Normally they would be about the same, but if the Big 4 TAS role is in the US, it’s probably a better bet because the US has a much bigger market for investment banking and more roles opening up. The CB role might be better if you want to stay in Canada, which I wouldn’t necessarily recommend because it’s a tougher market for IB recruiting, especially as a lateral hire.

Hi Brian, I just graduated and I’ve been offered a role within the Corporate Banking Global Markets group at a bank. It is housed within CM (not CIB) and I’d be starting as a “Business Analyst” before moving up to an actual CB Analyst. From my understanding this is still front office, but the work is primarily to set up trading credit limits, and fx/commodity/derivative credit lines for borrowers, perform credit analysis, etc. Would this role be better for a switch to IB (or top MBA then IB) or would a Big 4 TAS-FDD role be better (MBA to BB IB)

Sorry, we don’t have much information on that specific desk, but yes, you should expect some technical and math-based questions about pricing, quotes, yield curves, etc. If it’s a pure bond trading role, i.e., not derivatives but just the underlying instruments, I don’t think you’ll get many questions about derivatives or the Greeks.

1) No. You should pursue internships where you gain transaction/client experience (IB, PE, independent valuation firm, Big 4 TAS group, etc.). Fund management is OK and could work well for some things, but it’s not super-relevant for IB.

2) Potentially, or at least better/more relevant than fund management.

I had a few queries and would appreciate your help.

1. Is an internship in fund management at an insurance company a good opportunity if my end goal is Investment banking?

2. Apart from the different deal sizes, are the corporate finance teams at Big 4 a good way to enter the investment banking industry

Thanks

We don’t have much on Delta One, but the article on Equities Trading covers some of what to expect in derivatives: https://mergersandinquisitions.com/equity-trading/

There are some decent results on Google as well (https://ftalphaville.ft.com/2011/10/26/712701/how-delta-one-really-works/).