Controllers Group Summer Analyst
I thought I was getting put into a front office group in Corp Fin BC I'm getting FO pay (70k prorated). However, I will be working under the controller for a fortune 50 company. Is this going to be a miserable BO /accounting experience? Are there exit OPs?
What do you mean "front office" at a fortune 50? This sounds like a meaningless distinction you haven't figured out yet and are just throwing around. It's likely going to be like any other general finance internship at a fortune 500 which will have lots of accounting aspects to it.
If this is at one of the f50 banks and you thought you were getting an IB role you need to learn to read the job postings better.
FO at Fortune 50 i think are derivatives groups for example. Also, leading the company thru capital structuring is one aspect how corp fin can be FO.
This is not at a Fortune 50 bank, rather a fortune 50 insurance company. The job posting was very generic and I signed months ago..especially with the fantastic pay. However, I was just assigned my group this week.
The posting seemed like I would be working on deals and financial modeling. I was not thinking it would be specifically IB. I hope I will learn a lot and get a good experience out of this.
That's corporate development. It's usually very difficult to break into. Most people get in after IBD or management consulting. Some are able to network in or break in through an FDP.
Also, the closest thing to front office in corpfin would probably be treasury (specifically trading or investment management in a treasury group). When people say "front office", they mean revenue generators. In banking you have IBD, trading, research, etc that constitutes front office because it's bringing in money. In a Fortune 500 company, "front office" is going to be the sales people for the most part. Corpfin would be considered "back office", but you'll probably never hear anyone use that term. It doesn't mean the same thing as it does on Wall Street.
Corpfin is a lot of accounting. There are some finance-focused groups, but you won't be doing any deals unless you manage to break into corpdev.
I really appreciate the insight.
Do you think its possible to get out of coprfin? Will it be a good learning experience or will I be another BO guy stuck?
Smurph, what year are you? A f50 internship is good experience. If you decide to go (or get forced to) the non IB/trading/consulting/etc route and spend your career in corporate finance you'll spend a lot of it doing what you term as "bo" work. If you want to be a cfo some day, you'll have to have that experience in 99% of cases. If your goal is IB, then this is just an internship which will look fine and you'll have to work recruiting next year. If your goal is corpfin you've set yourself up well.
I have a feeling you are pretty young because you dont seem to have a grasp at all on what the industry is like. CorpDev (or being involved in deals) is just a small group in yhthee internal finance groups at large companies and, generally, are filled with ex bankers. It's also less transferable than most areas of finance you'll work within in a corporation.
I would love to know how this experience went for you because I might take a job in a controllers position and would like to know the exit opportunities. Please message me if you get this!!
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