Internal move CB to IB

Based on the most helpful WSO content, here’s what you need to know about making an internal move from Corporate Banking (CB) to M&A/Investment Banking (IB):

1. Advantages of Being an Internal Candidate:

   • Internal candidates often have an edge because they already understand the bank’s systems, culture, and clients. This familiarity can reduce the onboarding and training time for the M&A team.
   • If your MD flags or recommends your CV, it can make a meaningful difference. A strong internal endorsement signals to the M&A team that you’re a trusted and capable candidate.
   • Internal mobility is generally easier than external hiring, especially if you’ve built a good reputation and network within the bank.

2. Why M&A Teams Might Prefer Internal Candidates:

   • Internal candidates are often seen as lower-risk hires since they’ve already been vetted by the bank.
   • Your existing relationships within the bank can be valuable, especially if the M&A team collaborates with CB on deals or client relationships.
   • Even without direct M&A experience, your exposure to corporate clients and understanding of relationship-driven work can be an asset.

3. Disadvantages of Lack of Modelling/Deal Experience:

   • The lack of financial modeling and deal experience is a disadvantage, but it’s not insurmountable. Highlight your M&A/valuation courses and finance projects to demonstrate your interest and foundational knowledge.
   • Be prepared to address this gap in interviews by emphasizing your willingness to learn and your transferable skills from CB.

4. Realistic Shot at an Interview:

   • Yes, applying internally gives you a realistic shot at getting an interview, especially with your MD’s support. Internal candidates are often given the benefit of the doubt for at least the first round of interviews.
   • Your ability to articulate why you want to make the move and how your skills align with M&A will be critical.

5. How to Strengthen Your Application:

   • Leverage your MD’s recommendation to ensure your CV gets noticed.
   • Network with members of the M&A team to express your interest and learn more about the role.
   • Highlight any transferable skills from CB, such as client management, credit analysis, and understanding of corporate finance.
   • If possible, work on improving your technical skills (e.g., financial modeling) before applying.

In summary, while you may face competition from external candidates with more direct M&A experience, your internal status, MD’s support, and familiarity with the bank can give you a significant advantage. Focus on positioning yourself as a motivated and adaptable candidate who’s eager to learn and contribute to the M&A team.

Sources: Thoughts on Starting Investment Bank/M&A Advisory for my Company, Going A2A.. feel like a failure, JP Morgan Internal Mobility.. For Interns?, Non-target average student declined BB trading ops offer, now having some second thoughts, Q&A: Internal Wholesaler at a Mutual Fund