Insurance Corporate Strategy - Interested in FIG IB
Recently, I was chatting with a friend while celebrating his return offer to DB as a FIG trader. It was super interesting learning about his role, responsibilities, the technical side of it, etc.
For some context: I have internships in insurance (1 in corporate strategy and 1 in underwriting operations), an internship at a small holding company doing acquisitions analysis for serial roll-ups of niche b2b services industries. I am also an economics major and finance minor at BC, and have taken graduate-level courses (specifically, advanced corporate finance to improve my valuation and debt analysis chops). I've never been super interested in IB; instead choosing these experiences with the intention of working in corporate strategy or strategy consulting roles within the insurance industry. It worked out well, so I'll be starting a rotational strategy role this summer full-time for two years after completing undergrad this May! I'm super excited, but there are so many opportunities out there, and I would regret not learning about them rigorously and chasing the right ones when I find them - even if I'm late to some parties.
My question is: How feasible would it be to pivot to FIG IB in my current situation? Is there anything I should do to bridge gaps easier (networking, certifications, study guides, grad school, etc.)?
Ignore title but I work in FIG. corp strategy is well-positioned and given insurance direct exposure, I’m sure FIG teams will look at your resume. You can position yourself as someone who understands what the client is looking for and can add value when pitching / wordsmithing. I came from the client side (Corp Dev) as well all you need to do is call up VP and directors at relationship banks.
Interesting, I definitely see the value-add I could bring. The only concern for me is the valuation and modeling chops. I assume that corp dev gave you a solid solid base to work with: corp strategy doesn't seem as direct on that side of the skill barrier. Is there anything that can be done to bridge that gap better? Perhaps project experience I ought to target, or external resources that would help me to develop those skills? Fortunately I'm not starting from zero, my academic experience has gotten really deep into biotech valuation, so I know my way around cash flows, financing convenants, deal sheets, IPOs, etc. But from what I've seen, FIG and insurance are very very different than other industries.
Also in FIG and from what I’ve seen insurance is the vertical with the most industry to IB laterals recently, given the complexity and the state of transformation insurance is undergoing with sponsors. Since you’re in Corp Strat, would be worth asking the Corp dev team, if you have one, to share some of their models. If you have a good enough grasp of the line items on insurance models and key metrics, you could definitely land an analyst role at a MM. The good bbs and EBs would be harder as they usually prefer direct banking exp
Yeah that all makes sense. I'll definitely try to get some insight from the Corp Dev team, review some models and such. I have a couple IB connections, at least 1 in FIG at DB that could be a good connection as well, probably has some helpful insight.
How would I best communicate competence in my Resume? I don't have any direct deal or M&A experience, and my valuation/modeling in strat has mostly been for individual business units, functions, projects, products, etc.
Further, would it benefit me to have some certifications under my belt as extra signaling? Obviously SIE, but beyond that?
Yes, very possible with your background. I speak only for the EMEA region, however, during my recruiting experiences into and around FIG so take my opinion with a pinch of salt.
Work in FIG and it is shocking how little people actually know about what they claim to cover, especially insurance.
You have a good shot at breaking into a FIG team (maybe outside of like GS and EVR) as long as you can learn general corporate finance technicals and modeling / be ready to grind.
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