Transition from Corporate Finance into Investment Banking
Hello Monkeys, this is my first time posting on this forum, however, I have been lurking for quite some time! I am almost 3 years out of college and have been working in a Treasury group for a Fortune 500 Healthcare company - I have, up until recently, been working in the Capital Markets/Foreign Exchange back office team.
As with many Healthcare firms, there is a lot of M&A activity and my present role is very much involved in a multi-billion dollar deal. I have had the chance to participate in many of the activities required on the back-end to prepare the company for the transaction. In addition to those activities, I have had the chance to sit in on meetings with our banking partners. Long story short, I would like to see myself on the opposite side of the table.
I have researched and browsed many different forums related to banking and am fully aware and prepared for the lifestyle differences. Likewise, I also realize that I am fighting an uphill battle given my background (it is a battle that I very much want to win).
Steps I have taken so far: Completed WSP Accounting/Financial Modeling Courses, networked with internal Business Development, working through IB Rosenbaum & Pearl book, and trying to leverage my network for opportunities.
At the end of the day, I realize that a forum like this may have people from all walks of life. Does anyone have any thoughts or suggestions for someone like me who is trying to make that transition?
I have also included my resume for people to tear apart in the event you are interested!
TL&DR: Corporate Finance (Treasury) --> IB. Best ways to transition? Thoughts? Experience? Here is my resume!
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corporate finance Rotational Program to Investment Banking (Originally Posted: 08/15/2014)
I interned as a Summer Analyst at a relatively well known middle market bank in their Finance department. They've given me a full time offer into their rotational program that is modeled after GE's FMP (all our execs are from GE). Trying to determine whether I should take it or continue going for IB like I've always wanted to. I come from a nontarget school and there's only 2 regional boutiques in the area. One of those boutiques is ran by ex GS bankers and they are interested in me. So I have a few options and am trying to figure out what to do.
1) Accept the Rotational, stay for 2-5 years, and then go get an MBA and enter IB as an Associate. 2) Decline rotational and either
a) Keep networking with a small regional boutique focused on the tech sector b) Continue attempting to network into a larger firm outside my city
Any advice is appreciated. Just never heard of someone going through one of these rotationals and then breaking into IB.
Take the job and keep looking.
corporate finance to Investment Banking/PE possible post MBA? (Originally Posted: 04/18/2014)
I am currently an engineer in a Fortune 500 tech company and have the opportunity to switch to a Sr. Financial Analyst role within the same company. My long term goal is to switch from engineering to finance and I feel this role is a good place to start my finance journey.
I am also starting my part-time MBA at a Top 5 school this Fall and will take about 3 years to complete. Assuming I take the Financial Analyst role, by the time I complete my MBA I will have a total of 10 years of work experience (7 years as an engineer and 3 years as a financial analyst).
My goal after my MBA is to work in a boutique investment bank/VC/PE firm on the west coast that specializes in high-tech. Is this a realistic path to get into IB/PE, which is my ultimate goal? I am 32 by the way, so I am getting a late start here.
You'll really have to network hard, and I could be wrong here, but I imagine most part time programs don't allow students to participate in FT on campus recruiting. For banking this means it'll be incredibly tough to get an internship as OCR is critical to getting invited to the following events. PE is much more off campus network driven so you might have less road blocks there, but PE is much more difficult to crack into than banking, especially since you weren't an investment banking analyst.
It's very hard to make the switch doing a PT MBA. Most places hire from their Summer Associate pool, but you won't be taking part in that. You might want to ask this on the IB forum - I think you're going to get pretty much the same response.
From what I know, very doable with a full time MBA. Does your school allow you to access OCR's? That would absolutely help. PE/VC seems to be quite a reach, but I know people from PT top 15~ish MBAs go into IB/Consulting from a engineering/finance background.
From Corp.Fin. to IB (Originally Posted: 11/18/2013)
There are different sub-departments in Coporate Finance at an F500, audit, financial accounting, treasury/cash management, FP&A. What's the best route for IB/PE/ER?
MBA
I'm not sure that this move really happens, as they are two distinct paths.
I've been in Corp fin just over 5 years now, I have seen people leave to almost every job imaginable except IB.
If IB is your goal I'd try something other than Corp Fin, but if CF is your only option I'd try to get into Corp Development (internal M&A). You'll likely still need an MBA.
Not as difficult as working in CF full time.
