I have offers for both a well respected MM in London and Credit Risk at JPM. Was wondering what everyone would recommend and any insight into which would pay more and have better exit opps (likely a lateral to BB IBD) would be great. Thanks
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Is this for an internship or FT
bump
Intern
Intern at the MM and then either go for a masters and apply for summers at BB’s or go for FT positions. IB experience trumps doing credit risk regardless of shop.
“Go for a masters”
Fucking moron
JPM credit risk focuses on analysing the credit and due dilligence on M&A and LBO transactions.
At JPM, credit does more analysis than leveraged finance, which focuses on origination and bond pricing so the idea that IBD > everything else is misleading. The skills you learn at JPM credit are quite similar to what is needed in private credit, e.g. DD and writing credit memos (lev fin mainly does industry trends and pricing whereas credit does the corporate profile，financial analysis etc).
If your goal is PE, go to MM IBD, if private credit then JPM credit is great.
One of the levfin credit analysts left to Partners Group, where they’re currently doing PE I believe. I wouldn’t take the JPM gig hoping for PE exits but worth mentioning there is precedent. If you’re open to liquid/structured credit or vanilla DL I think this would be a good gig where the mentioned roles are feasible exits.
Thanks for your reply. I'm quite keen to get to BB IBD then work from there, in that instance would you say JPM is the better choice? I heard their internal mobility is very good.
Look you can't compare like for like because they're completely different roles - in one case you'll be looking at the bank's exposure to underwriting credits and in the other one you'll be advising smaller companies (I guess within a specific vertical) on a bunch of different things. Moving to bb ibd is doable in any case but which option appeals to you more? You've mentioned that these are internships as well so don't get too far ahead of yourself and start thinking about mobility - mobility won't matter if you don't convert. Pick the one you're more interested in, do your job to the best standard you can and all else will work itself out over time.
Interested to hear as well. In a situation where have 2 BB offers - one for commercial banking credit and the other for credit risk. Which offer would be better to take for FT if goal is to pivot to IB?
Depends on the role description or what your colleagues in each of those teams put in their LinkedIn description (if at all they do).
When I looked at LevFin at one commercial bank, the VP told me her team did the origination, analysis, underwrite/execution while credit risk assumed a more formal role and asked stupid questions on the calls discussing the credit paper
If you want IBD - go for the MM role, assuming it's a reputable MM firm. You can switch into JPM 1 year down the road. Don't be a fool and take a middle office job and make the fight for the mobility.
Source: started in credit. It took some time and a lot of effort. Friends that start med at crappy boutiques got to IB at a better platform faster with less effort. Deal experience is all that matters
Edit: just saw this is for an internship. Take JPM credit, get an offer, and see if you can switch groups at the offer stage. Caveat: you need to crush the internship to do this. So you need to be willing to bet on yourself
Ibd all the way imo
MM for sure
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