IB (Levfin cap markets) at MM Euro Bank (BNP/SocGen/HSBC) vs £40k FAANG PM Role
I’m currently interning on a private credit desk in London and have landed two offers, but I’m torn between them. The first is a LevFin Capital Markets role at a solid MM European bank think BNP Paribas, SocGen HSBC etc. It’s not a top BB, but the team has good deal flow, and comp is pretty good for a new grad. The second is a Program Manager role at a FAANG company, focused on ops/strategy work. This is the job I’m genuinely excited about I love the culture, the people, and the kind of work I’d be doing. Longterm, I see myself staying in tech or moving deeper into corporate strategy, and this feels like the right type of environment for that. The issue, though, is the money.
The FAANG offer comes in at £40k base, with a £3k sign-on bonus and £5k in RSUs so huge delta vs the bank. I’ve got student loans, bills, and I live in London so naturally, the IB comp is very tempting. Obviously, the pay scales quite nicely within 2 years I’ve been told I’d be on 75-80k total comp and 100+ within 4-5 years (assuming I don’t job hop every 2 years in which case pay scales even faster). But I keep circling back to whether it makes sense to take a job for the money when I’m more interested in the other path. I’ve spoken to a few people who’ve told me that transitioning from LevFin Cap Markets into FAANG especially from a non BB is rare and not as straightforward as people think. At the same time, I’ve been told of cases where people from S&T and more irrelevant roles managed to break in at senior positions. That’s my main worry. I want to just “do IB for the money” and leave the industry when I’ve built a nest egg not stay stuck two years later, trying to explain why I want to pivot to tech.
So my question is: would doing LevFin now actually improve my chances of getting into a top FAANG or corporate strategy role later, or is it just delaying the switch and making the long-term move harder? How much weight does this kind of IB seat actually carry if the end goal is corporate/tech and not staying in finance? Any insight from people who’ve made this kind of transition would really help. Thanks in advance.
Based on the most helpful WSO content, here's what you need to consider:
LevFin to FAANG/Corporate Strategy Transition: Transitioning from LevFin at a mid-market European bank (like BNP, SocGen, or HSBC) to a FAANG or corporate strategy role is not a straightforward path. While LevFin provides strong financial modeling and deal experience, it is not directly aligned with the skills or experience typically sought in tech or corporate strategy roles. People who successfully pivot from IB to FAANG or corporate strategy often come from top-tier banks (BBs) or have leveraged an MBA to rebrand themselves. Additionally, LevFin is more niche compared to M&A or generalist IB roles, which might limit its appeal for tech/corporate strategy recruiters.
FAANG PM Role Alignment: The FAANG Program Manager role aligns more closely with your stated long-term goals of staying in tech or moving deeper into corporate strategy. The culture, people, and work environment you enjoy are significant factors that can lead to long-term career satisfaction. While the initial comp is lower, FAANG roles often come with strong career progression opportunities, and the brand name carries significant weight in the tech and corporate strategy space.
Compensation vs. Career Alignment: While the IB role offers higher immediate compensation and faster pay growth, it seems misaligned with your long-term goals. Taking the IB role "for the money" could lead to challenges when trying to pivot to tech later, especially if you lack a clear narrative for the switch. On the other hand, starting in a FAANG role now positions you directly in the industry you want to grow in, even if the initial pay is lower.
Long-Term Perspective: If your ultimate goal is to build a career in tech or corporate strategy, starting in a FAANG role now could save you time and effort compared to pivoting later. The skills, network, and experience you gain in the FAANG role will be directly relevant to your future aspirations, whereas the IB role might require additional steps (e.g., MBA, networking, or rebranding) to make the switch.
Recommendation:
If you're genuinely more excited about the FAANG role and see yourself building a long-term career in tech or corporate strategy, it makes sense to prioritize alignment with your goals over short-term financial gain. The FAANG role offers a direct path to your desired industry, while the IB role could complicate or delay your transition. However, if financial stability is a pressing concern, you might consider the IB role but with a clear plan to pivot (e.g., MBA or lateral move) within a few years.
Ultimately, the decision comes down to balancing your immediate financial needs with your long-term career aspirations. If you can manage the lower initial comp, the FAANG role seems like the better fit for your goals.
Sources: Q&A: Corporate Banking to FAANG CD, Q&A: SVP with 15+ YOE BB -> MM -> MC (all M&A): A Long & Strange Trip, Q&A: Corporate Banking to FAANG CD, LevFin WLB-focused Exits and Other Questions, Taking the plunge.. from New Zealand
Anyone?
I would always take the Levfin Cap Markets role - however, I do not want to be in a tech career or FAANG related career. You do. Therefore, if you have a good opportunity, and you love the team and so on, why not pursue that?
One thing to take into account is, if you can live in London on a £40k base for the time being, considering your student loans etc, other monthly obligations and outflows.
If you think that is sustainable in your current position, then pursue what is right for you. If you prefer the money and banking route, obviously opt for Levfin and down the line in your career you'll still have an opportunity to switch around roles.
This is a decision you need to make based on your current circumstances and career outlook.
Thanks for the reply! Honestly, I could live on £40k it would just be very difficult at this moment in time as my student loan is private and I’m spending £500 a month to pay it off + rent and everything else etc. Hence, I was thinking of doing IB for just 2 years and then using that to pay off these student loans and build some savings. Longer term, I don’t really think there’s a huge delta between finance & tech + I’d be happy to take lower pay (to an extent) to work in something I’m more passionate about and has better WLB. Frankly, I think I won’t last for more than 5 years in IB because I see it as a means to an end not a long term career (same with buyside).
