Which IB support group to target?
TLDR: Move into a DCM mid office/support role with no modelling but great work or an industry coverage/M&A role with no modelling and only comps/precedent transactions/pitch decks type of support. End goal is LevFin/PE/PC/M&A*
So I’m currently in a country where major banks have their offshore operations and mid office groups set up. The bank is in the building phase of their CIB deal support system.
In 6 months time, I’ll have an option to move from my current role to the banking side (supporting one of the industry/product groups by helping build pitch decks, etc with no client interaction; so essentially mid office).
The thing here is, the DCM support group has good quality of work coming in (essentially the same work the onshore bankers are doing) but there’s absolutely zero modelling. I also have good rapport with the manager so should be an easy transition. The other industry coverage groups have sub-par work most of the time (mostly strip profile, comps, etc with little to no modelling). The Corporate Finance group does have some good modelling work flow from onshore so that might be a good option (have no contact with the manager of this team though). The bank’s M&A team is good onshore but the quality of work they send offshore isn’t great. There are chances I might have to do some work on the Corp Banking side as well if I do end up choosing an industry coverage group.
In the future, I’d like to make the jump to Leveraged Finance or Private Credit/Equity or maybe M&A. The question I had here was that should I move into one of the capital markets teams (since the quality of work is good) but get no modelling experience or move into one of the industry/M&A groups and do comparably worse work (would be rare to get actual modelling experience here)?
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