MBA to rebrand then start as an IB associate.
why?! ib blows
Well he sure as shit isn't going to make the jump to PE from corp fin without learning how to actually model and understand transactions.
Did you even bother reading his question? It's not the path I took, it's just an example of a possible route to take. I have zero interest in IB personally.
Corp Dev to M&A/product groups, Treasury (potentially) to DCM or Lev Fin. MBA would help, but isn't entirely necessary if you play your cards right. Also, definitely depends on what f500 company it is.
From corporate finance to IB (Originally Posted: 04/27/2012)
Hi Guys,
So I'm new to WSO, and am still getting familiar with all of the features and content that this site has.
I'm an experienced corporate finance professional, with about 5 years of experience (mostly for a large international life insurer, with time there split between a reinsurance role, and a capital management role). I also spent about a year total in contract roles at two large Wall Street institutions, albeit in Ops.
Education-wise, I was a finance major at a large university, and have completed the CFA examination program (currently applying for the Charter).
corporate finance was never really something I wanted to be in, but refusing job offers when no alternatives are available is....well.....moronic....
As things wound up, I am currently job-hunting full time, and really want to FINALLY break into the IB world.
Any tips or suggestions?
I know WSO has a list of recruiters who specialize in the field, and I will definitely take advantage of it. But, I want to also focus heavily on networking
I think of myself as a fairly experienced networker, and have attended a lot of events organized by the CFA Society of Philadelphia (where I live). I also volunteer for the Society at their seminars (doing a write-up for a newsletter is small price to pay for attending a $30-40 seminar with an awesome speaker).
However, since New York is...well...New York, I would like to know what sort of networking events are there and how do I find out about them....especially of the less formal Happy Hour type.
The website of NYSSA (the New York CFA society) has been.....less than helpful.... :(
Any comments or suggestions will be highly appreciated!
Thanks!
Doing the exact same thing right now. Although not coming from insurance. The way I see it is you have nothing to loose because you already have a job. Just remember to keep applying. Good luck!
Doing the exact same thing right now. Although not coming from insurance. The way I see it is you have nothing to loose because you already have a job. Just remember to keep applying. Good luck!
Paul,
The problem is that I currently DON'T have a job (henced the full-time hunt). For the immediate short-term, I am open to anything to again start having a paycheck, but I do intend to continue searching for an IB role.
It's a tough time for people in investment banking to get investment banking jobs, so it is particularly challenging for career changers.
Thus, you are right that formal hiring and recruitment channels probably aren't the right way in and that you will have to depend on networking. I suggest reaching out to alumni in the industry and be relatively aggressive about it. Use your alumni directory and LinkedIn to identify contacts and e-mail them for phone chats and informational meetings.
I have no idea whether this sort of move is possible, but if it is, be prepared for a very, very long and trying wait. A year and up. You'll just need to continue networking until you land an interview.
Corp. Finance to IB? (Originally Posted: 04/24/2012)
How do I spin a IB internship and then having a Corp Finance role? Would this appear as if I'm not taking one direct path (If I want to do IB)
Basically go from IB --> Corp. Finance ---> IB
Depending on what your corp fin role was, either play up your FP&A involvement or your industry involvement.
It's a tough switch, because even if it's not true, people will assume you didn't get a return offer from your IB internship, and couldn't secure a FT offer elsewhere so you went to corp. fin.
it's hard to spin corporate finance into IB because they are so different. As Nefarious mentioned, you're best off focusing on FP&A/other highly analytical roles.
Im still a Junior so I'm trying to gun for IB FT
you wanted to try ibanking, you wanted to try corporate strategy you liked Ibanking more...? if these are all internships its not hard to convince a recruiter of really anything and I don't think many will care
corporate finance to IB? (Originally Posted: 09/12/2011)
Hey Guys,
Wanted to know what your take on my chances are and/or steps I can take?
My background:
I want to try and move into IB but I am not sure how to leverage my background. Any thoughts on my chances and how to go about getting an interview?
Thanks for you help.
C'mon bro, use the search function.
You went to a target school and you have a relevant background, you should be able to get interviews. If I were you (obviously I don't anything about you) I would go back for an MBA and then try to go straight to a HF or something. You have a good technical background.
Good luck.
Corp Fin to IB (Originally Posted: 04/27/2011)
I recently got into corp fin program at a bank (recent graduate). This bank also have investment banking program. My question is that I really want to get into their investment banking division. Is a switch possible if I was hired as a corp fin program track?
