Canada's Big Five banks run some of the largest and most structured new graduate programs in the country. This guide covers every program at each bank — from capital markets to CPA rotations — with real salary data and application deadlines.
The Quick Answer
| Bank | # of Named Programs | IB Analyst Total Comp (CAD) | General New Grad Salary (CAD) | Full-Time Start |
|---|---|---|---|---|
| RBC | 6+ | $160K-$200K | ~$64K | July |
| TD | 5+ | $155K-$190K | ~$60K-$80K | July |
| BMO | 3+ | $150K-$185K | ~$90K (CM) | July |
| Scotiabank | 9+ (TILT) | $145K-$180K | ~$80K-$85K | June |
| CIBC | 5+ | $140K-$175K | ~$75K | Varies |
| National Bank | 2+ | ~$171K | ~$95K-$100K | July |
Source: PrepLounge, Glassdoor, bank career pages, Wall Street Oasis
RBC — Royal Bank of Canada
RBC has the broadest range of named new grad programs among the Big Five, and the highest overall bonus pool ($9.98B variable compensation in 2025, up 13% YoY).
Leadership Development Program (LDP)
- Duration: 2 years, four 6-month rotations
- Structure: Associates collaborate with senior leaders on complex assignments. Formal training and executive exposure throughout.
- Requirements: Master's-level graduate, 3-7 years of professional experience
- Location: Toronto
- Application Timeline: Posted September 2025; deadline September 27, 2025
- Source: RBC Careers, Versafi
Capital Markets Program (Global IB / Global Markets)
- Duration: Full-time analyst role (preceded by 10-week summer internship)
- Locations: Toronto, Montreal, Calgary, Vancouver, New York, London
- Salary: IB Analyst base CAD $95K-$105K; total comp $160K-$200K. Global Markets base ~$90K with IB bonus 90-110%
- Application Timeline: Canadian Big 6 IB postings typically open mid-March for Toronto, 1-3 weeks earlier for Calgary/Vancouver
- Source: RBC Capital Markets Careers, PrepLounge
Quantitative Technology Services Rotational Program
- Duration: 16 months, multiple rotations in programming, design, and technical architecture
- Location: Montreal (1 Place Ville Marie)
- Requirements: Python, Java, C#, C/C++, Git, Linux/Unix, middleware
- Application Timeline: Posted January 7, 2026; deadline March 1, 2026
- Source: RBC Careers, Simplify
General Analyst Program (Management & Data Analytics)
- Streams: General Management and Data Analytics
- Location: Toronto
- Requirements: Recent graduate, effective communication, growth mindset. Data Analytics stream prefers SQL, statistical analysis, or data tools
- Compensation: Competitive salary + bonuses, commissions, stock options, flexible benefits
- Source: RBC Careers
Other RBC Programs
- CPA Pre-approved Program: 30-month rotational; complete CPA experience and CFE while mentored by senior leaders
- Indigenous Peoples Development Program: For recent graduates who self-identify as First Nations, Inuit, or Metis
- Borealis Fellowship: Scholarship + mentorship for diverse students
- Pathways Program: $10,000 financial award + Summer Analyst placement for diverse students (deadline: February 9)
TD Bank Group
TD is strongest in technology-focused rotational programs and has expanded its US presence significantly through the TD Cowen acquisition.
TD Securities FinTech Software Engineer Rotational Program
- Duration: 16 months (4 x 4-month rotations)
- Structure: Full-time employees rotating through global FinTech areas with guaranteed employment upon completion
- Includes: Onboarding curriculum, mentoring, rotational training, leadership development
- Requirements: 2026 graduate
- Source: TD Careers
TD Securities Analyst/Associate Programs (Capital Markets)
- Structure: Full-time analyst classes start July, primarily from past summer interns
- Departments: Investment Banking, Corporate Banking, CIB Credit, Global Transaction Banking, M&A, Equities, Fixed Income, Municipals, Operations, Technology
- Locations: Toronto (primarily), Montreal, Calgary
- Salary: IB Analyst base CAD $100K-$105K; total comp $155K-$190K
- Application Timeline: Full-time offers based on summer internship completion; additional seats recruited throughout the year
- Source: TD Securities Careers, PrepLounge
TD Securities Graduate Programme (Finance)
- Structure: Full-time analyst on the Finance Team within TD Securities
- Requirements: Graduating 2026 or recent 2025 graduate from any academic background
- Source: The Muse
TD Securities Quantitative Rotational Program
- Requirements: Master's or PhD graduating Dec 2025-Dec 2026 in Financial Engineering, Statistics, Applied Math, Computer Science, Economics, Physics, Quantitative Finance, Operations Research, Data Science, or Engineering
- Skills: Python, R, SAS, SQL, Spark, Java, C++
- Source: TD Careers, Prosple
US Graduate Leadership Program
- Requirements: Recent MBA with technically focused undergrad (STEM) OR recent Master's with business undergrad; 3-5 years experience
- Focus: AI, automation, advanced analytics, digital intimacy
- Source: TD Careers
Co-op / Internship Pipeline (Canada)
All co-op terms feed the new grad pipeline:
| Term | Dates | Applications Open |
|---|---|---|
| Summer | May-August | January |
| Fall | September-December | May |
| Winter | January-April | September |
Departments hiring interns: Audit, COO Group, Commercial Banking, Consumer Banking, Design Research, Customer Platforms, Finance, Platforms & Technology, Risk, TD Auto Finance, Wealth.
