2nd yr MBA student at m7 school and have received two offers and curious on which to choose if my goal is to maximize my exit opportunities to IB (coverage, LevFin) or buyside (private credit etc) as those are my end goals.
1. Debt Capital Markets Associate at Tier 3/4 Balance Sheet Bank (NY)
2. Corporate Banking Associate at Tier 1 BB (JPM/BofA/Citi) (NY)
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Based on the most helpful WSO content, if your goal is to maximize exit opportunities into Investment Banking (coverage, LevFin) or the buyside (private credit, etc.), the Corporate Banking Associate role at a Tier 1 BB (JPM/BofA/Citi) is the stronger choice. Here's why:
Reputation and Brand Name:
Tier 1 BBs like JPMorgan, Bank of America, and Citi carry significant prestige and are well-recognized across the industry. This brand recognition can open more doors for lateral moves into IB or buyside roles.
Skillset Alignment:
Corporate Banking at a Tier 1 BB often involves working closely with Investment Banking teams (e.g., coverage, LevFin, and capital markets). This proximity allows you to build relevant skills, relationships, and deal experience that are directly transferable to IB or private credit roles.
Networking Opportunities:
Being at a Tier 1 BB gives you access to a broader network of professionals in IB and buyside roles. This can be invaluable when looking to pivot into your desired exit opportunities.
Exit Opportunities:
Debt Capital Markets at a Tier 3/4 Bank:
While DCM roles can provide exposure to capital markets and debt products, the Tier 3/4 bank's brand may limit your exit opportunities. Additionally, DCM roles are often more specialized, which might make it harder to pivot into broader IB or buyside roles compared to Corporate Banking at a Tier 1 BB.
Recommendation:
Choose the Corporate Banking Associate role at the Tier 1 BB. It offers better brand recognition, skillset alignment, and networking opportunities, all of which are critical for maximizing your exit options into IB or the buyside.
Sources: 2017 Commercial/Corporate Banking Bonuses, Breakdown of Post-IB Exit Opportunities, Breakdown of Post-IB Exit Opportunities, JP Morgan IB RIsk Exposed Part 2
I I know for a fact that JPM corporate banking often gets poached by coverage, levfin, and DCM within JPM. It is extremely easy to move internally there, especially if you work in Corporate banking, as you get a lot of exposure to other groups.
How long before you can make the move internally upon hitting the desk?
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