Got a FT iBank analyst position with a non-relevant degree, but should I take it?

latebloom's picture
Rank: Monkey | banana points 32

Hey everyone, wanted others' thoughts on my situation.

So basically, I did a biochemistry degree at a non-target in Canada, and just managed to land a FT investment banking analyst position at a big 4 Canadian bank (Toronto)

Given my circumstance (no business degree, non-target), this was more than I could have hoped for; a lot of business students in Canada go to school for these very positions.

However, as great of an opportunity it is, I am a bit hesitant. My plan was to rack up a few relevant finance/asset management/ibank internships in my gap year (I currently have 2), and go back to a top Masters programme in USA/London or the Richard Ivey HBA program in Canada. My line of thinking was that these schools, with my 2-3 internships in asset management/ibanking, would give me a legitimate shot at one of the BBs in NYC/SF.

Would it be stupid of me to let go of this offer for the CHANCE of applying to BBs in the states?

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Comments (11)

Feb 9, 2018

Not enough students get placed in NYC/SF/LA from Ivey for you to pass up the FT position in TO you have been offered. Here are the approximate SA placements for my year in NY/SF.

EB NY x2
BB NY x2
MM NY x4
EB SF x2
BB SF x1
MM SF x1
EB LA x3
BB LA x1
MM LA x3

And a few (2-3) MF buyside gigs concentrated on the West Coast.

These numbers may be slightly off but this is generally accurate. As you can see, this is 22 kids out of an HBA class of 600 students. I don't know how large your risk appetite is, but I don't like those odds. I would stick with your FT position in TO, especially considering you got it from a non-target without a finance undergrad.

Feb 9, 2018

I thought you said 25 - 35 SA kids in your other post ?

I feel like, if I do go into Ivey with my experiences + gpa/ECs, I would be able to secure one of those SA positions. Idk I'm really confident in my chances. Although the overall percentage looks low, not everyone is aiming for those firms. And I'd imagine half the Ivey class is not great since they take so many people. Really I feel that the competition would be within the top 100-200 people, am I wrong in thinking that?

Feb 9, 2018

25 was Canadian banking positions across Big 5 + Cannacord, INFOR, Raymond James etc. Basically all Canadian banking positions.

And again it all depends on your risk appetite. If you think you're going to be competitive then go for it. But understand that American on campus recruiting is limited to Moelis LA, Evercore, Houlihan Lokey LA, Qatalyst, Silver Lake and Ares Management. These firms all come for information sessions in the first week of school, and often fill many of their positions in the summer months before school begins. Basically, each of these firms will only have spots left for 0-2 Ivey students during on campus recruiting. All other firms (any BB in the States, other EBs) do not come to campus, so you will have to network on your own to land those positions.

Feb 11, 2018

Would go for the existing offer in hand. If you want to lateral to a BB, try to do so after.

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Feb 11, 2018

Take the job 100%. Get a year or so of experience and look to lateral to a similar role in the states if you're still interested in moving.

Feb 9, 2018

What's the likelihood of a lateral to US?