Syndicated Loans - capital markets or Big 4 - corporate finance

Hi guys,

I have the choice between two opportunities, and I was just wondering what you would choose if you were in my position.

I recently started working for the corporate finance team of a big 4 in a mid size European city (think Amsterdam, Brussels, Luxembourg, Copenhagen). But I've just received an offer to work in syndicated loans origination (capital markets) for a top two French investment bank in a major European city (think Paris, Frankfurt, but not London).

The way I see it is that the two roles are obviously different, with the one in banking being far less analytical but far more sales-orientated. Pay is higher for the banking role. I also think that the banking role would be better on my CV (because of the location and the name of the bank...). So I am clearly leaning towards the opportunity in banking, but I would really like to have your opinion. What would you take if you were in my shoes? Feedback from people who have worked in Syndicated loans would be great! (especially some info regarding the pay, the hours, work etc).

Thanks for your input guys!

 

loans market in europe...yea, go learn how to drink, a lot.

good to see hiring that area though, there isn't much of a syndicated market out there at the moment, more clubby deals with 2ndry sell downs if and when....

frankly, in large deals, your input / learning opportunity will be limited unless you're the point banks on the deal. and this will be very anti WSO sentiment, but in MM there is more scope for learning, input and responsibility. so if it's a DB role, sweet, if CA / SG, not so much.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Pay may be higher for the banking role, but it being an origination position sounds like it is purely corporate banking (ie managing the client relationship between the capital markets bankers and the Company). Understand that this is much less analytical than corporate finance even at a Big 4. If you want to move on to PE/Internal Corp Fin/Consulting/etc...I would think Big 4 role would be easier to lateral from than a very sales-oriented gig at the French bank.

 

Synd Loan origination would be a good way to pick up some more marketable skills. The Big 4 groups tend to be sleepier and less deal-driven. Granted, syndications may be slow now but there will still be loans that will refi in the next 12-18 months (I'm assuming it's all investment-grade? then it's definitely slow). And banking typically tends to pay better than Accounting (unless you're more Senior).

 

Thanksz for your comments. You' re right the banking option will be far less analytical but way more sales oriented which is something i would prefer (probably better suits my strengths). I ve just started in corporate finance and although i am learning a lot, there is too little human interaction for my liking, i cant see muself doing this in 5 years...and just as you said the atmosphere is quite sleepy compared to the capital markets departments of banks (I interned in syndications for a strong uk bank). I also hope that Working in a major city will also be a springboard for moving overseas...

 

Nobis et voluptatem molestias. Quos facilis similique corporis similique deserunt qui laudantium.

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