Urgent Help Needed With Offer Decision!! Corporate Banking at BB or IBD at a MM boutique?
Hi everyone,
I am having a very difficult time choosing between three full-time offers. My long term goal is doing IBD at a bulge bracket bank. Here are my options:
Offer 1: Corporate Banking at top BB
Offer 2: IB Risk at top BB
Offer 3: IBD at very average MM shop
What do you guys recommend? Is it feasible for me to do corporate banking/risk at a BB for 1-2 years and then transfer internally to IBD? Would it be better to start in IBD at a crappy place and then lateral?
Thanks!!!
Take IB Risk at top BB (i.e. JPMorgan). It's more front-office than you might think. Plus lots of networking opportunities with IB professionals.
Thanks for the quick reply! I am just wondering though -- wouldn't corporate banking at a place like Citi give me better exit ops than JP IB risk since it's technically front office?
I vote MM IBD, it's the specific work experience you're looking to get, possible to lateral into a BB later
What size of MM are you talking about?
I know of some people who went from MM Corporate Finance, lateralling into Citi IBD and Barcap IBD...
If you like the people at MM IBD, and they are focusing on areas that you are very interested in, I would vote for MM IBD.
When market condition is really good (like the hiring this year), you will get the chance to jump into a BB eventually...
Just my 2 cents.
what kind of MM? is it something like...jef, hlhz, or something like imperial or lincoln?
I think even if it's Imperial Capital or Lincoln International ballpark, she should still take MM IBD. (Both those places are pretty good for restructuring and M&A respectively.)
IB Risk won't give you similar skill sets for lateraling to IBD at a BB. Lateraling internally is tougher than people think. I don't know anything about corporate banking - so I won't comment on that.
Whatever you do, do not do corporate banking. It will teach you few transferable skills at the junior level and, if you're motivated, you will become very frustrated with the people you work with because they refuse to work past 5. Plus you'll be working on crap like lockboxes and procurement cards rather than M&A or IPOs.
Offer 1: Corporate Banking at top BB Offer 2: IB Risk at top BB Offer 3: IBD at very average MM shop
It depends what you want to do. IBD at an average MM will give you good experience in regards to corporate finance/advisory in the traditional sense and maybe if you do well enough to have an opportunity to go PE/HF. Against popular belief you dont need to go to a top BB, top group to get into HF/PE (abeit it makes it easier). IB Risk if you want to be a risk manager or have exposure to the operational side of the deal and financing. Corporate banking will give you a diverse exposure to all that is banking and more relationship manager oriented. Your not necessarily building the models or executing but you get a more relationship-oriented view of clients. It also depends on what the group is doing and their focus. You can have a IBD group at an MM that does tech-only equity financings. Conversely you can be in a corporate banking coverage team that is helping with a large client refinancing their debt.
if you want to do IBD do IBD period.
very hard to lateral from risk to front office. don't do it.
corporate banking at some bb's are most like ibd, whereas at others it's pure b/s. Really depends on the bank. i'd probably go for mm ibd
Hi everyone,
Thanks for the really helpful input. Just to clarify, the MM IBD is on the west coast and is closer to the level of JMP Securities (aka something most people have never heard of). I am just worried that even though I will get actual IBD experience at the MM boutique, 2 or 3 years down the line when I want to jump into PE or go to business school I won't be able to get into a top place.
What makes you think you'll get into a "top place" with risk managment or commercial banking?
For the b-school, it might be nice to have a BB name, but it also matters what you do in the role. I can see Offer 1 (Corporate) being alright for B-School, but would place Risk as a last choice.
For PE, your best bet should be the IBD MM, assuming this MM will offer a lot of modeling and deal experience. Or at the very least, after a year you could potentially lateral to a BB or larger bank, and then make a jump for PE afterwards if you are so concerned about getting into a 'top' place. You won't get into a megafund from an average MM shop, but you might be able to find something in MM PE - which has a number of pluses.
MM IBD
We say this at least once a week. If you want banking, do banking. If you want to masturbate over the logo on your business card, then go have fun being a commercial banker.
I would go to the MM IBD. IBD is IBD at the end of the day. If its MM and reasonable, it should be legit.
^^ Lincoln is actually a very very good shop.
Let me weigh in.
I agree with the do banking sentiment. Issue is this. If you go to a smaller MM firm you are going to get limited exposure and probably stay within a MM sphere until B school. If you do corp banking at a large name bank you could possibly lateral to another BB bank in IBD or DCM or you could go to a MM shop. It really depends on how MM this bank is.
anthony is right. also corp banking is not commercial banking
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