Corporate Strategy at Banks vs Investment Banking
Hi all,
Recently I have observed a going trend of banks having their or internal strategy groups (can be either in their consumer or institutional banking). From what I have heard, these internal strategy groups provide a good exposure to senior management and huge mobilities to progress within the bank while doing corporate strategy work. It is similar to consulting except you have extremely good hours (compared with IB) and minimum travel. However, you do not make the huge paychecks that people in IB make at a junior position.
My question is, how are these "corporate strategy" roles at banks seen for exit opportunities in the future and also internal progression? Assuming that offers are both from BB, is it more recommended for people right out of school whose interested in banking/finance to just stick with IBD and explore buy-side exits or is corporate strategy at a bank actually very sexy?
Are you thinking groups such as MS FSE? I know a handful of people doing that. One doesn't seem to like it, but I can't speak for the others. The work is a combination of M&A and corporate strategy, so you'd have exit ops similar to people focusing in those areas. I've also heard (incorrect or correct) that you need ~3.8 from a top target to break in.
Yes, banks that have similar positions that pop in my mind is MS, Citi, JP... etc, all who have "strategy" roles for their financial services. It looks very attractive considering the impact your work might potentially create and also the great hours.
bump
It will be way easier to move from an IBD role to a bank's strategy group than vice versa. If you absolutely crush it in strategy the opportunity will be there, but in terms of general career flexibility I would go with IBD. Definitely a cool job and the exit options will not be bad by any means, but buy side right away could be a bit challenging unless you want to go to a FIG-focused shop.
If you look at related posts below you'll find more info on this subject, it's been discussed a bit before.
Can someone give detials on Corporate Strategy roles in an IB? (Originally Posted: 11/10/2014)
Can anyone provide further insight into the corporate strategy groups within investment banks? What are the typical projects one would work on (these aren't bo/operations consulting groups are they)? What is comp like? What are the exit ops within an investment bank after a rotation in a strategy group?
Thanks,
I had a friend who did corp strat, it was labeled under operations though it was different from the general operations BO role. The base pay is ~55k with OT, hours are flexible and the projects are quite interesting.
I did this, it rolled up to CAO which fell into the O&T umbrella. It'll be mid and back office projects. There are groups that do "should we enter a market or product" but those are usually only populated by senior front office executives, haven't heard of it being an analyst job.
This a post-MBA and/or management consulting experience required role and is not geared toward the analyst level. I was thinking it would be less ops related, but I am concerned that is what many of the projects end up being.
Any insight on exit ops from an IB strategy group?
Can you send the job description? Which P&L is it under?
Corporate Strategy within IBD (Originally Posted: 06/23/2015)
In many industries, a stint in corporate strategy opens up a lot of doors. Folks on my strategy team (work in tech) have gone on to manage products, line units, businesses and all the way to the C-suite.
Do these opportunities still exist for corporate strategists within BB investment banking divisions? I get the sense that the nature of IB makes it difficult for non-revenue generators to advance.
This is an area I've explored kind of heavily myself. From what I can gather, oftentimes it's actually the opposite: people are taken from banking into the firm's internal strategy group. Happy to discuss more over PM.
Update in case anyone becomes interested in strategy within IBD.
The work is split between developing business strategy for the IB and serving as an internal management consultancy for leadership.
The entire team I interviewed for came from the IB. The hiring manager was looking for someone with a strategy consulting background to round the team out. Career progression mirrors the pace and titles of the IB.
What's the likelihood of moving back to Ibanking after a stint in strategy? Or, what/where are the exits from strategy in BB.?
Corporate Strategy at a BB (Originally Posted: 01/24/2013)
Hey guys. Currently a 3rd year analyst at a BB and have an upcoming interview for a corporate strategy/development role at another global investment bank. This is a unique role in that it is working with a small team (partly in NYC, partly in Europe) on the company's overall long-term strategy. Job description included meeting with regional executives, and a lot of vague descriptions about "strategy projects."
Any suggestions on what to expect aside from behavioral questions and deals/resume? I'm also reading the company's latest earnings /news and knowing how the divisions performed. I doubt I will get the standard case questions as this is not a traditional consulting / corporate strategy role. If anyone has interviewed for something similar I'd appreciate the input. Any other thoughts regarding the role are also welcome. Thanks.
Maybe check out this thread and see if it helps: http://www.wallstreetoasis.com/forums/corporate-strategy-for-financial-…
I never interviewed for a Corp. Dev./strategy role at a BB, but I did for another international asset mgmt firm, and the job description was similar. This was for an analyst role. The job entailed working with the CFO office, other execs and developing the long term strategy, looking at potential mergers, etc. The interview was mostly fit, except one guy asked me to go through an income statement. They also wanted to know my take on data and ways to manipulate it. I think what you really need to focus on, is knowing the overall strategy of the BB, and how it may differ (since it's a bank) than traditional companies (non-banks). But, I'm sure you already know that. If you want further info on my interview, PM me or just ask a question here. But, I think what you are doing right now in order to prep for the interview is the appropriate approach.
Anybody have a list of the names of these groups in certain financial institutions? And what division would they fall under? I know Morgan Stanley is S&E, but the rests aren't quite as easy to find.
like corp strategy, dev., etc?
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