BMO — Bank of Montreal
BMO Capital Markets runs well-regarded rotational programs with strong IB and Global Markets tracks.
Global Markets Analyst/Associate Rotational Program
- Duration: 12-16 months rotating through various sales and trading desks
- Tracks: Global Fixed Income (FICC), Global Equity Products (GEP), Global Structured Products (GSP)
- Hiring: Generalists and Quants
- Locations: Toronto, Montreal, New York
- Salary: IB Analyst base CAD $90K-$100K; total comp $148K-$185K. Corporate Banking analyst base $90K (employer-confirmed).
- Source: BMO Capital Markets Careers, Glassdoor, PrepLounge
Investment & Corporate Banking Program
- Structure: Full-time analyst and associate classes start July, primarily from past summer interns
- Work: Financial modeling, valuations, industry research, pitch books, M&A analysis, client presentations
- Application Timeline (Canada): Summer Analyst/Associate recruitment February-June; full-time recruitment (if seats available) August-October
- Source: BMO Capital Markets Careers
Campus Recruitment (Non-Capital-Markets)
- Events for 2026: Career Fairs (Feb), CM Campus Recruitment Networking (Feb), Toronto Corporate Tour (Apr), "Launch Your Career in Canada" sessions
- Key fact: BMO is now posting Summer 2027 IB analyst internships as early as January 2026 — over 1.5 years in advance
- Source: BMO Careers
Scotiabank (Bank of Nova Scotia)
Scotiabank runs the most extensive new grad program ecosystem through TILT (Talent Incubators for Leaders of Tomorrow), with 9+ named programs.
TILT Programs Overview
All TILT programs include customized workshops, executive masterclasses, mentorship, capstone projects, and structured learning curriculum. Start date: typically June 2026.
| Program | Focus Area | Duration | Location |
|---|---|---|---|
| Activate | Strategic Functions (Marketing, HR, Risk, Audit, Finance, Compliance, Treasury) | Rotational | Toronto |
| Accelerate | Commercial Banking (including Agriculture stream) | Rotational | Toronto, Brandon MB |
| Catalyst | Global Operations (3 teams within chosen business line) | 24 months | Toronto, Bogota |
| Data & Analytics | Data science, analytics | Rotational | Toronto |
| Technology | Engineering, product development | Rotational | Toronto |
| Global Capital Markets | Sales & Trading, IB, Corporate Banking | Rotational | Toronto, NYC |
| Tangerine | Digital banking | Rotational | Toronto |
| Women in Leadership | Cross-functional leadership development | Rotational | Toronto |
| SOAR | Indigenous new grads (culturally supportive) | 24 months | Toronto |
Salary Data
- IB Analyst: Base CAD $90K-$100K + bonus $60K-$80K = total comp ~$164K
- Commercial Banking Rotation: $80K-$85K (Glassdoor)
- SOAR Program: Estimated $83K-$130K
- GCM Corporate Banking (NYC): USD $95,000/year
Scotiabank's Activate program has a CPA Pre-Approved stream — you can complete your 30-month CPA experience requirement while on the rotation.
Source: Scotiabank Careers, PrepLounge, Glassdoor
CIBC — Canadian Imperial Bank of Commerce
CIBC focuses heavily on MBA/Master's programs and has a unique pipeline from co-op to full-time.
