Have offer to join BB bank as corporate banking analyst full time following graduation and want to gage sentiment surrounding it. What is total comp all in normally and best exit opps if not planning on being career banker? Private credit possible? Also chances of lateraling to IB down the line or jumping to PE possible?
Thanks.
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I work in PC and multiple people on the Deal Team came in from 2 year CB programs so definitely possible.
What type of PC? Do you think it's feasible for analysts in MM/international CB to exit to PC?
LMM-MM PC, mostly senior/uni Sponsor backed deals. I definitely think its feasible - a lot of the firms in our sector of the market are casting a wider net in hiring. Many are even hiring directly out of undergrad (us included). We have hired from IB, mezz lenders, Big 4 Accounting, CB, and other PC firms. I would say as long as you are a proficient modeler with decent underwriting experience you should have a good shot at a seat in PC
Good to know, thank you! Is not one concern with corp banking hires a lack of in-depth modeling experience compared to someone from IB/LevFin/Project Finance? Also, and I know this probably varies a lot between firms, but what would you say culture/hours are like across LMM/MM PC firms? I've heard, in PE, LMM can be very intense, so curious to hear what it's like in PC.
The modeling aspect is a concern for sure, you will have to do some self studying. Some firms have more of a willingness to teach the modeling on job but it varies. At the end of the day modeling isn't rocket science so you shouldn't have trouble learning on your own (recommend the WSP courses).
I'd say an average week is 55-60 hours if you are not on any quick burns. The unfortunate reality of deal work (and PC specifically) is that a lot of the timing is out of your control and some processes can move very fast. If you get jammed with 3+ live deals (going to IC / term sheet phase) you can see that get to 80+ but that only really happens a couple times a year. Each firm's IC process will be a big driver of this - we do a model and 30+ slide memo pre Term Sheet so its a decent amount of work to get to that point. Try and compare junior resource count to deal flow / AUM to compare different seats.
Does your team ever hire from similar commercial banking programs? Or would the work be far too removed, given the smaller deal size compared to corporate banking?
I think we would, although those who came from CB were all at big banks. Deal size is less important than underwriting / modeling ability and experience. We don't expect most people to perfectly hit the ground running and do a decent amount of internal training.
What is CB comp progression usually for a big BB ?
At Citi, JPM, and BofA, Corporate banking juniors get paid very similarly to IB juniors. Analyst and Associate base salaries are the same ($110k, $125k, $175k, $200k, $225k). Pay gap happens at VP and up (At VP level, IB base is $275k, CB base is $250k). I’ve heard TC for An1 at one of the 3 banks listed above is $170k+ (base + signing + not top bucket bonus). Imo, hidden gem.
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