Comments (41)

Sep 11, 2017

^interested as well.

Sep 11, 2017

boutique IBD, PE, HF, Corp Dev.....

Sep 11, 2017

What exactly is the difference corp dev and IB? Would like to hear your perspective both and they relate (or do not relate).

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Sep 11, 2017

I mean i know that corp dev is more strategy-based and that IB is more advisory based, but if you could elaborate a little more that would be great.

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Sep 11, 2017

corporate development, as it was explained to me in the side of investment banking for the acquired company or acquiring company. so, all of the communication between the investment bank and the company goes through the corporate development team and they are usually made up of former investment bankers. they also do strategy type roles when they are not working on a live deal as you pointed out.

Sep 11, 2017

think you're fine make sure you are involved wit quantitative aspects of your job i.e. valuation work, pulling comps etc when it comes to your transaction. ask to get involved with those aspects if not initially staffed on em

other than that keep networking and do not ignore the target firms in the south, make sure you can secure interviews with them too because you will likely stand out amongst your peers for those positions vs the BB ones in NYC

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Sep 11, 2017

that's the issue, im not exactly sure ill have a chance to be involved on that type of quantitative work considering most of it will be done by the investment bank that the firm I'm working for hired to represent them in the acquisition.

Sep 11, 2017

-be proactive this summer and try to do something meaningful this summer and actually be able to discuss it deeply
-network with people at the banks you want to work at
-network this semester
-network this summer
-network

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Sep 11, 2017

i understand that yes, networking is the crux of all great applicants, but i want to learn more about how someone who has been in a similar position as me (lower GPA, non-target) environment with an internship like mine and leveraged that in interviews to a job. can i flat out ask my manager this summer to refer me to her former associates at her bank? is that a no-no or is that something i should be doing? stuff like that.

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Sep 11, 2017

Your success will definitely come from networking. To build on that, I think you can have a good story by targeting IB coverage groups in the same space as that F250 you will be working at, and saying that your internship there and experience working on the M&A deal really piqued your interest in the industry and now you want to work on the sell-side advising other companies in that same industry. It helps if you can especially point to that deal and talk about your responsibilities and experience, and how that led you to pursue IB instead of in-house M&A (i.e. "Corp Dev"). If you can spin this story eloquently, I think it makes perfect sense to any banker and would be a great way to define your story.

The reality is that your GPA and school aren't doing you any favors so, again, you have to make sure to network like crazy.

"I'm going to make him an offer he can't refuse."

Best Response
Sep 11, 2017

Honestly, this is pretty easy to spin and really doesn't require any sort of desperate reasoning since the story of why you took an internship in corp dev and then the transition from Corp Dev -> IB makes a lot of sense.

  1. With most premier investment banking summer internship spots being reserved for mostly juniors, the next best thing to really gain exposure to this industry in your position is a corp dev internship.
  2. A corp dev internship makes a lot of sense because it really provides you that underlying foundation of understanding why a company does the things it does, and how the corp dev team influences those moves and those actions.
  3. With a solid foundation of really understanding how one company operates, you can leverage that experience and that knowledge when you enter IB and you can apply that knowledge to multiple companies, especially with peers across the sector.
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Sep 11, 2017

To add onto this, if you got the corp dev internship by intense grinding like contacting many types of people, getting an interview when all of the other candidates were juniors or seniors, etc. then it would be a great way to implicitly convey that you are driven and have the willpower to get what you want. Since corp dev internships are hard to come by, you will probably get asked how you got it.

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Sep 11, 2017

Yes definitely. If your at a Big 4 this summer and hopefully a respected university, then BB is very possible. No Guarentees at a BB Level, but your on the right path

Sep 11, 2017

thank you!

Sep 11, 2017

Definitely possible. Congrats on the big 4 gig! My friend did something similar (accounting/advisory) at a big 4 and moved to a BB last summer.

Sep 11, 2017

100% possible. Your chances are much higher than most of your competition.

Count your blessings and don't lose your drive.

Sep 11, 2017

thanks for the encouragement. good to hear precedence.
would big 4 m&a experience be better viewed compared to a boutique IB stint? or is there no difference? or is it the other way around?

Sep 11, 2017

Depends on the boutique... are you talking PWP, Evercore, Centerview? Then yes, the boutique IB stint is better.

If you're talking about some no-name boutique that does $50mm dollar deals then your time is better spent at the big-4.

Sep 11, 2017

thanks for the insights!

this is in asia though

Sep 11, 2017

1. More relevant work experience always trumps less relevant
2. Unpaid isn't looked down upon and, if anything, demonstrates your initiative and dedication (unless your hours were easy)

Sep 11, 2017

Orangebull,

When recruiting junior year, do firms ever know if what you did was paid vs. unpaid?

And it seems like at the boutique IB I would be doing a lot of typical intern work on formatting presentations and basic research, but may also get some (limited) valuation experience. Typically the deal sizes range anywhere from $20M - $100M and they seem to have decent deal flow

Sep 11, 2017

It's the best experience(except for MM IBD, BB soph programs, but very few people do these) you can have going into SA BB recruiting.

Sep 11, 2017

You don't have to tell them anything regarding compensation. Just put Summer Analyst as your title. They likely won't even ask.

Sep 11, 2017

I did an unpaid internship last summer as a sophomore. I have a SA gig at a relatively well-known boutique in NY this summer. Unless you tell the firms that you are interviewing with that it was unpaid, they would never know. However, I doubt they would look down upon that. It may even be able to be crafted into a story by you about how badly you want to be in banking. I would take the banking job, personally.

Sep 11, 2017

I did an unpaid gig last summer and wasn't asked about my comp once.

Sep 11, 2017

I think the importance of securing an IB internship for your sophomore summer is overstated. I landed interviews at 4 BBs and 2 MMs with an unpaid PWM internship during my sophomore-junior summer. I knew some kids that had boutique IB internships following their sophomore years that didn't land interviews/offers. More than anything, the banks are looking for students that have demonstrated an interest in finance, a good GPA, humility, and most importantly, fit the culture of their firm.

Sep 11, 2017

Nothing is set. To be honest, that sort of profile is not uncommon at top target schools. But, you are ahead of most people at recruitment at that point. If you have a good GPA and EC's, and are considered at the top at your school, then you should be well-qualified to get interviews with the firms that do OCR.

Sep 11, 2017

No you need to interview with a megafund PE firm or you're toast.

Sep 11, 2017

obviously if you dont fuck up you are infront of 95% of your junior class.

Sep 11, 2017

is this a serious question

Sep 11, 2017

Of course you're in better shape than someone who hasn't had any experience

Sep 11, 2017

what if you have boutique or MM ibanking experience in second year but you have no connections at any of the BB.

If you were to apply online to a BB in 3rd yr and the fact that you have prior experience get the resume to the right guys or is there still a chance (due to all the people applying) that they will never see it? And therefore you still have to network inorder to get that interview.

Sep 11, 2017
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Sep 11, 2017