ER vs. Corp Dev (M&A), exit opportunities?

Hey how do you guys compare the two role? My goal is to get into IB/PE after 2-3 years

Corp Dev (M&A) Pro: Senior Manager role so 2nd senior in the team. Large deal volume and thus good transaction experience Interaction with IB/Lawyer/Internal Senior management, high profile role.

Cons: Comp is lower compare to ER by around 20% Still being viewed as industry role

Summary (Please check if this make sense) I feel that if I stay in the corp dev role for 2 years I would have really good transaction experience and network in the industry. Possibly to get into a PE focused in my industry. May be even possible to bring in deals given the senior manager role.

Equity Research (Asset Management) Pro: Marginally considered as front-office role (though some may disagree) and a first step into the real finance world. Prestige - some considered on par to BB-ER Really like the culture and people, very bright and smart. Fancy office btw. relatively higher comp (~20%-30%) Have asset management arm so can move to buy side internally.

Cons: I feel that ER is a shrinking industry given the low trading commission and increased regulation (unbundling) Junior role at senior associate. Exit opportunity seems limited.

Summary (Please check if this make sense) While the comp is higher and culture is better. I fear that the ER is a dying industry and I would be stuck. A friend of mine just stuck after promoted to senior analyst. I am also not sure if I want to go down the HF/Asset Management path as I have no investment experience.

Job nature wise it may be the difference between making deals (M&A) vs. investment advise (ER). Exit opportunity PE vs. HF. I am not sure if I am a deal guy or investment guy. I only did a few M&A DD in the past 12 months and only industry experience prior to that.

Any thought?