RBC Capital Markets 2028 first-round interview guide

For
2028 summer analysts
Sources
8 cited

Selected for an RBC Capital Markets first round? Here is how the 30-minute interview works, who calls you, what RBC assesses, the questions each group has asked and how fast the superday follows.

A student in a light blue oxford shirt standing at the counter of a small off-campus apartment kitchen on a phone call with earbuds, a printed resume and a mug of coffee on the counter, early morning light through the window.
RBC Capital Markets' first round is a 30-minute phone or in-person meeting that reviews technical ability, interpersonal skills, long-term potential and fit.

Key facts

  • Format: RBC sets up a 30-minute phone or in-person meeting. Recent US first rounds have been a phone call with two associates (Dallas, Dec 2025, summer 2027) and a virtual round (Houston, Feb 2025, summer 2026).1,7,5
  • What it assesses: RBC calls it a competency-based review of technical abilities, interpersonal skills, long-term potential and culture fit.1
  • What they ask: Mostly behavioral with a little market knowledge (Dallas investment banking, Dec 2025, summer 2027), or behavioral with about five minutes of market questions (New York Public Finance, Aug 2026, summer 2027).7,8
  • Who interviews: Two associates on the phone in Dallas (Dec 2025, summer 2027). For the New York Early ID program, an RBC Debt Capital Markets banker from the applicant's own university reached out to schedule it (Oct 2025, summer 2027).7,6
  • When: For summer 2027, Dallas ran a phone first round in December 2025 and Houston offers were out by Dec 22, 2025, while New York investment banking first rounds ran in February 2026.7,3
  • After it: For summer 2027, one first round on Feb 11, 2026 led to a superday call on Feb 16 and an offer two hours after the superday.3

RBC's 2028 New York posting names the behaviors it selects for: collaboration, relationship building, communication, integrity and a diverse and inclusive mindset, plus interests beyond academics. Expect the behavioral questions to test them.2

What the RBC Capital Markets interview looks like

  1. Where it sits

    You apply online with your resume and a form; investment banking posts by office. Expect an online assessment next: one has held reasoning tests and a behavioral test, and some recent investment banking processes have included a personality test. If you are selected, RBC sets up the first round; after it, RBC may invite you back for a final round of two to three interviews.1,2,6,5,7

  2. The format

    RBC describes a 30-minute phone or in-person meeting. In Dallas it was a phone call with two associates (Dec 2025, summer 2027); in Houston a virtual round after networking with the team (Feb 2025, summer 2026); for the New York Early ID program a 30-minute interview with a banker from Debt Capital Markets (Oct 2025, summer 2027).1,7,5,6

  3. What they ask

    RBC says the round reviews technical ability, interpersonal skills, long-term potential and fit. In recent US rounds most of the time has gone on behavioral and motivation questions, with a few minutes on markets: a deal you are following, or a sector you would invest in.1,7,8,6

  4. How to stand out

    RBC asks you to bring out what makes you different, such as languages, time abroad and clubs, and its posting looks for a well-rounded set of interests. Expect questions on your finance club, a leadership role or a time you mentored someone.1,2,6

  5. After it

    The superday follows within days to a week. For summer 2027, one first round on Feb 11, 2026 led to a superday call on Feb 16, and first-round feedback was due on a set day before the next superday invites went out.3

Before your first round

  • A quiet room and a charged phone: recent US first rounds have been calls.
  • Your resume in front of you, with a story behind each line, especially your clubs and interests.
  • One deal you have followed in the group you applied to, with the buyer, the price and your view.
  • One sector you would invest in now, with two reasons and a risk.
  • Short stories for the behaviors RBC selects for: collaboration, relationship building, communication, integrity and an inclusive mindset.
  • A mentoring story and a leadership story, each with a result.
  • The basics in case the technical part comes: the three statements, a DCF and the main multiples.
  • Why RBC, why this group and why this office, in under a minute.

