Corporate Banking Analyst looking to move into IB. Best group to Target?
Currently a 2nd year analyst in a BB CBG group. I've interviewed for a few IB Analyst positions over the last year or so, but strictly in M&A/Coverage groups (as they've mostly been set up by headhunters), and haven't found myself as interested in said positions as I thought I would previously.
Additionally, and this could be a stretch, but my impression is that the credit training I've undergone and corresponding skill set developed in Corporate Banking wouldn't necessarily translate to the requisite skill/knowledge set needed for a capable M&A analyst.
Is it fair to presume that Leveraged Finance/DCM/Syndications roles are much more appropriate to target for an analyst of my background as opposed to the typical M&A/Coverage roles? Any insight would be great.
Yes, LevFin, DCM, Syndications are your best bet. M&A will be very tough; Coverage not as hard but I’d argue harder the the previously mentioned groups.
Financial Sponsors as well.
To your point about M&A, I have seen numerous corporate bankers make the move. However, their experience is often discounted. Similar to you, I have seen 2nd year CB analysts be discounted to year 1 M&A analysts.
I mean, why would they not? Your experience in Corporate Banking is worth more than 0 experience from a new grad.
I think your best bet would be to try to lateral within your BB if that is possible. Then maybe you will take less of a discount on your experience. Hopefully, your management would be receptive to that.
Good points, appreciate the insight. And yeah, I suppose with a lateral move there would be an extra level of familiarity with regards to the calibre of my group etc.
Financial sponsors sounds interesting for sure. Lev fin is the IB group I've worked with the most and one which I think I'd enjoy alot. The main challenge there seems to be that theres usually less Lev fin positions open at any time relative to other IB product groups. Not sure how accurate that is, just a hunch.
Best bet would be to move to LevFin or coverage within the same industry as you will see the most overlap in those areas.
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