Going back to IB from CorpDev because I'm bored?
I left to corp dev after 2 years in M&A and it's very chill, probably like 30-45 hours a week and mostly remote. But I get bored because everything moves at such a slow pace and there isn't actually that much pressing to do on a day-to-day basis most of the time
I thought this was exactly what I wanted because M&A is such a grind, but sometimes I think of the time I had in banking with rose colored glasses (even though I know the hours sucked hugely when I was there). Anyone else in this situation?
Remote jobs are cool in practice but in my experience feel very isolating, especially when it's slow...
How long has it been at the new job? It often takes 6 months to be fully looped in and ramped up in a corporate job, it's not like IB where you are staffed on projects on day 1. You may just be too new.
I would also say look at other corp dev jobs or things like credit, assuming you didn't like IB. There is a happy medium of 50-60 hours with interesting work, but not quite going back to IB hours. Also, you may just need to fill your time more. Use your extra time for things like hobbies, friends - you don't have to be grinding all the time even if IB made you feel like you did
Been like 5 months - I'm on an active deal and some capital market activity but it's clear that the job is much more about planning for the impact and overseeing M&A rather than actually executing it (of course), since the bankers are the ones doing all the execution
Would investing jobs like credit be open to the background? Or only recruit directly from IB?
Would be more the exception than the norm IMO, but possible
Credit roles are more flexible and 2 years of IB and only a year or so in the corp dev job should get you some bites from HHs, but it'd be more helpful if your prior experience was in levfin of course. Will need to show a strong grasp of the credit landscape even if your experience isn't totally relevant
Unless you think round-the-clock grind is for you, going back to IB might not make sense.
Are you happy with your pay given your hours? If not, the move makes sense.
But if the answer is yes, you need to find other things in life where you have a sense of accomplishment and community.
Some examples are - pick up an instrument, join a martial arts gym, or play any sports from basketball to rock climbing.
IB conditions us on life is work.
You have to train yourself to move from living to work to working to live.
I guess another question is if it is even possible. It seems like it could be hard to move back after being in CD.
What is comp like at ur position?
200k all in
When you say all in, is it based on gross or net pay? I know it already includes the bonus.
Dude do ib until you’re a VP or director then move to corporate. By that point you’d be making around 250 to 300 base salary, and you can lateral to become vp / head of cd where you’d get around the same comp to work significantly less
Is the problem the job itself or that deal activity is slow?
I’m in corpdev at a large firm and have signed / closed 4 deals in the past 12 months ranging from mdi teens $$m to $bn+. And I’ve only worked on c.half my team’s projects.
Is the slow pace industry related? Company related? Is there a potential change in cycle that could happen?
That being said, I think the experience you get as an associate / VP in banking will definitively fast track you vs staying your current course in corpdev. You’ll get a broader experience, especially if you go to a BB. And if you go to a EB you’ll keep doing more of the strategic thinking. Neither option is bad.
Corporate jobs just gotta pay higher wages. That’s all there is to it
CD is a project management position. You're effectively a coordinator, helping management become comfortable with the work provided and prepared by third party advisors. You're bored because you're probably not learning a lot. IB was probably "less boring" because you were in a faster paced environment, learning a lot. You're anxious because you likely understand that you're not learning nearly as much in your current position as you were in your previous one. This means that your skill set is less productive/less valuable than it otherwise would have been.
I felt the same way in CD. I stood for 1.5 years, learned as much as I could about the industry, and then transitioned back to financial services/advisory with an industry specialization. This focus on which job is "more chill" is not the right way of approaching it.
Or you can choose to go into more strategic / operational roles internally. An ex-corp dev director at my summer company went that route. Eventually ended up in general management roles where I believe he has P&L responsibility. Don't think he was an ex-banker but a financial consultant from one of the prominent firms in that space (Alix, A&M etc).
Great comment
If you dont enjoy the buy-side and dont mind the grueling Investment Banking hours go back to IB.
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