Starting my career in Corp Dev instead of IBD?
I'm currently enrolled at one of the/the top MSF programs in the US, I am going through middle market IB recruiting at the moment. It's going decent overall.
I have internships in F500 Corp Fin, regional IB, and Investment Analysis.
I have a really interesting opportunity developing for a recently IPO'd ~5bn market cap insurance holdings company in Corp Dev/Strategy, they've been pretty acquisitive with expanding their insurance holdings portfolio over the last couple of years.
I know the WLB will be much better than IBD (~50 hour weeks), and not sure about comp but I'll should be around $110k all in. I want to spend time with my family and friends and travel in my early 20s which seems like I'd miss out on in IBD. I also was hoping to pivot from IBD to Corp Dev regardless for a tech company down the road, without much interest of going to PE or HF.
Do you think this is a viable route to pursue? I will be getting deal experience, working on models and decks, interacting with more senior members in the firm, etc. Also the firm geography is really ideal (right on the beach in a city I love).
Hey! My two cents is that you should do what you love - you seem to be passionate about CorpDev, so go for it!
I also started in CorpDev in a F100 company, and it was an amazing experience. The only reason I went into IB though is that I thought I could drive more value in CorpDev with 2 years in IB.
Obviously it’s very subjective, so don’t take my experience as universal, but when I was in CorpDev I realized that the person who got staffed on most deals was my manager, because he had M&A experience in a BB. We had other amazing people in the team, but you could clearly see that his years in banking made him more ‘well rounded’ than other colleagues with only corporate experience.
Your concern about time is totally valid though, so I would understand why you are choosing this path. Just be mindful that not all CorpDev jobs are the same - in my job I was regularly pushing 13-14 hours a day plus 5-ish in the weekend and some periods were super intense!
Recently made the switch to corp dev, only thing I can say is that you can tell the ex-bankers are years ahead when it comes to work efficiency, speed and attention to detail. Technical skills are probably the same, but the bankers can do it faster. I think you should do the corp dev role if you know that the people above you are really good and you can learn a ton from them. Otherwise 1-2 years in banking is a good boot camp and will turn you into a corp dev machine once you switch.
Agree with above, bankers definitely get the edge on technical skill and speed, but if you spend ~2 years in corp dev you'll also have the edge on internal/company knowledge, which means a lot in a slower corp environment
I would say the only advantage IB could offer you in your situation is branding for down the road, but less relevant with MM IB.
If you are not interested in PE and always wanted corp dev, I'd just stick with that path.
Prioritize BB Banking recruitment if you can bud. I started in LMM PE and somehow ended up in corp dev. Now I am networking to get into banking after a 2-year stint. It is easy to go from banking to CD and banking opens doors
As someone who started in IB before CD, I would say starting in IB was immensely helpful for me before I went into CD. As I have progressed in my career, my IB skillset informs aspects of my role to this day.
It is not a must to start in IB before CD, but it can be incredibly beneficial (I say this while working with people on my team who had no IB experience before joining).
Yep, that makes a lot of sense, I think the reps you get in IB will go a long ways in preparing for Corp Dev. But perhaps the additional exposure to Corp Dev on a decent team can help make up the difference?
To a degree, but you can generally tell the difference between someone who has had the IB reps in CD and who has not
Go on LinkedIn and try to find people who made the switch
I went from Corp Dev to IBD. I'd saying doing a few years of IBD at a reputable bank will give you much more optionality as far as Corp Dev opportunities.
As someone mentioned it is pretty difficult to move from Corp Dev to IBD versus the more traditional IBD to Corp Dev.
Did you enjoy corp dev? How was your lifestyle?
The work in IBD seems mostly interesting but the lifestyle in IBD just seems like it's not worth it to me.
I'm more aligned with a somewhat gradual career growth trajectory that I can maintain alongside a strong personal life, versus rapid career growth and probably isolating from friends, family, and my own health for 2~ years.
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