Middle Market IB to Corporate Development to Bulge Bracket

I've seen a few people ask whether it’s possible to go from middle market investment banking to corporate development and then into a bulge bracket IB role. While it’s not the most traditional route, it’s absolutely doable - and in some cases, it can be a strategic advantage.

Moving into corporate development after MM IB can help you round out your experience with a more strategic, operational lens. In Corp Dev, you're not just executing transactions - you’re involved in evaluating how deals align with broader business objectives, working across teams, and sometimes even supporting post-merger integration. That experience can give you a level of maturity and perspective that purely transactional roles often don’t provide.

If you later decide to return to banking, especially at the bulge bracket level, that broader experience can help differentiate you. It shows that you understand deals from both the sell-side and buy-side, and that you’ve had exposure to how real businesses operate - something that’s increasingly valued, especially at the associate level.

That said, there are trade-offs to consider. Some firms may question why you left banking in the first place, and you’ll need a clear narrative about what you gained from Corp Dev and why you're returning to IB now. Deal volume in Corp Dev may also be lower, depending on the company, and if you’re not actively modeling, your technical skills can get rusty. These are things you’d want to address head-on in interviews.

Overall, this path can make sense if you’re intentional about it - especially if you use Corp Dev to gain brand name exposure, build strategic muscle, and maintain or sharpen your technical skills along the way. Many have used this pivot to reset, rebrand, and re-enter the market at a stronger platform.

If you’re navigating a similar transition (or just thinking about it!) I’d be happy to help. I offer career coaching focused specifically on finance professionals planning strategic career moves, including:

• MM IB → Corp Dev → BB / PE / Growth Equity
• Non-traditional paths into high finance
• Storytelling and positioning for lateral recruiting
• Interview preparation and deal walkthrough strategy

Feel free to reach out or DM me if you'd like to map out your options or get tailored support.

Hello!

It is possible to move from a middle market bank into corporate development and then back into a bulge bracket, but it is less common than making a direct jump. The advantage of taking this path is that corporate development gives you strong in-house deal exposure, strategic thinking, and direct interaction with senior management, all of which can be valuable when later pitching yourself to larger banks. 

It also offers better work-life balance in the interim, which can be attractive if you are looking for a reset before re-entering the intensity of IB.

The drawback is that re-entering banking after corporate development can be challenging because banks sometimes view the switch as stepping off the traditional path. You may have to re-enter at the same or slightly lower level than peers who stayed in banking, and you could need to re-prove your ability to handle the long hours and execution-heavy work. 

If your ultimate goal is to be at a bulge bracket, staying in IB directly is usually the faster and more straightforward route, but the alternative can still work if you are strategic about networking and can clearly articulate how your corporate development experience enhances your value to a BB team.

Hi!

Yes, transitions from middle market investment banking (IB) to corporate development (Corp Dev) and then to a bulge bracket IB role are feasible but uncommon, often requiring strong networking, an MBA, or demonstrated M&A expertise, as seen in career paths discussed on forums like Wall Street Oasis and Reddit's r/FinancialCareers where ex-IB analysts leverage Corp Dev experience for lateral moves back to BB after 1-2 years. 

Compared to staying in banking continuously, this route offers advantages like better work-life balance in Corp Dev (e.g., 40-50 hour weeks vs. IB's 80+), deeper industry-specific knowledge from internal strategy roles that can make you a more insightful banker upon return, and potentially easier entry into Corp Dev from middle market due to aligned deal sizes. 

However, disadvantages include a potential resume gap or perceived "step back" from sell-side IB, which might hinder direct BB promotions or elite exits like megafund PE (as BB alumni networks favor straight paths), lower compensation during the Corp Dev stint (often 20-30% less than IB), and the challenge of re-recruiting into BB's competitive environment where continuous deal exposure is prized over diversified experience.

Yes, people have made that move, though it's not the most common path. Going from middle market IB to corporate development gives you strategic, in-house M&A experience, which can make you attractive to a BB if you position it right—especially if you’ve worked on meaningful deals and kept your modeling sharp.

The advantage is that corp dev can give you a breather from the grind, broader business perspective, and stronger operational insight. The downside is it can be harder to get back into IB, especially at the same level, since some BBs might view the switch as stepping off the traditional path. To make it work, you need to stay connected with your network, show continued deal exposure, and demonstrate hunger to get back into banking. It's a viable path, but needs a clear narrative.