Is corporate banking underrated or do I lack ambition?
I’m at the end of my 2nd year in corporate banking. Started at a Canadian bank specialising in project finance. I specialised in project finance and infrastructure, starting at a Canadian bank and then moving to a BB. I’m leaving for an UMM fund in infra and direct lending.
Looking back, those were two incredible years of my life. I’ve learned a shit ton of modelling and dealt with amazing private sponsors and clients. I never had to work over 60 hours a week, except only twice and those were extreme exceptions. My base was the same as IB but bonus was significantly lower. All things considered, I can’t believe corporate banking wasn’t my first pick when I was recruiting. Understandably, IB holds the biggest amongst students but I got exactly where I wanted via a much more relaxed path.
Am I just not ambitious enough?
I have a few thoughts here.
I feel like in general, human beings are maximizers. If it's within reach, we want the #1 thing rather than the #2 thing. Investment Banking is the maximized path out of school for the top 10% of students (excluding the extreme outliers who can get something better). Corporate banking is the next best option out of school IMO. But why direct your attention towards the second best option when the first best option is within reach? It leads to a larger perceived gap between the two than is actually there between the two fields.
I think there's an element of survivorship bias in your post though. Just because you got where you wanted to be through this path, doesn't mean that it is an expected outcome. Many people in Investment Banking don't make it to UMM funds.
I don't think you're "not ambitious enough". You're still well above most in your field. I don't know your path to CB and why you didn't do IB. But if WLB was important to you then you picked one of the best roles out of school for it that still maximizes learning and career progression.
Corporate banking is very underrated though.
It is underrated. I could view Corp banking as a career honestly. The hours are awesome. I just took a full week off without checking my email or phone once
I would warn that while this (taking a week off without checking your emails) is do-able at the Analyst level, it is almost impossible at the Director and MD levels….still, quite a good work-life balance.
What do your typical hours look like
Based on the insights from the Wall Street Oasis forums, it's clear that corporate banking can indeed be a highly rewarding career path that doesn't always get the attention it deserves compared to investment banking. Here are a few points to consider:
Work-Life Balance: You mentioned working no more than 60 hours a week except on rare occasions. This is significantly less than the typical hours required in investment banking, where 70-100 hour weeks can be the norm. This better work-life balance is a significant advantage for many professionals in corporate banking.
Learning and Development: You've gained substantial experience in modeling and worked with prestigious private sponsors and clients. This kind of exposure is invaluable and can be quite comparable to what one might gain in investment banking.
Compensation: While the bonuses in corporate banking might not reach the heights of those in investment banking, you noted that your base salary was comparable. This, combined with the better hours, might result in a more balanced overall compensation package when considering quality of life.
Career Trajectory: Moving to an upper-middle-market (UMM) fund specializing in infrastructure and direct lending is a testament to the solid foundation and network you've built in corporate banking. It shows that corporate banking can indeed be a stepping stone to prestigious roles in finance, similar to paths through investment banking.
Your path suggests that ambition can take many forms, not just the traditional investment banking route. If your career progression aligns with your personal and professional goals, it doesn't necessarily reflect a lack of ambition but rather a strategic approach to building a fulfilling career in finance.
Sources: Is Corporate Banking that much worse than IB?, What are some of the underrated banks that don't get talked about?, What are some of the underrated banks that don't get talked about?, Confused about my career..., Underrated banks and the ambitious bastard
Any tips on how to get cb? I assume you recruited from a canadian target or semi target so any specific tips from the canadian recruitment perspective would be appreciated.
I should clarify. It was a Canadian bank, based in London not Canada. I graduated from a semi-target school in the UK with 2.1. I'd say focus a lot on side projects in uni, that's what I did
Can I kindly ask if it was easy to move to BB?
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