FT Partners vs BB Corp Banking

The title says it all. I am in line to / have offers from the above mentioned places. The CB gig is in a bank where CB sits with the IB team (Think BofACiti). I am inclined towards the FTP role, as the work is much more interesting, but wso is so critical whenever it comes to FTP. Two main things I am considering however.

  1. Exit to UMM PE or credit funds. Which one would be better?

  2. Which one would give me better options at lateraling to a better EB or BB in a couple of years?


Also when we sat FTP is a sweatshop, how worse does it get? I have heard stories from Moelis, Lazard etc.. and FTP seems to have a better wlb than either of those. Just wanted to know what the reality is. Thanks again

 
Most Helpful

I personally would go with FTP. A well-respected IB firm with fantastic deal flow in their sector. I am saying that as an ex-corporate banker. 

Do you find debt interesting? People love to trash on anything non-IB, but CB involves some interesting analysis and is a great area to go if you plan to stick around. It's hard to ignore the appeal of moderate hours and strong pay relative to almost any other profession. But the fact is that you won't be advising your client strategically. Your IG clients are not generating revenue in this low-interest rate environment. Your revolver and term loans are loss-leading (treasury generates positive PnL but who cares about treasury). Your lending allows the IB/Cap Markets team to come in and make the real money via fees. 

You emphasized exit opportunities, which gives me the impression that this is a stepping stone for you. If that is true, I would steer you towards FTP unless you truly are passionate about debt and would like to work in a debt fund. 

 

FTP deal flow is overstated / embellished. Most of their larger transactions they list, they are like the 3rd advisor and do not actually do anything. They have like 1 person on the WGL but you don't even see them on any transaction related emails. That said, they are a private placement powerhouse and definitely handle deals <$500mm. Also a sweatshop. They also do a ton profile work, as in 200 pages of profiles that get sent around. They're honestly pretty impressive and helpful but I can imagine making them would be miserable.

I think either FTP or corp banking could get you where you want to go. You could lateral from FTP or do internal mobility with corp banking. Banks generally strongly prefer to move people internally since it is faster and cheaper.

 

Lateraling as someone in IB is infinitely easier than lateraling internally from CB. A lateral analyst will be much more likely to contribute immediately than an internal transfer from CB. Not only that, but an internal transfer means that you have exactly one bank to "recruit" at. Lateraling from another bank means you will have a real shot at any spot that opens up.

 

Personally, I would go with corporate banking at the BB-- corp banking under the IB umbrella is a very well-paying job, you do interesting work, and you have an excellent brand name on your resume as well. Its not out of the question to go to PE from IB corp banking, and the credit arm of PE fund or a direct lending shop is a common exit. Lateral moves to IB at the same bank (or different if you network hard) is also possible. You may find you like the role and it is a great long term move, but I have seen corporate banking colleagues make much more interesting exits than people on this site typically cite. I may be biased since I do IB corp banking myself but I like the role a lot as I find debt interesting and am very satisfied with comp.

 

Personally, I would go with corporate banking at the BB-- corp banking under the IB umbrella is a very well-paying job, you do interesting work, and you have an excellent brand name on your resume as well. Its not out of the question to go to PE from IB corp banking, and the credit arm of PE fund or a direct lending shop is a common exit. Lateral moves to IB at the same bank (or different if you network hard) is also possible. You may find you like the role and it is a great long term move, but I have seen corporate banking colleagues make much more interesting exits than people on this site typically cite. I may be biased since I do IB corp banking myself but I like the role a lot as I find debt interesting and am very satisfied with comp.

This is terrible advice. Take the IB job, no brainer. FTP is well respected. Can lateral to a bulge in IB if you really want to.

 

FTP. Corporate banking gives you a different set of skills which is unhelpful if applying to EB/BB, unless you want to take DCM as there are some overlaps on the nature. I assume that Citi & BoA structure their programs as industry coverage like those of Mizuho & SMBC, and that means you will get some industry knowledge depending on your team. When lateral, bank has no interest in training someone from ground up, so basically you need to pick up technical stuff on your own. FTP is definitely on the top of the fintech sector. Cant comment on the culture but the IB arm does purely execution, and I won’t be surprised to see some tradeoff. 

 

As others have said, FTP is the move. Most people leave the firm in less than a year with the most common move being lateraling to a better bank. You can probably do like 9ish months and then start looking for lateral positions. The culture is so bad at FTP that everyone across the industry will understand why you'll want to move (and trust me, after a few months there, you'll 100% agree).

