The Globe and Mail reports in its Wednesday edition that many third- and fourth-year commerce students hope to land a job in banking when they graduate. The Globe's Alexander Posadzki writes, however, that few want to develop a career at one of the big banks. Instead, they see investment banking as a stepping stone to private equity; they see it as a training ground. Investment bankers provide clients with advice on their capital-raising efforts -- how to structure debt or equity deals and which markets to tap for the cheapest access to capital. Typically, bank recruits begin as research analysts whose duties include building financial models and preparing PowerPoint presentations for clients. Graduates are also drawn to hedge funds or in trendy industries such as cannabis and technology. While attrition has always existed within Canada's investment banks, Bill Vlaad, the owner of a financial recruitment firm in Toronto, said it has accelerated in recent years. "It's becoming almost chronic," Mr. Vlaad said. Investment banking is suffering from a branding problem, said Jennifer Reynolds, chief executive officer of Toronto Finance International. She says young workers are also seeking greater work-life balance.
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