How hard to lateral after two years?
Started last September on a decent FICC desk at a top bank last fall, but analysts aren’t really trading at all the first two years, just booking trades and running PnL, and it seems most analysts are two years and out. How hard would it be to lateral banks onto a new desk after a year or two?
Based on the WSO Dataset, lateraling after two years can be a strategic move, especially if you're looking to transition into a role with more responsibilities or a different focus within the financial sector. Here are some key points to consider:
Timing and Experience: Having two years of experience on a FICC desk at a top bank provides a solid foundation. However, it's crucial to demonstrate that you've gained significant skills during this period, not just basic operational tasks like booking trades and running PnL.
Networking and Internal Mobility: Often, moving to a new desk within the same bank or lateraling to another bank can be facilitated by strong networking. Engage with colleagues and other professionals in your desired area, and don't underestimate the power of internal mobility programs if you're considering staying within the same institution.
Market Conditions: The ease of lateraling can also depend on the market conditions and demand for analysts in the specific area you're interested in. Keep an eye on industry trends and hiring patterns.
Preparation for Interviews: If you decide to lateral to another bank, be prepared for interviews that may focus on why you want to move so soon and how you can add value to the new team. Highlight any specific projects or achievements from your current role that are relevant to the trading aspects of the job.
Consider the Risks: Understand the risks involved, such as the potential for a less favorable impression if you move too frequently. Employers value stability, so be ready to explain your career moves logically and positively.
In summary, while it's feasible to lateral after two years, success largely depends on your ability to leverage your experience, network effectively, and align with market opportunities.
Sources: How bad is it really... the back office, Questions Around Internal Mobility & Lateraling Groups, From "how do I break in" to "how do I escape", It’s Time to Leave My Firm (A1)... How Do I Lateral?, Lateral analyst in trouble
Not really that difficult, there is a natural turnover in S&T and there will come a situation where another firm will need a junior person with some experience who is plug and play for a junior role. You just need to get your name out there with various headhunters and be proactive when it comes to getting to tag along to client events all about meeting people.
What are the names of some headhunters you would recommend?
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