Currently at a BB in CB with a long term goal of PE. Seems as though IB is the right track but through networking I found out I’ll have to try to lateral outside of my bank next year(my first full year) or wait till the end of the 2 yr CB program and internally transfer(bank is one with that) and go back through the IB program for PE recruiting.
For those who have lateraled to another bank and had to re-do your IB analyst stint do you feel it has had a negative impact on your career trajectory?
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I don't mean to sound like an asshole but "re-doing" your 2 year ib analyst stint implies that you're in an ib analyst position now, which if you're in corporate banking is not the case. If you're in corporate banking I would try and lateral asap, your current employer or another investment bank is most likely not going to give you "credit" for your one year of corporate banking experience and you'll have to start as a first year analyst. Corporate banking doesn't really prepare you for an investment banking analyst role and the experience is a lot less valued, as evidenced by the fact that you can't break in to PE from corporate banking. I'd try and lateral now and if you can't pull it off within a year see if the IB at your current employer will take an internal transfer (also that is far from guaranteed despite what your current employer may tell you).
What is the exact difference between CB and IB? Still a bit confused. Isn't CB doing capital raising work which is also part of IB work?
So caveat that it differs slightly from bank to bank but as a general rule IB pitches and executes M&A and capital raising (ecm, IG DCM, & Lev fin) corporate banking handles overall relationship management and cross sell (treasury, fx, on balance sheet lending). For on balance sheet lending corporate banking often takes the lead on how much and if left lead at what terms it will take on a corporation's syndicated revolver. So as a corporate banking analyst most of your modeling is lending focused, granted you'll have better experience if your bank is left lead on the credit facility. However, I banking will take the lead on capital raising and CB will have almost zero input into M&A. Hence why the skill sets between CB and ib are not the same.
That's not re-doing it. CB and IB are different jobs and plenty of people lateral into IB as first year analysts after doing a couple years in a non-IB role. You would be one of those.
I think its generally a good idea for people in your situation. I've been asked your question many times, typical candidate is someone 23-24 yrs old who wanted to be on the IB>PE>etc track. I always tell them to go for it, the ones who listen are glad they did.
I’ve seen corporate bankers transfer over to IBD without having to take a step back - or at most lose one year of seniority. They’re not 100% the same job but there’s a good amount of overlap if you’re in a decent firm and group.
Seems like an upgrade... not really a setback. You can't join IB as an experienced analyst if you have no experience in IB
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