The more I look into Corporate Development, the more I realize that's the career path I want to follow. A BB internship and 2-3 years FT are essential for how I want to approach that career path. When I'm interviewing for these positions, should I be honest and tell them that when I get my MBA, I'm not looking back, or lie and say that I'm open to going back as an associate? Does it matter at all? I've heard MD's will sometimes help you out when it comes to CorpDev, because it leaves a door open for future relations with that company, but I could see how they would prefer to bring someone in as an analyst who is (thinks they are) determined to make a career out of IB.
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Pretty much everyone understands most Analysts will bail after two years and in my experience in interviews it was never an issue to be honest about interests in other areas of finance. I wouldn't come out and say "I'm out in two years and on to PE!" but it's fine to express other interests as long as it doesn't sound like you are completely ruling out banking.
Come to think of it I've been in interviews where they outright pitch the willingness of MD's to help you with buyside recruiting as a huge plus...
A good strategy would be to ask the MD interviewing you at the end why he decided to stay in banking. Smile, nod enthusiastically, and have a couple good follow-ups. Mention his answer in your follow up email, and that should take care of this particular issue...
I wouldn't come out and say "I'm only looking to do banking because it will let me land a sweet gig after my MBA" or anything. I'd probably phrase it along the lines of "I don't know exactly what I want to do as a career, but I know that this analyst gig is what I want right now and will give me the training to be qualified for whatever I am interested in in the future."
I've spoken with more than one BB MD who has acknowledged that they chew up and spit out analysts at the end of the two year stint. They're not really looking to get anything else out of you beyond that. At the associate level is where you need to convey a long-term commitment to banking if hired.
PS - I think corp dev is where I'd like to be eventually as well.
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