I have received a S&T SA offer from RBC, that I am strongly considering accepting. I love the people I've met, and the fact that they have a somewhat more laidback culture/less working hours (or so it appears) compared to some of the BB's is appealing to me. That being said, I know the brand name isn't the same as a BB. I have superdays with BAML and JPM coming up, and should I get one or both of those offers, would I be a complete moron for turning them down in favor of RBC? In other words, just how big is the "prestige" gap in S&T between an RBC and a BAML/JPM? This is all for NY offices, by the way. Thanks.
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If there's anything I've learned over the years of interning, it's how important group culture is. I've worked in a great group before and I've worked in a horrible group. When you're in a bad group it drains the life out of you and doesn't bring your best work out in the long run.
RBC is a notch down or even two from BB's like BAML and JPM, but you have to think about your SA position in terms of getting an FT offer. If you don't think you'd be a good fit in the group, chances are they wouldn't either and you may not get an FT offer just on that front.
I've heard from a friend who did JPM S&T for SA that it is pretty cutthroat, but that it's a good group. He didn't end up getting an FT offer. One friend who did RBC S&T SA ended up getting an FT offer, but said that percentage of FT offers given out was lower. Not sure about BAML S&T. You have to go with what your gut tells you about your fit in the group.
I can chime in on JPM at least. I think one thing that's done well there is you work in the same seat for the entire summer. If you get a SA offer then in March or April they have what they informally call "speed dating" where you meet with every single Sales, Trading and Structuring/Origination desk for 10 mins each. You rank all 30 of them and they rank you and where you end up is where you are all summer. So you don't get the same exposure to other groups that you would at other banks through a rotation, but you have the opportunity to get placed in a group you really like and learn a ton. Lots of people get their first second or third choice. I also have a friend that did BAML S&T and he said he liked it a lot but it was almost entirely shadowing and he learned very little / did very little real work.
So if you think you'd prefer finding a group you really like and sticking with it all summer JPM is a good choice. If you would prefer to rotate you may want to look at BAML or RBC over JP.
edit: also yes JPM S&T is probably more cutthroat than other shops (ex Goldman) but that may just be because there are so many talented and ambitious people interning there.
It's not about brand name, it's about capturing client flow because this is the real PnL source nowadays. If RBC is especially prolific at a specific product (I don't know enough about them to say what they're good at) and you have an opportunity to join that group, it's definitely not a bad decision to take their offer over one at a BB. With that said, client flow often depends on balance sheet size and allocation (particularly in FI). The "too big to fail" BBs (JPM, BAML, Citi, WF) have a huge advantage in that respect.
Don't let "fewer hours" become a criterion though. That's not really a thing in S&T- your hours are roughly the markets plus a handful more each day regardless of where you are. And people do matter of course but unless you've done extensive networking within a specific group it would be difficult to discern where you'd fit in the best.
Appreciate the advice, I'll have a tough decision to make. Any other input is welcome
Im all for group chemistry, but this is for summer internships. First you dont really know what the work environment is like outside of interviews im guessing? I wouldnt necessarily use interviews as the be all end all. Also the chances of you actually ending up working directly with people you ahve interviewed couple years down the line is very slim (i.e. you sticking to the same desk, the people there not leaving etc).
Also as someone already said, your pnl generation ability is VERY different at top BBs vs RBC
Without knowing much about the sitaution, I woudl say its a pretty moronic decision to take it based on the vibe you got from interviews. But thats just me
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