Seeking CB exits but is my current role too good?
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Based on the most helpful WSO content, here are some insights and advice for your situation:
Potential Exit Opportunities:
Corporate Development/Business Operations Roles:
Pension Investment Roles:
Private Equity (PE):
Considerations for Moving:
London:
Internal Moves:
Additional Advice:
Summary:
This advice should help you navigate your career transition and find a role that better fits your aspirations and lifestyle preferences.
Sources: Exiting from Corporate Development, Canada to NYC Lateral, BB Corporate Banking Exit Opps?, A Few Observations on Investment Banking Exit Opportunities, https://www.wallstreetoasis.com/forum/investment-banking/did-anyone-enjoy-or-appreciate-their-ib-experience?customgpt=1
Relatively CB and more broadly banking in the UK will pay you a lot less, most people in london CB would kill for the comp +wlb you have at the moment so would say it’s something to think about before considering a move
What about PC in London? Doable? Not too keen on staying in CB. Not a fan of returns being driven by potential ancillary fees and essentially writing a memo just for back office to sign off on for documentation purposes when the powers-at-be have already decided they want to do the deal
Currently analyst in CIB so of course take what I say with a grain of salt. I haven’t seen too many people lateral to PC from CB but I think it’s team dependent- some/ most banks CB purely focus on vanilla ig lending and some (like the sounds of yours) do have a high yield element to the role which from what recruiters have told me is basically required if you’re coming from cb background to pc.
My opinion is that if your coming from a big 5 that isn’t rbc, (the rest don’t have that big of a name in the UK (could be wrong)) so getting into top PC firms might be challenging but you will get a shot with mm firms. But once again, I do think low relative comp + HCOL in london will be a bad deal compared to what you’re working with in Toronto.
What kind of bank/group are you in?
Am based in Toronto as well - in commercial banking rn and hoping to transition to corporate banking at the aso level. Can I pm you?
Sure
Sending you a PM as well if you don’t mind. In a similar spot, Commercial banking, looking to break into Corporate.
CB isn’t a great spot for mid/late game. Promo timing is very dependent on the seniors leaving. It’s a cost center, meaning there typically isn’t a great reason to grow head count - it’s there to serve the book of fairly established, unchanging IB client base that need credit. You’ll also be always the IB counterpart’s wingman, never really driving revenue opportunities. This is especially the case in Canada where client rolodex is short. It’s the same banks competing for the same clients and fee pool, driving down cost of borrowing.
Of course you already know that. Gotta run now but will come back here with thoughts on exits.
Thanks, looking forward to hearing your thoughts on exits. Agree with your points which is why I want to leave while still “liquid” as I don’t see myself doing this for the rest of my career. Only caveat is that my group headcount has grown aggressively over the past 2 years or so, commensurate with the broader financial markets business being in a sweet spot in terms of size and growth momentum though this obviously won’t last forever
Interesting that your team has added head count. Were those at the MD/D level, or at the junior levels?
CB exits, assuming you want to exit banking, are the following IMO in the order of attractiveness:
- Private credit (direct lending most likely) in US with a GP. There’ll always be demand for LBOs. One might argue the work is similar to CB, but you’re leas likely to be pigeon holed into specific sectors. Carry also comes into play mid-career generally. Doesn’t need to be a mega fund to do well here since the product is more homogenous than PE. Hours should be similar to CB, but likely better.
- Pensions. Similar to above, but lower comp, no carry (at least not in the same form) offset by better WLB. Focus here is less on direct origination but maintaining GP relationships to drive better economics. If you want to work with many GPs and see a variety of type of deals (outside of direct lending), this is a good spot. The pension aspect of your comp also helps.
- Corp dev / capital markets roles at normal companies. Landing these is more case by case as you’re competing with the IB cohort as well. But if the role is more focused on financing (i.e. negotiating credit terms with banks, etc.), better shot obviously as your bg will be more relevant. Hard to speak to comp/WLB as it’s company dependent. Progression is also likely slower more in line with a normal company.
I think that’s all roughly in the descending order of comp and ascending order of WLB. Beyond that, it depends on what you’re more interested in (doing deals, underwriting, building part of a business, maintaining relationships) and the culture you want (more established firm with solid processes vs. entrepreneurial team with flexibility of pursuit).
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