&A: Alternative Path to F100 Corporate Strategy w/ Exit Details, Loyalty v career progression, 8 Reflections on Leaving IB After a Decade
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