Corp Dev is what most IB analysts actually want when they say they want "exit opportunities." It has better hours than PE, better compensation than most operating roles, real strategic work, and a direct line to the C-suite. Here is the full picture.
The Career Ladder
Corp Dev Analyst / Associate
Entry level. Typically sourced from IB analysts (2nd or 3rd year). Work: financial modeling, market research, managing due diligence workstreams, building board materials. In larger companies (FAANG+), the associate role can be quite senior from day one.
Senior Associate / Manager
Lead due diligence workstreams, own relationships with functional leads (legal, finance, HR), drive deal process end-to-end with oversight from Director or VP. At this level you're expected to source ideas and have a perspective on strategy, not just execute.
Director / Sr. Director
Own deal origination in a sector or geography. Manage relationships with bankers and potential targets. Present to C-suite and board. At many tech companies, Directors at this level are effectively M&A deal leads with VP sign-off.
VP / Head of Corp Dev
Owns the M&A strategy. Sits at the C-suite table. Decides which deals to pursue, structures terms, manages board communication. Often reports to CFO or COO. At this level the equity component dominates — a VP of Corp Dev at a $50B+ tech company can receive $1M+ in annual RSU grants.
How to Break In
The IB analyst path (most common)
Corp Dev at top tech companies is overwhelmingly staffed by 2nd and 3rd year IB analysts. The target: complete your IB analyst program, start recruiting 12–18 months in. The best time to apply is when you have live deal experience to speak to — ideally at least one closed deal. The interview will focus heavily on a deal you worked on, so choose one where you can walk through every detail.
Warm intro is the job — not the resume screen
Corp Dev roles at FAANG companies are rarely filled through LinkedIn applications. They're filled through bankers who refer clients, through internal finance employees who refer former colleagues, and through the Corp Dev team's own network. The path: identify who on the team went to a similar school, worked at a similar firm, or covers a sector you know. Reach out with something specific. Get a coffee. Get a referral.
The non-IB path exists but requires a specific angle
Consulting (especially MBB) → Corp Dev is a legitimate path, particularly for strategy-focused roles. Startup finance and FP&A at a fast-growing company is also increasingly common. What doesn't work: generic finance backgrounds with no transaction experience. Corp Dev teams want people who understand deal process — due diligence, valuation, negotiation — not just financial modeling.
The Interview Process
Phone screen with recruiter — background, why corp dev, deal experience overview
Interview with associate or manager — walk through a deal, financial modeling test
Panel with director and VP — strategic thinking, industry perspective, why this company
Case study — analyze a hypothetical acquisition target, build a quick model, present recommendation
Reference checks and offer
Want to target specific Corp Dev roles?
A session covers which companies to target based on your deal background, how to get a warm intro inside each one, and how to frame your deal experience for a non-bank audience.
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