Thanks.
If Tarzan want IBD, he need work on grammar.
YES, it's possible.
How should I approach this? What is the best way to make the switch?
Thanks.
First, do a search, this topic is covered multiple times here. The biggest thing is NETWORKING, and you also need to do a really good job. I know several guys that networked over from corpfin to IBD, and they both * met people, constantly * were REALLY good at their job
But how do I bring up to them that I want to switch? And what should I type in the search engine to find topics related to this?
Thank you.
Same situation - corporate finance in a bank trying to switch to IBD. Interested in this as well
Everyone that I know who made the jump switched firms.....
corporate finance to IBanking (Originally Posted: 01/12/2007)
Graduated from Wake Forest in 04 with a degree in Analytical Finance, but went to GE's FMP (rotational corporate finance) program, instead. Focused on financial planning and analysis and commercial finance (top-line growth/analysis) for 4 different business units over 2 years, and later spent 6 months on a divestiture and corporate restructuring in one of the industrial businesses...moved over to NBC for 5 months for restructuring, then back to help close a divestiture...and somehow in the process, got SOLD with the deal. Don't really see a future in the NewCo and want to transfer the strong operational finance background over to IB/PE...but where do I fit in? I don't really want to go in as a 1st year, but understand why I'd not be considered for 3rd year...or am I discounting the corp finance background too much? Thoughts? BB an option, or suffice for MM until B-school...The GE resume should be enough to overshadow joining a MM for the experience, just not ready for B school yet.
Depends.... Wake Forest doesn't have a large presence in IBD from what I've seen. I've seen guys come over from similar programs like the microsoft one where you do internal audit/treasury and stuff.
But yea you would probobly come in as a first year at a bulge, but could get some respect at a lower name shop like a Thomas Weisel, they made a retail banker a 2nd year.
There have been cases of top F500 Corpfin --> banking. GE's FMP is the gold standard as far as those programs go- you may be able to network your way in. In all likelihood you'd be a first year analyst. There is no reason to start you anywhere else since you have no banking experience. That being said, it won't be easy.....start reaching out to alums.
Corp Finance to IBD (Originally Posted: 05/29/2012)
Hello, I am currently a sophomore interning this summer within a fortune 500 company corp finance department. I was wondering if the skills, I learn this summer will be relevant on a resume seeking an internship within an IBD next year?
No - you should quit immediately. This will be just plain awful on your resume. Ding City, here you come.
But actually, this will look very good. Try to get exposure to accounting where you can, and be proactive about finding other tasks that will translate to banking - modeling, power point, research, etc. If your firm is running any acquisitions, do whatever you can to get on those teams.
Sandhurst thank you for your advice very much appreciated!!
Congrats on getting an internship in CF as a sophomore. You should be absolutely fine when it comes to Junior year recruiting. Keep on networking and learn as much as you can in your internship. Ask around if someone can put in you in contact for a brief informational interview with someone from Corp Dev. It may make some good talking points in an ib interview.
STorIB thank you, I will ask around to set up an informational interview. I am also going to apply to some trading firms will corp fin still be relevant?
I landed a PWM my sophomore year, an F500 my junior summer, then landed the IB FT position. It is a very plausible route, but you must stay consistently proactive with taking on new projects with more responsibility and ABN! (always be networking)
Best of luck!
This is good to know. Specifically what F500 company? PM if you want.
Thank you everyone for you help. Congrats on you ft offer the psychology
If your in a city that has a thriving investment banking scene, I would suggest trying to intern at a small boutique sometime throughout your junior year, preferably fall. That way in the winter, you might be able to leverage that into a offer at a bigger/better firm.
Just a suggestion, but I think corp fin at f500 is great for your soph summer.
I want to thank everyone for their help. I was wondering, how could possibly spin this summer internship into a S&T for next summer also?
Corp Finance to IB or PE? (Originally Posted: 05/02/2007)
I currently work as a financial analyst for an F500 company, at the HQ level of one of the company's divisions. I'm 2 years out of college, degree in meteorology from a small school. I'm planning to apply for b-school within the next 3 years and my ultimate aspirations are either private equity or trading. Commodities are particularly appealing to me due to my background and the fact that I can leverage my degree to some extent when it comes to commodities trading.
Either way, how should I proceed over the next several years in order to position myself to move into such a job?
