12/5/12

Hey everyone,

I just got a call from a recruiter from RBC, that said that she wanted me to come into the office for an interview next week. Is this normal at RBC, that they skip the phone interview and invite you straight in for an office interview? Other than that, does anyone know the interview process, the questions that will be asked, techs/fits, work culture, pay, hours, any insight will be much appreciated. Thank you!

P.S. -- Frankly, I am surprised I got this interview. I come from a non-target, with only one summer analyst internship at a BB. Any insight on this group and/or firm will really help me. Thanks again!

Comments (30)

12/5/12

ddp34:
Hey everyone,
with only one summer analyst internship at a BB. Any insight on this group and/or firm will really help me. Thanks again!

Not a lot of people have internships at a BB so dont act surprised

Investment Banking Interview Course

12/5/12

Okay, I guess I'm a tad surprised because I haven't been getting that many interviews, even with the BB internship. I'm excited that I got this interview, esp. just one round? Anyways, still looking for some insight on this opp., mostly how the interview process is and the types of questions that will be asked. Thanks.

12/5/12

Out of curiosity, did you apply online or through a referral? I would expect a normal mix between fit and technicals. Did they tell you how many people you will be interviewing with? Also, this appears to be pretty early for them to be conducting interviews at all.

12/5/12

Online. And no, they did not tell me that. All they asked was if I wanted to come in or an interview or not.

12/5/12

Alright interesting. I have not applied yet online but the guy who is referring my application is supposed to call me to talk in the next week or so. Also says online that first rounds will be done beginning January 7. And I am surprised they would have you interviewing for a FIG group at this stage (unless that is where your prior experience was).

12/5/12

With RBC, I also went straight to an in-person interview from a standard online app (no references). So that's not uncommon for them.

Regarding culture, the Houston and San Antonio offices had some of the best-natured people I've ever met.

Good luck!

Nothing short of everything will really do.

12/5/12

bonks:
With RBC, I also went straight to an in-person interview from a standard online app (no references). So that's not uncommon for them.

Regarding culture, the Houston and San Antonio offices had some of the best-natured people I've ever met.

Good luck!

What was the office interview like bonks? Type of Questions (be specific if you can)? How many people did you interview with? Anything you can tell me will help. Thanks.

12/6/12

ddp34:
bonks:
With RBC, I also went straight to an in-person interview from a standard online app (no references). So that's not uncommon for them.

Regarding culture, the Houston and San Antonio offices had some of the best-natured people I've ever met.

Good luck!

What was the office interview like bonks? Type of Questions (be specific if you can)? How many people did you interview with? Anything you can tell me will help. Thanks.

This wasn't for FIG, but here was my experience. What office are you interviewing with?

Office in Houston:
First round:
- 1 Associate
- 2 VPs
- 1 MD
Lasted about 2 hours, with people coming in and out at their leisure.

Second Round:
- 1 MD - Dinged in about 20 minutes (not sure why)

Still, they liked me enough to send my resume to San Antonio. The VP was in town (Austin) and we had an informal meeting at a coffee shop. Couldn't continue to next round because I accepted an offer and had to move.

Honestly, the interviews were really laid back, almost entirely fit questions. Actually, almost entirely conversational in nature. They asked about:
- My Excel proficiency (Can you do macros, VBA, Solver?)
- Why this sector (Pub-Fin IB)
- Why RBC
- Past experience
- Specific questions related to the industry

Really standard questions, but extra friendly. You'll be fine, man.

Nothing short of everything will really do.

Investment Banking Interview Course

12/5/12

You may be alluding to campus recruiting? I think this is more of an experienced analyst role, albeit I just graduated this past June. And, my past exp. was in M&A (that's it). So, I don't know, pretty weird that they would have me skip the phone interview (maybe because they need someone RIGHT NOW?).

12/6/12

Thanks man for your feedback. I am interviewing for their NYC office. My excel is average, but I don't know too much about macros, VBA or solver. I am solid in modelling though. Which techs did they ask you?

12/6/12

I called someone from this forum about RBC once. He interviewed in NY and said they were brand-shopping pretty hard with their hiring.

This interview was for bonds so:

What was 10-year treasury today.
What publications do you check.
Bond price goes down, yield goes____.
Which has a higher current yield, [2 price situations].
So you have any securities experience--investments of your own? I just said "no" like a fucking idiot.

As I reply it becomes more clear that we were in very dissimilar our situations. Other than the name of the bank, I don't think I have much to offer so you may want to talk to someone else, haha.

Nothing short of everything will really do.

12/6/12

Haha okay, thanks anyways!

12/6/12

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12/6/12

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12/6/12

It will be primarily fit.

