BB Corporate Banking vs Terrible Boutique Investment Banking
BB Corp Banking vs investment banking analyst at one of the worst banks in Canada (out of the top 50 on the league tables they are consistently 45th ish).
Is it better to have a big name (with more relaxed hours to pass all CFA levels and nail a good GMAT) or to do investment banking for a terrible bank.
Any help would be deeply appreciated!!
What are the salaries? Or which is higher if you don't want to disclose, %, etc..
You don't really need a CFA for IB.
Corporate Banking at the BB pays 60k base with a minimum 10% bonus (and I believe the cap is 25%) so all in would be 66-75k. While the IB position is 65k base however the bonus is unclear (however I am assuming higher).
I understand that the CFA is not required for a strong career in IB, however, I am trying to keep all exits available.
65K base for IB? Seems kind of low?
Yeah bro, we all know guys like Ken, Bernie, Cliff, and George all have the CFA...
Get the CFA if you want to learn how to calculate NAV at american funds...
Thanks? The point of the post was if it was better to go to a big name (BB in Canada) for Corporate Banking or to go to an absolute no-name firm but be hired as an investment banking analyst if you wanted to keep all of your options open.
So essentially TD corporate banking vs Laurentian Bank IB. That is tough. I've seen corporate banking guys from BB banks move to DCM, LevFin, or credit funds. I do not know the exits from Laurentian as I do know anyone who has worked at that low of a bank for IB. Hopefully someone on this forum will help you.
Corp banking and do your CFA because in Canada it matters more. Everyone has it so you would be at a disadvantage if you don't.
Take the CB offer and if you're really set on IB re-apply in a year with the experience you gained or wait 2 years to lateral within your BB to IB. Take the extra time spent not working to network, work on your modeling skills and pass CFA level 1.
Attempting to lateral to IB would likely have to be outside the bank I am guessing right? As they will likely not want to spend two years training me only to have me leave to a different part of the bank and wasting all that money. And the IB lateral opportunities are likely limited to debt focused roles right? Such as DCM or Levfin? Do any corporate bankers have experience here? Would be much appreciated. :)
Not necessarily. Im a corporate banker and I know analysts who switched to IB (M&A coverage) in the same bank, its different from bank to bank but its very doable. When i went through IB recruiting (Canadian banks) a lot of associates and VPs mentioned getting CB experience if not getting straight into IB.
What do you want to do in the intermediate term (~5 years)?
The boutique IB will give you a slightly better chance, assuming you actually get some deal flow, to move into a MM or BB IB. There's no replicating m&a experience.
You'll still have a solid chance of moving into IB going the corporate banking route. I did it from a MM CB to an upper MM IB. What the CB route also gives you is the chance to work less hours and still get paid well/gain relevant knowledge. If you're not looking to go into PE or be a lifer in IB - I'd go with the CB route and see how you feel after 1 year, again after 1.5-2 years, then decide if you think the grind to IB and it's 80+ hour weeks will be worth it. You'll still have the ability to move into IB (within your BB or without), have a solid brand name, and also that option to stay on and progress in cushier, while still fairly lucrative role.
IMO if you want to do IB than i would take the IB offer even if a smaller bank/shop. If you are indifferent and want more relaxed atmosphere plus time to study for GMAT than yeah go with the CB BB offer.
Great points AspiringDegenerate and CorpBanker , if I were to do 2 years in the corp banking role while passing level 2 of my CFA, if I were to transfer to IB, would there be any chance of receiving an associate bump? Or would I likely have to restart as an analyst?
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