Boutique Unpaid IB vs. Corporate Banking
Hi,
To start out, my ultimate goal is to work in investment banking, for a solid firm with good pay and strong deal flow.
I'm currently set to graduate this semester from a non-target. I have 3.5 GPA, several internships in accounting, and one IB boutique internship. I'm doing the boutique IB internship right now for the fall and its unpaid, but offers pretty decent deal exposure e.g. creating CIM's, client calls, but barely any financial modeling. The MD says I can continue for as long as I want in this internship until I find a FT job. I've been looking for FT offcycle IB jobs and have been getting interviews, but no conversions yet. However, I have landed a few corporate banking offers that are quite solid. Though since my dream is to do investment banking, I am afraid that if I take the fulltime corporate banking offer, itll be backpedaling. But the pay is great and I heard many people lateral from corporate banking to IB. But will employers look down upon me if they see that I was in investment banking previously and then moved to corporate banking? Here are my options.
- Continue Boutique IB unpaid internship and continue to network/apply until find an investment banking job(risky because its unpaid)
- Accept one of the Corporate Banking Offers (lateral after a year or two if still want to do IB) ---- offers are from Citi, JPM, WF, C5(Scotia, BMO)
Thanks for the help guys
Corporate banking 100% of the time. That’s not backpedaling, that’s taking advantage of a an extremely solid job offer that will pay you good money and provide excellent experience. Backpedaling would be giving away your time for free at a dinky little shop and crossing your fingers the crapshoot of getting a legit gig works in your favor (unlikely, statistically)
Awesome, got it. And this would be applicable to all corp banking offers? Ofc granted its not a shitty no name corporate banking offer
it's actually disrespectful to even put these 2 options in the same conversation. Obviously JPM/Citi CB > you can easily lateral to IB any group you want internally after a year or two.
Got it, would this be the same for C5 Corporate Banking? e.g. Scotia, BMO, CIBC
Keep in mind any real bank that is worth working for would not offer an unpaid internship.
Take the offer even if its from a C5. Corporate Banking to IB is not that hard and a lot of people make the jump.
If you go from a no name school to a no name bank you are basically nuking your career.
Yeah I'm at a C5 in CB and literally tons of people have moved to the IB groups (and got to pick their industry/product group as well).
CB to IB from C5 is definitely possible. Lots of laterals at Canadian banks these days, especially BMO, TD, Scotia. It’s harder at RBC from what I hear
Equally disrespectful
Have even seen people lateral at the 1 yr mark in current market.
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