Should I continue with my current job, where at least I have exposure to general finance concepts, a good deal of responsibility, interaction with executives, etc and try to advance as much as possible before applying for an MBA, using my free time to study for the CFA, take finance courses (which I'm already doing through UC Berkeley Extension) and round out my profile in hopes of admission to a top b-school?
Should I try to land a position with a boutique or something of that nature? Is this a realistic possibility?
I gave a few connections I could pursue. One is the sole meteorologist for a BB and was my boss for two summers during an internship I had with his former company (before he moved to the BB, when he worked in government contracting). He mentioned that they may be hiring another meteorologist in the coming year as their commodities segment grows. This would at least get me in the door at a BB, but might be a long shot.
I do part-time meteorological consulting for a small IM firm right now, so perhaps I could knock on that door for something more permanent.
Any advice is greatly appreciated.
How can you leverage a degree in meteorology for a job in commodities?
Also, what is meteorological consulting?
I'm asking because I'm genuinely curious. This is new to me!
Best of luck, +Hammy
Hammy,
There are a wide variety of commodities impacted by weather and there has been considerable improvement in the skill of long range numerical models, particularly in forecasting general atmospheric circulations and large scale features. Most meteorologists, particularly those forecasting for trading clients, use a variety of tools and analysis; statistical/climatological data, dynamic numerical models, and of course, pure experience and intuition :-)
Take wheat for example, May wheat climbed over 20 cents after the severe cold snap across much of the interior U.S. in early April. The effects of the hard freeze as well as drought conditions in Australia continue to drive wheat higher. The USDA's crop progress report on Monday said 56% of the winter wheat was in good-to-excellent condition as of Sunday, down sharply from 71% the week before the freeze. May wheat is up about 60 cents from where it was in early April.
Grains as a whole should feel a squeeze this summer, with the developing La Nina episode in the equatorial Pacific (widespread cooling of the waters which impacts large scale circulation patterns across North America). La Nina tends to result in a dryer summer for the central U.S. La Nina also has a high correlation with above average hurricane activity in the Atlantic, which, depending upon the track and severity of any storms, can impact a host of commodities, particularly the energy markets, but also other commodities...orange juice, steel, lumber, etc.
As for meteorological consulting, I provide specific tropical forecasts to a client in the Caribbean who is concerned with the threat of a landfalling tropical cyclone and uses the information to decide whether they need to execute a fairly extensive evacuation plan they have in place in the event of a landfall threat.
hmm... "Leverage" one of the most abused jargon by finance types
commodities traders and firms use advanced weather forecasts when it comes to trading a lot of the different products. For example, a meteoroligist would give an oil trader his view on potential hurricanes or extreme weather that could damage infrastructure slow the flow of oil. It also applies to a lot of different commodities other than oil. corn, wheat, etc. I am sure skipper could add a lot more to this, but these are some of the basics.
Corporate Finance --> IB (Originally Posted: 01/08/2013)
I began my career working for corporate finance for one of the large consulting firms and really enjoy it. I am approaching my two year mark and am looking to move to a career in what I am most passionate about, banking, specifically IB.
I was unable to land a position out of undergrad, but now that I have experience, I am wondering how likely it is to move from a corporate finance role to IB (or any banking for that matter)? And if so, would it be an entry level analyst role? I know most firms prefer to hire analysts directly out of undergrad to fill the positions of IB analysts so I am wondering if I am at a disadvantage and if i should adjust my expectations to reality and continue my career in corporate finance, and just transition from a consulting firm to a bank.
If not for a BB IB, would Boutique IB consider a candidate with 2 years in corporate finance for a position? I am just really interested in IB and know I have the will and smarts to be successful in the role. I just have no clue how to break in. I would use my network, but it doesnt really include anyone in IB.
Any advice? Thanks
It's possible, but not probable. I have gotten boutique interviews with almost no networking. I'm currently trying to move into ER but I'm certain with the right amount of alumni networking I could. But I also have an alumni network that has a good amount of people in IB. Some of it will depend on your UG background.
Where are you located at? I am in the same situation corp fin for FT200. I used InMails from linkedin and its helped me network. Only problem is there are no openings where I am geographically = cant leverage network yet. Informational coffees seem to work best.
I am located in Dallas Texas. How have you been using Linked In to network? Are you cold messaging people in the industry?
Cold emails for informational interviews. If they respond, I will get atleast a phone chat.
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