D/E Placement vs. Investment Sales

Here's my general comparison [at the junior level] after working as both:

D/E:

• Significantly more in-depth knowledge of the whole transaction. Will get in the weeds on all loan due diligence, as well as title & escrow matters, insurance policy procurement, third-party report origination & review, legal (really get to understand how an org chart can be structured)
•  Assuming equivalent deal flow, likely greater earning potential as an analyst. D/E teams are usually W2'd w/ the company, and bonuses get paid out on a somewhat predictable and prorata basis. In IS, your seniors' are 1099'd and bonus comp is almost solely at their discretion. Lots of senior folks in IS had to eat shit coming up and think its a right of passage for you to do the same. 
• Ability to build more focused relationships with individual clients due to the general lack of geographical restriction on where you can transact.
• Ability to build a good career off the back of 2-4 strong client relationships. 
• Assuming your clients have a repeatable and successful business plan and are well capitalized, the actual work once you get established is significantly easier in D/E. Doing repeat agency deals with a low-maintenance client is a fucking cake walk compared to having to go through the dog & pony show of an IS deal (win the listing, tour the asset, drum up competition, best & final, 2nd best & final, blah blah blah). 

IS:

• Significantly more exposure to a broader range of clients. You will be constantly getting in front of engaged groups with BOV & OM requests.
• Depending on deal size, I think the overall earning potential for a junior producer is greater in IS vs D/E. The lack of geographic restraints in D/E is a pro for established banker, but a con when you're trying to establish yourself and competing against the entire industry to secure clients. Also, you're earning fees on the total transaction amount in IS vs just the loan % in D/E.  The overall fee %, especially on smaller deal, is usually greater in IS (brokers working on $3M - $7M can often command 2% - 4% fees on the sale price while lenders are kind of stuck being capped at a 1% fee on the loan amount).
• On the same note as above, there is less competition in the middle-market space / sub institutional space in IS. Because it's such a sink or swim environment, it's hard for people to have longevity in the industry when they're not able to produce. Working under an institutional team provides a great framework that better translates into a potential career as a young producer, assuming you make it that far.
• A huge con is that your strength of relationship with any one client only goes as far as the number of deals they have in your market. IS brokers have to do way more networking and client outreach to stay in front of the deals that can transact in their market.