Advice: Corp Treasury (F500, $5bn revenue, Pharma sect) vs. Corp Development & IR (domestic retail bank, $0.8bn revenue)
Hi there
Background: 31 male, ACCA accountant, trained in financial services large public insurance firm, based in UK.
I am seeking advice picking between these 2 roles: Corporate Treasury analyst (F500, $5bn revenue, Pharma sect) or Corporate Development & IR analyst (domestic retail bank, $0.8bn revenue) . I am currently in the treasury role 6 months, but applied for the Corp Dev role and received an offer, so now the dilemma. Financially comparable, better pension in the bank but better bonuses in the Pharma org.
I have an interest in Corp Development but not sure if the role at the bank is ideal for me/it given it's a small bank and transactions will be maybe 1 or 2 a year and mainly adding to or divesting some of the loan book (rather than outright M&As). Maybe getting a few years under my belt in the F500 equiv as a Treasury analyst , then make a more niche move towards Corp Dev later? Or is this my best chance?
I know I am asking questions nobody can "answer" , but if anyone had advice or words of wisdom, i'm all ears. Thanks!
(Ignore handle, I work in M&A and have the ACA).
Take the corp dev role. Will develop a greater skill set, you’ll be doing more transaction related stuff (can spin this in interviews) and will be more employable for future corp Dev roles.
Danger is you stay in the treasury role and are seen as an ‘internal finance’ guy/accountant. Most corp dev roles I see require some transaction experience, so I wouldn’t count on landing another one in a few years.
Thanks this is useful.
2 things that worry me, if you don't mind giving your thoughts:
1. As a newly qualified accountant, I worry going Corp Dev now is going niche a little too early. I mean all well and good if I love deals and am good at it, but if I built up a few years experience as a Treasury Analyst first it may give me more to fall back on later, should I then choose to go Corp Dev. (If I job search for treasury analysts in MNCs, there are hundreds of them, compared to the odd 1 or 2 Corp Dev role). This of course assumes an opportunity presents itself again, which as you say is not a given (at all) with my experience.
2. The deals would be mainly acquiring or selling loan assets from/to other banks, so part-acquisitions I guess, rather than full M&A. Here is a quote from the job spec
"Corporate Development refers to the planning and execution of a wide range of strategies, including divesting the Group’s Non-Core assets, acquiring assets that fit the Group’s Balance Sheet and business model, Capital Forecasting and Planning and Resolution Planning. Over the last number of years, the team has deleveraged c.€5.4bn of non-performing, re-performing and performing loans across four transactions which has resulted in a substantial reduction in the Bank’s NPL ratio and significantly increased the capital base of the Bank. Future transactions will provide the ALM analyst with direct exposure to all of the activities associated with a loan sale, including; the strategy, structure, enablement, in addition to bidder engagement, commercial negotiations, execution and migration of the loans to a new servicer. Potential Mergers & Acquisitions (M&A) activity also falls under the remit of the team."
Is this kind of deal experience transferable to other more outright M&A in bigger companies? Or would I be likely limited to doing Corp Dev in banks? Also maybe let me know your thoughts on the above jobspec extract.
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