ER vs CB

What do you mean by "elite boutique ER"? Is this something like an ISI or Zelman (i.e. really good boutique ER shop) or one of the places this board considers a banking "elite boutique" but which generally is mediocre at ER (lazard, evercore, etc)

In any case, neither will put you in a position to transfer to PE, and even corp dev might be tough just because the nature of the work's quite a bit different (they tend to prefer M&A experience).

Assuming you're at well regarded shop, lateraling to banking from ER should be doable though. The work in corp banking's probably more relevant on a day-to-day basis since it's more transaction oriented, but IBD people tend to look down on corp banking, justified or not, so lateraling could be difficult.

Since it is a boutique, will you have the option to cover a sector that you'd eventually want to do strat/dev work in?

I would be covering the sector I'm interested in. The only thing that worries me about ER is the lack of transaction experience. I've spoken with people in ER that struggle to get where they want because of this.

Gulf Coast FinanceI would be covering the sector I'm interested in. The only thing that worries me about ER is the lack of transaction experience. I've spoken with people in ER that struggle to get where they want because of this.

If you're set on the course you've listed...I would say go commercial banking. However, ER at an elite boutique would arguably be better for your CV in general.

If you would consider Mezz, you could go corporate banking --> mezz --> general PE.

It will be very tough to get into Corp Dev or PE w/o transaction experience, so I would rule out ER since you seem to want transaction work.

You could also go Corporate Banking --> MBA --> IBD ---> Corp Dev/PE

Would anyone agree that going the corporate banking route would leave me with a wider range of options in the future?

are you really that against ER and possible exit ops from that role? seems like career advancement would be much faster (and better IMO) but ultimately if you wont be happy there you should take the other role

Don't really see myself working for a hedge fund, and am not wild about IR jobs either. I know there are other exit ops for ER, but these two seem the most common (please correct me if I'm wrong). Geography is also an issue, I would prefer to be in the city in which the corp. banking job is. I'm just trying to figure out which job puts me in the best position to eventually achieve my goals. If I do corp. banking I think I will try to lateral to IBD after a year or two, and explore corporate options at that time as well.

pm me

I haven't posted on this site in years but I can't resist the urge to opine on this one. I am currently a VP at a bulge firm and I spent my analyst and early associate years in corporate banking (think bulge firm - the best of the best for corporate banking). After a multi year painstaking effort, I successfully lateraled into IB (same firm) at the associate level. Here is my advice:

1) It's smart to think several steps ahead. However, this is a challenging hiring environment for our industry. It's not going to materially improve anytime soon. There are very few seats and transitioning into IB as a lateral is an uphill battle. I would consider selecting the path that you will most enjoy long term assuming an IB lateral move never works out.

2) An MBA always positions you for a second chance. However, an MBA isn't as valuable (read: requisite) as it used to be. So disregard this option if you would prefer to bypass grad school.

3) The ER role makes a lot of sense assuming (a) it's a superstar analyst, and (b) it's an industry you don't mind committing to long term. Assuming a and b, the industry expertise and client relationships can be parlayed into an IB industry coverage role.

4) The CB role makes since assuming it is JPM/BAML/WF because you can focus on building internal relationships to leverage into an internal IB role. It also provides you with the ability to gain capital structure advisory expertise and a breadth of capital markets knowledge. Combined, this represents half of the skill sets you need for IB coverage (the other half being M&A). Finally, if IB coverage isn't a possibility, you can focus on finding a leveraged finance or related dcm role....and buyside opportunities will be in the cards long term.

Difficult decision. Good luck.

Corporate Banking varies greatly from firm to firm...so let's not generalize or stereotype. Some corporate banking platforms are limited to bank financings and ancillary business such as treasury services. That's not a gainful route. Others partner with their investment banking counterparts to deliver the full breath of their firms's capital markets capabilities. Corporate banking platforms in the latter category lead the charge advising clients on capital structure advisory, ratings advisory, financial policy and shareholder distribution policy advisory, and financing origination and execution across the bank, bond, subordinated capital, and convert markets. Basically they are takes with all things non strategic (equity, M&A). Very good place to be.

...the OP needs to develop a strong perspective of the role prior to making a decision.

i was in corp banking for a year at a very large bank and just lateraled to IBD