2nd year analyst here at a BB… as title says is it worth the switch comp wise to go into IB from CB. I have heard mixed signals about comp being higher bonus wise but similar base. Also know that hours are obviously more but could be similar at some BB’s like JPM. Overall for the higher comp and more hours is it worth it so the switch?
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Work at a JPM APAC office, can confirm corporate bank and IB juniors have the same base though bonus is lower. Hours aren't as long as IB, about 12 hours a day. It really comes down to how you view work-life balance.
What was bonus percent if you don’t mind sharing?
Corporate bank juniors bonus range is 20%-30% and bonuses tend to go higher for the relationship management side than product groups as seniority grows.
What do you want long term? Many people do CB to IB to get into PE, which is a reasonable path. If you like CB and are thinking about staying but think you could make more money with a career in IB, I would just sit tight where you are.
IMO the increase in comp does not outweigh the increase in hours with IB... but you get much better exits which is why it is common
I find CB a bit boring/repetitive. Ideal path would be IB for a while then PE.
Got it - yeah, this makes sense then, assuming you can find an IB that is hiring right now/soon obviously. Try to do the move very diplomatically if going internal
If you do it internally, do you suggest letting your manager know your intentions of moving to IB or do you do it secretly?
I only ask this bc I am going into a 2-3 yr CB program and don't want to stay there that long and want to lateral before to IB.
Most banks do not let you move internally until minimum 1 year, sometimes 18 months. I would not talk about your IB goals with anyone until then. I also wouldn't tell your manager, some may be chill and supportive about it but you never know, especially moving fairly quickly do it quietly and gracefully.
Once you're close to that internal move tenure threshold you can quietly start getting coffee with people in IB and see if they have any spots open and start talking to more senior people. If you're trying to move to your same coverage or a very close coverage area this is usually not difficult. Obviously much harder in the current market with IB hiring at 0.
Agreed I would try to do it internally. Ease of connection and smooth transition I feel like. What is your meaning for diplomatically?
Agreed, IB exits are what attract a lot of people to put up with the hours. CB offers better adjusted hour pay, which is why sometimes you see DCM people jump over to CB once they begin to value wlb more (family, etc). Although CB workflow is more constant and predictable, at the junior level it's similar to IB in some sense - decks, excels, memos, ad-hoc and admin tasks.
It all depends on your lifestyle needs.
You’re making ~$250-300k all in as a CB associate with a huge haircut in hours compared to IB. You can then always transfer to private credit and make way more as an exit opp if you choose.
How does the comp scale at the VP level and what hours are expected?
Confirm same base. I used to work in DCM and now in CB. Hours are very different, 12+hours DCM vs 7~8 hours CB. CB is definitely more WLB, but lower bonus.
How much lower is bonus, and is comp same through VP or associate?
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