Surprised no one has done an AMA yet about them...

 

FTP is the choice if you are looking to lateral. But it's definitely a soulless place with MDs who have no regard for people...think 7am-2am pretty much every day for juniors. I don't know anyone that has stayed longer than 2 years. They do very well for themselves, but the culture is truly horrendous from what I am told and you aren't getting traditional PE looks since it's primarily a growth equity shop.

 

FTP comes up a lot on this forum and there are a couple of misconceptions that I want to address. I will preface this by saying I am a current first-year at the firm, but I want to do my best to give an unbiased viewpoint of the firm.

1. Retention: Not sure where people are getting the information that no one stays more than 2 years. Out of the class above me, at least half are converting A2A. So far, no one from my class has left the firm yet (granted we've only been on the job 7 months). Class sizes are usually ~20.

2. Culture: As with any bank, there are tough seniors that can make the job unbearable at times, but overall I've enjoyed the culture at the firm. All the juniors I've worked with have been very supportive and helpful, and HR has put their best foot forward in trying to improve the WFH experience (sending us gifts, planning events, etc.) This of course will vary by team and person, but I can't imagine that the culture on average is significantly worse than other places on the street.

3. Hours: Again, I don't think hours at FTP differ significantly from other places on the street. There are a lot of late nights and sweaty weeks, but relatively in-line with what I've heard from people at other banks/on this forum. For reference, I generally average 75-90 hours a week.

Not to say FTP doesn't have its issues. For example, definitely not the strongest place to be if PE is your goal. Not unachievable, but majority of exits I've seen since my time at the firm have been Corp Dev in fintech. Lateraling to an EB or BB also shouldn't be a problem. I may be biased, but I think FTP is your stronger option in terms of overall experience/exits.  

 

FTP comes up a lot on this forum and there are a couple of misconceptions that I want to address. I will preface this by saying I am a current first-year at the firm, but I want to do my best to give an unbiased viewpoint of the firm.

1. Retention: Not sure where people are getting the information that no one stays more than 2 years. Out of the class above me, at least half are converting A2A. So far, no one from my class has left the firm yet (granted we've only been on the job 7 months). Class sizes are usually ~20.

2. Culture: As with any bank, there are tough seniors that can make the job unbearable at times, but overall I've enjoyed the culture at the firm. All the juniors I've worked with have been very supportive and helpful, and HR has put their best foot forward in trying to improve the WFH experience (sending us gifts, planning events, etc.) This of course will vary by team and person, but I can't imagine that the culture on average is significantly worse than other places on the street.

3. Hours: Again, I don't think hours at FTP differ significantly from other places on the street. There are a lot of late nights and sweaty weeks, but relatively in-line with what I've heard from people at other banks/on this forum. For reference, I generally average 75-90 hours a week.

Not to say FTP doesn't have its issues. For example, definitely not the strongest place to be if PE is your goal. Not unachievable, but majority of exits I've seen since my time at the firm have been Corp Dev in fintech. Lateraling to an EB or BB also shouldn't be a problem. I may be biased, but I think FTP is your stronger option in terms of overall experience/exits.  

The culture is significantly worse than other banks on the street

 

Ironically enough, there was a first year analyst last year from FTP who had a long post defending the firm on this site. Many people continue to ask him to provide an update and he has never come back since. I was pretty sure I knew who this guy was and tried to look up his LinkedIn recently and realized it's completely gone. Not sure what happened to him but hope he's doing well. 

The point is that 6-7 months is not enough time to accurately judge your experience. I would give at least another 6 months. Who knows? Maybe these next 6 months will be the type of pain and craziness that others have talked about regarding this firm. If not, then after this time, feel free to provide an update along with after having talked to a few other people in your class and how their experience was. We can then have a more informed discussion. I know there have been quite a few changes to HR and the way the firm has approached its reputation (given how badly people view it) so interested to see how things will be for you after 6 months. Ask the longer tenured people at the firm who started off as analysts and see how they feel about the firm as well. 

 

Sure, that's a fair point. Lots of things are hard to judge given WFH and my limited experience. I still think some characterizations of the firm are misguided (e.g. that all juniors are running for the door), and that the number of A2A converts is an indication that the firm is trending in a more positive direction than how it is typically regarded on WSO.

Just my personal perspective that I thought might be helpful.

 

Asperiores unde numquam non explicabo nisi iure. Voluptas officia repudiandae tempora perspiciatis. Dignissimos repellendus error ut consectetur voluptatem.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”