From Investment Banking to Corporate Development: The In-House Alternative

Corporate development is the deal job without the banking hours.

You still work on M&A. You still build models and evaluate targets. You still sit in management presentations and negotiate terms. But you work 50-60 hours instead of 80-100. You work for one company instead of many clients. And you own the outcome in a way bankers never do.

For bankers who love deals but hate the lifestyle, corp dev is the obvious exit. It's also less prestigious than PE, less lucrative at the ceiling, and less intense intellectually. Every choice involves trade-offs.

This guide covers the corporate development path from investment banking. What the job actually entails, how to make the transition, and how to know if it's right for you.

What Is Corporate Development?

The Core Function

Corporate development teams execute M&A and strategic transactions for their companies.

Primary responsibilities:

Identifying and evaluating acquisition targets
Running acquisition processes (from target side of banking)
Coordinating due diligence
Supporting deal negotiations
Managing integration (sometimes)
Strategic planning and portfolio management

Corp Dev vs. Investment Banking

Dimension	Investment Banking	Corporate Development
Client	Multiple clients	One company
Role	Advisor	Principal
Hours	80-100/week	50-60/week
Deal volume	Many deals	Fewer, deeper involvement
Ownership	Advisory only	Long-term ownership
Compensation	Higher at senior levels	More stable, lower ceiling
Exit options	Many	Fewer (from corp dev)

Corp Dev Team Structure

Typical hierarchy:

Head of Corp Dev / VP of Corp Dev
Director(s)
Manager(s)
Analyst(s)

Team sizes vary:

Tech giants (Apple, Google): 20-50+ people
Large corporates: 5-15 people
Mid-size companies: 2-5 people
Small companies: Often part-time responsibility

What Corp Dev Doesn't Do

Not strategic planning: Some overlap, but strategy teams are often separate

Not FP&A: Financial planning and analysis is different

Not business development: BD is about partnerships and sales, not M&A

Not treasury: Capital structure and cash management are separate

The Day-to-Day

Deal Lifecycle from Inside

Sourcing and screening:

Review inbound opportunities
Proactively identify potential targets
Initial strategic and financial screening
Present recommendations to leadership

Evaluation:

Deep-dive analysis on promising targets
Build valuation models
Conduct market and competitive analysis
Assess strategic fit

Execution:

Coordinate with bankers (on buy-side)
Lead internal due diligence teams
Work with legal, tax, accounting
Support negotiations

Integration:

Some teams handle integration
Others hand off to integration teams
Varies significantly by company

The Reality of Hours

Corporate development hours are better than banking. But they're not 9-to-5.

Typical week (no live deal): 45-55 hours

Live deal: 60-70 hours (occasionally more)

The improvement is real: You'll have weekends. You'll have evenings. You'll be able to plan things.

But not always: When a deal is active, you work. M&A doesn't wait for your dinner plans.

The Ownership Feeling

This is the underrated upside of corp dev.

In banking, deals close and you move on. In corp dev, you live with your recommendations. The acquisition you championed? You'll see whether it works. The target you passed on? You'll know if you were right.

This creates both accountability and satisfaction. Your work matters in a tangible, long-term way.

Making the Transition

Timing

Typical timing: After 2-3 years in banking (post-analyst or early associate)

Why this timing:

Enough experience to add value
Not too senior to be "overqualified"
Natural transition point
Corp dev values banking training

What Corp Dev Wants From Bankers

Technical skills:

Financial modeling
Valuation methodologies
M&A process understanding
Due diligence experience

Industry knowledge:

If you covered the sector, you're more valuable
Understanding of competitive dynamics
Relationships with industry players

Soft skills:

Project management
Working with multiple stakeholders
Communication and presentation
Adaptability

The Recruiting Process

How to find roles:

LinkedIn job postings
Headhunters (corporate-focused)
Direct networking with corp dev teams
Bankers who advise the company

Interview process:

Typically 3-5 rounds
Mix of technical and fit
Often includes case study or modeling test
Meet with corp dev team and business leaders

Timeline:

Less compressed than PE
Weeks to months, not days
Often more flexible on start date

What They'll Ask

Technical questions:

Standard valuation and M&A questions
How would you evaluate an acquisition?
Walk me through a DCF / merger model
Accretion/dilution analysis

Strategic questions:

How would you think about targets for our company?
What makes a good acquisition?
How would you assess strategic fit?
What are the risks of M&A?

Fit questions:

Why corp dev over banking?
Why our company?
What do you know about our industry?
How do you work with different stakeholders?

Compensation

The Trade-Off

Corp dev compensation is good but lower than banking at equivalent levels.

