I saw the post about more insights into corporate banking, and was curious since work is very similar to IB especially in a CIB environment has anyone experienced moving from CB to IB or have any insight to share on making that "lateral" or "vertical" move?
Background: I am a incoming CB analyst at a BB (JPM, Citi, Bofa)
Your question is confusing, you might need to edit it.
But I think you're asking "How easy it is to move from Corporate Banking to iB"
Ignore my title. The answer is much easier than you think once you hit the desk but most people don't do it which gives the illusion that it's hard. I have had friends go through the process and spoke to MDs only to chicken out once it looks like they might actually go to IB.
Every analyst class in CB is filled with people who are sure they got the wrong end of the stick and will do anything to get into IB because they think they are above CB.
The issue is after 2 years of going home at 8pm and the occasional all nighters, the rose tinted glasses of working till 3am daily, with "smart" "driven" people are gone especially when the pay is not going to improve THAT much. An associate in IB would pull in around 250k all in which in CB that number will be around 200k all in.
That extra 50k and prestige will not be worth it to many people after actually being on the floor, you might kick and fuss that it will but look on WSO and see how many people consider quitting IB after only a few months with threads like "I can't do this anymore", many have come before you and many will come after.
The only people who usually dare to make the jump are people who want to go do an MBA and switch careers or those who just want to see what the fuss is about before coming back to CB, I only know one guy who did and seems to be enjoying it but he got his CFA and jumped as a VP so I think he has other plans.
Don't believe me? Come back in 2 years when you decide its not worth it.
I honestly think its better to have gone into IB at the start and never done Corporate Banking, once you have done Corporate Banking you've already bitten the apple of a ultra good paying job and reasonable hours. Its very difficult to want to trade after doing that for a few years.
An associate in IB nowadays is pulling far more than 250K lol. Thats how much first years are pulling at EBs
BB Aso1 here… in an EB yes probably. At a BB this year especially my all in will be around 260
CB is a great long term career if you’re looking for a balance of upper income pay and WLB. There is a ceiling and as you progress in your career the pay differential between CB and IB becomes more pronounced. Plenty of people move from CB to IB, typically taking a 1-2 year title decline.
AN: $200k v $150k
AS: $350-400k v $225-275k
VP: 550-800k v 250-400k
etc etc
I heard good CB groups still work somewhat long hours, maybe 50-60 hrs per wk? If so, why not work at a MM IB and do 65-70 hrs per wk but make more and have better exit opportunities?
They don’t wanna tell you that part
Good MM groups aren't really that different hours wise from "top" IB groups. Would still expect 80+ hours
I've almost never had to work more than 50 hrs/week in CB and I've been at a variety of banks including BBs (non-NY though). Pay seems to be nice.
What is the pay like at BB CB?
Is the path to making MD In corporate banking realistic or similar to IB where most people tap out for buyside instead?
Can confirm CB AN1 pay is like $135-140k all in, im heading in this summer at a non-bb
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