Take (micro) boutique offer or hold out for transfer?
Currently a first year commercial (not corporate) lending analyst at a BB. I've made it clear that I want to work in the IBD, and have built a bit of a network - have set up a phone call next week with the regional head of IB through a connection I made. Obviously, having a phone call with someone important and having an offer are two very different things.
In the meantime I've been applying elsewhere, and landed an M&A analyst role with a small, regional boutique in another city. I think they have about 25 bankers all up (not including back office staff) and from what I can see they work on deals ranging from $1-150m.
I'm leaning towards not taking the offer and just going all out for an internal transfer. Any advice?
just my personal opinion but i dont think internal transfer is the play
I hear you - it's tempting to go somewhere where I'll at least be building the right skillset. It's just this is far from a boutique along the lines of Lazard/Greenhill etc, the exit opps will be severely limited.
Anyone else have an opinion?
If I were you, I would wait the offer out until you get a conversation with the regional IB head. That way you have a better idea of where you are with the internal firm before you bolt.
Galt93, you should not make a decision before speaking with the regional head of IB.
Thanks for the opinions, WSO. Silver bananas for all
Not to come across as a jerk, but commercial bankers barring an MBA don't go to EBs. An internal transfer is unlikely as well assuming you're at BAML, Wells, Citi, JPM. What does happen with some degree of regularity is joining a boutique bank and making a lateral move to a better bank. I'd have the conversation, but plan on accepting.
I agree with this, getting a lateral offer from IBD to a better IBD shop is much more common. I would obviously hold off on accepting the offer until you speak with the regional head - but accepting the boutique offer and having your sights on the lateral process is not as bad as you might think.
OK that's good to know. The thing that's making me hesitate is the transaction sizes I'll be working on - I thought that when it came to lateral hiring, your deal experience is what you primarily get judged on.
As for whether a transfer is possible at my bank: obviously I cannot be sure at this stage but I get the impression that it's a possibility. People within the IBD have been willing to go out on a limb for me, and both my manager and HR, upon hearing of my antics, asked me to remain in my current role until the end of the year at least. Surely if it was outside the realm of possibility they wouldn't have bothered?
This is the play. Have the conversation if you can, but going to the boutique is probably the right move.
Yep. To quote one of my mentors.
"Just get the job. Once you've got that first job then you're a 'banker' and you won't have a problem switching later."
UPDATE: Based on what's been said, I'm leaning towards taking the offer - dependent on the vibe I get from my call. I have until after Easter to take the offer, so plenty of time.
However, this afternoon I received an offer from an F500 (telecommunications) in their M&A team. Sorry if asking a second question within a question is against policy, but any thoughts on this?
If you want to work in investment banking, take the investment banking gig. Just my two cents but hoping around to different corporate roles won't help your prospects in banking as you get older.
First off, it's not against policy.....and don't be overly apologetic. That personality trait won't serve you well in finance.
This one is actually interesting. WHY do you want banking. If corp dev was an exit you had considered then I don't see why you would ever do a stint in banking when you don't have to.
Personally I'd lean more towards that offer for reasons that are unique to me: both jobs have a strong focus on deal analysis and execution, but internal M&A tends to have more of a corporate strategy angle that I enjoy while long term banking grows you into a salesman to executives. Of course your priorities will be different but I'm throwing that out anyway so you can see how somebody else might look at things.
How can I say his given my current status? Because I the position I went after and got is a bank that heavily focuses on strategic M&A.
Additionally don't just look at job titles. Look at the transactions both companies have completed and see if there's any trends. Telecom industry knowledge is valuable as is any product/industry expertise this bank has. If both have identifiable niches take the one where you find the transactions more interesting.
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