Hi all,
Recently accepted a position in corporate banking for a BB and was curious on several routes I had planned out and was hoping you all might be able to throw your 2 cents in.
MD's and the alumni who helped with attaining the position told me that post 2 years there is a possibility for a promotion but I know if I were to try to transition into IB, the longer I stay in Corp. Banking, the harder that transition would be as I've read through numerous threads throughout WSO.
Second option I've considered is to grind it out for several years, maybe lock in the promotion, and after the 3-5 years, look into M7 schools for admission to transition into IB.
Considering this is more of a 5 year plan, some might think this to be a bit presumptuous but I've always kept a 5 year plan and it has worked for me, so hopefully you all can see where I'm coming from.
Thoughts?
Depends what banks you want to target. If you want to go the top MM or BB route I would say you need to go for the MBA to rebrand. Corporate banking at a BB may be able to get you into the lesser MMs and boutiques though if you’re aiming for that
You would likely have to discount your work experience.
Possible exits w/o discounting: - direct lending - dcm - financial sponsors - loan syndications - mezzanine financing - maaaaybe lev fin
Exits that likely require discounting: - coverage groups - m&a - FI research (AM, buyside ER, etc) - venture debt
Basically impossible: - Private Equity - Hedge Fund - Venture Capital
I am sure there are a lot more paths out there! Just what comes to my head!
Or just go to an M7 and rebrand! (My two cents)
Thanks for the detailed response. Seems like there are plenty of options.
I've read and heard many stories of top bucket CB analysts getting offers after their analyst years to transition internally to the IBD of the same bank. Not sure if that's entirely true, but maybe you or someone else would know?
+1 to the M7 and most likely will do it sometime the road but wanted to see if I could get those analyst years under my belt since I know they matter in the long term. Plus those bonuses would help mitigate the overall cost.
There are plenty of options. I wouldn't worry too much about it.
Transitioning internally w/o discounting definitely happens. Most frequently at banks that have their CB and IB under the same roof (Citi for example).
Especially if it's into a more credit focused group (sponsors, dcm, etc).
Hope this helps!
Definitely helped.
Thanks a ton!
As other members already outlined above - you have many options with the CB gig. Even though you can not directly target pe & hfs, you have a v decent shot at lattering within the bank without any discount of your experience.
From the very beginning try to network with the départements you are interested in joining + remain a top performer in your group.
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