eastdil corporate advisory to IB
Has anyone ever heard of someone lateraling from the eastdil's corporate advisory business to REIB or IB in an different industry group at the associate level ( associate corp. advisory > associate IB) or is going back to B-school needed for that reset? Trying to gauge if this exit opp is possible
Could easily switch to REIB at BB as an analyst/associate. Have seen people do this in between summers as well. May be a bit harder for another industry, because ES's name is less known outside of RE, but definitely reasonable. The M&A/Corporate Advisory is their REIB group that works with REITS on M&A/Private Capital Raises and is based out of NY and SF offices. Different from the traditional Investment Sales teams (would likely need an MBA coming from here). One thing to note is that they sometimes post jobs for their credit teams, under Corporate Advisory, so be careful here. This is incredibly deceitful on their end. Speaks to the culture which has been brought up recently on the threads.
Their credit teams? Do you mean their debt placement teams?
I think that he is referring to this part in the job description:
which falls under corporate advisory and not under the debt/ structured finance team. So I am assuming this might be a specific group in corporate advisory that focuses on corporate credit transactions? Maybe someone else with better knowledge can expand
What is confusing though is that most of their associate roles ( office, retail, multifamily) mention that it is for experienced analysts or recent MBAs. However I havent ever seen the corporate advisory associate role ever state that an MBA is needed.
An MBA isn’t required for any role and they don’t even really formally recruit anyone out of those programs anymore. The ones they’ve hired recently have actually come in as analysts, instead of associates, due to lack of experience. MBA is mainly for those who are career switchers these days.
I will add on a detail to consider. The bigger, more "prestige" I-banks tend to heavily rely on OCR/direct grad recruiting (because they can). They are usually showing people the door from those programs after a few years they don't want to keep (if they haven't quit already). So, I would agree you would be qualified for a lateral, it could still be an uphill battle as firms just don't create that many spots naturally for such movers. Here is where some tactical networking could be in your favor (especially with the REIB groups where you would be qualified).
Still, if you really are dead set on BB i-banking, may want to figure out the grad degree for the reset. Here is something you know will 100% true, somebody like you, with similar experience will have gotten an MBA plus this experience, and will be competing against you for the job. That is the stone cold reality of grad school, it's not about the "necessity" of the degree, it's the competition effect of so many otherwise qualified people getting them.
I work in REIB and can tell you 100% that people have lateraled (from non-IB) in to a smaller, less prestigious REIB group, and then lateraled a second time to a BB as an analyst or associate.
Yes, many associates come from grad programs. But these banks need bodies and will happily take someone from a MM or boutique bank with deal experience. They will be more valuable day one than a fresh MBA.
The only reason you don’t see this more often is because even the less prestigious REIB groups set you up great for REPE. So there’s just not much demand from applicants (and there aren’t very many smaller REIB groups to begin with). This is not a difficult move by any means. The hard part is getting a REIB job in the first place (at a smaller group). Once you’re in, it’s easy
Redever I swear you’re getting paid by Kellogg or something cause you’re always recommending grad school
LOL, I think Kellogg, Harvard, and others all should be sending me checks!!!!!!
In all seriousness, I agree with this totally, my point is mainly around the "prestige fixation". The OP could go direct to REPE/investment mngt without going to any other IB, BB or otherwise. Still, my contention about competitiveness of grad school comes from being in the industry over 15 years and seeing how it plays out for people time after time.
You can do the path you exactly lay out, but the 2 years of grad school could propel your whole timeline. You compound all those jumps and timelines and see where people land by age 30 and 35, that's my main point.
Also, if you don't think not having a grad degree can harm a person when promotion committees are reviewing details for moves to MD/EVP, you are crazy. At many firms, even second/third tier, that can impact who gets managerial roles all the time.
Trust me, my views on this matter come from personal experience, and I would totally cash any checks any college would like to send me!
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