IB at "lower tier" Canadian bank vs Corporate Banking (CIB) at Citi/BofA/JPM?
For some background:
I am a student at a school that's a step below HYSPM. I am in a position where I can graduate on-time or delay by 1 term. If it matters, I should have a 3.6+ GPA.
My situation:
Will be an SA this summer at a "lower tier" Canadian bank in a coverage group. However, I also have a Corporate Banking (Housed under IB) SA for next summer at one of Citi/BofA/JPM. My goal a few years after graduation is Private Credit, but I recognize that in both scenarios below, I will likely have to lateral (Levfin/Coverage/M&A) or maybe move internally at Citi/BofA/JPM.
Assuming I would get FT offers, and want to maximize my chances of breaking into PC, should I:
1. Graduate on time and start FT at the "lower tier" Canadian bank?
2. Delay my graduation by 1 term and do the Corporate Banking SA at Citi/BofA/JPM then start FT
2a. Same thing as 2, but try to recruit for different FT
For scenarios 2 and 2a, I will still do the internship at the Canadian bank (and have it on my resume), I just wouldn't accept the FT offer.
Would appreciate any feedback. Thank you.
If you need to move later anyway then just go with the BB. I've seen plenty of people move from CB to CM, LevFin, IB within the same bank.
Also interesting, scrolling through WSO I see that all 3 banks have good internal mobility, though these posts are dated. How hard would it be transitioning to an ib group at one of these banks assuming I’m a top-performing analyst?
I would start in IB then lateral. Doing corporate banking essentially limits your IB options to only that firm while if you start at the Canadian bank in IB you can interview for an IB role at any stronger MM,BB or EB. Another thing to note is that many people who do corporate banking at JPM/Citi/BofA will do 1-2 years of corporate banking and then have to start over as an analyst 1 when they move to IB.
Interesting, I was thinking that, even if it’s not IB, my resume would be stronger with the BB CB internship (if I was looking to lateral). Is this not the case? Will the experience detract from my candidacy instead of add? Also, I thought for moving between CB and IB, your experience only gets discounted 1 year, so (ie A would-be CB AN 3 moving to IB would stay as AN 2). Thanks again for the help!
No, definitely way more valuable to have an IB role on your resume if you are trying to get an IB job. Most lateral positions will require 1+ years of experience in investment banking. If you do corporate banking you run the risk of just automatically getting rejected because of the lack of IB experience.
Internally mobility probably depends on the firm but the people I know that have done the switch internally have lost 2 years and gone back to AN1.
lateraling within IB is tried and true path. I think its a little harder to move from Corporate to IB, and the skillset is different.
scotia bank
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