The questions

RBC calls its first round a competency-based review of technical ability, interpersonal skills, long-term potential and culture fit. Recent US first rounds have been mostly behavioral and motivation questions, with a few minutes on markets and deals.1,7,8

  • Behavioral: Leadership, mentoring and teamwork stories, matched to RBC's behaviors.
  • Fit and motivation: Why RBC, why capital markets, why this program and office.
  • Markets and deals: A deal you are following; a sector you would invest in now.
  • Technical: RBC assesses technical ability, so know the three statements, a DCF and multiples.

Which division question you get

Investment Banking, Dallas
Dec 2025 (summer 2027): a phone call with two associates, friendly and fairly simple, mostly behavioral with a little market knowledge. What sector of real estate would you invest in right now?7,6
Investment Banking, Houston
Feb 2025 (summer 2026): networking with the team, then a virtual first round and an in-person superday of six interviews back to back.5
Public Finance, New York
Aug 2026 (summer 2027): straight from the application to a first round, behavioral with about five minutes of market questions. Tell me about a deal you have been following.8,6
Early ID program, New York
Oct 2025 (summer 2027): a 30-minute interview of basic behavioral questions and why RBC and why the program; tell me about a time you acted as a mentor.6
Advisory Program, Capital Markets, New York
Oct 2026 (summer 2028): only behavioral, with a friendly interviewer: why RBC, why capital markets, your finance club and a leadership experience.6
Sales & TradingBest guess
Expect the same behavioral core plus a market view: where rates are going and one product you follow.

The Sales & Trading line is our best guess from the Public Finance and investment banking first rounds above.

Example questions and how to answer them

Markets and deals"Tell me about a deal you have been following."8,6
  1. 1Name the deal: buyer, target, size and when it was announced.
  2. 2Give the logic: why the buyer wanted it.
  3. 3Give one number: the multiple, the premium or how it was financed.
  4. 4Close on your view and the main risk.

Tip: Asked in a New York Public Finance first round (Aug 2026, summer 2027), within about five minutes of market questions. For Public Finance, a municipal bond deal shows you know the business.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. I have been following a large city water utility's bond sale this fall, about $800 million of revenue bonds to fund pipe replacement and a new treatment plant. What interested me is the timing: the issuer came to market after rates had eased, and demand was strong enough that the deal was upsized and priced tighter than expected. The bonds are backed by water rates, so the key question for buyers was how much room the utility has to raise rates without political pushback. I think it was a good deal for the city; the risk is that the construction runs over budget and the utility has to come back to market at a worse time.

Markets and deals"What sector of real estate would you invest in right now?"7,6
  1. 1Pick one sector and say it first.
  2. 2Give two reasons: demand, supply and where rates are.
  3. 3Name one number you watch: vacancy, rent growth or cap rates.
  4. 4Give the risk and what would change your mind.

Tip: Asked by two associates on a Dallas investment banking phone first round (Dec 2025, summer 2027). Expect a sector question like it for whichever group you name.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. Multifamily housing in Sun Belt cities. A wave of new apartments opened over the last two years, which pushed rents down, but construction starts have since fallen sharply, so new supply drops off just as population growth keeps demand rising. I watch new lease rent growth and the construction pipeline in markets like Dallas and Phoenix. The risk is that rates stay high, which keeps cap rates up and values flat, so I would want buildings bought below replacement cost.

Behavioral"Tell me about a time you acted as a mentor."6,2
  1. 1Situation: who you mentored and what they needed.
  2. 2What you did over time, not once.
  3. 3The result for them, with a sign you can point to.
  4. 4What you learned about working with people.

