Corporate finance
Corporate Development
Run M&A from inside a corporation — the buyer's side.
What you do
Corporate development teams (typically called "corp dev") sit inside operating companies and run M&A from the buyer's side. They identify acquisition targets, evaluate strategic fit, build deal economics, negotiate with sellers, and oversee post-merger integration. Where investment bankers move from deal to deal across many companies, corp dev professionals develop deep expertise in their employer's industry and strategy. The work is less hours-intensive than banking but more strategically embedded.
A day in the life
Cycles between active deal periods and strategy/pipeline development. During an active deal, days look similar to banking — modeling, diligence, term sheet negotiation, calls with bankers and lawyers — but with fewer late nights. Between deals, work focuses on long-term acquisition strategy, competitive analysis, monitoring potential targets, and supporting business unit leaders with growth planning.
Money
Corp dev pay sits below investment banking at junior levels but with much better work-life balance and total cash compensation that catches up at senior levels — corp dev VPs and SVPs at large companies often earn comparably to banking VPs with significantly less travel and far better hours. Equity compensation can be meaningful at growth companies and acquisitive corporations. The trajectory often leads to CFO or general-management roles, which is the long-game advantage.
How to get the job
Most corp dev professionals come from 2-4 years of investment banking before moving in-house. Direct-out-of-MBA recruiting happens at some larger acquirers. Industry experience increasingly matters — corp dev teams at biopharma companies, software firms, and industrials all prefer candidates with prior industry exposure.
Examples
Almost any large company has a corp dev team. Particularly active acquirers — Salesforce, Microsoft, Cisco, Disney, Johnson & Johnson, Alphabet, JPMorgan — run sizeable corp dev organizations. PE-backed companies often have lean corp dev teams that work closely with their sponsor.
Necessary skills
Same technical foundation as banking (modeling, valuation, deal structuring) plus the industry knowledge to evaluate strategic fit. Soft skills matter more — corp dev professionals negotiate within their own organization (with business unit leaders, the CEO, the board) as much as with external counterparties.
Corporate finance
Treasurer / Treasury Analyst
Manage a corporation's cash, debt, and financial risk.
What you do
Corporate treasurers manage the company's cash position, funding strategy, banking relationships, foreign-exchange exposure, interest-rate risk, and (at financial firms) capital adequacy. The treasurer is the company's primary interface with banks, debt markets, and rating agencies. The work spans daily cash management (do we have enough liquidity to make payroll), medium-term funding (when should we issue a bond), and strategic capital structure (how leveraged should we be).
A day in the life
More predictable than banking or trading. Mornings include reviewing overnight cash positions, FX moves affecting the company's exposures, and any market events affecting funding strategy. Specific projects (bond issuance, share buyback, credit facility renewal, FX hedging program) move forward in waves. Heavy interaction with banks, rating agencies, and the CFO.
Money
Treasury compensation tracks total cash compensation closer to corp dev than banking. Senior treasurers at large companies (Treasurer or VP-Treasurer titles) earn well; the role often promotes to CFO at smaller companies or to Senior VP-level positions at very large ones. Total compensation is heavily weighted toward base salary with relatively smaller bonus components than investment banking.
How to get the job
Many treasurers come from investment banking, particularly DCM (debt capital markets), or from corporate FP&A and treasury analyst roles. Some come from CPA / accounting backgrounds. The CFA helps; specialized treasury credentials (Certified Treasury Professional, CTP) are common at senior levels. Banking experience opens treasury roles faster than the reverse direction.
Examples
Every large company has a treasury function. Treasurers at multinational companies (Apple, Microsoft, Pfizer, Procter & Gamble) manage extraordinarily complex global cash flow and FX positions. Financial-firm treasurers (at banks and insurance companies) handle capital and liquidity in addition to standard corporate-treasurer responsibilities.
Necessary skills
Strong cash-flow analysis, comfort with derivatives and hedging instruments, banking-relationship management, ability to work cross-functionally with legal, tax, and operations teams. The work suits people who like building robust processes and managing risk systematically rather than swinging for big outcomes.
Corporate finance
Financial Planning & Analysis (FP&A)
Forecast, budget, and analyze the financial performance of a business.
What you do
FP&A teams build financial forecasts, manage the annual budget, analyze variances between budget and actual results, and produce the reporting that helps senior management understand the business. The work is the financial backbone of corporate decision-making — every meaningful strategic decision (entering a market, launching a product, closing a plant) gets evaluated through FP&A analysis. The job exists in every company with meaningful revenue; the work scales from straightforward (small companies) to extraordinarily complex (global multinationals).
A day in the life
Cyclical around the company's reporting calendar — month-end and quarter-end are intense, with mid-month providing breathing room for longer projects. Days include building forecast updates, meeting with business unit leaders to discuss performance, preparing materials for the CFO's leadership team, and ad-hoc analytical projects. The work-life balance is among the best in finance — predictable hours, especially outside reporting cycles.
