Does ABL count as Investment Banking
I've got an opportunity to get out of Advisory at a Big4, the role is in ABL, is this my IB moment?
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Currently in ABL and I would say no. There's frequent interaction with lev fin and a lot of deals are sponsored deals. It's more IB related than typical commercial credit, but no where considered IB. Probably get some MS for hurting some ABL analyst from Wells because they are housed under IB.
Thanks, this was my understanding as well.. The team is bracketed under IB at this bank (maybe because they work primarily with PE firms? ) but it sounded more like commercial/corporate.
Could I reach out to you to ask a few questions?
ABL always sits under the commercial/corporate banking arm. Your hours and technical knowledge will not be as intense as IB LevFin
Thanks, technical experience/exposure are two things I'm concerned about. Definitely thinking ABL would be better than Risk/Reg Advisory though
Who cares whether it' in IB or not? The question you should be asking is how do pay, hours, and exits compare to IB... that's all that matters. Unless you want to be a career banker (lol).
To be honest, I'm trying to do my diligence, I can't say I'm a big fan of taking what a recruiter is telling me at face value.
To be honest, I'm trying to do my diligence, I can't say I'm a big fan of taking what a recruiter is telling me at face value.
Chk ABL Advisor for the banks dealflow. I know someone who switched group from ABL to traditional IB at Suntrust after 2 years
Depends on the bank. Some banks will include ABL under the CIB arm but generally, no. As others have said you interact closely with LevFin at some banks.
Depending on the size of the companies you cover, and again, your bank’s setup, it’s usually Commercial/Corporate. Transferable skills again simply depend on your bank. You’ll gain the most transferable skills from a BAML/WF/JPM/Citi kind of shop but a few smaller banks (PNC/Capital One/TD/RBC US) provide solid skills since those groups tend to run lean.
From the analyst level, I feel like the skillset at any of these places are the same. I'm at top 1 or 2 ABL shop, and I don't think the skillset are any different from people in lower tier ABL shop. But, I think in the end of the day, perception is everything. I spoke with some top MM IB guys, and they think that our level of work is on par with IB. However, I'm sure ABL at a BB will provide more exposure to larger deals and more interesting transactions. A lot of the transactions that you work on are on the news and etc.
Can speak from experience. I was at a top shop and after a couple of years as an Analyst I had several opportunities to move to IB, LevFin specifically since that was the group I worked with the most. Both internally an externally although the external opps were at MM shops
It’s by no means easy to move to IB from ABL but it’s absolutely possible from a BB. A lot of people I know just moved to an ABL Sales/Originations role or RM side in Corporate Banking and they’re all clearing $150-200K on basically 40 hrs a week (although there is a lot of travel) at Associate level. Think comp varies widely by bank.
If someone is just looking to start their career I’d recommend that they only do ABL at a BB first.
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