Senior Level Corp Dev
Have any IB directors / VPs found it difficult to land roles in CD, strategic finance, or FP&A?
Seems like a lot of places will either never respond or pass me over for candidates with much lesser credentials (at resume screen phase). These are confusing as it's often in areas I have some knowledge familiarity.
The odd part, is I will occasionally get a bite for something in a Sr Director level position in industries way outside of my expertise. It's as if they care more about intellectual horsepower / skill than perfect industry fit.
I've seen some (very) washed up VPs/Directors at my bank get laid off and land nice roles, so not sure if its just a timing thing and of course senior roles are more ad-hoc. Nonetheless it's frustrating.
Based on the most helpful WSO content, transitioning from IB to roles in Corporate Development (CD), Strategic Finance, or FP&A can indeed present challenges, even for those with significant experience at the Director or VP level in investment banking. Here are some insights that might shed light on the situation:
Industry Fit vs. Intellectual Horsepower: It's not uncommon for companies to prioritize the general skill set and intellectual capacity of a candidate over a perfect industry match. This is especially true for senior roles where strategic thinking, leadership, and the ability to quickly adapt and learn are highly valued. Your experience of occasionally getting attention for Sr Director level positions outside your expertise aligns with this observation.
Resume Screening Phase Challenges: Investment banking professionals might face hurdles during the resume screening phase due to a variety of reasons. One possibility is that your resume may not be tailored effectively to highlight the transferable skills and experiences relevant to CD, Strategic Finance, or FP&A roles. It's crucial to articulate how your IB experience translates into value for these positions.
Market Timing and Role Specificity: The job market for senior roles in CD, Strategic Finance, or FP&A can be highly variable and dependent on timing. These positions are often filled based on immediate needs and can be quite specific in terms of the skill set and experience desired. The ad-hoc nature of these roles means that opportunities can come and go quickly, and what seems like a mismatch at one time could be the perfect fit at another.
Networking and Internal Referrals: Given the challenges at the resume screening phase, leveraging personal networks and seeking internal referrals can significantly improve your chances. Building relationships within the industry and with recruiters who specialize in these transitions can provide a crucial edge. It's often through these connections that opportunities arise, bypassing the initial resume screening hurdles.
Perseverance and Broadening the Search: Persistence is key in the job search process, especially for transitioning into new fields. Broadening your search to include a wider range of industries and roles, as well as being open to positions that might initially seem outside your core area of expertise, can open up unexpected opportunities.
In summary, while the transition from IB to CD, Strategic Finance, or FP&A roles can be challenging, focusing on tailoring your resume, leveraging your network, and being open to a broad range of opportunities can improve your chances. Remember, the skills and experiences you've gained in IB are highly valuable; it's about framing them in a way that resonates with the roles you're targeting.
Sources: Is it difficult at all to become a Managing Director in IB?, Q&A: Private Equity Portfolio Company CFO, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii, Q&A: F500 Director of FP&A, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii
It's just not a good fit for a variety of reasons/ Couple off the top of my head:
I'll also say the market is crap right now all around, though. So luck is a bigger factor than ever. I get inbounds on LI all the time - it's dried up a bit and the quality is worse as well.
Pay I get that, but i'm always clear I know the differential. I do agree that guys that think they are going to basically get same comp are dilusional.
Also don't disagree with there being some bad bankers out there. It's actually astounding how incompetent some are.
Luckily i'm on good terms with some pretty senior guys who are helping with intros -- as you stay, a bit of a tough market at the moment.
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