Lateral move from IBD to S&T (and vice versa)

Just curious about how this would work. Lets say I started full time in IBD, but what I really wanted to do was to work in S&T (or vice versa). When, and how should I ask to make the switch? Should I be telling HR, MDs in my banking group, or MDs in S&T? When is the appropriate time to ask/let them know (immediately or 1 or 2 years later after establishing myself as a good analyst?)

Also, would I have to start from the bottom again?

 

Depends on your background.. if you are history , arts, languagues major etc forget it..

however when you have a master in finance and done e.g. internships in markets sales and started in ibd and want to go back to sales it is relatively easy

 

I've said it before but I started like this, though as an intern, email and introduce yourself to the heads of desks and let your boss know u want to move - mine supported me and I ended up with a recommendation from one of our global heads....

 

computer engineering background....how abt if I spend say a year in IBd and then look at moving to capital markets to explore...what do u reckon r my chances? wud i have to switch banks or else do ppl wanting to explore just move within the same bank? ~cheers

 

If you've got an offer after your internship, call up the other banks and let them know about your offer and that you want to apply with them - they should fast track you through the application process.

 

It depends somewhat on whether you're more interested in sales or trading. Generally speaking, you want to highlight that you are quantitative, good under pressure, the usual stuff. I wouldn't worry too much regarding getting labeled as a banker instead of a trader. Banks are pretty aware of the fact that in college you don't really know exactly what you want to do, which is why you do internships. Internships are great for getting in with a company, but there also is value in finding out what you don't like. I did an M&A internship over this past summer with a MM bank, found that it wasn't for me and just accepted a FT offer in S&T with a large international bank. Be prepared for the question about why you want to do S&T after doing M&A-you love the markets, you like things to move really fast paced and be able to see immediate results, you thrive in the meritocracy of a trading floor, etc. Don't trash or speak ill of M&A in the process-voice how great of an experience it was and how much you learned but that S&T offers what you are looking for. If possible, try to highlight other things on your resume that shows evidence of your love for the market. Don't stress, Good luck!

"I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant."
 
commoditycalendar:
You could say that your interested in more faster paced actions,as investment banking deal flow is usually very slow. Also, you could always talk about the hours.

Thanks. fast paced environment is definitely whats drawing me to trading. i love products and the markets but cannot tolerate the banking aspect any longer. the biggest issue i am struggling with right now is how to answer a question along the lines of:

'well if you knew all along you'd want to be a trader, why did you not apply to S&T out of college and chose IBD instead"

also want to avoid being the classic case of escaping IBD for S&T re: better hours. my hours are extremely tolerable compared to some other groups at my BB and that's honestly not the reason for my move.

 

You definitely haven't pigeon holed yourself in any way. Heck, most sophmores are doing PWM right now.IB experience is great when applying to S&T. it shows you can handle hard work and pressure. kids from my IB BB summer class last year got to interview for S&T roles at the end of the summer for FT positions. You have a whole summer to do S&T. Just apply next year and tell them you enjoyed IB (don't say you hate it!), but that you realized you are much more interested in following markets than the transaction based work of IB - pretty legit reason. Good luck

 

Trading jobs on the buy-side are quite different from trading jobs on the sell side. On a sell-side job, it's mostly about flow trading. This is not the case at a hedge fund. It seems like a sell-side trading job is what you're looking for. You will not be getting your own book for at least a few years though.

I've seen people go from IBD to trading. Some firms allow for internal mobility after 2 years. If your firm doesn't have this, then just network and apply, you shouldn't have any problems.

 

just out of interest, what made you decide to go for banking after an S&T summer stint? was it just 'the grass is always greener..."?

http://convertyourbond.com Free market commentary and trading insights to help with interviews
 

Re - Convert Your Bond. I hated GS (personal preference) and had done a thesis on public private partnerships, JPM's P3 (infra) group came calling and they were one of the better American BB's on the scene for that type of transaction, so I said yes. Oh the follies of our youth....

 

its possible, ive done it. actually come from a similar background as you, was a public finance banker and worked on some privatization stuff but mostly energy/infrastructure. you cant rely on HR to do this for you, you have to network aggressively with people yourself. get in touch with senior people and ask to buy them coffee to discuss their careers to date, how they got into the business/where they are today, what they would do with your background wanting to get into sales, etc... you have the necessary FI background and understand cash flow modeling so thats a selling point for you. also you know credit analysis from doing these deals & your current role so id be contacting everyone/anyone in rates/credit sales

 

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