Lateral: Too Soon?
Hey everyone, I have a question on BB lateral hiring that I know some others may be interested in as well. I'm a first-year analyst at a regional MM (STRH, RJ, etc). I'm interested in making the jump to a BB. I'd like to be in an industry group (industrials). Question is, how soon is too soon to begin the process? I'm not married to the one-year lateral, and would be willing to jump in Mar/Apr/May given the right opportunity. Thanks for any insight.
mp505, this has been asked several times before, and the answer is always six months to a year. I would agree. I actually included this in my lateraling guide. When I was lateraling from a "no-name" boutique to a top MM, I noticed a dramatic uptick in the amount of interviews that I got closer to the one-year mark. I think before then, it's just too easy to write you off as someone who is not really interested in IB and thinks that moving to a BB will solve that.
Thanks Sil, appreciate the help. I was thinking after New Years (so six months) to really begin talking to people, so that makes sense. Definitely don't want to appear as someone who is not interested in IB. Big drivers for me are that I've always wanted to work at a BB (so why wait), and a pretty terrible group placement that could hold me back long-term. Also, really like your lateral guide. Thanks for sharing.
If you don't mind me offering some advice, I would really steer away from anything that sounds negative, like group placement. Chances are, you may not have any choice as far as groups are concerned. When I was interviewing, all interviews, even at BBs, were one-offs by specific groups (e.g. FIG at Barclays or healthcare at JPM). I think that the best reason to give for why you want to lateral would be access to more complex and intricate transactions, exposure to multiple products (obviously leave this out if your MM focuses on more than just M&A), and more formal and robust training.
Do you ever feel bad when lateraling/leaving your old firm? (Originally Posted: 05/17/2017)
I've yet to encounter this myself since I'm still a student.. but for those who have made the move after signing full-time and especially those that joined the prior firm for a short period of time(say 1-6 months), do you feel bad just dropping all the work and peacing out? I guess this also applies to people who interned, got a FT offer and didn't sign back.
I'd imagine it would feel like a slap in the face to your team at the old firm, especially if you're currently on a live deal. Maybe I'm thinking about it too much. Curious to hear people's thoughts
People in this business generally care about their firm as much as the firm cares about them.
I've often heard people say "I'm as loyal as the firm pays me to be"... makes enough sense to me.
depends how they treated you
I personally have no sense of loyalty to my firm. To my group, yes, but not the firm.
I completely agree with this. I also have no sense of loyalty to my firm (my fund has multiple investment strategies), but I have a very strong sense of loyalty to my team.
To clarify, that's what I meant. I probably wouldn't care about the brand myself, rather the people you're directly working with.
haha this is a good time for me to chime in on this topic. Today is my last day at my current firm after almost two years working as an analyst here. I don't feel bad about quitting just because I'm leaving the bullshit of banking, but I do feel for my fellow analysts as they are gonna have to pick up my slack and bust ass a little harder
For all of a week until they replace you with a lateral from a smaller firm.
In IB, hell no. You do realize that if push came to shove, they'd throw you under a bus and not even remember your name the next day, right? I lateraled and then left the second IB after another year (i.e. only worked one year at each IB) and never thought twice about it.
Accept job for 6 months-->lateral? (Originally Posted: 11/13/2017)
Hi, I'm graduating in December and have a finance offer that starts in July. I also have an offer for an FLP rotational program with 6 month rotations that starts in January. How unethical would it be to take both offers, complete 1 6 month rotation, and then quit in july to begin the finance role? The money aspect is crucial and I don't have the opportunity to screw around for 6 months waiting for the finance offer to begin. Thanks for any advice
Why not do a different job for 6 months after you graduate where you're not committing for 2 years?
If you have to move somewhere and get your own apartment for the FLDP program, I bet you can bank almost as much money if you live at home for 6 months and do a slightly lower paying job but with much lower expenses and probably more free time and less stress (not big concerns in most FLDP type jobs, but still considerations).
If money is really important to you, you can prep for your finance job in the free time so that you can really hit the ground running and give yourself a better chance at making top bucket.
Also, you will very likely have to pay back any signing bonus from the FLDP if you leave within a year (or longer depending on your contract).
It will be pretty clear to anyone looking at your resume that you left a rotational program 6 months in, which will raise questions (I guess you could just say the job you did and not that it was part of a program, but part of the value of these programs is how well-regarded they are). Of course, you could also just not put it on your resume and have the gap, which could also raise questions as well (not in a suspicious way, but I think people will casually ask you what you did between graduation and starting).
I'm not trying to tell you "never renege" because it is the best thing for a person to do in a small number of scenarios, but based on your post I don't think yours is one of them.
tds2006 has it right. Another thing to consider is that in an FLDP, about 2 months from the time you rotate you are expected to apply for your next rotation and interview with managers and such. If you interview for and accept your next rotation, and then reneg right before you start, that's some real bad shit because they will have turned down other people for that rotation. Typically they have roles just for rotators, so if you pull out the manager will be left holding the bag since all the other rotators will have taken other roles.. Its enough of a dick move that you will have to hope it doesn't effect other job.
You might also be put in the relocation system and there might be problems for pulling out of that. The other option would be to tell them two months ahead of time that you are leaving, and you don't want to do that.
And yes, you will have to pay back your signing bonus. Any perks you get are able to be rescinded if you leave in the first year.
Don't do it, just take some other temporary job and live at home.
OOC, how would taxes play into paying back the signing bonus? If he gets 10k from a company (after tax, which they take care of) and has to pay it back, he'd have to pay back 10K + taxes, right?
What type of company will hire someone for 6 months? Besides a restaurant, etc...?
I'd ask your other job if you can start early in ANY role.
Otherwise, go for it! Just be sure to give maximum notice (at least 1 month) and be prepared to payback some money. If it's at GE, you may even get canned before you have to quit ;) bhahahahah
Lateraling after 6-7 months. Action Plan? (Originally Posted: 12/02/2014)
Hi all,
I am convinced I want to attempt lateraling from my current corporate banking position. I began an analyst stint at a european bank, and I am certain I want to move firms and try a different group. I feel like I need to be challenged more and need something where I am actually learning.
What do you guys recommend as a viable action plan to do this as successfully as possible? I know things may not work out, but thankfully I am not in a pressing situation - pay is good, I have a job, and it's more than a lot of people can say so it's not exactly life-altering. With that said, I want to at least try a fair attempt jumping ship early in the game so I don't pigeonhole myself in my current position. I just don't see a longterm future for me here so i figure why wait?
Any thoughts or anecdotes from someone who's lateraled so soon?
Thanks!
Are you in Europe or America? Commercial banking from what I hear can lead to some interesting opportunities if you give it a year or two
I lateraled after less than a year but I did it because I had an action plan...
Would you please offer some insight as to what your game plan was? I have already started noting some key contacts and identified areas I am looking into with open positions but I was just looking to hear from those who have gone through this process. Thanks for your help!
Does it look bad? Lateral after ~10 months (Originally Posted: 11/10/2014)
From a cap markets group to LevFin at a diff BB. Does it look bad for PE recruiting? I have heard this before, but if you are trying to get into PE wouldn't it also show strong initiative to do whatever you can to get to PE? Could be seeing it the wrong way though.
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