RBC ranks as the best, based on average wage, and reviews
September 17, 2021 | MNI
Canadian banks consistently rank among some of the best places for interns to work. Aside from just paying well, stints at banks look excellent on resumes and can at times lead down some interesting paths. Below is a list of the top Canadian banks to intern at based on the average hourly wage. The ranking, put together by MNI, named RBC as the best-paying employer, followed by TD and CIBC. Figure 1.
Figure 1 : Salary Range by Bank ($ / Hour)
Source: MNI, Glassdoor
That said, a high salary is not the only indicator of a good internship. If there is one thing that the pandemic thought us, jobseekers are increasingly placing value on non-monetarily factors such as culture, work-life balance, office perks, and flexible schedules. To account for the intangibles, the folks at MNI normalized wages by the company ratings and re-ran the numbers. Ordering based on normalized wages was unchanged, as companies that paid higher salaries tend to have higher average ratings. Figure 2
Figure 2 : Salary Range, normalized for ratings ($ / Hour)
Source: MNI, Glassdoor
If you're interested in the banking realm but don't think you'll excel in a financial analyst role, don't worry. Many of these companies offer internships in risk management, data management, supply chain, operations, human resources, and other traditional business roles. Most also provide rotational programs spanning multiple departments and functions.
It is important to note that the list is not inclusive to all the banks operating in Canada and will be updated as more data is gathered. Data was compiled using feedback from hundreds of company reviews from current and past interns.
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Check out the descriptions below for more information on these institutions.
Royal Bank of Canada (RBC)
Average Wage ($/hour): $24
Wage Range: $16-$33
Head Office: Toronto, CA
The Royal Bank of Canada is Canada’s largest Bank and was founded in 1864. RBC provides services through five segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets. The Bank has over 16 million customers worldwide and employs around 84,000 staff.
Toronto-Dominion Bank (TD)
Average Wage ($/hour): $23
Wage Range: $14-$29
Head Office: Toronto, CA
TD Bank is the second-largest bank in Canada and has over 25 million customers worldwide. Established in 1955, Toronto-Dominion Bank provides personal and commercial banking products and services in Canada, the United States, and several other countries. In addition to being well-represented internationally, TD has over 1,100 branches in Canada and an ATM network of 2,800 machines across the country. The bank employs around 90,000 individuals and serves 11 million customers through its 1,150 branches.
Canadian Imperial Bank of Commerce (CIBC)
Average Wage ($/hour): $23
Wage Range: $18-$42
Head Office: Toronto, CA
The Canadian Imperial Bank of Commerce is the fifth-largest bank in Canada and has been around since 1961. The bank operates through three strategic business units: Retail and Business Banking, Wealth Management, and Capital Markets. The bank currently employs 43,890 staff. It serves more than 11 million clients worldwide and over 1,100 branches in Canada and has a network of over 3,700 ATMs.
Bank of Nova Scotia (Scotiabank)
Average Wage ($/hour):$22
Wage Range:$15-$40
Head Office: Halifax, CA
Canada’s third-largest bank has been around since 1832 and serves more than 25 million customers around the world. The bank is into personal and commercial banking, wealth management, and corporate and investment banking. It currently employs around 90,000 individuals and serves 23 million customers in 55 countries. It has a broad range of financial products, a history of stability, and thousands of physical bank branches and a network of more than 3,500 ATMs across Canada.
Bank of Montreal (BMO)
Average Wage ($/hour): $22
Wage Range:$18-$29
Head Office: Montreal, CA
Canada’s fourth-largest and oldest bank is the Bank of Montreal, founded in Montreal in 1817. The bank currently employs over 45,000 staff and serves around 12 million customers. It provides retail banking, wealth management, and investment banking products and services. The bank has over 7 million clients in Canada and 939 branches, and a network of over 2,000 ATMs.
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