Is going back to IB realistic?

To give some background I spent 4 years in an IB coverage group at a BB in a tier 1 global city outside the US (LDN/HK/SG) back pre-covid (just bumped up to Associate 2 when I left). I exited to a fairly unique corp dev role at a multi-industry conglomerate (think Mitsubishi, Samsung etc.) but based in an emerging market with an outsized comp package (mainly due to undesirable location). The company isn't acquisitive so not really much buyside/ investing work, most of my time has been spread across strategy/business case work, asset disposals/M&A sellsides, credit rating, debt/project finance.

I have been in this role for 5 years and enjoyed every minute. Interesting work, saved a big nest egg, loads of travel etc. However I want to start settling down, so I'm looking at moving back.

I am at a bit of a career crossroads. I feel like a bit of a jack of all trades master of none since other than my IB coverage days (feels so long ago that I do not feel connected to that specific sector anymore - however I could probably pick it up again if needed), I have not been specializing in either a specific sector nor product.

I'm essentially trying to layout all of my options so I can assess what type of roles I want to chase after.

My question is the following: in the current market would my profile be considered for a move back to banking (not necessarily BB), if so what level should I set my expectations at? i.e. I would be hoping for some credit for my corp dev years - not sure I would want to go down this path if it meant starting at associate again. I am not sure if people will take the risk with a profile like mine (non traditional experience, emerging markets etc) rather than just hiring laterally.

I still have a network I can reach out to but I want to really understand my optionality and be 100% set on this path before I use that political capital.

Thank you

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WSO Monkey Bot

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9mo

Based on the most helpful WSO content, your situation is not uncommon, and there are several factors to consider when evaluating a return to investment banking (IB). Here's a breakdown of your options and realistic expectations:

1. Returning to IB: Feasibility

Your Profile: Your 4 years of IB experience at a BB, coupled with your unique corporate development (CD) role, positions you as a strong candidate. However, the 5-year gap and the lack of recent deal experience in a specific sector or product could be a hurdle.
Market Conditions: The current IB hiring market is competitive, and firms often prioritize candidates with recent, directly relevant experience. That said, your emerging markets exposure and diverse skill set (strategy, M&A, credit rating, project finance) could appeal to firms looking for candidates with a broader perspective.

2. Level of Entry

Associate Level: Given your prior IB experience and the seniority you achieved (Associate 2), you could potentially re-enter at the Associate level. However, you may need to demonstrate that your skills are still sharp and relevant. Some firms might view your CD years as partially transferable but may not fully credit them.
VP Level: Moving directly into a VP role is less likely unless you can clearly articulate how your CD experience aligns with the responsibilities of a VP in IB. VP roles typically require significant deal execution and client management experience, which may not align perfectly with your recent work.

3. Challenges

Non-Traditional Experience: While your CD role is impressive, the lack of recent buyside or sector-specific experience may make it harder to compete with lateral hires or candidates with continuous IB experience.
Emerging Markets Perception: Some firms may undervalue experience gained in emerging markets, especially if they perceive it as less relevant to their core business.

4. Strategies to Maximize Your Chances

Leverage Your Network: Your existing network is a key asset. Reaching out to former colleagues or mentors can help you gauge interest and get a realistic sense of where you might fit.
Target Boutique or Middle-Market Firms: These firms may be more open to candidates with non-traditional backgrounds and could offer roles that better align with your experience.
Highlight Transferable Skills: Emphasize your M&A, strategy, and project finance experience, as well as your ability to adapt to different industries and geographies.
Consider Sector-Specific Roles: If you can reconnect with your previous IB coverage sector or develop expertise in a specific industry, it could make you a more attractive candidate.

5. Alternative Paths

Corporate Development: If returning to IB proves challenging, you could explore CD roles at larger, more acquisitive companies in developed markets. These roles often value your diverse skill set and could offer a better work-life balance.
Private Equity or Infrastructure Funds: Your project finance and emerging markets experience could be valuable to PE or infrastructure funds with a focus on those regions.
MBA or Executive Education: While not strictly necessary, pursuing an MBA or executive program could help you rebrand and re-enter IB or pivot to other high-level finance roles.

6. Final Thoughts

Returning to IB is possible, but you may need to temper expectations regarding the level of entry and be prepared to demonstrate your ability to hit the ground running. If you're not willing to start at the Associate level, you might find better opportunities in CD, PE, or strategy roles that align more closely with your recent experience.

Before reaching out to your network, take time to refine your story, emphasizing how your unique background adds value to potential employers. If you're set on IB, focus on firms or groups that value diverse experiences, such as those with a strong emerging markets or infrastructure focus.

Sources: Corporate Development Manager - Q&A, 34 year old day trader to investment banker, Corporate Development: My Experiences and Background, Q&A - Top Tech / Media Corporate Development Associate

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