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Corporate development: doing deals from inside a company.
Corporate development teams run acquisitions, investments and sales for one company, such as a large technology or healthcare group. You work on fewer deals than a banker, but you see them through from idea to integration.
Last checked 15 November 2026
M&A and investments
Finding companies to buy, valuing them, negotiating and closing deals.
Strategy and integration
Deciding where the company should grow, and making sure acquisitions deliver what was promised.
Corporate development or investment banking?
| Compare | Corporate development | Investment banking |
|---|---|---|
| Who you work for | One company | Many clients |
| Number of deals | Fewer, but you own them end to end | Many, but you leave at signing |
| Hours | Usually 50 to 65 a week | 70 to 100 a week |
| Pay | Lower cash, often with stock awards | Higher cash bonuses |
Pay varies widely by company size and sector.
A typical day in corporate development.
A realistic junior day on a normal week. Live deals, results seasons and market shocks make it longer.
- 9:00
Review a list of potential acquisition targets with the head of the team.
- 11:00
Meeting with a product leader about a capability they want to buy.
- 13:00
Update the valuation model for a deal in negotiation.
- 15:00
Call with lawyers and the bank advising on the deal.
- 17:30
Integration check-in on a company acquired last year. Most days end by early evening.
The career ladder and pay.
| Level | Typical years | What you do | All-in pay |
|---|---|---|---|
| Analyst or associate | 0 to 4 years | Models, target research, deal materials | Lower than banking, often with stock |
| Manager | 4 to 8 years | Runs deals and works with business leaders | Varies by company |
| Director | 8 to 12 years | Leads M&A for a business unit | Varies by company |
| Head of corporate development | 12+ years | Sets M&A strategy with the leadership team | Senior executive pay |
Approximate all-in pay (base plus bonus) in US dollars at large firms in New York in recent years. London is usually 20 to 30% lower; smaller firms and other cities pay less. Bonuses swing with the market.
How recruiting works.
Most corporate development professionals join after two to four years in investment banking, consulting or Big Four transaction services. A few large companies run graduate programmes.
Interviews mix valuation questions with strategy: expect to be asked what the company should buy, and why.
Who hires.
| Type | Examples | What it’s like |
|---|---|---|
| Large technology companies | Microsoft, Alphabet, Salesforce, Cisco and others | Very active acquirers with large teams. |
| Healthcare and pharmaceuticals | Big pharma and medical device companies | Business development teams that license and buy drugs and technologies. |
| Industrial and consumer groups | Large diversified companies | Fewer but larger deals. |
Firm names are examples, not a ranking or an endorsement.
Are you ready to apply?
Tick what you can honestly do today.
Your plan, step by step.
- Early career
Get deal experience
Banking, consulting or transaction services build the right skills.
- Before applying
Pick your companies
Choose companies whose products and strategy you understand.
- 3 months before
Network inside them
Corporate development teams often hire through referrals.
- Interviews
Think like an owner
Show you care about what happens after the deal closes.
Where it leads.
Business leadership
Many move into strategy, finance or general management roles.
Private equity and venture
Especially corporate venture arms.
CFO track
Corporate development is a common step towards senior finance roles.
Myths and reality.
“Corporate development is a step down from banking.”
You trade some pay for ownership of deals, better hours and a path into leadership.
“There’s no modelling.”
You still build and own the valuation models; they just matter more because it’s your company’s money.
What to read.
- Mergers and Acquisitions from A to Z by Andrew Sherman. A practical overview of the deal process.
- Your target company’s annual report and investor day materials. Know its strategy cold.
- The M&A Failure Trap by Baruch Lev and Feng Gu. Why many deals disappoint.
What they ask in corporate development interviews.
Expect valuation and M&A questions, plus questions on the company’s strategy.
Strategy What acquisition would you recommend for our company?
Pick a target that fills a clear gap in product, customers or geography. Explain the strategic logic, a rough price, how it would be paid for, the main risk and how you’d integrate it. This shows you’ve studied the company.
M&A What are synergies?
The extra value from combining two companies: cost synergies from removing duplicated costs, and revenue synergies from selling more together. Cost synergies are usually more reliable.
M&A Why do many acquisitions fail?
Paying too much, overestimating synergies, poor integration and culture clashes. Good corporate development teams plan integration before they sign.
Valuation Build versus buy: how do you decide?
Compare the cost and time of building the capability yourself with the price of buying it. Buying is faster and less risky to execute but costs a premium; building is cheaper but slower and uncertain.
The corporate development interview prep pack
Every interview question on this page with answers, the readiness checklist and your step-by-step plan, as a printable PDF.
Here it is.
Test yourself: corporate development
Questions from the Mandate app. Try each before you open it.
Which is NOT a common reason for an acquisition?
Deliberately weakening its own credit rating. A lower credit rating is a risk of some deals, not a goal.
Why do acquirers usually pay a premium over the target’s share price?
To gain control and capture synergies. Control and synergies justify paying more than the trading price.
A sell-side adviser…
Advises the owners selling the business. The buy-side adviser works for the acquirer.
A teaser is…
A short, usually anonymous summary for buyers. Interested buyers then sign an NDA to get more information.
Practise M&A questions in the app.
The M&A unit covers accretion and dilution, synergies and deal structure.