Graduate Leadership Development Program (GLDP)
- Duration: 2 years, four 6-month rotations across revenue-generating, functional, and strategic units
- Includes: Comprehensive orientations, training, exclusive senior leader events, executive and alumni mentorship
- Requirements: MBA or Master's graduate (within last 2 years or upcoming), 3+ years work experience
- Application Timeline: August-September
- Salary: ~CAD $74,774/year (Indeed estimate)
- Location: Toronto
- Source: CIBC Careers, Indeed
Technology Leadership Advancement Program (TLAP)
- Duration: 2 years, three 8-month rotations across technology groups
- Rotations: Payments Technology, Cards Technology, Wealth Management Technology, Capital Markets Technology, Personal Banking Technology
- Requirements: MBA or Master's graduate
- Application Timeline: August-September
- Source: CIBC Careers
Technology Graduate Rotational Program (TGRP)
- Duration: 2-year full-time rotational within technology
- Unique requirement: Must have completed at least one 4-month CIBC co-op or internship
- Start Dates: January, May, or September
- Source: CIBC Careers
Private Wealth Rotational Program (PWRP)
- Duration: 12 months — Private Banking (3 months), Head Office (3 months), Wood Gundy (6 months)
- Focus: Cash management, credit/lending, investments, wealth planning, estate planning/insurance
- Requirements: Recent undergrad or MBA in business, economics, or finance
- Application Timeline: August-October
- Start Date: June 2026
- Locations: London ON, Regina, Edmonton, Vancouver
- Source: CIBC Careers
Quantitative Associate Rotational Program (QRP)
- Duration: 2 years, four 6-month rotations (Capital Markets, Risk Management, Internal Audit, Model Quantification, Model Validation)
- Requirements: Master's or PhD in Financial Engineering, Mathematics, Statistics, Physics, or related (2026 graduates). Knowledge of generative AI, LLMs, NLP is an asset.
- Application Timeline: November
- Location: Toronto
- Source: CIBC Careers, Prosple
Capital Markets Salary
- IB Analyst base CAD $85K-$95K + bonus $25K-$76K = total comp ~$145K
- CIBC World Markets average (all levels, WSO): $80K base, $35K bonus = $115K total
- Source: PrepLounge, Wall Street Oasis
National Bank of Canada
Montreal-headquartered National Bank has the highest reported IB analyst total compensation among the Big Six domestics (~CAD $171K).
Corporate and Investment Banking Development Program
- Structure: Analyst position in CIB. Starts with multi-week technical training (financial modelling, communication, CIB ecosystem familiarization). Ongoing mentorship and career exploration.
- Location: Montreal (primary), Toronto, Calgary, Vancouver
- Hiring: Primarily from former interns who have recently graduated
- Salary: IB Analyst base CAD $95K-$100K + bonus $55K-$94K = total comp ~$171K
- Source: National Bank Capital Markets, PrepLounge
Capital Markets Sales & Trading Rotation Program
- Structure: Multi-month program rotating among desks (Equity Capital Markets, Debt Capital Markets, Equity Research, Fixed Income, Institutional Equities, Foreign Exchange, Derivatives) with guidance from a mentor
- Eligibility: Must have completed a National Bank S&T internship the previous summer + graduated
- Upon Completion: Transition to permanent desk placement
- Source: National Bank Capital Markets
Scholarship & Diversity Programs
- $10,000 scholarship + paid internship + mentorship from senior leader for students from diversity-identified groups
- Source: National Bank Capital Markets
Application Timeline Master Calendar
| Period | What to Do |
|---|---|
| August-September | CIBC GLDP and TLAP applications open. RBC LDP posts and closes (~Sep 27). |
| August-October | CIBC PWRP applications. BMO full-time recruitment (if seats available). |
| September-October | TD fall co-op/internship applications open. |
| November | CIBC QRP and Capital Markets applications open. Scotiabank SOAR deadline (~Nov 3). |
| January | TD summer co-op/internship apps open. RBC Borealis Fellowship deadline (~Jan 25). |
| February-March | Big 6 IB postings open (Toronto mid-March; Calgary/Vancouver 1-3 weeks earlier). BMO summer analyst recruitment begins. |
| February-June | BMO Capital Markets summer analyst recruitment (Canada). |
| March | RBC QTS Rotational deadline (Mar 1). Middle-market and boutique processes. |
| May | TD Securities Analyst/Associate apps may open. |
| June-July | Full-time analyst/associate classes start at most banks. Scotiabank TILT programs start June. |
Critical insight: Most full-time analyst and associate classes at all Big 6 banks start in July and are primarily comprised of past summer interns. If you're not coming from an internship, the window for direct full-time hiring is narrow — typically August-October.
