BB Wholesale Credit Versus MM / Regional Bank IB
I received a offer from a BB for wholesale credit. The nature of the job is more like a credit analyst. We work on both large corporate clients and investment banking clients. A lot of clients were sourced from our financial sponsor team, therefore a lot of exposure to sponsor led deals. However, I always wanted to work in IB. I'm very likely to received a IB analyst offer in coverage or lev fin at a regional bank (Fifth Third / Regional Bank / Citizens), according to glassdoor their pay is around $110-120k all in comp. This offer came from networking with one of the founder in their capital markets team. In terms of culture of my BB team, it's very laid back and I like everyone on my team. I know my VP or MD will also be willing to help me transition into a coverage / Lev Fin team after 1 - 2 years. This opportunity was brought up to one of my other analyst on the team. However, I would have to start as a 1st year analyst all over again. If my end goal is to go to top 10 B-school and work in MF PE. What will be a better choice? I'm also in the middle of the recruiting process for other Banks (HSBC / STRH / BMO) and also industry specific banks (KBW / Sandler O'Neill). If I'm offer a position there, is it better to take those offers?
As a side note, none of the positions you’ve listed sound like a good way to get into MF PE
is this FT?
Yes, this is for FT.
Hello, I am currently in a similar situation, and I wonder how are you doing right now? Did you end up with a BB offer?
Thank you!
This sounds like either BAML or JPM, both of which have the top Lev Fin teams on the street and produce a TON of revenue for the banks. However, even if you do make it into one of these teams it is not as traditional of a path to get into MF PE (you will need to make a case for yourself)- its not like healthcare at JPM or TMT as GS type of headhunters for that level of fund you'r seeking. So Id say getting into a top coverage group would have to be your priority- which is just as difficult as getting into the Lev Fin groups so you would have to make a strong case for yourself.
In general, it will be a difficult path, but honestly who cares if it will be tough, I started from a non target and was told for years I would havent received the offer that I did. If you set a goal for yourself and have a realistic path then you will be successful.
Assuming you get the offer (not a given) take citizens capital markets or regions securities over baml global wholesale credit, there easy.
Looking back after being an analyst for one year, here's my take for people who's facing similar situations in the future.
LMM IB such as Regions/Citizen/Fifth Third versus BB IB Credit/ABL/Lev Fin credit is like splitting hairs, it seems like the exit opps to IB was pretty much the same. You will have your resume looked in both situations but, LMM IB pay slightly more ~$100-110K all in versus BB IB Credit/ABL/Lev Fin paying ~$80-90 all in. However, BB credit teams will get look from direct lending shops such as GSO/Antares type firm. Don't confuse BB IB credit/ABL credit with the MM credit teams. LMM IB > MM Credit team at BB. Regions and Citizens is unique, since there's separate IB teams within the firm such as Blackarch(Regions) and Bowstring Advisor(Citizens), in that case I will take Blackarch and Bowstring over the BB credit offers.
Lastly, all MM IB > BB credit. Even HSBC and Truist.
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