Jobs listing IB experience wanted
I've seen some job postings lately for a bunch of different roles (BD, sales, investor relations, corporate finance) that are all asking for 2+ years of IB experience (sometimes have PE, asset management, management consulting, etc. in there too). But then the salary is usually like $70K - $90K, and I'm just wondering if they're actually getting someone who previously worked in IB.
I have a few friends who are IB analysts at top banks, and I've met some of their coworkers too, and it seems like they think (not saying this is right) that those jobs would be SUCH a step down. So, because of that, I guess I can't imagine who in IB would be responding to these job posts, especially if the jobs have relatively lower salaries.
Just want to hear the community's thoughts on this. Are people in IB/consulting actually applying for these types of jobs? I get that employers want to target "top candidates", but I feel like those applicants are not always going for these jobs?
Short answer, yes. Most of these are 9-5s or close to it, and between the below two groups of people they end up being very competitive.
1. People who are burned out of IB and want a 9-5
2. People impacted by layoffs who need a job
I have been in IB for a while and a solid 30%+ of my analysts leave for these types of jobs. Often they leave at the 1-1.5 year mark so I would say 2+ years is a pretty flexible requirement. And I'm at a top BB, it's not like this is some LMM and it's all they can land. Even if you look these jobs up on LinkedIn many of the people are ex-BB IB.
30%+ is a lot more than I was expecting, do you know what types of corporate roles they usually go to? Is it corp dev or other types? Does the other 70%~ stay in finance (PE, HF, etc.)
I think a lot of them are very done with working weekends/long hours - most of these jobs are six figures all in, which is not bad for someone 1 year out of school. The money starts to matter less when you haven't seen your friends in a month and have canceled 3 date nights in a row with your gf.
As for specifics, mostly what you mentioned above - corp dev/strategy, IR, lots of generic corp finance and the occasional FP&A. The rest go to PE, I've only seen like 1 HF exit from my group but maybe self-selection
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