Advice needed: which path should I explore?
Currently a newly promoted associate 1 in corporate banking. Focus of the job is very debt and credit heavy as well as your usual ancillary bs. Have some sub-IG names in the portfolio. Levfin is something I see myself in long term and wanna gauge opinions on how best to lateral.
Option 1: stay in CB and network my way into levfin. Already started doing so
Option 2: move to the IB side of my sector coverage team (same group head) and try to lateral internally into levfin through that route
Additional caveat is I work at a dogshit foreign bank with ZERO IB deal flow, CB activity is alright. Any and all opinions appreciated.
Also thought of option 3: move to the IB side, then lateral externally to a PC shop. Feasible?
Thanks everyone.
Based on the most helpful WSO content, here’s a breakdown of your options and some advice:
Option 1: Stay in CB and network into LevFin
This is a viable route, especially if you’ve already started networking. However, given that you’re at a foreign bank with limited IB deal flow, this might be challenging. Networking is key, but without strong internal deal flow or exposure, it could take longer to make the move. You’ll need to demonstrate transferable skills (credit analysis, debt structuring) and build relationships with LevFin professionals externally.
Option 2: Move to the IB side of your sector coverage team and lateral internally into LevFin
This could be a stronger option if your bank’s IB team has any credibility or overlap with LevFin. Even if deal flow is weak, being on the IB side might give you more relevant experience and make your profile more attractive for a LevFin lateral. However, the lack of deal flow at your current bank could still limit your exposure and learning opportunities.
Option 3: Move to the IB side, then lateral externally to a PC shop
This is feasible and might be the best long-term play if your current bank’s IB platform is weak. Moving to a better platform externally (whether LevFin or a product coverage group) could significantly improve your career trajectory. However, this path requires careful planning—ensure you’re building the right skills and relationships to make the external lateral move.
Additional Thoughts:
- If LevFin is your long-term goal, focus on building skills that align with the role: financial modeling, credit analysis, and understanding leveraged buyouts.
- Networking is critical. Leverage LinkedIn, alumni networks, and industry events to connect with LevFin professionals.
- Consider external opportunities sooner rather than later if your current bank’s platform is limiting your growth.
Ultimately, Option 3 might offer the best long-term potential, but it depends on how quickly you can make the lateral move externally. If you’re confident in your networking and skill-building efforts, Option 1 or Option 2 could also work, but they might take longer to yield results.
Sources: Leveraged Finance – 2017 Update, From Private Equity Associate to VP in Private Equity, https://www.wallstreetoasis.com/forum/investment-banking/equity-research-to-investment-banking-levfin?customgpt=1, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Leveraged Finance – 2017 Update
Hopefully you can get advice from someone with more related experience but just from what I've seen from other comments and your description I don't see why going the IB route would make more sense than option 1. If you want to end up in PC I think Levfin with decent deal experience would be preferred to IB with limited deal flow
Bump — In similar situation, curious to hear others thoughts on this
What type of deal experience do you currently have?
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