Looking for some input on how this career move would be received at potential BBs/EBs.
Background: Coming out of bschool, I spent <2 years as an MBA Associate in Industrials at a tier-2 LMM bank. I left due to a bad culture fit with my team but otherwise really enjoyed the work and didn't mind the hours. I've spent the past 7 years in F500 CorpDev (>1/2 that time with an F20) where I've gotten lots of good reps leading deals across sizes / geographies and managed to work my way up the ladder to a Sr. Director level. The issue I have is that if I stick with the corporate route then I either (a) choose to stay in CorpDev and accept that I will max my career out at a VP level, or (b) pivot to a CFO/CEO track for better long term income upside but give up the M&A deal work that I enjoy. I'm considering door #3, where I leverage the sell-side connections that I've made in CorpDev as a foot-in-the-door to go back to IB but at a NY BB/EB -- this would allow me to continue on with deal work but without capping my long-term earning potential.
Questions:
- Would this attempted transition be well received or have I "aged out" of a potential return due to my YOE/seniority in CorpDev?
- Which level would make sense to target? Given I don't have experience building a book of business - and originally came from a LMM bank - I'm thinking VP 2/3 versus Director
- What is the temperature of the NY BB/EB lateral market right now at VP? Any recs on headhunter firms (e.g., Amity, Glocap) for the banks where I don't have pre-existing connections?
Based on the most helpful WSO content, here's what you need to know:
Transition Feasibility and Reception: Transitioning back to IB from CorpDev at a mid-senior level is not unheard of, but it can be challenging. Your extensive deal experience and seniority in CorpDev (Sr. Director level) are strong assets, especially if you've led deals across geographies and sizes. However, the lack of recent IB experience and the fact that you originally came from a tier-2 LMM bank might make it harder to break into a BB/EB at a senior level. The key will be how well you can position your CorpDev experience as directly transferable to IB, particularly in terms of deal execution and client interaction.
Target Level: VP 2/3 seems like a reasonable target given your background. Director might be a stretch unless you can demonstrate significant client-facing experience and the ability to originate deals, which is a critical skill at that level. Your lack of experience building a book of business could be a limiting factor for Director roles, but your deal leadership in CorpDev could still make you an attractive candidate for VP roles.
Market Conditions and Headhunters: The lateral market for VP roles at NY BBs/EBs can be competitive, and the current market temperature will depend on broader economic conditions and deal flow. Headhunters like Amity and Glocap are solid options, but you should also consider reaching out to Dynamics Search Partners, Oxbridge, and Selby Jennings, as they are known to work with candidates for lateral IB roles. Additionally, leveraging your existing sell-side connections to get warm introductions could significantly improve your chances.
Additional Tips: - Highlight your deal experience in CorpDev, emphasizing the complexity, size, and strategic importance of the transactions you've led. - Be prepared to address why you're making the move back to IB and how your CorpDev experience has prepared you for success in a BB/EB environment. - Consider networking directly with senior bankers at firms you're targeting, as personal connections can often open doors that headhunters might not.
If you're serious about this transition, a well-crafted narrative and strategic networking will be critical to overcoming potential concerns about your time away from IB.
Sources: corporate development regrets?, https://www.wallstreetoasis.com/forum/corporate/qa-non-target-2x-sa-at-bb-fintech-corp-dev-corp-dev-at-a-large-company?customgpt=1, Anyone actually like their corporate development job? (Post -IB), Post MBA IB associates, how did you know you could handle the life?, The Other Road: Corporate Development Associate Fielding Questions
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