IB Analyst > Corp Dev Associate (Early Exit) - Worth It?
I’ve been in IB for about 12 months in a really sweaty group. Done some M&A work, built a few models, but nothing super complex. Honestly hate the group and the firm so I’m actively looking to exit.
I just got an offer for a Corp Dev Asso role at a very acquisitive company. Pay is a little lower than IB but still solid. Team is small (3–4 people) and really good, but expectation is I’d handle a lot on my own across modeling, diligence, and process management.
My concern is that in IB everything gets vetted by associates and VPs, whereas here I’d be more independent. Given my limited experience, is this realistic? Don’t want to take on more than I can deliver.
For people who’ve made this move or work in Corp Dev, is it worth taking the early jump to Associate for the experience and network?
Jumping from an IB Analyst role to a Corp Dev Associate position can be a solid move, especially if you're in a tough group and looking for better work-life balance. Based on the most helpful WSO content, here are some key considerations:
Experience and Independence:
Team and Support:
Career Progression:
Pay and Lifestyle:
Risk of Overcommitment:
Final Thoughts:
If you’re unhappy in your current IB role and the Corp Dev opportunity aligns with your interests, it’s worth considering the move. The independence and exposure you’ll gain in Corp Dev can accelerate your development and open doors to other opportunities. Just ensure you’re ready to embrace the learning curve and take ownership of your work.
Sources: Q&A: Corp Dev Professional at Large-Cap Tech Company, Advice from people who left?, Breakdown of Post-IB Exit Opportunities, Is Corporate Development Underrated?
It is absolutely realistic. I went corp dev straight out of law school (after having finance/accounting undergrad and being a CPA), had about ~1 year of working "under" more direct supervision, and am now basically doing the work... "equivalent" of what IB analysts-VPs do.
Your relatively limited experience is not going to hold you back per se. I don't know what industry this company is in and what type of support you have. For example, I work at an F500 utility. Our modeling tends to be very complex because of the nature of the utility business and because of the more JV-type deals that we do. But we have tax, accounting, regulatory, legal teams that help us with a lot of this work. For example, we have our "normal" business unit tax and accounting teams, but we also have accounting and tax research teams whose jobs are basically to help the corp dev team (and others) on making sure we are doing the accounting/tax modeling correctly and to be properly considering the associated risks/benefits of different accounting/tax treatments associated with the deal. So we may have to do a full on partnership model with all that nuance, but we have a team whose job it is to help us make sure we do it correctly. We aren't on an island.
With that being said, you are likely in a perfectly good position to be competent at that job. If this is the work you want to be doing, you should accept this role. Don't let fear of failure hold you back. If you want to do this type of work, just go do it.
Thanks for your input. I’m in a similar industry involving a lot of complex modelling. How’s wlb for you as you’re managing almost everything? I’m concerned about what if I exit and end up in a position with similar levels of stress and wlb.
It is largely good. My typical schedule is ~7:30-6 M-TH and ~7:30-4 on Friday although I can reasonably start ~8:30 and get my work done.
There are really only three busy times where there is more work than that.
(1) When we have to prepare strategic analysis for the board. This is generally a ~1-month process that occurs twice a year.
(2) Once we receive/give binding offers, the period between that and signing tends to be busy. All the stuff to finish the transaction docs and the confirmatory diligence tends to be much more urgent, so we have to work longer hours to get it done on time.
(3) For projects that go through our Investment Review Committee, the ~2 weeks before we need to submit our material tends to be longer. The process is largely standardized, it is just herding the cats that takes time moreso than anything else.
i did it. 1.5y analyst stint at BB > Corp dev - best decision for me :)
would love to hear more if you don't mind? Why was it the best decision?
How did you deal with the paycut? Move out of NYC? Corp Dev manager roles are not liveable wages in NYC...
how much are they?
the base was same - just a much smaller bonus. didn't mind for the mental health reup XD
also it propelled me into a niche area of consulting, where i barely work and make a lot of cash XD maybe not banker cash but not far off.. and i have all the time in the world to spend with my wife and kid
How prepared were you when you exited IB? Did you exit after 1.5yrs as a CD associate or analyst? Curious to know how big is your team
top ranked & pretty well prepped. my final interview was an LBO modeling test, 1hr with a blank excel and smashed it.
tbf, 1y in i knew i wanted to leave banking so doubled down my efforts to recruit out of there as quickly as possible tbh
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