Why:

Better lifestyle justifies lower pay
Corporate comp structures differ
No bonus culture like banking
Benefits often better

Typical Ranges

Level	Corp Dev Comp	Banking Comp (Comparison)
Analyst	$100,000-$150,000	$190,000-$220,000
Associate/Manager	$150,000-$250,000	$275,000-$400,000
Director	$250,000-$400,000	$450,000-$700,000
VP/Head	$400,000-$800,000+	$700,000-$2,000,000+

Ranges vary by:

Company size and prestige
Industry (tech pays more)
Location
Public vs. private company

Equity Component

Many corp dev roles include equity:

Public companies: Stock grants, RSUs

Private companies: Stock options, potentially significant upside

The calculation:

Lower cash comp may be offset by equity value
Especially true at growth companies
Assess total comp, not just cash

Benefits

Corporate benefits often exceed banking:

Common advantages:

Better 401(k) matching
More vacation (and actually taking it)
Better health insurance
Parental leave
Other perks (depending on company)

The Pros and Cons

The Case for Corp Dev

Lifestyle:

Sustainable hours
Weekends exist
Can have a life outside work

Ownership:

See the long-term impact of your work
Part of building something
Not just advisory

Variety:

Different types of deals
Strategic thinking, not just execution
Business involvement beyond deals

Stability:

Less up-or-out pressure
More predictable career path
Less dependent on bonus cycles

The Case Against Corp Dev

Compensation ceiling:

Top bankers and PE professionals make more
Especially at senior levels
Equity can help but isn't guaranteed

Prestige:

Less external recognition than PE
Not the "top exit" narrative
Some view it as "giving up"

Deal flow:

Fewer deals than banking
May have periods of limited activity
Dependent on company's M&A strategy

Exit options:

Harder to return to banking
Harder to go to PE later
More limited optionality

Company risk:

Tied to one company's success
If company struggles, you're affected
Less diversified than banking

Types of Corp Dev Roles

By Company Size

Large corporates (Fortune 500):

Larger teams, more specialization
Bigger deals, more resources
More process, more bureaucracy
Examples: Johnson & Johnson, IBM, Disney

Tech giants:

Active acquirers
Higher comp (often)
Strategic and talent acquisitions
Examples: Google, Apple, Microsoft, Meta

Mid-size companies:

Smaller teams, more responsibility
May do everything from sourcing to integration
Less process, more entrepreneurial
Often industry leaders in their niche

PE portfolio companies:

Hired by PE to do add-on acquisitions
Active deal flow
PE-like culture in some ways
Good bridge if PE is eventual goal

By Deal Type Focus

Strategic acquirers:

Large, transformative deals
Integration-heavy
Longer hold horizons

Serial acquirers:

Many smaller deals
Platform/add-on strategy
Process-driven M&A

Occasional acquirers:

Infrequent deals
May wear multiple hats
Less deal specialization

Career Progression

Within Corp Dev

Typical path:

Analyst → Manager → Director → VP → Head of Corp Dev

Timeline:

Roughly 3-5 years per level
Varies by company and performance

Ceiling:

Head of Corp Dev at large company is senior role
Can lead to broader executive positions

Exit Options from Corp Dev

Other corp dev roles:

Most common move
Lateral to bigger company or different industry
Step up in title/responsibility

Operating roles:

Use strategic thinking in business leadership
Path to GM or P&L ownership
Requires demonstrating operational capability

Return to advisory:

Possible but unusual
Industry expertise may be valued
Usually at senior levels

PE/growth equity:

Harder than from banking
But operational expertise valued by some firms
Especially in industry-focused funds

Entrepreneurship:

Seen many deals, many businesses
May spot opportunities
Corporate relationships can help

Is Corp Dev Right for You?

Corp Dev Is Right If:

You love deals but hate the hours. The work itself remains interesting. The lifestyle becomes sustainable.

You want ownership. You want to see whether your recommendations work out over years, not just whether deals close.

You're interested in strategy. Corp dev connects to broader business strategy in ways banking doesn't.

You value stability. More predictable than banking/PE career trajectories.

You want to live somewhere specific. Corp dev exists in many cities, not just financial centers.

Corp Dev May Not Be Right If:

You want maximum compensation. The ceiling is lower. If money is the primary driver, PE or staying in banking pays more.

You want maximum optionality. Corp dev exits are more limited than banking exits. If you value keeping doors open, stay in banking longer.

You want deal intensity. Some corp dev roles have limited deal activity. Banking guarantees constant exposure.

You want prestige. Corp dev doesn't carry the same cachet as PE. If that matters, think carefully.

You like variety of clients. You'll work for one company. If you bore easily, that may not fit.

Making the Decision

Questions to Ask Yourself

How important are hours to me? Be honest. If you can tolerate banking hours, the compensation is better.
What motivates me? Ownership and impact? Or compensation and prestige?
What's my 10-year goal? If it's PE partner, corp dev isn't the best path. If it's balanced life and interesting work, it might be.
Can I handle one company? Do you get bored easily? Or do you like going deep?
What's my risk tolerance? Corp dev ties you to one company's fortunes.

Questions to Ask Corp Dev Teams

How active is your deal pipeline?
What's the integration team relationship?
What's the path for career growth here?
How autonomous is the team vs. working with bankers?
What happened to previous people in this role?

The Bottom Line

Corporate development is the deal job without the banking lifestyle. You trade comp ceiling and optionality for hours and ownership. For many, that's a good trade. For others, it isn't.

The realistic view:

Hours are significantly better (50-60 vs. 80-100)
Compensation is good but lower than banking/PE
Ownership and impact are greater
Exit options are more limited
Prestige is lower

The right candidate:

Loves M&A but wants sustainable hours
Values ownership over advisory
Interested in strategy and building
Comfortable with compensation trade-off
Has long-term perspective

Corp dev isn't settling. It's choosing a different optimization. For deal-oriented people who want a life, it's often the right choice.

Know what you're optimizing for. Choose accordingly.