Little bit of background, I am currently in my undergrad with decent grades (3.7), with good extracurricular and a position this summer in a commercial/corporate banking position. I'm trying to plan more long term and Corporate Development or Corporate Strategy looks very interesting, with an emphasizes on Development. All the information out there talks about breaking in from either IB, or climbing the ranks in corporate finance and networking internally to eventually transfer over to Corporate Development down the road.
Is it possible to break in from a Corporate Banking background? I do not want to go into IB or Corporate finance right out of undergrad. It seems like Corporate Banking still has that client interface and allows you to really build relationships with companies, I understand the modelling side of things isn't the same as it would be in IB, but is it possible to break in a few years down the road from Corporate Banking?
Any suggestions on a career path into Corporate Banking would be great.
My first full time job out of University was in Corporate Development at a reasonably small power generation company.
I got there by having a Master's degree in Finance and work experience sufficiently relevant for me to claim I had an interest in both the industry and position at hand. i.e. internships in fund management (so investment related work) and at Siemens/GE/Alstom (so power related work).
I was required to do a modelling test in order to get the job, but the my lack of experience was taken into account when the test was being marked. I.e. I did not show expert level knowledge and ability by any stretch of the imagination, but sufficient capacity to learn that they were willing to take a risk on me. If you build up your modelling skills in advance of a test it would leave you well positioned.
This original position has opened many doors I might not have has access to previously, ranging from positions within the power sector at investment banks, infrastructure private equity firms, and corporate development positions at both larger and more sophisticated power companies as well as companies in different industries.
My advice to you, other than doing well at University/College in a relevant degree, would be to get a brand name employer on your CV in the industry in which you wish to specialise, even if it’s in a slightly unrelated function.
I would also advise that you focus your attention on the Corporate Development functions of smaller companies and write to them directly. Cold calling/emailing from students and prospective employees simply doesn’t happen in Corporate Development, so you’d set yourself apart from the crowd immediately by employing such a strategy.
Good luck.
Ironuts,
Question for you: Have an engineering degree and worked in the energy field for ~ 20 years before changing careers to finance. Have extensive experience not only with all of the major vendors: GE, Alstom, S&S, MHI, Westinghouse,... I actually designed control systems for powerplants during the technical portion of my career.
That said, I moved into project mgmt. and business development after about 10 years. Still was required to provide technical support, but mostly QA/QC for projects and developing/maintaining corporate standards on our technical specifications.
Travel got overwhelming, got sick, got fed up, made enough seed money to roll it out into an IRA and start really trading. Took about 4 years off to recover physically, and spent the majority of my time building my portfolio. When I chose to get back into the workforce and switch to a buy-and-hold mentality, I moved into the FA field. Have brokers license, ins license NMLS number, but I am not a salesman.
I intended to get into the field in order to find something with an analytical bent. That has not happened, but I have not looked either. What are the minimum requirements to enter the job market for a position such as the one you mentioned?
Thank you in advance for your assistance.
Iron,
First, thank you for the response. As for my areas of interest, I was considering getting into the business end of project development. I worked in and around power engineering (building power plants) for nearly 20 years. Sat in countless project development meetings, strategizing on how to win proposals, etc. etc.
However, I suspect what you're talking about may be above my educational paygrade. I've a BSEE, some graduate work, but not even a years worth, as associates in engineering technology, many years of in-house training by a Fortune 100 company, but don't know that I would have the chops, so to speak, to even get my foot in the door. Also have four different FINRA certifications/licenses along w/insurance license, but I think we're talking apples and oranges.
I know I have the brains to do the work, my question is (and it is nebulous in nature, so don't really expect a plethora of responses) what do I do now? Don't like what I'm doing, actually think it's total bullshit, frankly. Made my nut in engineering, but I do NOT want to go back to that level of stress.
In a condundrum: I have more than enough for retirement, at 59.5, but I'm cash-strapped like I haven't been since before becoming an engineer. Really need to increase my income, but I'm pickier these days. Turned down a $90k/yr job a couple of months ago b/c they wanted me to travel, starting in January, for the next 3 months. Translation: That means 4 - 6 months if you're lucky.
So, go back to school, go back into debt, for a career I might decide I enjoy but won't be actively involved in for probably 10 - 15 years; stay the course, hoping that this FA gig will work out, and if/when it doesn't, then drive on to another POS job to get me that much closer? Go back into a field that nearly cost me my life and family: Engineering consulting? On the road constantly, eating garbage, living out of a suitcase and hotel?
All I wanted to be when I grew up was someone who could choose what they want to do, when they want to do it, and have the resources to be able to do whatever it is they want to do. Don't think that's asking a whole lot. Been sacrificing for children for over 30 years now, with at least another 5 to go. There is an answer out there, but I will be damned to hellfire if I have figured out that secret key yet.
Any suggestions are welcome. Feeling a bit bedraggled today.