CB to IB advice
Im a rising sophomore at an ivy target, non diversity and i recently got a sophomore summer analyst offer at a bb (jpm/bofa/citi) for corporate banking.
I am grateful for the offer and will probably take it but i was wondering if anyone has advice on leveraging the cb summer internship for ib opportunities my junior year. For example, im unsure if its a good idea to try and lateral into the ib team (levfin, etc.) within the same firm — as cb falls under the ib umbrella — or if i should aim for a different firm.
Any other general advice in navigating the shift from cb to ib would also be greatly appreciated!
As a side note, my main motive for moving to ib is the exit opps in the buyside.
This topic has been discussed a # of times on here so also search previous threads.
However, CB to IB is not a tough switch if both are under the same umbrella. Seen it many times. Maint thing you'll need to do is network with juniors and seniors well and do well with your CB gig.
You can, a friend of mine did from a non target to a BB
Have been at JPM LevFin for a few years new and have seen this move made numerous times. Since the work itself is practically the same for a CB analyst and a LevFin analyst, almost all of the laterals I've seen have been into LevFin (with the exception of one into M&A). I would note that most of these have been at the full time level with a year or two of experience. Since you're still early on I think you have an advantage and can spin this experience into almost any group.
Regardless of the bank (JPM, BAML, or Citi) you'll get real deal exposure and in an ideal summer you'll have the chance to work on a large scale transaction within the IB. At the end of your internship you'll then hopefully have a sense of the different roles the CB juniors, LevFin juniors, and Coverage juniors play within a deal team.
While the most natural path is to LevFin, l see no reason why you can't position yourself for a coverage role the following summer as well (i.e. you worked on a healthcare CB deal, which fueled your passion for the industry. Now an ideal career for you would be working with healthcare companies on all strategic transactions and not just debt financing). Your skills will also be refined as you worked within the IB umbrella during your sophomore summer and know what is expected at the analyst level. CB teams work hand in hand with all of the IB teams and close transactions worth billions of dollars (no $50mm Term Loans in this neck of the woods). The experience (especially at a name brand) will be second to none and you should be stoked because you landed yourself an amazing gig for the summer.
Hope this helps.
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