Money
FP&A pay is solidly middle-of-the-pack for finance roles. Junior analyst salaries are competitive with consulting (and lower than banking); senior FP&A roles (Director, VP-FP&A) at large companies pay well, with the CFO succession path as the long-term upside. Equity compensation can add meaningful upside at growth companies.
How to get the job
Many FP&A professionals come directly from undergraduate finance or accounting programs. Some come from public accounting (audit) before moving to industry. Investment banking analysts often find FP&A welcoming if they want to exit banking but stay in finance with better hours. The path to senior FP&A and CFO often includes operating-business experience.
Examples
Every large company has FP&A teams. Particularly strong FP&A cultures: GE under Welch (the famed "financial executive" pipeline), 3G Capital portfolio companies, Berkshire Hathaway operating subsidiaries. PE-backed companies typically run lean but sophisticated FP&A organizations focused on driving operating improvements.
Necessary skills
Strong Excel modeling, fluency with the company's ERP and reporting systems (often SAP, Oracle, Workday, NetSuite), accounting fluency, and crucially: the ability to translate financial data into business insight. The best FP&A professionals develop deep operational understanding of the business they support.
Banking & wealth
Commercial Banker
Lend to and serve middle-market and large corporate clients.
What you do
Commercial bankers (also called "corporate bankers" or "relationship managers") serve mid-sized and large corporate clients with credit (term loans, revolving facilities, asset-based lending), treasury services (cash management, FX, deposits), and a relationship that may include investment banking products at universal banks. The role combines credit analysis, business development, and relationship management. At universal banks the role overlaps with investment banking; at pure commercial banks it stays focused on lending and treasury.
A day in the life
More predictable than investment banking. Days include client meetings (often in-person, regional travel is common), credit analysis on potential and existing borrowers, internal credit-committee meetings to approve new loans, and relationship maintenance with existing accounts. Quarterly reviews of the portfolio for credit quality are routine. Hours are far more reasonable than banking — 50-60 hour weeks rather than 70-90.
Money
Commercial banking compensation is meaningfully below investment banking at all levels but with much better lifestyle. Senior relationship managers at large banks earn comfortably; managing directors in commercial banking earn well by general standards if not by Wall Street ones. Banking culture tends to value tenure — long careers at one institution are common.
How to get the job
Many commercial bankers come through bank credit-training programs straight from undergraduate. Others move from public accounting or corporate finance roles. The credit-training pipeline at major banks (JPMorgan, Bank of America, Wells Fargo, PNC, BMO) provides foundational training in financial-statement analysis, loan structuring, and credit risk.
Examples
JPMorgan Commercial Banking, Bank of America Business Banking, Wells Fargo Commercial Banking, PNC, Truist, Fifth Third, and regional bank commercial divisions. In Europe: BNP Paribas, Deutsche Bank, BBVA. Strong country-specific cultures — relationship banking remains more important in continental Europe and Asia than in the highly transactional US market.
Necessary skills
Credit analysis (financial-statement reading, ratio analysis, cash-flow projections), relationship management, comfort with the long sales cycle. Strong commercial bankers develop deep industry expertise in the sectors they cover (manufacturing, energy, technology, healthcare) and become trusted advisors to multiple CFOs in that sector.
Banking & wealth
Private Wealth Advisor
Manage portfolios and financial lives of high-net-worth individuals and families.
What you do
Private wealth advisors serve wealthy individuals and families with investment management, estate planning, tax strategy, philanthropy, and (at private banks) lending. The role is part investment professional, part financial planner, part relationship manager. The economics of the business are increasingly fee-based (a percentage of assets under management) rather than commission-based, aligning advisor incentives with client outcomes. At the highest end (multi-family offices, ultra-high-net-worth practices), the work approaches institutional sophistication.
A day in the life
Highly client-focused. Days include client meetings (in-person and remote), portfolio reviews, market-update calls, and behind-the-scenes work — researching investments, working with estate attorneys, coordinating with accountants. Business development is constant: top advisors are always growing their client base through referrals, community involvement, and occasional cold prospecting. Hours are reasonable.
Money
Compensation varies enormously by setting. Salaried positions at major firms (Morgan Stanley Wealth Management, Merrill Lynch, UBS, JPMorgan Private Bank) offer steady comp with strong upside through book-of-business development. Independent advisors who build their own practice can earn substantially more but bear the cost of running a business. Top wealth advisors managing books of hundreds of millions to billions earn very well.
How to get the job
The traditional path is through firm training programs at the major wirehouses or private banks, with several years building a book of business before becoming truly independent in income. The CFP (Certified Financial Planner) credential is increasingly standard at the financial-planning end; the CFA helps for investment-management roles within wealth management.
Examples
The "wirehouses" — Morgan Stanley, Merrill Lynch (Bank of America), UBS, Wells Fargo Advisors. Private banks — JPMorgan Private Bank, Goldman Sachs Private Wealth, Bessemer Trust, Northern Trust, Citi Private Bank. Independent registered investment advisors (RIAs) — Edelman Financial Engines, Creative Planning, Fisher Investments — represent a growing share of the business.
