Currently coming up to 1.5y in CB coverage in London at a lower BB/MM shop: HSBC/santander/Barclays/BNPP/RBC/DB type.
As of now, in non bank, FIG coverage so looking at a mix of transaction banking products, markets and lending (purely senior secured RCFs/ TLA (rare)).
I enjoy the debt part of the job far more than the rest and what to dial in into this as a career, this exposure is relatively low in the role I’m currently in for context.
I have an offer to move externally to a far worse shop in terms of name (hadn’t even heard of this bank before/ seen them in our facilities) for a levfin role. To note, the analyst and vp I spoke to made it clear that their deal flow is pretty strong in their Defence.
From an outsider’s perspective, does a move like this make sense? It’s the only role I’ve applied to as was put through the process quickly by a recruiter and didn’t want to move before the 2y mark.
Or does it make more sense to see my options after 2y/ internally? (Don’t think internal mobility is THAT good). But moving to our levfin/ acq finance/debt structuring type roles seems relatively viable if the work is put in.
For context I will be starting as a ‘1st yea’ analyst and comp is pretty much the same as now- not too sure on bonus expectations but currently, the place I’m at pay’s below market bonus’s + I’m not expecting this new shop to be paying that impressive bonuses.
Probs several grammar/ spelling mistakes as written in a rush but would appreciate any insight. Feel free to pm if further details would be helpful for context.
Might be worth noting that I’m pretty bored of my current role + the day to day and have only enjoyed the work on the debt side. But that has started to become boring because of the vanilla nature of the debt we’re underwriting.
To add, the reason I feel the move is more difficult to assess is that1) the difference in brand is very clear, but, the difference in job being ‘better’is only becauseof my personal interests.i.e. Person dependent, someone else may prefer/ think my current job is better… and it’s not a case of wanting FO and being BO making the change make far more sense.
2) feel like i may be in a position where I struggle to move upmarket in terms of name for better deals. Hence thinking it would be a better move to wait it out for similar jobs but at better names (this being the 1st offer and job I applied to)
Based on the most helpful WSO content, here's what you need to consider:
Your Career Goals and Interests:
Since you’ve expressed a clear interest in focusing on the debt side, particularly LevFin, this move could align well with your long-term career aspirations. If your current role is not providing the exposure you want and internal mobility seems limited, moving to a LevFin role—even at a lesser-known firm—could help you build the specialized skillset you’re seeking.
Firm Reputation vs. Role Quality:
While the new shop may not have the brand recognition of your current firm, the strong deal flow they’ve mentioned is a critical factor. LevFin is a technical and deal-heavy area, and gaining hands-on experience in this space can significantly enhance your marketability for future roles, even if the firm’s name isn’t as prestigious. Remember, the quality of your experience often outweighs the name of the firm, especially if you’re looking to pivot into a niche area like LevFin.
Timing of the Move:
You’re approaching the 2-year mark, which is often seen as a natural transition point in finance. While staying until 2 years might give you more time to explore internal options, it sounds like you’re already bored and not learning much in your current role. If the new opportunity offers better alignment with your interests and career goals, it might be worth making the move now rather than waiting.
Compensation and Bonus Expectations:
While the comp at the new shop is similar to your current role, and bonuses may not be stellar, the real value here lies in the experience and skillset you’ll gain. If the LevFin role provides meaningful exposure to structuring, modeling, and executing deals, it could set you up for better opportunities down the line, including roles at more prestigious firms.
Exit Opportunities:
LevFin experience is highly transferable and valued in areas like private equity, credit funds, and other high-finance roles. Even if the new shop isn’t well-known, the technical skills and deal experience you gain could open doors to better opportunities in the future.
Key Takeaways:
Ultimately, this decision comes down to prioritizing the role and skillset over the firm’s name. If LevFin is where you want to build your career, this move could be a strategic step in the right direction.
Sources: Is Corporate Banking that much worse than IB?, Commercial Banking vs. Debt Fund, https://www.wallstreetoasis.com/forum/investment-banking/qa-2nd-yr-ib-analyst-australia?customgpt=1, London Advice on current situation and transition to IBD/S&T, LevFin in London
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