This is in response to several emails I have received from my prospective and incoming MBA mates:
If you have a banking background, in any country, think twice before venturing west. Although Vancouver is in a great location – some call it the gateway to the vast (yet quickly shrinking) land of opportunity-enriched North America and the springboard to Asia – the reality of the situation is that any banker, having left a fast-paced, well-paying position poised for a promotion (like myself), will be twisted in an agony of anxious thoughts. All things aside, there are only 5 banks here – ‘The Big Five’, namely
- RBC (Royal Bank of Canada)
- TD (Toronto Dominion)
- CIBC (Canadian Imperial Bank of Commerce)
- Scotiabank (Bank of Nova Scotia)
- BMO (Bank of Montreal)
Do some research – get to know these fine institutions – and try to find your place within them. The benefit of Canada is that competition is significantly weaker than it is in the United States – but jobs have adjusted to that slow momentum. Some studies reveal that on average there are 5 people competing for every 1 position in Canada. However, a little digging on my part reveals that that average might be slightly higher for the banking industry. That being said, banking experience is very valuable here – because most MBA students do not have it. If you are intelligent and have been relatively successful in your career, and are naturally a go-getter, you will naturally be a front-runner for those banking jobs. There are no guarantees – but you will, at the very least, get an interview – and then it’s up to you to wow them. International experience is a desirable trait – yes, lack of Canadian experience is a drawback – but one that can be countered by friendly aggressiveness, determination, unflagging confidence in your skills, and excitement for your chosen career choice. The more the bank prides itself on being ‘diverse’ and ‘global’, the better your chances are.
Then there is also HSBC – the only foreign bank with a notable presence in Canada. For those of you bound to fall in love with Vancouver, HSBC is a great option – the only bank in Canada headquartered on the west coast – HSBC has a robust commercial banking operation in Vancouver – the caveat is that recent conversations I have had with industry professionals indicate that the bank is badly managed with not enough attention paid to employee growth, development, and empowerment. One of my contacts at RBC Commercial Banking recently told me that he has peers from HSBC Commercial Banking calling and complaining and asking if jobs are available at RBC.
Don’t let yourself get trapped into the allure of the diamonds in the rough. Yes, Bank of America Merrill Lynch, Barclays Capital, Morgan Stanley, JP Morgan, Macquarie – they all exist here. But offices with strengths of 15-300 people are not extremely welcoming to foreigners with little experienc
e – post graduation, your best bet is the Big 5 – all of which have robust Associate programs hiring for which happens in August (yes, the year before you are to begin your employment). My final advice: Know the reality and be prepared… as my fellow bankers know, our industry does not permit very many mistakes ! If you have any specific questions, feel free to email me directly. I love meeting bankers from all over the globe. (Not to scare away the non-bankers out there!).
Hurriya Burney is a full-time MBA student with Sauder, specializing in Finance. She has three years of experience in Asset Management and Banking and has lived and worked in the United States, Asia, and Europe. Her most recent position was as a Corporate Relationship Manager with Barclays Bank Plc.
Hurriya Burney can be reached at hurriya.burney@yahoo.com
