From CB to IB
I am new to posting in the WSO forums, but extremely excited about an opportunity that I just received, so decided I had to share my experience.
I graduated from a non target university with mediocre grades (hit a rough patch in school and matured late) and a general finance degree. After about a year and a half with a good commercial bank in their C&I group as a credit analyst, I received an offer from a MM investment bank and will start first quarter of 2015. Obviously, pumped about the opportunity considering my current resume and ready to work hard next year and prove myself! I have been reading the posts on WSO for a long time now, had many interviews, and worked hard to get the opportunity that I feel like I have earned.
I just wanted to encourage those in my shoes to keep grinding and never count yourself out. I almost gave up, but so glad that I didn't. I know for a fact that I can do this. If you have the right mindset and don't give up, good things will happen. Never give up. Period. Only losers quit.
Thanks for reading.
Good job.
NICE, MAN!! Congrats, and relax for a bit. you've definitely earned it. Any feedback on the differences that you experienced coming from CB in terms of networking/interviews compared to say a college student approaching SA/FT networking/interviews?
Absolutely, and thanks! Much more informal. I had a phone interview and a second round in office, but it was all behavioral. I had studied hard for technical questions that I had received in college, but was told specifically that they weren't concerned with technicals as they would teach me everything that I needed to know on the job. More than anything, they were looking for a good "fit" and wanted to make sure that I could intelligently explain my responsibilities at the CB as well as our underwriting process. In addition, the year plus of experience in the "real world" does make a huge difference for anyone with doubts still in college. For those whose GPA, internship, or extracurriculars aren't up to par, but are hungry enough to get in to IB, keep interviewing, be polished, and know your technicals. If that doesn't work, take a good, respectable job, and keep trying. People hop around all the time and there will always be a need for young talent. Leverage the experience you have in the corporate world and spin it in a positive light. I truly think that if you can't land the IB job right out of school, you can use your work experience (if you jump quickly) to your advantage. It is definitely true that it is much easier to land a job when you have a job.
Congratulations man! Would you recommend a source to study the technical?
A program at our business school gave students a detailed packet of literally probably 50 common IB study questions ranging from valuation to accounting, upon request. If you're still in school or have friends still in school check and see if your university has something similar they can email you. I think that a lot of business schools have underutilized resources at our disposal.
Sorry for the double post, but I think that another thing to point out regarding the technical questions is that 99% of the bankers interviewing you don't expect you to know all the answers, and all of them know you just studied a guide or took classes to get those answers. More than anything, it is about you showing them that you have the work ethic and the desire to be there by making an effort to prepare for the interview. If you don't know something, just be honest and tell them. You can't be perfect at something that you have no tangible experience with no matter how many books you read.
Thank you, that is very helpful. I'm still in college and unfortunately college can't help much. I was wondering if the WSO modeling package or something similar might be helpful, or if you know any more affordable resources.
Congratulations man! Would you recommend a source to study the technical?
What was the size of the Bank you started at (asset wise)?
It was a good sized regional bank. +30B in assets.
Congrats on the offer! What made you want to move out of CB, were you always gunning for IB but didn't convert out of undergrad or learned about what you wanted to do in your previous role?
What were your responsibilities in the CB role, were you mainly doing monitoring or underwriting? Also was their corporate banking or commercial banking? Sounds a bit like Regions.
Exactly. I had an idea that I wanted to do out of undergrad, but just didn't get the opportunity to interview due to average grades and going to a non target. My stint in CB confirmed that I wanted to make the move. I was an underwriter and our bank did a rotational program. I worked in community, middle market, and corporate syndicated. So I guess to answer your question I got a taste of commercial and corporate, but the job function remained the same in each group.
Congrats on the offer from a fellow commercial banker!
JPMorgan CB --> IB (Originally Posted: 10/28/2017)
So I applied to JPMorgan MMBSI SA kind of on a whim because the recruiter at my school recommended the program for me. I wasn't really aware of how credit-oriented the role is... I assumed the work I'd be doing is like IBD (modeling, M&A), but just smaller deals.
Anyway, I ended up getting a superday with them, but I'm not really sure how beneficial this internship will be for my career path. I've read on this forum that having a solid background in credit can be valuable down the line. But I've also read that the skillset isn't transferrable, there are no exit opps, and CB is generally not where anyone wants to be. Is that mostly meant for post-undergrad/MBA, or would I be pigeonholed into CB as a CB SA? Is it possible to network throughout the summer, and transfer internally from JPM CB to IB for full-time? Will the JPMorgan name brand get me anywhere?
At this point since I haven't received any IB offers, this opportunity might be my next best option. Any career advice would be helpful.
There are literally thousands of people that work under the CB umbrella. Clearly, people want to be there. If you're looking for IBD then why would you even consider CB? I don't understand this logic at all. People make the move from CB-IBD often, but it seems to me that you probably won't.
Like I mentioned, this late in the recruiting process, it doesn't look like I'll be able to get any IB offers. So I'm trying to see how to make the most of the CB opportunity.
bump
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Just do it for the name brand
Are you familiar with internal lateral hiring at JPM (CB to IB)?
.bump
wafers yes cb > ib is a very common route. and it's pretty easy to lateral given you fit in with the group. you're getting a lot of negative responses from cb bankers :P i understand your situation, i almost accepted a cb offer till the ib came in last second.
Wells Fargo CB to WF IBD, is it possible? (Originally Posted: 04/11/2014)
I have won a summer analyst offer at Wells Fargo, but I really want to be in their IBD.
People, has anyone done this? Along with major networking and killing it this summer, what are some other tips you might give? I want to be making deals, not making loans.
Hahaha
Via LinkedIn. ...I have seen many people do this at WF
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