Citi CMO or boutique IBD?
Hi everyone. I am new to this board and would like some help from you guys since my friend told me this site is very knowledgable about investment banking industry. I am a junior and have internships for Citi cmo and a boutique for M&A but it is not an elite boutique like Evercore or Lazard or anything. It is actually quite unknown but there is a chance for fulltime there along with Citi.
I want to do banking but Citi tells me capital markets is banking, but I don't know what to believe since they also told me a bunch of stuff that sounds like trading. I got the internship through a connection so I only had 1 round and then an offer so I dont' really know what CMO is. Can anyone please help me with this decision and tell me what I should go with?
I think I can get fulltime offer from both jobs, and how hard is it to move from CMO to IBD?
is the boutique M&A/restructuring focused and have good dealflow?
collateralized mortgage obligation?
lmfao
boutique
You can summer at Citi in CMO and then hop to IBD at Citi or other places.
I say Citi, unless the boutique is a name brand but you said it is not.
Citi
CMO is not trading, unless you're in Derivatives Solution where you get to trade sometimes, but it's still not one of your main tasks (source: director of mentioned group). Basically, CMO comprises all financing product groups at Citi and no matter whether capital markets group are structurally separated from IBD or not, tasks tends to be the same across banks. People on this board tend to dislike capital markets in general, because exit opps are not as broad compared to any IBD gig and the only feasible route to PE (which about 80% of all readers on this board want to end up in) via capital markets is through leveraged finance. This is due to early specialization on a specific product, but not a disadvantage if you're ultimate goal is not to end up at a PE shop after 2 years. Life seems to be better (except ECM and lev fin) and pay (including bonus, though that's more a function of your performance) is on par with IBD during your analyst stint (source: HR and 2nd/3rd year analysts). It is possible to move to IBD (and many people from IBD move to CMO), but it has become harder since the crisis. Don't listen to the "capital markets is not banking"-crap..CMO raises capital for institutions while advising them in the process, and that clearly is part of the definition of investment banking.
In your case, ask yourself: - What interests you; specializing in product (more market related) or industry? - Where do you want to be in 2/3 years (bschool, PE, still banking) - Working for a boutique vs BB (I interned at both a BB and an elite boutique, it's a different social environment) - Which one did you like better during the interview?
Excellent post.
Leveraged Finance and Equity Capital Markets are part of CMO at Citi.
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