Is there any hope for a young Canadian boy?
Hey everyone, I love this site and this is actually my first time posting. I'm just curious if there is any hope of me breaking into IB out of school. I go to a non-target school in Canada (Alberta) and I don't have any amazing connections in the industry to help me get a job or interview. My goal isn't to work for a BB in NYC (I'm realistic). After graduating I plan on moving to Calgary to work in energy. How hard would it be for me to get into a BB in Calgary or one of the big Canadian banks? A bit of background on me:
-Will be graduating in June 2019
-Finance major & accounting minor with a 3.9 GPA (4.0 finance GPA - damn electives)
-I am in a coop program. I did 8 months of corporate banking in Calgary for a small Canadian bank for my first internship and I am currently doing 8 months as an analyst for a utility (regrets... I thought it would help me with my passion for energy)
-I passed my CFA level 1 this past June
-I'm good with excel. Proficient with VBA and I have basic modeling skills (DCF/LBO/M&A/Comps) that I am trying to improve.
-I have volunteer experience in various things, mainly coaching. I play a lot of sports and have been very fortunate to travel all over the world.
-I'm not an asshole. People actually do like to work with me and I've been told I interview very well.
Does anyone have any advice on how to make myself a more attractive applicant? Is there even any point? I'm very motivated to be in banking and I know I'm a smart kid, it's just a matter of getting that first interview. Any comments are greatly appreciated, thanks!
I don’t know the Calgary market but I would think you’d have a decent shot (your grades and internship exp seem decent, the non-target part just means you’ll need to hustle). The general sense I get from talking to some folks there and profiles is that a lot of people are locals, and there’s likely a preference for locals with the desire to work and stay in Calgary.
If your school does not have a recruiting connection with the big Canadian banks, and BBs (GS, JPM, BAML, etc) for FT recruiting, the onus will be on you to network and apply your way in. Have you tried networking with the IB bankers from your former firm? You know the firm’s email naming structure, so just look up some names and reach out - note how you were previously interning in CB but would love to be in IB and learn more about his/her exp, etc etc. or better yet, if you left the co-op on a good note, reach out to your former bosses and see if they can help with introductions.
There are also some boutiques in Calgary. You can also look at CFA jobline Calgary to get an idea of places to look.
Yea I've also heard that they prefer local kids because they're less likely to leave. Is it possible to get in without networking? My school has some networking events that start in the fall that I'm going to try to go to them but some of the banks are recruiting for FT positions right now.
Unfortunately the IB department at my firm was tiny. 3 guys. The analyst just moved internally from corporate banking (I worked with him) and then it's his two directors/MDs.
Any boutiques that you think would be possible for me to get into?
Like I said, I’m not based in Calgary but check jobline cfa Calgary because they occasionally have boutiques posting. They would be for experienced roles (not likely relevant for fresh undergrads), but this is to give you a sense of the firms in the region. Or google “Calgary investment bank”, or do a search on past WSO threads on Calgary. Do your homework.
Even if the prior firm you were at has a small IB, you can still reach out to them because they’ll probably know other people in IB at other banks and boutiques. Calgary is small, people will likely know each other because they talk. So try and grab a good coffee, make a good impression, maybe it could open up to some leads.
If you’re coming from a non-target you need to be more proactive about finding ways in. But luckily you seem to have at least the grades and some internships.
It's really not competitive like it is in the states btw, especially if not going to a BB.
I have so many friends that are incredibly mediocre and work in the industry. I've definitely noticed a huge quality difference when speaking to those at well known US firms or even just LMM/MM size firms. I suspect it's because anyone good here goes straight to the US.
Am I mainly competing with other kids from Alberta and maybe some from UBC and UofT? Obviously it's not going to be nearly as competitive as the states (thank god) but I wonder if there are a lot of really good Canadian kids I have to compete with.
Yeah. Really though if you dont find anything just apply to a bunch of boutiques/firms associated with credit unions. They are pretty flexible and I'm 100% you'd find something.
Given your internship experience and skillsets (+plus the CFA, certainly a leg up) you have a very realistic shot of securing some interviews in the calgary offices, its just a matter of applying everywhere and hoping you get your ducks in a row. The competition in Alberta is far reduced from eastern canada, but theres still a lot of applicants. Best of luck
Thank you! That’s definitely reassuring to hear.
I'd say your competition is really other Alberta /West coast schools. As someone from Ontario, my experience is a lot of Calgary banks really want local people who would actually stay in Calgary long term.
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