Tip: The most unexpected question in a New York Early ID interview (Oct 2025, summer 2027). It maps to relationship building, one of the behaviors RBC selects for.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. At my campus tutoring center I was assigned a first-year student who was close to failing introductory accounting and had stopped going to class. We met twice a week, and instead of re-teaching the lectures I had him explain each problem back to me, so I could see exactly where he got lost. By midterms he was doing the problem sets on his own, he finished with a B, and the next year he joined the center as a tutor himself. I learned that the fastest way to help someone is to find the exact point where they get stuck, rather than repeating everything.

Fit and motivation"Why RBC, and why capital markets?"6,2
  1. 1Start with the work: what you want to do in the group you applied to.
  2. 2Give one reason that is RBC's: a group, a deal, a person you spoke with.
  3. 3Link it to something you have already done.
  4. 4Close on why this office.

Tip: Asked in a New York Advisory Program interview (Oct 2026, summer 2028), next to questions on a finance club and a leadership experience. Name a person or a deal, not only the bank's size.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. I want to work in debt capital markets because I like the point where a company's plans meet what investors will actually fund. In my finance club I led our fixed income team, and following new bond issues each week is what got me interested. RBC stands out because it pairs a large, highly rated balance sheet with a strong debt franchise, so its bankers can both advise on and fund a deal. When I spoke with an analyst in New York, what stuck with me was how much client contact juniors get on live issues.

Behavioral"Tell me about a leadership experience."6,2
  1. 1Pick a role where you were responsible for a result, not only a title.
  2. 2Say what was hard: a deadline, a disagreement, a gap in the team.
  3. 3Say what you did, and how you brought people with you.
  4. 4Give the result in a number, and what you would do differently.

Tip: Asked in the same New York Advisory Program interview (Oct 2026, summer 2028). Collaboration and communication are both on RBC's list, so show how you led with the team.

More RBC Capital Markets interview questions

Fit and motivation

  • “Why RBC? Why this program?”6

    Early ID program, New York, Oct 2025 (summer 2027)

  • “Talk about your finance club.”6

    Advisory Program, New York, Oct 2026 (summer 2028)

Markets and technical

  • “A few minutes of market-related questions.”8

    Public Finance, New York, Aug 2026 (summer 2027); a topic

  • “General market knowledge.”7

    Investment Banking, Dallas, Dec 2025 (summer 2027); a topic

  • “Walk me through the three statements.”

    Best guess

    Our expectation from the technical ability RBC says the round assesses

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How long to hear back after the interview

Interviews go out in waves by office: Houston moved first for summer 2027 and New York first rounds came in February. The superday has followed within days to a week of the first round.3

  1. Mar 2024 (summer 2025)

    US summer analyst thread

    By Mar 5, 2024, one applicant had a regular first round, with no HireVue before it.4

  2. Feb 2025 (summer 2026)

    Investment banking, Houston

    Networking, a virtual first round, then six in-person superday interviews back to back, in less than a month.5

  3. Oct 2025 (summer 2027)

    Early ID program, New York

    A resume drop, a ranking of divisions, then a 30-minute interview a few weeks later; told to expect a decision the week of Nov 3, and heard on Oct 31 that they had a place.6

  4. Dec 2025 (summer 2027)

    Investment banking, Dallas and Houston

    A phone first round with two associates in Dallas; Houston offers were out by Dec 22, 2025.7,3

  5. Feb 2026 (summer 2027)

    Investment banking, New York

    New York first rounds came out in February. One first round on Feb 11 led to a superday call on Feb 16 and an offer two hours after the superday.3

  6. Feb 2026 (summer 2027)

    Investment banking, US

    First-round feedback was due on a set day, so non-target superday invites followed the next week.3

  7. Aug 2026 (summer 2027)

    Public Finance, New York

    Straight from the application to a first round, with no networking; less than a month in all.8

A "thank you for interviewing" email may not say whether you have moved on. Ask your recruiter if the next step is unclear.3

Best guessExpect a superday call within a week of the first round. If two weeks pass, send your recruiter one short, polite note; later waves have still come.

