Corp Dev (Entry Level)
Hey folks,
I landed an internship in corp dev in a F1000 company on the east coast. I wanted to get an opinion on whether or not this can lead to a meaningful role. I know that most corp dev positions are exit opportunities out of IB. This is different because this is not an MBA position as it did not require much experience. Also the salary is only $23/hour, working 40 hours a week. The company makes maybe 1-2 deals per year in the range of 200M-500M, and the team is composed of 1 senior associate working with the chief strategy officer. They told me that this can possibly lead into a FT role.
I just want to know :
1) Can this be a legit opportunity that I can leverage for IB other roles
2) If this translated into a FT role, would my salary and responsibilities increase (at least over 70K)? I wouldn't mind it if I worked more hours and made that much (like IB people do), but the current situation doesn't appeal to me that much.
Thanks.
anyone?
Yes, it potentially could be levered into IB. However, it'd be easier to leverage into an IB internship (if this isn't your internship between jr and sr year) and then into IB then directly there (if this is your last internship).
I don't think anyone can tell you on #2. But ~$50k a year would seem light.
thanks. Why would they pay so little though? I know that salary should not be the only determinant of judging a position, but based on what I'll get paid I will probably be doing some grunt work. Unfortunately this is my last internship before graduating in the fall, so I need to make something happen.
They are going to pay you, a student, >$9k assuming this is a normal 10 week internship. You likely have no real life, relevant experience. It's not "so little." If they brought you on full time, yes I'd have to imagine in the vast majority of cases a FT offer would pay 30% better.
Just to echo above, seems to me this would be a solid internship to pivot into a Junior year IB SA role, but if this is your Junior year role, it may be a little tricky to spin into a FT IB spot. Not impossible, but not as simple as having had a traditional Junior year SA spot. In terms of comp if you'd go FT, CD is highly correlated with industry and area of the country. If we're talking about a relatively acquisitive biotech firm in a T1 city, could be talking anywhere from call it 75-85k all in for your first year, but if we're talking about a relatively unacquisitive retail firm in Duluth, you could be looking closer to the mid-high 50s.
This is a T1 city in a healthcare industry but not the hottest subsector of it. I don't mind the intern salary but if I get a FT position I would hope increased responsibility and salary. I'm just unsure of what's going on here because usually these positions are more involved and pay better, so I'm concerned that I will put in the work and get dicked at the end.
Dude, it's an internship. You sound very entitled. No one is getting "dicked." To be honest, I'm not surprised the pay isn't materially higher - you're an intern with no past experience, so you won't add much value for most of the internship. Go there and learn. It's an internship, not a full time job. Worry about impressing them, and maybe if you're lucky they'll put in a good word for you with the senior bankers they know and help you make the jump.
Great, thanks. You're right. I do have some experience and I'm in my MSF program not undergrad, so I was hoping for a better outcome. I guess there is no point in worrying at this point. All I can do is work on performance and not think about trivial things like salary.
Makes sense. It's probably on the lower end, but I'd focus on crushing it for 2-3 months and then worry about comp. If they offer you a role but it's only $50-60k, you should still be able to leverage the experience into a related role with higher pay, if not IB.
I had a similar internship (healthcare corp Dev but coming from a law school background) a couple years back and was paid 25/hour at a F200 so I don't think the 23/hr is all that bad.
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