Careers

How to transition from retail banking to capital markets/wealth management

  • Last Updated:
  • Oct 18th, 2017 2:00 am
[OP]
Newbie
Mar 16, 2017
10 posts

How to transition from retail banking to capital markets/wealth management

Hello,

Can anyone with experience in the Canadian banking industry shed some light as to how an individual can transition from retail banking to capital markets/wealth management? Specifically, RBC retail to RBC Capital Markets. I am currently a Banking Advisor (aka FSR in other banks), working to become an Investment & Retirement Planner (full commission), then hoping to transition to Capital Markets. I know they are totally different businesses and roles but after working within the financial advisory side, I would really like to have some experience in the capital markets side (investment banking/M&A).

Thanks in advance!
8 replies
Newbie
Jan 15, 2017
67 posts
73 upvotes
I'm going to assume you're <26.

These are highly stylized probabilities. But if i had to guess:

95% of people who want to move from retail banking to front office capital markets fail to do so
4.5% make the jump via MBA or another finance grad school program (Mfin, MFE, etc)
0.5% get there via pure networking/connections

That said, odds of getting in even with an MBA are slim. It just represents your best odds. Your RBC retail experience will likely be seen as a handicap rather than an asset. Given you have good grades and decent social skills, it's still an exclusive club, and bankers like to hire proven excellence or interesting backgrounds.
Member
Feb 13, 2017
369 posts
349 upvotes
toronto, ontario
I have worked in wealth management since 1997. I hold several designations including FCSI, CIM, FMA, CFP.

Moving from retail banking to wealth management is difficult but possible and very financially rewarding.

Moving from retail banking to capital markets is very difficult even with MBA and/or CFA.

Moving from wealth management to capital markets is very difficult and even questionable from a purely compensation perspective.

I've heard "investment bankiing" is an oxymoron as far as the Canadian financial industry is concerned. Could someone could clarify this?
Deal Addict
User avatar
Mar 16, 2010
3304 posts
1858 upvotes
Networking and CFA/MFIN/ETC.

The best way to get out of retail is to not work retail lol.
Sr. Member
Sep 28, 2013
734 posts
462 upvotes
PhotoSmurf wrote:
I've heard "investment bankiing" is an oxymoron as far as the Canadian financial industry is concerned. Could someone could clarify this?
investment banking is a bad term for the actual job, if that's what you mean. because it has nothing to do with investing in any traditional sense of the word. investment banking is advising corporations on raising debt/equity in the capital markets and/or executing strategic (M&A) or alternative (asset/company sale) transactions. that's not unique to Canada though, so not sure if that's what you meant. If you mean that the market is small, then that is true in comparison to New York but it's otherwise as well developed as somewhere like Frankfurt.
Sr. Member
User avatar
Apr 26, 2010
850 posts
127 upvotes
Richmond Hill
It appears everyone is fixated into getting IB or M&A because of the earning opportunity. If OP really wants to get into RBC capital markets there are tons of other job postings/streams available.
Deal Fanatic
User avatar
Dec 8, 2007
5177 posts
1402 upvotes
These threads are the worst.

It highlights a fundamental lack of understanding and foolish lack of research.

OP - there are people on here with front office IB experience. Threads like this are their pet peeves.

Solution: Go do some research on Mergers and Inquisitions and Wall Street Oasis. Like, a lot. A lot. Come back with some well formulated questions. At least then you’ll at least what you’re asking and what it ask.
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Newbie
Dec 17, 2016
17 posts
8 upvotes
Branches are held at a MUCH lower regard when trying to get a high-finance position. Everyone at the bank knows that branches are essentially a seperate entity to head office. Only about 5% find a way to move from branch to head office (not high finance).

If you want to get into high-finance, only an MBA at a top-tier school (Ivey, Queens, Rotman) with strong networking and extracurricular activities can put you on that track.
Sr. Member
User avatar
Apr 26, 2010
850 posts
127 upvotes
Richmond Hill
LongHairDontCare wrote: Branches are held at a MUCH lower regard when trying to get a high-finance position. Everyone at the bank knows that branches are essentially a seperate entity to head office. Only about 5% find a way to move from branch to head office (not high finance).

If you want to get into high-finance, only an MBA at a top-tier school (Ivey, Queens, Rotman) with strong networking and extracurricular activities can put you on that track.
Not sure where this stat is coming from. Banks prefer to hire internally, a lot of which are from branches.
Speaking from personal experience, I started at the branch then moved to corporate (AML) and now moved to capital markets at another financial institution (compliance). I do acknowledge my route is much easier than getting into IB/M&A and etc.

Top