Which opportunity for moving into CIB / LevFin?
Which opportunity provides better chances of moving into either LevFin, corporate banking, DCM, or private credit?
Credit Rating Analyst at Moody’s/ S&P within the Corporates team
Structured Finance Origination Analyst at a big (but not top) bank
Thanks in advance!
Choosing between a Credit Rating Analyst position at Moody’s/S&P within the Corporates team and a Structured Finance Origination Analyst role at a big bank depends on several factors, including your career goals, interests, and the skills you wish to develop. Here's a breakdown based on the WSO dataset and discussions:
Credit Rating Analyst at Moody’s/S&P within the Corporates team:
Structured Finance Origination Analyst at a big (but not top) bank:
Conclusion: If your goal is to develop a strong foundation in credit analysis and risk assessment with a potential focus on private credit or risk-focused roles in LevFin and DCM, the Credit Rating Analyst position might be more beneficial. However, if you're more interested in the deal-making process, transaction exposure, and a broader range of finance products, the Structured Finance Origination Analyst role could offer better opportunities for moving into LevFin, DCM, or even corporate banking due to the hands-on experience with transactions and structured finance products.
Ultimately, both paths can lead to opportunities in the desired fields, but the choice should align with your career objectives, the skills you want to develop, and the type of work you find most engaging.
Sources: Commodity Credit Analyst -> Commercial Banking-> Lev Fin/Private Credit Analyst?, Why corporate banking instead of investment banking?, Golub Capital type direct lending fund, 2017 Commercial/Corporate Banking Bonuses, Q&A: BB LevFin - Mezzanine - Opportunistic PE
In terms of proximity to those teams, probably CB origination given the transactional nature and more emphasis on having a forward-looking view.
Credit rating adjustments tend to ‘lag the market’ due to their more periodic/scorecard-style approach. To be clear though, corporate banks are not dynamic and have plenty of arduous processes too
The move described is viable from either if you put in the work, which will be required at either, but it’s easier to brush up on credit skills using external resources than transaction and relationship management.
Hope that’s helpful.
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