is any IB better than no IB at all?
Thinking of signing with a small unknown IB firm given that I have no other IB offers on the table. My only offer is to work in middle office risk management at a 2nd tier BB. I'm obviously more interested in investment banking work but am concerned about the deal experience and exit opportunities.
I'll be mostly working on small transactions 15 to 50 million. Deals will equity and pipe financing and M&A. Should I take this IB job or take the safety of the BB risk job?
If I nail down all my IB technical & deal stuff, what are my exit-ops coming from this small IB? Is it possible to lateral to top firm if I work hard at networking? I'm currently at a top 25 school and will graduate in the 3.65-3.70 range. TYIA!
I would delay graduation by a semester.
How did your applications go with the BBs? Did you get through to any final rounds?
Take the boutique. Trust me its fine.
take the boutique, u don't want 2 be middle office RM at 2nd tier BB...
Definitely would take the smaller IB firm.
Any IB is better than MO or BO. As long as you think you'll be doing IB work, then your resume will be fine.
From speaking with the people there I'll definitely be doing IB work, just on a much smaller scale. Seems like the consensus is that doing a $20 million private placement is better than doing BB credit risk management?
Even though the deals are small....you will still be learning how to model(DCF, comps)
take the ib stint. lateral into a stronger boutique or a bb as a 2nd year.
downside is - you'd have to interview for pe in your 2nd year
BYU is a top 25?
I would definitely agree with the rest of the posters and take the IB position. Once you take a MO or BO position, it is very difficult to move into FO IB. While with networking it is always possible to move into a BB or strong boutique/MM, it will be much more difficult coming from MO or BO than from a small IB boutique, where the skill set will be directly transferable and applicable even though the deals are on a smaller scale. Take the IB position, focus on building a strong skill set that includes numerous deals (even if smaller deals), and build your network. In a year or two, you might opportunities with stronger boutiques or BBs, or, you might actually like the deal and overall experience at the smaller shop and want to stay - stranger things have happened.
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As someone who was faced with a similar situation as an undergrad in 2003, I beg you...please take the IB job if you have any interest in an IB career in the future. I also had the low tier IB versus credit dilema, and I went with the credit position (think JPM/BoA/Citi risk management). After only a year on the job, I realized I made a huge mistake. Much of the actual "thought" involved in risk management has been taken away over the past decade and replaced with formulized risk ratings and capital allocation. When I tried to jump from a credit group into an IB role (both internally and externally), it was near impossible. Once you get the stigma of being a credit guy, it is amazingly difficult to prove that you don't want to be a credit guy for your entire career.
Luckily, I was eventually able to move into a structured finance role and eventually made my way over to a hedge fund. But this was also during the 2005-2007 time frame when recruiting markets were frothy. Now days, I would say it is multiple times harder for someone to make the same moves I did.
^Is this credit analysis... risk management.. or what do you mean exactly by risk management?
take the credit role. at least you'll have the name to fall back on should you get laid off and can position yourself for various other roles within corporates. i still think job security is this most important aspect to consider when picking a job for FT in this market and will be so for the 1-2 years.
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