RBC Capital Markets, the investment banking division of Royal Bank of Canada, has once again started recruiting summer interns for 2024 – a full two years in advance. This continues RBC’s reputation for having one of the earliest recruitment timelines on Wall Street. By kicking off recruitment so early, RBC aims to attract top talent before other banks start hiring. This move signals fierce competition for top students looking to break into investment banking. RBC Capital Markets, with a strong presence across sectors like energy, mining, and infrastructure, competes head-to-head with global investment banks. The bank is looking to further grow its US presence across advisory, capital markets, and trading businesses. Early recruitment gives RBC an edge in tapping elite universities for investment banking talent. For students interested in 2024 summer internships, the early timeline presents both opportunities and challenges. While securing an offer early provides stability, students must prepare extremely in advance of actual internship dates.
RBC has a track record of early recruitment for investment banking internships
RBC Capital Markets has consistently been one of the earliest banks to recruit for investment banking summer internships. Last year in October 2021, RBC began accepting applications for 2023 IB summer analyst roles. The year before in 2020, RBC kicked off recruiting as early as August for 2022 summer internships. This year, RBC has gone even earlier, opening 2024 IB summer internship roles in October 2022. RBC Capital Markets summer interns can receive full-time job offers before starting their internship, providing tremendous early certainty in securing post-graduation roles. By front-running other banks, RBC is able to attract ambitious students focused on investment banking careers.
RBC aims to grow and contend with top-tier investment banks
Although not ranked among the top-tier bulge bracket banks, RBC Capital Markets has major ambitions to grow its investment banking presence globally and in the US. The bank has expanded aggressively by recruiting senior bankers from competitors. This early recruitment strategy for summer analysts allows RBC to tap targeted universities and position itself as an attractive destination for aspiring bankers. Despite recent layoffs across the industry, RBC has continued seeking new talent through early summer programs. The bank sees strong growth potential in sectors like healthcare, technology, and sponsors coverage. While intense competition is a challenge, RBC’s early recruitment timeline gives it an advantage in accessing top students before other banks start hiring.
Early timelines present pros and cons for students interested in investment banking
The extremely early recruitment timeline by RBC and some other banks creates unique dynamics for students aspiring to break into investment banking. On the positive side, securing an internship offer two years in advance provides tremendous certainty and relief when recruiting season comes. It allows students to focus on academics rather than job applications later on. However, early recruitment also requires exceptional preparation and awareness from freshmen and sophomores. Students need to meticulously build technical skills, financial modeling expertise, and business acumen years before actual internships. This level of advance preparation may not be realistic for all students. Selecting groups too early may also be risky if interests change over the course of college. Ultimately, RBC’s ultra-early timeline favors the most ambitious, focused students willing to work hard to get a head start on recruiting.
RBC Capital Markets’ early opening of 2024 investment banking internships highlights intense competition for talent and the bank’s aspiration to grow. While beneficial for some, this elongated recruitment presents challenges in requiring very early preparation. RBC’s move will pressure other banks to follow suit in kicking off recruiting earlier.