Guides / City guides / Toronto
Break into investment banking in Toronto.
Canada’s Big Five banks lead most domestic deals, with deep expertise in mining, energy and financials. Summer analyst roles run May to August.
The Toronto recruiting year.
Toronto summer internships are usually for penultimate-year students, recruited more than a year ahead.
- January–February
Applications open
Banks open summer analyst programmes more than a year ahead. Bank of America posted its 2027 Toronto programme in January 2026, and BMO’s 2027 deadlines fell in February 2026.
What to do: Have your resume, cover letter and transcript ready early: Toronto banks often ask for all three.
- February–spring
Interviews
First rounds and superdays follow quickly after deadlines.
What to do: Practise technical questions with a Canadian angle, especially mining and energy.
- May–August
Summer internship
Around four months on a product or industry team, often with a training week first.
What to do: Treat it as a four-month interview.
- End of summer
Return offers
Most full-time analyst offers go to summer interns.
What to do: If you don’t get one, target boutiques and later-hiring firms.
- Year-round
Co-op terms
Some banks run co-op placements tied to university programmes.
What to do: Check your university’s co-op office for bank placements.
Typical windows only. Exact dates vary by bank each year.
Ways in.
Summer analyst programme
The main route into full-time analyst roles.
Diversity and advancement programmes
Some banks run two-summer programmes for earlier-year students from under-represented groups.
Boutiques and lateral moves
Independent advisers and mid-market firms hire throughout the year.
Who hires in Toronto.
The Big Five hire the largest Toronto analyst classes.
| Tier | Examples | Why apply |
|---|---|---|
| The Big Five | RBC Capital Markets, TD Securities, BMO Capital Markets, CIBC Capital Markets, Scotiabank | Lead most Canadian M&A, equity and debt deals. |
| US and global banks | Bank of America, J.P. Morgan, Citi, Barclays, Jefferies, Wells Fargo | Smaller Toronto teams with cross-border work. |
| Independent advisers | Canaccord Genuity and specialist boutiques | Often focused on mining, technology or infrastructure. |
Mining is huge in Toronto. Know how mining companies are valued (net asset value of their deposits) and follow commodity prices.
Are you Toronto-ready?
Tick what you’ve done. Be honest: interviewers will find out.
The Toronto selection process.
- Online application, usually with resume, cover letter and transcript.
- Online assessment or video interview, at some banks.
- First-round interview, technical and fit questions.
- Final round: several interviews with senior bankers.
Visas and work rights.
Student roles at some Canadian banks require you to be based in Canada for the term. Check eligibility before applying.
International graduates of eligible Canadian programmes may qualify for a post-graduation work permit. Check current IRCC rules.
Test yourself: Toronto
Questions from the Mandate app. Try each before you open it.
Canadian banking is dominated by…
The “Big Five” domestic banks. Their capital markets arms lead most Canadian deals.
Toronto’s main stock exchange is…
The TSX. The TSX Venture Exchange lists smaller companies.
Which sectors are especially big in Toronto banking?
Mining, energy and financials. Canada lists a large share of the world’s mining companies.
Securities in Canada are regulated mainly…
By provincial securities regulators. Canada has no single national securities regulator.
Get ready before applications open.
Mandate’s Toronto add-on and sector packs cover Canadian banks and mining valuation, with daily drills and mock interviews.