History student - corp dev?
Background: I'm reading history at an ivy and have one summer of work experience in equity research.
Hi everyone - I've been researching careers in finance and found corporate development interesting, but there isn't much information about breaking into the field as an undergrad. How receptive would companies be to someone straight from university with a background like mine? Would I need to work in investment banking for a few years before making the transition?
You’ll most likely need investment banking experience, especially if you’re looking to go F500. The other route, though much less common, would be to enter through a FLDP, but even then it’s not a sure thing. Most of the kids in our FLDP are ending up in treasury and FP&A because we don’t have any open seats and they don’t develop the skillset in a 6 month rotation. A seat in CorpDev directly out of undergrad is extremely rare, especially without an internship in CorpDev at that same company. I’d focus on banking recruitment, especially since it’ll give you a lot more optionality than CorpDev will coming out of undergrad.
Based on the most helpful WSO content, breaking into corporate development straight from university can be challenging, but it's not impossible. Your background in equity research could be beneficial as it has likely provided you with a solid understanding of financial analysis and valuation, which are key skills in corporate development.
However, it's important to note that many corporate development roles do prefer candidates with a few years of experience in investment banking or a similar field. This is because these roles often involve complex tasks such as managing mergers and acquisitions, strategic planning, and financial modeling, which are skills typically honed in investment banking.
That being said, every company is different and some may be more open to hiring straight from university, especially if you can demonstrate a strong understanding of the industry and the specific company. Networking can also be a powerful tool in this regard.
Remember, it's not just about having the right skills, but also about being a good cultural fit. So, make sure to do your research and tailor your approach to each company.
And hey, don't forget to keep that fun side of yours alive while you're at it. After all, all work and no play makes Jack a dull boy, right?
Sources: A Helping Hand to Humanities Students, Advice From a Seasoned Equity Analyst, Breaking into buy-side equity research - my experience, Advice for summer and return offer rate?
I second what has been said here; getting a CD role straight out of undergrad is extremely rare. Your major is not a big issue imho because you won't get a CD role as a fresh grad anyway. The easiest route is indeed doing IB for 2-3 years, or alternatively finding a financial role in a company (ideally F500), this can be FP&A, controlling, audit etc. then doing an internal laternal to business strategy team, and then again doing an internal lateral to CD. It won't happen straight away, but getting there is possible within 4 years. CD teams are usually very lean and have only a few analysts, at least based on my personal experience at F500, so landing a role as an external candidate is also very difficult and I'd argue that an internal lateral is actually easier.
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