BB Corporate Banking or MM IB
Hi all,
Currently a 1st year analyst(started on July'21) at a Boutique.
I received 2 lateral offers:
1. Corporate Banking Analyst @ BB
2. Investment Banking Analyst @ MM
Both in NY.
Main reason for lateraling is due to my current firm's size as I see limited growth opportunities (both $ and experience). Long term, I would like to end up in private credit/direct lending as I've always been interested more in the debt side.
My hours have been pretty bad as we pitch a lot so it was great to hear (based on my research) that CB analysts' hours aren't as bad + you (somewhat) get exposed to different deals & lending.
Struggling to decide on which as CB is very attractive because I will get lending experience + better hours but IB is more prevalent for buy-side investment jobs.
Will Corporate Banking @ BB help me in the future when I am trying to land a private credit/direct lending role at let's say Golub, Antares, etc?
Or is IB still a better option for my future?
Thanks in advance!
I would as someone who works in CB if your goal is to go into private credit is
Id lean towards to the MM IB role. I’ve noticed that recruiters will give me a shot at some of these PE credit roles but it has been hit or miss to be honest. They’ve all stopped at the initial screening with the HR person or recruiter. It may be different for you coming from an American BB.
Will note that even with me working at a European bank the hours are not IB bad but it’s still 50-60 on average sometimes more given deal flow and credit commitments. Might be different at other BB but a large chunk of my time is spent on internal bs(getting updated copies of compliance documents from the client, chasing emails from risk department,etc)
I have a few friends at Citi and JPM and they work close to IB hours with more flexibility on the weekends. Both Citi and JPM are always at the top of the RCF bank groups so although their not pitching all the time I’m sure they’re staffed on a ton deals given their positions.
TL:DR - if you want top optionality down the line go to IB but if you want some WLB but access and training to the credit markets BB CB is the way to go. Regardless you are in a great position. Congrats !
OP here - Thanks so much it was very helpful.
One question - what are some realistic exit opps for junior CB folks (after 2-3 yrs of CB) if they decided to leave CB?
I’ve seen some of my colleagues move to traditional AM , IB, DCM, restructuring IB, corporate dev, and on occasion some credit funds.
Not uncommon to see people stay though.
MM IB role 100%. What is CB? Commercial Banking? Jk. I’ve done both CB and IB and found the IB experience by far more relevant. If you see the prior lives of guys at Golub etc., they’ll more likely to have IB or similar backgrounds.
OP here - Thanks so much.
If I decide to pivot to a CB role right now, would it be difficult to transition to IB after a couple of years in CB?
Yeah it’ll be tough. From what I’ve seen, much easier to transition from MM IB to IB than from CB. In MM IB you still basically do the same work, whereas CB is credit focused - experience working on upsizing a revolver doesn’t help you with an LBO analysis or anything modelling intensive. I’ve seen CB make the transition to other capital markets roles with arguably less technical intensity (Loan Syndications, DCM, etc.) but rarely to product coverage like LevFin/M&A or industry coverage group. Some of my friends decided to try CB with the hope of moving to IB, but a few are really getting stuck / pigeon holed. Unless you’re sure you want to be a lender at a bank (key point here as private credit teams still prefer IB), I’d avoid CB. That’s not to say CB isn’t a great gig. Decent WLB/comp depending on the shop, but if you’re trying to maximize optionality/earnings, it’s not the best spot.
I also started in CB and had to make a 1 year pitstop in IB before I was able to land a gig in Private credit. Go for the MM ib gig.
Cb is absolutely fantastic if thats what you want as a career role
Xx
OP Here - I actually decided on CB because I found out the MM IB group is an absolute sweatshop and doesn't lead many deals & I liked the culture of the BB CB group WAY better after speaking with people there.
Would you say BB CB experience is relevant to those companies mentioned above? At the end of the day, BB CB engages in pretty "vanilla" credit as oppose to private credit/direct lenders.
are you going to Citi by chance?
Z
Very nice thread guys - might I jump in with a dilemma of my own: finishing my undergraduate in Europe and am deciding between internships in CB at a BB and M&A at a local boutique. Without a longer term commitment adding to the pigeonholing risk, would you say it is smart to go to CB and try to network internally from there to get in IB, or focus on getting more relevant experience from the get-go? Would love to end up in BB IB medium term.
It's actually pretty common for CB analysts to lateral internally to IB if you prove your worth - especially if CB sits under CIB umbrella
Not saying it is going to be easy but one way to backdoor into BB IB if you are in BB CB group
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