Which opportunity for moving into CIB / LevFin?

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:

1. Credit Rating Analyst at Moody’s/S&P within the Corporates team:

   • Skill Development: You'll gain deep insights into credit analysis, risk assessment, and industry analysis. This role will hone your ability to evaluate financial statements, understand business models, and assess market risks.
   • Reputation and Networking: Working for a renowned credit rating agency like Moody’s or S&P can add significant value to your resume. The networking opportunities, especially within the finance and investment sectors, can be invaluable.
   • Transition to LevFin/DCM/Private Credit: The skills and knowledge you acquire here are highly relevant to LevFin, DCM, and private credit roles. Your expertise in credit analysis and risk assessment can make you a strong candidate for these areas, especially in positions that require a solid understanding of credit risk.

2. Structured Finance Origination Analyst at a big (but not top) bank:

   • Skill Development: This role involves working on the origination and structuring of deals, which can provide you with a broader understanding of financial products and the mechanics of deal-making. You'll learn about various structured finance products, deal structuring, and execution.
   • Exposure to Transactions: You'll gain hands-on experience with transactions, which is crucial for roles in LevFin and DCM. This experience can be particularly beneficial if you're interested in the technical aspects of deal structuring and execution.
   • Networking and Internal Opportunities: Being at a big bank, even if not top-tier, offers the chance to network internally and potentially transition to other groups within the bank, including LevFin, DCM, or corporate banking.

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