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April 30, 2024
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How was your time in corporate banking, if you don't mind me asking?
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I really appreciate your answer! Do you have any advice for preparing for a CB role, particularly at the analyst/SA level?
Admittedly have never done CB but in Private Credit now.
The reason for the explosion in PC growth is because banks are limited in lending to certain areas/companies. And while this may be overly anecdotal, it certainly suggests that the PC role will offer more stimulating work .
It also helps to go into an 'investing seat' versus a seat where you are simply lending against a balance sheet. The stakes are much higher for the former.
Lastly, you can easily return to the CB side if you decide to. But it will become increasingly less likely for you to get a PC role as you become more senior in your current seat. I can personally tell you that the Private Credit market is starved for analysts with ~3 years of experience, and who are also credit trained. But there is a HUGE dropoff after that, until you get into the MD level (or origination side of things.)
Thanks, this is really helpful! Fortunately I’ll be coming in as an Associate 1 (as opposed to an analyst). Interesting point on it being easier to move back to CB, I hadn’t thought of that. Can you clarify what you mean about the “huge dropoff” from analyst up to MD? Are you referring to CB comp versus PC? Or demand for people in PC at those levels?
Dropoff meaning hiring volume.
The demand for junior Credit analysts (which also includes earlier associates) has been on fire. Typically this was filled with IB analysts, but as volume has grown, firms have looked at just about anyone with a strong credit background (rating agencies, CB, etc.). Once you get into the mid-career level, it becomes markedly more difficult because i.) Generally are less seats, ii.) The role itself is somewhat nuanced from CB, and so its difficult to justify paying you high $$$ to learn, iii.) At this level hiring is more by appointment (i.e. former colleagues, word of mouth).
Whereas, Corporate Banking roles (outside of maybe relationship management) are comparatively easy to obtain basically at any level.
Monroe?
No but similar “tier”
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