Take the PM offer if you want to be forever europoor
Just wanted to add that its Lev Fin Capital Markets versus traditional Lev Fin - you wont be doing any modeling or pitching and at the junior level, it's straight grunt work. The exits will be pretty limited unless you want to be a career Lev Fin Capital Markets professional (which there is absolutely nothing wrong with that). Taken all together, I think the move you are thinking of from MM European Bank to FAANG will be very very hard. You are competing against BB IB folks and even the folks at your MM bank in IB Coverage or traditional LF. The sell from that seat back to tech seems hard.
Thank you for the reply! This is my main concern, I have been interning on a private credit desk for a year so I am pretty decent at modelling since joining have built quite a few (around 10), but as you said it’s going to be grunt work and that’s all at the beginning in this Lev-fin role. My strategy would be to just market myself as an investment banker as opposed to the specific group if I were to take it and pray I land a few interviews. Another point, I’ve seen some of the lev-fin (syndication) models and none of them seem too complex in all honesty really basic + since my goal is tech do the modelling skills really matter?
I dont think the strategy to market yourself as an "investment banker" works because they will ask about deal experience and its easy to probe which desk you are on after 5 min. Honestly, LF Capital Markets is a sweet gig once you hit the VP level, but it seems like you are not that interested in doing it in the long run. This is also a different conversation if lets say you were in LFCM at Goldman or JP. Can you try to juice a bit more comp from the tech role? If not, I think you should just go with the LFCM role - at the end of the day, you need to pay down the loans and start saving money.
FAANG role imo. You will make much more money long term doing something you are excited about and be much happier with your life vs going into banking just for the money. Not sure what the hours will be like at the banking roll but you don’t have too look too hard on this forum to find so many people that hate their lives bc they picked banking for the money.
Thank you for the input! Banking hours from what I gather will be around 70 hours a week. I agree with what you’re saying tbh but my plan would be to pivot back into FAANG at a more senior level once I’ve paid off my student loan and have some savings which would be ideal. I wouldn’t mind coming back at 40k and taking the paycut from banking after 2 years but I really don’t want to “lock” myself out of a career in FAANG by doing something which on paper seems irrelevant. i guess what I mean is that if taking this precludes me from entering FAANG (without an MBA) I’ll take the job since I value that more, but if there is any way to pivot after 2 years of banking to a similar role I’ll happily do it!
I think this is not a complicated choice at all - the FAANG role is one where you will be paid more per hour (likely for most of your career excluding D/MD level perhaps of which there is a low probability you will even get there), and will enjoy it much more. You also won't remain poor for long given the upside in comp over time you mentioned. Really obvious choice in my opinion and having FOMO by missing out on banking is really not a great reason to sign your 20s away.
Very tough choice..
You can always start in levfin and recruit super hard at the end of the firt year to move to levfin either at a bb or to tech ibd in particular as a way to make yourself again more relevant for faang
The question you need to get comfortable with is "would your future tech employer look at the cv of a lev fin banker?"
And this is the wrong forum to ask that I think.you need to speak with some people from tech to get a sense for that
I'm in levfin myself, and most people leave for direct lending, or other pe capital markets seats. Once I saw a guy going to a startup "founders associate" role.
But i think it takes some educating and selling yourself to others I.e. many in tech won't even know what levfin is.
No chance you can delay loan repayment? Sorry naive question (especially from someone in financing lol)
If you're not at all excited about levfin, it'll suck your energy and life out of you. This isn't a recipe for success... if you can live with things not working out and having to stay in levfin 3 or 4 years before you move and you're OK with this then yes do it
Thank you! Yeah, I actually spoke to someone at Amazon recently who said he’s seen a few people make the jump from completely unrelated backgrounds. One example he mentioned was someone from Credit Suisse S&T who ended up joining as a L7 managing strategy and customer relationships in the watches/jewelry category so it’s definitely “possible”, but super rare.
That said, as you pointed out, I know that on paper I still look like an irrelevant candidate. He was pretty honest and said if I wanted to land interviews, I’d basically need to BS some responsibilities on my CV to make it seem more aligned with what Amazon looks for. Another option he suggested was trying to move into Amazon through the finance team, but they typically lean toward accountants, so not sure how realistic that is either.
As for delaying student loan payments, technically I could but it would wreck my credit score, so that’s not really on the table for me.
You should not lie
You can always spin and bring out what's relevant
I think the tenacity required in a fast paced lev fin team and the spirit of doing a lot with little can align well with Amazon values in particular!
Good luck
UK is so cooked bruh same job in SF is $200k
What is a program manager? Different to product manager?
Slight different to product manager. The way it’s been explained to me is that a product manager is responsible for deciding what should be built like the mini CEO of a specific product. A program manager, on the other hand, focuses on how those projects get executed kind of like a mini COO role. For example, my role would be responsible for rolling out massive programs (e.g. expanding a service to new markets, process improvements, launching new business models and scaling initiatives efficiently) but there’s a lot of overlap between the 2 roles (tons of ex product managers in program manager roles and vice versa). Basically PM = the what (defines the vision) and PgM = the how (executing the vision).
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