Necessary skills
Investment knowledge across asset classes, financial-planning skills (retirement, estate, tax), excellent interpersonal skills, business-development capability. The role suits people who genuinely like working with individuals and families and can hold technical conversations while remaining warm and approachable.
Risk & policy
Risk Manager
Measure, monitor, and limit financial risks at banks, asset managers, and corporations.
What you do
Risk managers identify, measure, and limit the financial risks taken by their firm — market risk (price movements), credit risk (counterparty default), operational risk (process failures), liquidity risk (inability to fund obligations), and increasingly model risk and cyber risk. At banks, the role is heavily regulated under Basel rules. At hedge funds and asset managers, the focus is on portfolio risk and limit-setting for traders. At corporations, the role overlaps with treasury. The work is technical and quantitative.
A day in the life
Mornings include reviewing overnight market moves, P&L attribution by desk or strategy, and any limit breaches that need addressing. Days mix daily-monitoring activities with longer projects — building new risk models, refining limit structures, stress-testing portfolios, preparing regulatory submissions. The work is intellectually demanding but the hours are reasonable. The role gains real prominence during periods of market stress.
Money
Risk-management compensation sits below the front-office roles it supports (trading, portfolio management, banking) but well above middle-office norms. Senior risk officers at major banks (CRO and direct reports) earn meaningfully. The trajectory has steepened post-2008 as regulators expect more senior, better-compensated risk leadership.
How to get the job
Many risk managers come from quantitative backgrounds — PhD in physics, math, finance, or engineering — combined with financial-markets exposure. Others enter through bank graduate programs in risk specifically. The FRM (Financial Risk Manager) credential is highly relevant; the CFA helps. Increasingly, coding skills (Python, R) and statistical sophistication are non-negotiable.
Examples
Every bank, asset manager, and insurance company has a risk function. Particularly developed risk cultures: JPMorgan, Goldman Sachs, Citadel, Bridgewater, Renaissance. Central-bank stress-testing programs (the Fed's CCAR, the ECB's annual stress test) have elevated bank-risk practices. Risk consulting (Oliver Wyman, Promontory) is a separate but adjacent path.
Necessary skills
Quantitative analysis, statistics, fluency with financial instruments and market structure. Independence is essential — the risk manager must be able to challenge the front office without losing their seat at the table. Strong written communication matters because much of the work translates into reports for boards and regulators.
Risk & policy
Central Bank Economist / Regulator
Conduct monetary policy research and bank supervision at central banks and regulators.
What you do
Central bank economists and bank supervisors work at the Fed, ECB, Bank of England, IMF, BIS, and similar institutions on monetary policy research, financial-stability analysis, and bank supervision. The work spans empirical macroeconomic research (what's actually driving inflation; how is credit being transmitted to the real economy), policy-process work (preparing materials for FOMC meetings or equivalent), and bank examination (on-site reviews of bank capital, liquidity, and risk practices). The role offers an unmatched view of the financial system from the inside.
A day in the life
Highly varied by specific role. Macroeconomic researchers spend much of their time on long-form research projects, with periodic publication and conference participation. Policy-process staff work in tighter cycles around monetary-policy meetings. Bank examiners spend significant time on-site at banks, reviewing capital and liquidity calculations, governance processes, and risk-management practices. The intellectual environment at the Fed, ECB, and BIS is among the strongest in any finance setting.
Money
Central-bank and regulatory compensation is meaningfully below private-sector finance comp at all levels but rises with seniority and offers significant non-compensation benefits — strong pensions, job security, intellectual freedom, the ability to focus on long-horizon work. Many central-bank economists eventually move to private-sector roles where they command premium compensation for their central-bank experience; others stay for full careers and find the work itself sufficient compensation.
How to get the job
PhD in economics is the standard credential for research roles at major central banks; PhDs from top economics programs are heavily recruited. Bank-supervisory roles recruit from a broader background — bank-credit experience, accounting, financial economics. The Fed runs structured economist hiring out of its system banks; the ECB and Bank of England run similar processes. Internships and pre-doctoral research positions are common entry points for academic-track aspirants.
Examples
The 12 US regional Federal Reserve Banks plus the Board of Governors; the ECB and the eurosystem national central banks (Bundesbank, Banque de France, Bank of Italy, etc.); the Bank of England; the Bank of Japan; the BIS; the IMF. Famous central-bank economists include Ben Bernanke (Princeton then Fed Chair), Janet Yellen (Berkeley then Fed Chair then Treasury Secretary), and many others who moved fluidly between academia, central banking, and Treasury.
Necessary skills
Strong academic economics (for research roles), data analysis and statistical software (Stata, R, Python), and clear writing for both technical and policy audiences. Supervisory roles add accounting, regulation, and bank-business-model understanding. The role rewards intellectual independence and the willingness to do work whose payoff is years away.