Strategy for moving from Commercial/Corporate Banking to Investment Banking - thoughts

BBDreamin's picture
Rank: Neanderthal | 2,701

Hello all,

I figure I'll start off with a quick background so you can provide the most insight:

  • Recent Non-Target college undergrad, GPA: 3.94
  • Didn't realize I wanted to do IB until last 3 months of undergrad
  • 6 months experience in Corporate Banking division of a Regional Bank - Credit Analyst(~$70 billion in assets)
  • Been modeling with BIWS excel & foundation courses
  • Looking to move into a Boutique or MM IB shop (being realistic here, BB is probably a long shot until I have IB experience)
  • Haven't done much (hardly any) networking yet.

My Strategy as follows:

  • Build LinkedIn profile
  • Finish up the modeling courses - once I feel comfortable with the technicals and concepts, I'll begin networking (I want to know my shit before I begin reaching out to people)
  • Network, Network, Network
  • ^ simultaneously studying the Interview Prep Guide I am going to purchase within the next month or so

    Any suggestions/tweaks as far as strategy goes (I think its pretty straight forward but I wanted to hear peoples opinions on timing/ other suggestions)

Should I just start networking now before I finish up the modeling? - I'm about a good 1 1/2 months out from finishing the modeling courses I'd say. I just am afraid that i'd somehow manage to land an interview and not be well enough prepared for it yet.

Any suggestions as far as networking goes? - IB alumni very limited, few friends of friends.

Comments (26)

Nov 8, 2015

Personally I think it is never too early to start networking. If you know where you want to be, have a good understanding of what that entails and why you want to be there I would say go for it. No matter how long you prep on technicals you are never going to be a rockstar until you get a chance to do the actual work. I see no reason why you can't do both simultaneously. Good luck.

Nov 8, 2015

Just start networking as it takes time. Even if the person is remotely connected, just try to setup a call/meeting.
That GPA though.

Nov 8, 2015

Don't have much information on this. But at least 1 associate in the Diversified Industries group here (MS/GS) is from Corporate Banking.

Nov 8, 2015

Thanks for the reply. Do you know how long the person was in corporate banking? And he/she transferred to IB at the associate level?

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Nov 8, 2015

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Nov 8, 2015

Why do you want to switch from CB to IB? What are your current hours like?

Nov 8, 2015

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Nov 8, 2015

yes definitely.. your background fits perfectly with the MBA candidate assuming you have a solid undergrad and good test scores.

this will be the most likely route so u can get into the associate level right away... i think goin straight to IB will make you hav to start as an analyst which might not be worth it altho i have seen some poeple take this route

Nov 8, 2015

It definitely happens, although not often. You will most likely need to drop back a year. I only know of one corporate banking analyst and it was to a non-traditional IBD group, but that's not to say it doesn't happen more often. Be aware, though, that your group in corporate banking may not look too favorably on you switching to IBD after only one year, regardless if it's internally within the bank. The person I know that did it was actually a 3rd year that dropped to a 2nd and it was because they only had one slot for an associate role which was already filled, so it worked out.

Nov 8, 2015

probably industry specific stuff, but still very hard... make sure you excel/modelling is top notch if you get a chance for an interview

how long have you been in CB?
network your ass off...

Nov 8, 2015

depending on the bank, corp banking groups are light on modeling which is a big part of your job with product groups like m&a and levfin. however a levfin transition would make most sense given your strong understanding of syndicated loan products and i've seen many instances of people move internally. also a sponsors coverage transition would be logical given you'd be maintaining relationships with corporate and sponsor clients as a corp banker. other industry groups could be a possibility.

Nov 8, 2015

I'd really brush up on your modeling and attempt to network your way into your IB. Keep us updated, would love to hear how you end up doing!

Nov 8, 2015

Appreciate the insight guys. Fortunately I do a decent amount of modeling (albeit not close to you IB'ers). My bank is very conservative and we go through extensive (too extensive in my opinion) analysis of every deal. Predominantly cash flow models, obviously. Thanks again.

Nov 8, 2015

What's your endgame? Im in corporate banking as well and have found that IB is not a pre-req to move out. Just need to re-work the resume a lil bit.

I went through the same phase and decided its better to stick around in a low-stress environment while taking time off anytime I like to interview for funds.

Nov 8, 2015
Cries:

What's your endgame? Im in corporate banking as well and have found that IB is not a pre-req to move out. Just need to re-work the resume a lil bit.

I went through the same phase and decided its better to stick around in a low-stress environment while taking time off anytime I like to interview for funds.

how many years in corp banking do you have? I am about to complete my 1st year (in 2 months) and have been interviewing for IB gigs...the reception has been very good and I've gotten a few solid leads (not much open right now)

Nov 8, 2015

Same deal. I started around the 1year mark. Im about 1.5 in now and completely satisfied with where Im at.

I had a few offers that I ultimately turned down, and MANY more interviews at most of the BBs that didnt work out. The meager comp increase, the 2x cost of living, and the 1.5-2x hours wasnt worth it.

I can now freely study for the CFA while at work (got my L1 pass today), manage my own portfolio of concentrated equities, be a contributing member of DDIC/VIC, read investing books in my free time, and interview for funds whenever.

Well worth the trade-off.

Nov 8, 2015

Do a search buddy

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Nov 8, 2015
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Nov 8, 2015
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