Corporate Development into Investment Banking

ultrazlol's picture
Rank: Chimp | 11

Hi guys, long time reader but first post here.

I wanted to get thoughts from current investment bankers on the Corporate Development -> Investment Banking switch. I know that Corp Dev is an exit option for bankers but I want to do the other way round, mostly to position myself for a future goal. I also know that private equity may be a better option for me at this point but I really want to focus the discussion on IB.

I have deal experience as I executed the sale of the company I was working with. I have 8 years of experience (3 in corp dev, 5 in corp finance) and understand that there is no way to get a VP role at an I-bank and I am therefore considering an associate role. I just have a Master's degree, and I am a CFA charterholder.

What are your thoughts? Have you ever seen someone coming from an industry into an Associate/VP role without passing through the MBA recruiting process?

Thanks,

Comments (22)

Apr 12, 2017

Would like to know as well, but in a different situation - undergrad doing corp dev internship.

Apr 17, 2017

Hey. Same situation as you. I created a thread but nobody replied, so it would be useful to see if IB recruiters value Corp Strat/Dev.

Apr 17, 2017

Yes they do. Was in the same position as you before my IB summer internship.

Apr 12, 2017

Absolutely can be done. You have a good background for it. I'm sure you have connections with that bank you used to sell your company - reach out to them. The main question you're going to get is 'why now', with a little bit of skepticism. Obvious answer is you enjoyed that process so much you think you'd be good at doing that full time etc.

Don't even ask about a VP role - not going to happen. If anything once you get an offer, you can haggle with HR over A1,A2,A3.

Good luck!

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Apr 12, 2017

I think even if offered a VP role at any type of structured form would be a mistake. You have some similar skill sets, but you don't want to be competing in review season against someone who has done 6+ years of banking. A1 has plenty of $/responsibility/learning curve and you will compete against post-MBA consultants and valuation analysts, much better for you long term career.

Apr 18, 2017

Guys-would really appreciate some pointers! Are there any HHs that you can recommend. I know amity and SG are discussed a lot,but aren't they for buyside mostly?

Apr 18, 2017

Your first step should be reaching out to alumni from your MBA program who are in IB. Since you went to a top 15 MBA, there should be plenty of alumni in IB. I would look through your alumni directory or LinkedIn, shoot them an email asking to chat about their career in IB, and then get them on the phone. I think that you can be a little more straightforward and mention that you are looking to move and ask for their advice. Keep an eye out for job postings on Indeed daily.

Second, reach back out to the interviewers who interviewed you for IB. I would just shoot them a quick email reminding them of who you are and asking if they have any time to hop on the phone. Good luck!

    • 1
Apr 18, 2017
Sil:

Your first step should be reaching out to alumni from your MBA program who are in IB. Since you went to a top 15 MBA, there should be plenty of alumni in IB. I would look through your alumni directory or LinkedIn, shoot them an email asking to chat about their career in IB, and then get them on the phone. I think that you can be a little more straightforward and mention that you are looking to move and ask for their advice. Keep an eye out for job postings on Indeed daily.

Second, reach back out to the interviewers who interviewed you for IB. I would just shoot them a quick email reminding them of who you are and asking if they have any time to hop on the phone. Good luck!

Thanks for your response. Sounds like the alumni network is the way to go. I'm pretty certain I burned bridges with the places I got offers from.

This is a bit silly but do you think quitting my current role and moving to back to NYC (rent free for now) and spending my free time networking be a terrible idea?

Apr 18, 2017

That sounds like a terrible idea. It will be much more difficult to get a job in IB if you're unemployed.

    • 1
Apr 17, 2017

Hi Ultralolz, I'm in a similar position to you and wondering if you managed to get anywhere with this?

I've got about 7yrs experience in Corp Strat, most of which however is operational - product strategy, capital budgeting, JVs etc. Very little deal experience however as the companies I worked at weren't very acquisitive.

Would prefer to transition into an M&a role directly if I can. Happy to take a hit in salary and step back to analyst level if I need to. The thought of forking $100k plus 2 yrs of missed work does not appeal to me in the slightest!

Apr 18, 2017

I have meetings with the 2 banks I have worked with during the deal. The good news is that apparently it's something they are open to but at an associate level. They explicitly told me that they would only consider me for a role within my industry to leverage my knowledge. The VP told me that the experience I got when working on the deal is the same than what Associates gets minus the administrative work and number of deals.

I don't think stepping back to an analyst level is a good move or doable. Your 7 years of experience in Corporate Strategy is too much for that level. It would be like going back to a financial analyst role at a Corporation.

Apr 18, 2017

From my experience, working as an analyst in a corporate M&A role you are getting way more experience than an associate assigned on the deal. You could make an argument the analyst is getting equal experience, but when we've done deals the associate is literally a gatherer of data and they spend most of their time messing with PP. The analyst is the one who gets the best experience.

Apr 18, 2017

bump

Apr 18, 2017

B U M P

Apr 18, 2017

I think it largely depends on how non-target your school is and the rigor of your major. Are we talking top 25, top 50, top 100? 3.5 is generally the cut off for non-targets but you get more leeway with the strength of your school. Network your ass off, cast a wide net and you might still have a shot if you have a convincing story regarding your sub par GPA.

Apr 18, 2017
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