Just started this summer at an EB and honestly I dont even know how I'm going to survive 2 years of this.
I heard corpdev is an exit that promises the 9-5 kind of work life balance. However I dont see that many people going into corpdev. Is this because its hard to exit into or its just not that sought after?
Also, what are the other common exits that can promise amazing WLB apart from corpdev?
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Not a bad idea honestly, and its okay to not be cool with banking if you know you dont want to do it. While many hardos on this website wont admit it, that is what the purpose of the interenship really was for. I have seen people go to corp dev, and also go to a respective industry that mirrored what they interned in.
For example, if you were in tech M&A over the summer you could try and shoot for something within the Tech world in a finance role. It honestly is not going to be hard for you to get a job because you have awesome experience from being at an EB.
Hope that can help at some level.
I went into corp dev at a start-up and took a small pay cut (similar base, lower bonus) and I am really enjoying life and the WLB. There is always the thought of what could have been if I had stuck it out and gone to the buyside, but ultimately I think I made the right choice. Go ahead and PM me if you have any questions.
How do you see your career progressing? Often people who leave the IB/Consulting path are afraid that there's no clear 'path' up. Do you worry about hitting a comp ceiling?
I joined a startup fintech company and am not as worried as I thought I originally might be. There is not someone directly above me that I am waiting for to move out and I have discussed expectations and career progression with my manager. Sure it is a pay cut, but I get to be close to family and I value that very highly. For me, it is a case of there's more to life than money and work, but it all comes down to preference
Not nearly as sought after as PE, you’re taking a paycut after 2 years in banking while buyside roles offer 1.5x / double the comp and potential carried interest down the line. Understand the wlb reason, but make sure you’re okay with the drastic change in comp.
I think it's also important to ask yourself what you are actually gonna do with that comp. A few years down the line, what is so valuable to you that you are going to be able to do with $500k comp and no spare time vs having $200k comp and plenty of spare time?
I mean you're working ~4 more hours each day but for 2.5x the comp and potential 7 figure carry realizations down the line... Pretty big difference between 200K and 500K in terms of lifestyle, and people generally enter finance for the money in the first place.
I left 4 years of IB for corp dev to join what I consider a "fun / cool" company and I like it. I am in the minority though from my EB most went to funds of some sort. I would NOT be doing corp dev if it were a boring paper company or something like that - wouldn't be worth it imo.
Pay cut is now more pronounced than it used to be because the real estate market outside of NYC / SF has gotten more expensive, but still worth it if in a cool location at a cool company you're passionate about. Also after 10 years you probably won't be driving ferraris but you will be making a very good living, but there is a ceiling in corporate America (I don't think I'm staying long term for this reason amongst others).
BUT the people are way nicer than IB, I get out at 6pm everyday and have time to work on entrepreneurial stuff, read books, think about what I want to do with my life, etc. which is kind of nice actually. But for it to be worth it it has to be in a fun place that is cheaper than NYC imo.
Edit: corp dev is also cool bc you get C suite exposure usually, and regardless of the type of company that's always cool.
You've gotten good answers thus far, just chiming in to add that corp dev is not always a 9-5 and if that's important to you make sure you're diligencing WLB too. At larger or acquisitive companies it can be more like a 9-8pm plus some weekend work - better than banking and generally less of a "this needs to get done tonight or else" even if you're missing your own birthday, but still going to get home pretty late
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