What happens after the interview

  1. Online application

    Resume and the online form on RBC's Workday board, one posting per office.1,2

  2. Online assessment

    Online tests before the first round. In the summer 2025 cycle one sitting held numerical and logical reasoning, verbal reasoning and a behavioral test, and Houston (Feb 2025, summer 2026) and Dallas (Dec 2025, summer 2027) investment banking processes included a personality test.6,5,7

  3. First roundYou are here

    This page. A 30-minute phone or in-person interview reviewing technical ability, interpersonal skills, potential and fit; recently a call, mostly behavioral.1,7

  4. Superday

    A final round of two to three interviews with people from your business, in certain cases at RBC's offices; six back to back in Houston (Feb 2025, summer 2026).1,5

  5. Offer

    RBC asks you to weigh your options once an offer comes. For one summer 2027 applicant it came by phone two hours after the superday.1,3

First round vs superday

The first round is one short call, mostly behavioral; the superday is two to three interviews or more, often at RBC's offices.

Format

First round

30 minutes by phone or in person; recently a phone call with two associates.1,7

Superday

Two to three interviews, in certain cases at RBC's offices; six in Houston (Feb 2025, summer 2026).1,5

Content

First round

Mostly behavioral, with a few minutes of market questions.7,8

Superday

People from the business you applied to, who also tell you about RBC.1

Who

First round

Associates, or a banker from your school.7,6

Superday

Various professionals who work in the business of your interest.1

What comes next

First round

A superday call within days to a week.3

Superday

An offer call, two hours later for one applicant (Feb 2026, summer 2027).3

2028 summer analyst status

RBC posted its summer 2028 New York Global Investment Banking role on Nov 4, 2026. For summer 2027, Houston finished by late December 2025 and New York first rounds ran in February 2026, so expect summer 2028 first rounds from December 2026 to February 2027, by office.2,3

FAQ

How long is the RBC Capital Markets first round?

About 30 minutes. RBC sets up a 30-minute phone or in-person meeting, and the New York Early ID interview ran 30 minutes (Oct 2025, summer 2027).1,6

Is the RBC first round on the phone or in person?

RBC offers either. Recent US rounds have been calls: a phone interview with two associates in Dallas (Dec 2025, summer 2027) and a virtual first round in Houston (Feb 2025, summer 2026).1,7,5

Is the RBC Capital Markets first round technical?

Mostly not, going by recent US rounds: they were mostly behavioral, with a few minutes of market questions. RBC says the round reviews technical ability too, so know the three statements, a DCF and the main multiples.7,8,1

What does RBC ask in the first round?

Why RBC and why the program, behavioral questions on leadership, mentoring and your clubs, and a market question such as a deal you are following or a real estate sector you would invest in now.6,7,8

How soon after the first round is the RBC superday?

Within days to a week. For summer 2027, one first round on Feb 11, 2026 led to a superday call on Feb 16.3

What does RBC look for in the first round?

RBC calls it a competency-based review of technical abilities, interpersonal skills, long-term potential and culture fit. Its posting names collaboration, relationship building, communication, integrity and a diverse and inclusive mindset.1,2

Interview at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.

  1. 1RBC Capital Markets: Working Here
  2. 2RBC (early-talent job board): 2028 Capital Markets, Global Investment Banking Summer Analyst (New York)
  3. 3Candidate discussion on a public forum: RBC 2027 SA Mega Thread (from Nov 2025)
  4. 4Candidate discussion on a public forum: RBC 2025 US Summer Analyst (from Sep 2023)
  5. 5Candidate report on a public forum: Investment Banking Summer Analyst interview, Houston (Feb 2025)
  6. 6Candidate reports on a public forum: RBC Capital Markets Interview Questions (2026)
  7. 7Candidate report on a public forum: Summer Analyst interview, Investment Banking, Dallas (Dec 2025)
  8. 8Candidate report on a public forum: Summer Analyst interview, Public Finance, New York (Aug 2026)

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