Move from one group to another (as an analyst) within IBD? P&U -> Consumer/Retail
Hi! I wanted to see if anyone had any insight into switching groups as an analyst.
I.e. say you are an analyst at a BB in "Power and Utilities" you have completed your first year or so, but know that you want to stay in banking but want to be in a different group, i.e. Consumer/Retail or Healthcare as you find these sectors more interesting.
1.) If you have performed well in your group is it easy to switch into another group?
2.) Has anyone done this or can shed light on their experience being in this situation or having to do this?
3.) Will your group not want you to do this/ if there is no formal program to switch into another group how do you do this? As most people come into IB as analysts or post MBA associates.
4.) Do most BB's allow you to change groups industry -> product or product-> industry or different group within the industry groups after your analysts stints - or is this not the case?
I know there are some threads on this but they are a bit dated so wanted to start this new one.
also interested
It really just depends if spots open up in the groups you want. You have a high chance of getting interviewed as an internal candidate already in IB, but it also helps if you have good reviews
any idea on how these interviews would look like ? would it be more fit based or also as technical as an for an external hire ?
Good question, I am interested in this also. I am assuming since you are internal it would be more about "fit" and "culture", as well as if your current group recommends you/you have good reviews.
I cannot imagine a group at the same firm as you making you take a modeling test sit for a technical interview when you are already an employee at the firm - I could be completely wrong though. Maybe someone else can shed some other insight?
When I moved groups, there was no interview or test. It helped that I had great reviews and a spot opened up. That said, there are also firms that have rotations within coverage and product groups so that may be of interest to you.
Thanks for this. Did you just network/informational interview with the group you transferred into before them saying they ended up having a spot? At what point into your analyst years did you transfer groups? Thanks!
I moved in the middle of my 2nd year so spent about a year and a half in my first goup. I networked with them and made my interest known.
I know we never asked you, but I am curious as to why you moved groups? Was it because of industry interest or some other reason?
** e.g. not i.e.
Also, easiest to do this if you're a solid 2nd year analyst staying on for a third year. I've seen people go from, say, natural resources to healthcare or FIG to consumer at this stage.
Nobody ever gets these two right. Must not be enough kids taking Latin in prep schools anymore.
Thanks. So I guess in essence it's best to do this before you get promoted to an associate? Is the best way to just try and network into the group if there is no "formal" rotation program at your firm?
Going to echo the opinion of others, it's very doable if you have strong reviews and spots are available. Legit know someone who moved from BAML Energy to TMT (also shifted offices for the move) and he mentioned you just need to be well-connected to be aware of these opportunities.
Dang thats awesome. Did he basically do it just by networking then? Being like hey interested in this space... have coffee chats etc... figure out who knows about spots and recruiting in the group, they liked him and he just made the switch?
Do you know if he had to do like modeling tests or anything?
Re: networking and conversations. Obviously don't state this your first week on the job. Over time, you should be able to express interest to your staffer about possible moves for your third year as said above. (ETA: At my BB, you have to be in your position for one year so I'm using third year as an example. Move as soon as you're able).
I went from a product group to coverage because I wanted to different things for clients rather than just one thing for them.
I see, thanks. So after your second year after performing well you just had conversations with your staffer that you were more interested in an industry role and they were supportive and let you make the move?
Were you able to do this because you had been networking, the group liked you and had space so they just like pulled you on? Wondering from a logistic perspective how that works and how HR gets involved.
Yes. I had expressed interest in other groups as I wanted to do A2A and coverage was a better fit for my interests and strengths. It worked out well because I worked directly with the group I moved into and was well-liked there as well. There are internal mobility initiatives at every firm so you normally broach it with your staffer first then HR. I personally never dealt with HR I just dealt with my old group and my new staffer.
Thanks - mainly concerned if not moving to buyside, and want to be in a group you like the people/culture more and exposure to that space
I'm ~1 year in (class of 2019 analyst - started last July). I am moving from a product group to a coverage group this week.
It was a pretty easy process. I knew fairly early on that I was unhappy in my group (like ~3 months in), talked to HR, they confidentially put me in touch with staffers for a couple groups I was interested in. Talked to those staffers, really hit it off with one, talked to more people in the group, then they recently had a spot open up and since they knew me they offered it to me first (there were others who were interested but they hadn't networked with the group before so I was at an advantage).
Moral of the story, not sure I agree with waiting until you're in your 3rd year as some others have suggested. If you know you're not happy and would have a better experience in another group, why wait? I'm at a BB and believe most of them are similar in terms of being pretty supportive of internal mobility.
So you networked a bit with different groups, and then waited for a spot to pop up? Mind describing a bit how the interview process went and how long it took, how your old group took it, etc? Also are you moving from a non modeling group to coverage?
Hey thanks for this! Really insightful and helpful. IB tends to be pretty political, and I would just be worried about upsetting my current group about moving right after you just started the job which is a bit of what I would be worried about.
And like the previous comment said, if you moved from a product group that was not M&A, say DCM/ECM/ABS did they make you sit for a modeling test or anything?
Do you mind sharing which BB this was that was supportive of internal mobility? And if not if it was an American or European BB? Fine if not.
Agreed - will edit my statement for above. I know at my BB you have to be in your spot for a year before you can move internally, so I was spaking more colloquially for two year analysts. Really graet points +1 SB.
Can I ask what type of product group you’re moving from?
Wondering the same
Thinking ahead, I suppose what's the likelihood of doing the same thing between SA and FT?
Is it worth doing at least a year as an analyst then trying to swap teams or is it worth making my intentions known if i convert?
Depends on your firm. Some firms give direct group offers, so you won't really be able to switch groups from the group you interned in, and if you are and the group you are in doesn't know or finds out it could get messy. Just be as transparent as possible. Most of the time people are willing to support your decision if you were a good intern/analyst
Thanks. I suppose I was cautious in being transparent as it may jeopardise getting a return offer?
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