Two Offers, Need Help Deciding

I've spent the past few years working for a boutique investment fund and am looking to transition into IB. I've recently received two offers in NYC.

Option 1: Investment banking analyst in the ECM group at a top MM boutique.

Option 2: Associate/AVP in the ICG credit management/underwriting arm of a BB. This isn't a traditional IB role but it's a newly created department that interfaces with all of the IB divisions of the firm. My boss knows I'm interested in IB and was told if I perform well in a year or so they would move me into an IB Associate role at whichever desk I'm interested in.

My concern is how difficult it might be to get promoted from Analyst to Associate at a boutique versus starting as an Associate in a non-traditional role at a BB with the potential of staying as an Associate when I move to an IB role. Finally, my manager mentioned it's easier to move around once inside a BB or to another BB versus transitioning from a boutique to a BB and I can't tell if I'm being sold or if these are the possibilities.

What are my exit ops for each and the possibilities of lateralling to different firms? My goal is to become an MD one day so any advice on which direction I should take would be greatly appreciated.

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Comments (8)

  • Analyst 1 in IB - Gen
Sep 13, 2021 - 4:05pm

Not sure what second role is, but I would take over ECM... ECM is really hard to lateral to even coverage group from what I heard.

Most Helpful
Sep 13, 2021 - 4:30pm

Any sort of "elite" credit management/underwriting role is likely to be attached to leveraged finance. When they do underwritten/committed deals (almost always for LBO or acquisition financing) the corporate bank has to underwrite the balance sheet risk. Corporate bankers are used to underwriting revolvers, so this isn't up their alley. JPM and other banks have created these special teams which do the underwriting. It is quite interesting work. I'm in LevFin at a BB. Not sure how hard it will be to move from that role into IB, but I have seen senior corporate banking associates and junior VPs lateral to associate 1 in IB

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  • Partner in PE - LBOs
Sep 17, 2021 - 4:24pm

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