Hope that everyone is well. I was looking to move to corporate development after spending a few years here in banking. I have a few interviews upcoming and just wanted to get a sense of a few things from folks who had been through the process --
1) Was the format of the interview similar to typical IB interviews? Was it heavily geared towards technicals? Or more fit/industry focused along with discussions on deal experience? I was wondering if there was a particular way I should prep.
2) Is there a comp range that I should be asking for post 2 years in banking? These are senior analyst roles in the major NYC area. I was thinking to begin with a top of ~$130k, but wasn't sure if I was aiming high/low.
Many thanks as always :) @Sil" @Esuric" @FWU" @BankerC159" appreciate your thoughts!
So you did 2 years as an analyst at what sort of bank? You don't have to be specific, but general guidance would be helpful (MM, BB, EB, etc.). Also, what group were you in and what industry are you targeting? I ask because it's easier to break into pharma, for example, from a Leerink than it is from STRH financial sponsors group.
With regard to your questions:
I would say, have a fairly strong understanding of the industry dynamics, competitive pressures, general trends and understand the company. Corp dev has a strategy component (from my experience) where there's additional value placed on industry knowledge.
Corp dev interviews are nothing like IB interviews. It's a night and day difference. Where IB interviews always felt predatory in the sense that the interviewer was always testing your mettle, corp dev interviews are more so about trying to see if you fit in. If you have IB experience on your resume, in my experience, the general interview tactic is to assume that you know your stuff and instead spend the majority of the interview on fit and industry questions (to see if you actually did your research). If you approach these interviews with an IB mindset (i.e. over-prepare), you'll smoke the competition. Remember, though, that everything on your resume is fair game. People seem to never remember that...
I went through pretty extensive recruiting/interviewing, and $130k is pretty high for base. I would personally settle for somewhere between $100k and $130k base. It also depends what the title is. Managers tend to make a bit more than analysts/senior analysts, but many firms use these titles interchangeably.
Completely agree with Sil here, and I've been on both sides of the table.
1) Mostly about the fit/culture. That's also where you have to be genuine (personality, your Motivation for changing, etc.). Many Bankers come across as arrogant or patronising, which will hinder you, even if you are smarter than any one in the entire Organisation. Respect for the experience of others and interest in learning are key assets, which you can mention in the Meetings. Industry knowledge I would replace for industry affinity and interest: why the industry, Drivers, your views on developments (pastr and future), competitive landscape, USPs, etc. Some Basic technicals, but as mentioned by Esuric some tangential Information on deals (your role, what was intersting/important, key elements of the deal and rationale). Specially valuable if any of the parties is a competitor/Client/supplier... that you pique their curiousity and you can land some nice Points by explaining more. Be careful, do not disclose no confidential Information (no serious Party expects you to do it and would not look positively upon you if you do so, beyond any further implication).
For 2) it is hard for me to comment, but be mindful that corporate =/= Banking pay Levels. With the right skill set, Disposition and opportunities/Luck, you can also develop your career in the Organisation and get quicker to a more financially rewarding Position.
Good luck with your interviews and tell us i) what was asked and ii) how you did!
Totally agree with this. $130k base probably is not realistic, but you may be able to get $110-$120k base.
What would a potential bonus be? Much smaller than in IB?
Yes. 10-20% generally. $130k would be a nice all-in target, and $115k should be sort of a minimum target.
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