Monkeys,
I have been working at a regional corporate bank (as a corporate credit analyst) for almost 2 years now (first job out of UG).
Work on corporate finance deals ranging from 1MM to 10MM in a generalist role for a variety of industries.
I have interned with couple of BBs in IBD, but due to the economic environment at that time, I wasn't able to secure a full time position.
I want to go back to IB, but feel that the only way for me to get back is through rigorous cold calling/emailing.
Will appreciate if someone give me some pointers on how to go forward with that.
Those are really small deals for corporate banking. You must be strictly in the participation tiers at like a PNC/Mizuho/Sumitomo/Credit Ag/ etc?
Either way, I was in a similar boat (although we led deals frequently), and I had a good hit-rate on just resume-drops at all of the BBs for research/IB/desk positions.
I've been looking into potential credit analyst positions to move into banking/deals. Currently working in at a F100 in finance. Are you just frustrated with where you are or with the position itself? Maybe I need to reconsider my next move then
out of curiosity, what part of corporate banking are you frustrated with?
1MM-10MM does not even sound close to corporate banking. It clearly sounds like you are doing small business banking.
I've typically seen the banks I listed in my first post fill in these low-tiers. I've also seen some regional credit unions/commercial banks/retail banks pop in and commit like $1-5MM.
Cries, I don't think he was referring to syndications, he said deals. So I am assuming he meant a total deal size of 1MM to 10MM. Now if he is referring to just his bank's commitment, even as an analyst he will have to still analyze the entire deal not just the bank's commitment, which isn't too bad. OP, you need to clarify this. Are these commitment amounts or the actual deal sizes?
I apologize for the confusion....these are low tier syndication deals...usually revolvers and short term facilities.
@snakeplissken...Frustrated mainly because of the pay...and since my team is small (about 10 people) ...I end up working 60-80 hrs a week...which is definitely not common for corporate banking.
My bank is currently considering higher exposures ...im assuming which might be $10MM - $100MM, but again, that's a "work in process" and might take a while to take off.
Actually another thing is that I have gotten interested in Leveraged Finance ..even in corporate banking...which might lead to a position in PE. Any thoughts on that?
Donkey,
What are the total deal amounts? Not just your bank's committment, while <span class="keyword_link"><a href="//www.wallstreetoasis.com/finance-dictionary/what-is-investment-banking-division-IBD">IBD</a></span> may be tougher, would you be willing to go for CB position at another bank where the pay is better and less hours, or do you only want <span class="keyword_link"><a href="//www.wallstreetoasis.com/finance-dictionary/what-is-investment-banking-division-IBD">IBD</a></span>? If the total value of each deal is fairly large, it would show other banks that you are working on some nice size deals.It should be an easy transition to another corporate banking role if you can find an open slot somewhere. I'd start dropping resumes ASAP.
You may have a decent shot at lev fin/DCM/credit research/small-cap PE/IB industry groups/etc. I'd polish off the resume, talk only about total deal sizes, and focus almost solely on the skillset you developed: financial analysis/charts; modeling; industry/company research; writing memos; presenting to credit
Maybe an MSF is in order? A top tier one combined with good work experience might open up doors.
Teddy & Cries....Thanks guys.
I'm actually not that adamant on getting into IBD, so CB would do too. The current total deal size is about $100MM - $500MM.
I would love to work for LevFin group within a CB.....since IBD is really hard to get into.
Appreciate the feedback.
Am I the only one who's not clear why the OP hates CB and what he's looking for is his next gig?
He said he's looking at 100mm - 500mmdeal sizes, that's not exactly small. At that point I don't think there's going to be much of a diff when doing credit analysis on companies raising 1B+ of debt versus 500MM of debt. I just don't get what OP thinks is the big difference between those two?
If he's saying m&a, ok that i get...
I think he just wants to do a little more and get paid more. OP?
Well I'm willing to do a lot more, if that means i will be paid accordingly.
LevFin is right, regardless of your bank's commitment amount, you would still have to analyze the entire deal. What I am having a hard time understanding is that if deals are $100M-$500M, and OP's bank is only committing $1M-$10MM, I am assuming your bank is really small. I know you said regional corporate bank, but I know many small banks (assets under $5 billion), which have made much larger commitments to deals. The OP's bank is only contributing 1%-2% of the total syndication amount.
In which case idk how OPs firm is getting allocations. 1-2% is not enough to get in i dont think.
lol that reminds me of an analyst video, I trade size. Size matters if you are in banking. If your bank contributed more, could earn more fees, more year end bonuses.
I feel like you answered your own question. A lot of cold emailing/calling, networking, and resume dropping. Hopefully your deal experience is good enough to catch someone's eye and get your foot in the door.
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