Overview
Introduction
TD Cowen, a division of TD Securities, is a top investment bank that offers interns hands-on live deal experience and exposure to senior bankers and clients. Full-time junior bankers get access to a structured training program, an “apprenticeship” learning model, and many wellness benefits.
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Vault Verdict
TD Cowen is ideally looking for hardworking, ambitious, intellectually curious candidates who are eager to learn, have strong technical skills, and have excellent academic track records. For students, the firm runs a very valuable internship program. Interns get hands-on experience, a high level of responsibility, solid training, and access to senior management. Meanwhile, the firm’s junior bankers have access to extensive career development opportunities. Deal teams are lean, meaning juniors get a lot of responsibility. Senior bankers have an open-door policy, meaning informal training is excellent. The firm’s culture is collaborative, and TD Cowen’s mentorship program is strong. In addition, the firm recently introduced a two-year analyst program, which promotes analysts to asso...
About the Company
TD Cowen is a division of TD Securities, a corporate and investment bank. As part of TD Securities’ broader suite of capital markets products and services, TD Cowen’s offerings include investment banking, research, sales and trading, and commission management services.
With roots dating back to 1918, TD Cowen is headquartered in New York and has offices worldwide. Previously known as Cowen, the firm was acquired in 2023 by Canadian banking firm TD Bank Group for $1.3 billion. The deal significantly increased TD’s U.S. investment banking presence.
Employee Reviews
“TD Cowen is one of the best banks for quality of life—they’re respectful of protected Saturdays, they encourage us to take all our vacation time, we’re relatively undisturbed while on vacation, and the hybrid work schedule is a plus. Also, the culture is great from top to bottom, which helps junior bankers feel more comfortable and secure. On the other hand, the acquisition by TD, combined with recent RIFs and reorganization, has led to uncertainty and discomfort amongst the employee base.”
“You generally know when the busiest times of year are, which helps in planning time off. But unexpected news events late in the day can sometimes require you to reschedule after-work plans.”
“Work/life balance is mostly group specific, but I feel that TD Cowen has a really strong work/life balance in general. When people take vacation, including analysts, people are extremely respective of time off and will not contact that person unless it is very important and they are needed (which makes time off actually be time off). Additionally, my weekends have been mostly free of work, with a little bit of Friday or Sunday night work needed in specific scenarios. Overall, people at TD Cowen really care about your development as a person and time away from work, which contributes to a very strong work culture.”
“The work/life balance has been great, as deal flow has been slower than normal. When there is a lot to do, our team certainly works 90 to 100+ hours in a week, but we understand that is what we signed up for in investment banking. Since TDS/TD Cowen laid off 20 percent of the seniors over the summer, it changed the culture for TD Cowen. More people have left since then for culture reasons and for normal career path reasons, which has added to the changing office and culture dynamics. I really enjoy working with some of the folks we have left and am excited to work more with the TDS team.”
Getting Hired Here
“Initial review of resume, followed by three screening calls/interviews focused on motivation and cultural fit, interest and potential, and technical skills. Last step is a Superday full of in-person interviews with senior bankers.”
“The ideal candidate is (a) ambitious, (b) loves to learn, (c) thrives in a dynamic environment where there are new challenges to try and answer every day, (d) can put in ‘the grind’ of what it takes to be successful, and (e) has a superior academic track record.”
“The formal recruiting process takes about three to four weeks from resume review to first-round and second-round interviews to Superday. Usually, people hear back from the Superday the next day or next couple of days. The ideal intern candidate is someone who has a strong GPA and resume (tenure with extracurriculars, shows interest in things outside of the classroom, has leadership positions, etc.) and also someone who shows an eager appetite to learn and adapt to change quickly. It helps to prepare for technical questions and reasons why they like the team and firm, to at least show that they did their homework.”
“Ideal candidate is extremely curious and tenacious, can navigate social systems well, is a cultural fit, and has technical skills. But primarily we’re looking for someone who is willing to work very hard and fit in well with the team.”
Perks & Benefits