I realize there is a topic with the exact same name from a year ago. That poster mistaked Commercial Banking for Retail Banking so that topic is irrelevant to this one.
I'd like to get an idea of how open investment banking in Canada is to hiring people who work at a Big 5 commercial bank as an analyst/account manager in the 1-25mm space. Would MM IB boutiques in Toronto consider me with a year of experience in commercial banking? How hard is it to move from commercial banking into LevFin or Corporate Banking groups at the big 5?
I'm trying to decide if I should leave my current job in research/business development for a no-name consulting company startup for an offer I have to go into commercial banking with TD.
My ultimate goal is to break into investment banking without having to get my MBA.
All advice is greatly appreciated. If you've made the transition from commercial banking to investment banking in Canada it would be great to connect!
Bump please help
If you're out of undergrad you'll have to go into banking after MBA
Why's that?
Well the big 5 banks and the BB offices don't have that many spaces. Why hire someone older when they can hire younger people who they prefer? You could maybe lateral from Big 5 roles and you'll have to network to find out how open they are. For boutiques I don't know, again you'll have to network to find out. I assume boutiques are more open to taking in experienced hires without MBAs. The easiest and the simplest route will be MBA, why would you be against it?
Hello fellow Canuck.... Few options:
Good luck.
hello fellow canucklehead,
in regards to point 1, would ER be the most likely lateral jumping-off point? or could one move from s&T within the bank to IB? (I don't mean if its possible, but reasonably likely)
I've heard it is reasonably likely, yes.
From ER, the most logical exits would be IR or a sales trading role. But depending on the sector you covered and the analyst you worked under, you might have gained a specialized knowledge base that would make you a naturally strong IB candidate. Even for associate laterals, I've seen it's possible. Obviously more common in good times. Been out of Canada for several years now, but heard it's a lot tougher. Especially with mining/resources and energy down.
Thank you for the advice! Any comments on transitioning from commercial banking into investment banking/corporate banking?
Commercial banking - mid market IB (which rolls under commercial) - big 5. Do the CFA along the way. You'll need to be a top performer in your groups. This is probably a three year plan.
MBAs in Canada place very few associates in banking, there's a ton of competition for not many spots.
At least if I go to Commercial Banking it minimizes the downside risk of being pigeonholed as a sales development representative for no-name companies for the rest of my life right?
Yes and more importantly, you are now an internal candidate. You can network a lot easier to make the transfer internally. It's a lot harder ignoring someone from the same company who wants to meet for coffee vs some random pinging you on linkedin. I've seen multiple people make the jump internally from commercial. You should also look at the commercial leveraged finance / sponsor coverage teams; those open quite a few doors.
Question for you:
Will being away from the downtown area of Toronto significantly hamper my ability to network with the right people? With Commercial Banking you don't get a choice into what centre they put you into, it could be anywhere in the GTA from Mississauga to Scarborough.
I mean, yes it would hamper your ability as you won't be able to work around banker schedules which usually involve postponing/cancelling meetings on you multiple times.
In the ultimate goal of breaking into investment banking/corporate banking, what's more important? The ability to be downtown and available for coffee chats at any time or the more relevant experience I'll gain in commercial banking?
if you go with option 2, you would be missing out on the free coffee as well
No easy pill for Commercial to investment banking. Just network your ass off, learn the companies you work with and leverage that exposure in your interviews/coffee chats. It really helps if you can target a specific sector, but obviously be open to anything.
Also, don't discount credit skills. I've seen guys who started in commercial and are now in solid LevFin and credit investing roles. Long ramp, but once you've got some good credit deal experience, banks will comp you. Don't forget debt markets are 10x that of equity.
Well, you have to think beyond the here and now. You may be based in Scarborough but if you're a strong performer, you can move. And if you can move, move downtown to a lev fin / sub debt / PE coverage role in commercial. And then make the move to IBD. Like I said, it's likely a three-year plan....unfortunately there's not an 'easy' way to break into IBD especially if it's not through campus recruiting.
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