Corporate Development to IB - Possible?
New grad and have been at my company for a couple of months as a CD Analyst at a specialized company (think O&G, FIG,) operating in the lower middle market to middle market. Sole junior here working directly with CEO. Completed a deal and have solid reps, modelling and diligence. Involved at every stage.
Question 1: When networking to lateral, what level should I target? Is LMM/MM my only option? Are BBs/EBs out of bounds?
Question 2: Will it be easier if I target groups in my specialization; Are BBs/EBs in reach if I target my industry versus generalist?
To be blunt you’ll be lucky to get anything in LMM. Not impossible though. The more targeted your outreach the higher the odds
Hi, not related but was wondering how you land the corp dev role out of grad? I read normally it's the other way around as an IB exit.
Usually the case, indeed.
It’s going to be very difficult to lateral to even a middle market bank in the current environment. Your best chance is to lean into the industry you are already in and target groups that cover it. I had a friend recently go through the process and end up with an offer at a tech boutique in San Francisco. He had a similar profile to yours, a senior analyst in corporate development at a $35BN marketcap IT company, and ultimately decided to pursue the MBA route to break into IB.
Best way is probably MBA > IBD / Private Equity.
First off, you can ignore right off the bat anyone mentioning “in the current environment”. People have been using this catchphrase every year since I went to uni.
I think it’s definitely feasible, although not easy. have you interned in IB before? People will wonder if you have the technicals and can handle the hours.
In any case, network with people and focus primarily on your current industry.
As people have noted, it would be easier if you did an MBA first.
Thank you for your response! I have interned in IB with one publicly closed deal. Solid reps gained. Was one of the reasons I was hired at my current place, as he called my old MD and asked about hours.
Sounds good, so you could try lateraling them
Separately, what is your long term plan?
I may be biased as I exited IB but I feel like it’s great for training and get some savings in your 20s, but not sustainable long term - MDs are still working nights and weekends at 45, 50 yo, this isn’t sustainable in my opinion if you want a family, and also very hard to be healthy (can’t sleep 8h consistently, can’t exercise every day) and maintain relationships when you work that much. Very personal though but I would also look at large cap corp dev in your industry.
Sorry to highjack, - just a quick question what about someone who has done 1.5years of banking at a BB was laid-off spent a year in a different industry think Engeenering/Medcine and currently working for a F100 company as a corp dev analyst trying to come back. I have only been there for 6months dont know if I should be trying recruiting now, wait, or if MBA is just the best route. Also been working on a divestment and late stage acquistion
Basically find the job slow, not enough progression and looking at the seniors they are technically not that good and want to leave asap.
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