Salary Comparison: Capital Markets vs. General New Grad
| Bank | IB Analyst Total Comp (CAD) | General New Grad Salary (CAD) | Difference |
|---|---|---|---|
| RBC | $160K-$200K | ~$64K | 2.5-3.1x |
| TD | $155K-$190K | ~$60K-$80K | 2-3.2x |
| BMO | $150K-$185K | ~$90K | 1.7-2.1x |
| Scotiabank | $145K-$180K | ~$80K-$85K | 1.7-2.2x |
| CIBC | $140K-$175K | ~$75K | 1.9-2.3x |
| National Bank | ~$171K | ~$95K-$100K | 1.7-1.8x |
Key takeaway: Capital Markets roles pay 2-3x general new grad roles at the same bank. This is the biggest lever for compensation — the division you join matters more than which bank you choose.
FAQ
Which Big Five bank has the best new grad program?
RBC has the broadest range (6+ named programs across capital markets, CPA, technology, general management, and diversity initiatives). Scotiabank has the most specialized programs through TILT (9+ programs covering nearly every business line). For capital markets specifically, RBC and TD pay the highest. For pure program breadth and structure, Scotiabank's TILT ecosystem is the most comprehensive. Source: Bank career pages, PrepLounge.
When should I apply for Big Five bank new grad programs?
Most Capital Markets full-time programs fill through intern conversions, so you need to secure a summer internship the year before. IB postings typically open February-March for the following summer. General co-op applications follow the semester cycle: January for summer, May for fall, September for winter. Some programs like CIBC's GLDP open August-September. Source: TD Careers, BMO Capital Markets, CIBC Careers.
What is the salary for a new grad at a Canadian bank?
It depends heavily on division. Capital Markets IB analysts earn $140,000-$200,000 CAD total compensation. General new grad roles (technology, operations, retail) pay $55,000-$90,000 CAD. National Bank reports the highest IB analyst total comp at ~$171,000 CAD. RBC Glassdoor shows ~$64,500 for general new grad roles. Source: PrepLounge, Glassdoor, bank career pages.
Do I need an MBA for Big Five bank new grad programs?
No — most analyst-level programs are for undergraduate graduates. However, CIBC's GLDP, TLAP, and QRP specifically target MBA/Master's graduates. RBC's LDP also requires a Master's degree with 3-7 years experience. The standard path is: undergraduate summer internship → full-time analyst offer. MBA recruiting exists but is "much less developed" than in the US, per Mergers & Inquisitions. Source: CIBC Careers, RBC Careers, Mergers & Inquisitions.
Which Big Five bank pays the most for investment banking?
RBC Capital Markets pays the highest total compensation among the Big Five at $160,000-$200,000 CAD for first-year analysts. National Bank surprisingly leads among all Big Six domestics at ~$171,000 average total comp. TD Securities is a close second to RBC with $155,000-$190,000, and TD Cowen has been paying "outsized bonuses" post-acquisition. Source: PrepLounge, Wall Street Oasis, eFinancialCareers.
Can I get a full-time offer without doing an internship?
It's possible but much harder. All Big 5 banks state that full-time analyst classes are "primarily comprised of past summer interns." BMO and TD only recruit for remaining seats August-October if available. Your best bet without an internship is to network heavily, attend bank events, and apply during the narrow August-October window. Some banks like CIBC's TGRP explicitly require prior CIBC co-op experience. Source: BMO Capital Markets Careers, TD Careers, CIBC Careers.
Final Advice
- Start early — IB recruiting now begins 1.5+ years in advance. BMO posted Summer 2027 analyst internships in January 2026
- Internship is the path — Full-time offers come primarily through intern conversions. Focus on landing the internship first
- Division > Bank — An IB role at CIBC pays more than a general new grad role at RBC. Choose your division wisely
- Network 30-40 times — The consensus on Wall Street Oasis is 30-40 coffee chats before applying
- Consider TILT — Scotiabank's TILT programs offer the most structured rotational experience with executive exposure
- Don't overlook National Bank — Montreal-based, highest IB total comp among Big Six domestics, smaller class = more deal exposure
Looking for finance jobs? Browse finance positions in Canada updated daily. See also: Investment Banking Salary Canada 2026
Data Sources: - RBC, TD, BMO, Scotiabank, CIBC, National Bank official career pages - PrepLounge "Top Investment Banks in Canada 2025" - PrepLounge "Investment Banking Salaries in Canada 2026" - Mergers & Inquisitions "Investment Banking in Canada" - Wall Street Oasis forums and salary database - Glassdoor Canada salary data - eFinancialCareers "2025 Canadian Bank Bonuses" - Prosple Canada graduate employer profiles - Indeed Canada salary estimates