They will likely start by telling you their story, and have you then tell your story back to them. After this, they may go through some basic fit questions (strengths/weaknesses), have you show examples of leadership, and maybe have you talk about which classes are relevant to the position; so just make sure you know how to explain how you have used Excel a lot, and bring in your use of the Bloomberg Terminal as well.

You will then likely get some basic questions about the market. If it's FIG, know a couple of main events recently that happened in the bond market, and also be able to talk about what events in the future could influence the bond markets as well. From this, they'll probably spin the events you listed and ask you specifically what could happen to bond prices, and what a company or investor's best move would be in each of the scenarios.

Know the basics of RBC financials and business, and also make sure you know the generals of the bond markets. I would place good money that any technicals will be much more conceptual than math involved.

With no banking experience, make sure you know how to relate your past experiences to the role with RBC's FIG team, and make it RELEVANT; i.e., "even though my past experiences don't exactly correlate high with this role, I have gained xx translatable skills."

Lastly, have a good answer to "Why should we hire you over other candidates who have more qualifications?"

If you prep for these, you should be golden. And if you were referred by the co-head of the FIG, then you may not get any technicals, and it will just be your standard, easy-interview. Good luck!

12/6/12

Why do you think a FIG interview would revolve so heavily on fixed income instruments and markets?

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

12/6/12

Thanks droking!

12/6/12

if this is for a fulltime gig then you will most definitely be asked technicals. in my FT interviews i've been asked basic ac/dil stuff and enterprise value inside and out

12/6/12

Sorry, didn't mean to explicitly focus on the fixed income aspect, but more of the process of being current in the markets, being able to talk about specific events, and then their implications. Myself, I usually tailor this to focus on fixed income concepts, but obvi you could take it in any direction you wanted.

12/6/12

Haha, okay. Just wasn't sure what you were getting at.

I would also add OP, to acquaint yourself with FIG ratios and accounting, as it is quite different than typical corporates; e.g know what NIM is, what net revenue is for FIGs, B/S stuff (don't really have current items).

http://people.stern.nyu.edu/adamodar/pdfiles/paper...

Good luck! Currently in research and cover some FIGs and love it.

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

12/6/12

anyone know why RBC is having another round of recruiting so late? (i assume that they had FT recruiting last fall as well )

12/6/12

I don't have experience with them specifically, so take it with a grain of salt. But you should touch on all the topics discussed above. FIG-specific ratios and metrics, current market/interest rate environment, recent industry events/deals, etc, as well as the basic technicals anyway. If you don't have banking experience, my guess is they will not go TOO in-depth with the technicals, but they want to see that you prepared well and can think through the basics. Fit questions will be important for you to set yourself apart since you can't rely on past experience to beat out other candidates. Just my 2 cents.

Feel free to PM if you have any questions on the technical side of things, but i'm sure you can find everything you need online

12/6/12

If the FIG is bank-specific it wouldn't hurt to spend some time on the capital rules and Basel III since that's a hot topic right now. In the US, CCAR and Basel will exert a more constraining influence thn previously. Davis Polk had a good website on the stuff froma couple months ago.

12/6/12

Very good point from tu_west,not sure if you can find anything else about RBC's FIG group, but being able to speak on Basel III and its impact on the industry would be a good talking point. Many banks need to improve their capital situation as the changes start to take affect and capital has been hard to come by. Loan growth has been slow, which has helped M&A a bit (but not on the larger side of things, as the appetite for mega-deals in banking doesn't seem to be very strong)

Disclaimer: I am more in tune with the community/regional bank space and I am not entirely sure what RBC's FIG focuses on

EDIT: Sorry, just realized its a phone interview, might not be as technical-based as i thought, but better be on the safe side. Might be useful to have the typical "why banking?" answer ready and a good reason for being interested in FIG in particular since its a pretty niche industry. (Banks help local communities/small businesses get loans, etc- whatever you want to say)

12/6/12

Thank you everyone for the help. Bananas all around! I've already spoken to the Co-Head on the phone and he liked me enough to have me visit his associates at their regional office in SF (I live in the SF Bay Area), as well as have his NYC associate line up this phone interview. I am studying abroad this fall during my senior year (I know, not ideal) and I think this a large reason why he wants to do the phone interview now before I leave.

Definitely not the typical recruiting process but I can't complain

12/6/12

Wait, now I'm very confused. Are you interviewing for equity research or investment banking? You say associate position in IB, which leads me to believe that you are in B-school, but I've never heard of someone in B-school studying abroad, or for that matter, referring to yourself as a business major.

So will you be an IBD associate in the FIG group, or an analyst?
Or, will you be an ER associate in ER?

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

12/6/12
12/6/12

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

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