Anyone have advice on lateraling?
Hello,
I am currently interested in lateraling from my group, and am hoping for any advice or any stories from people who previously gone through with the process.
I am currently a 1st year analyst in a top MM in the west coast (think Jefferies/Houlihan/Sagent/RBC). I prefer looking for a place in New York, although staying on the west coast is okay. Looking for BB/EB on best case scenario, but unsure how to pursue this route. Should I be connecting with headhunters? How do I do this, as those who have approached me have not been for IBD. Do I network with associates,VPs through cold emails?
Staying an extra year in banking is fine for me. I enjoy the work for the most part, but the exit opps have been limited. Also, the analysts in my group have been great, but the associates and VPs have been nothing short of a nightmare, and I am looking for an out. Any help would be appreciated.
Cheers.
This is also an honest question not trying to be snark...
How does it look to lateral offices from say the west coast office to the NYC office?
Hey thanks for the reply.
Yeah I've looked into it, but it doesn't appear that anyone from the past 3-4 analyst classes has switched offices to NYC. I've thought about approaching HR, but I'm afraid that this will leek out and somehow influence my bonus, which is only a month or so away. I will probably reach out to them after I get my bonus, but hopefully I will get something before then.
I recently made the lateral attempt and will be joining my new group in a few weeks. My approach isn't for everyone, as it involves networking techniques that may or may not be too aggressive for you, but it got me interviews at multiple firms (I only applied to BBs and EBs). I come from a lower MM bank.
1) Scour the direct job boards (GS careers, MS careers, etc.) 2) Apply for the positions that you're interested in 3) Day after, reach out to multiple mid-level bankers (associates, VPs, and directors if you want) to indicate extreme interest and to set up phone informationals (which will essentially be interviews even though you are simply calling to "learn about group culture") 4) Be prepared and do not screw up the phone call 5) Hopefully this translates into actual interviews, which in my experience have been a 1-hour phone screen (not including the initial informal chat, of course) and then a super day in office
I come from a very non-traditional background, so whether that hurt my chances at a few places is something I don't know. I guess it comes down to how well you can speak during the initial networking calls. Regardless, I had multiple interview opportunities from BBs and one EB, so I guess that you having a stronger background will make the transition easier. Good luck.
the magnum,
Thank you very much for your input! Your networking techniques are definitely not too aggressive for me, as I went through a similar process during college recruiting.
If you don't mind, I have a few follow up questions. We can communicate through PM, if you like.
When did you typically set up these "informational interviews"? Did you take them in the office, sneak out during lunch break, or schedule them for weekends? My schedule is always unpredictable, and I'd hate to cancel an interview with an associate/vp when they're the one doing me a favor.
How did you prepare for the interviews? In the first couple interviews, were they mostly fit or technicals? And were the technicals pretty standard with FT recruiting, or did they make you do something more in depth, like a modeling test?
In general, how long was the process? I guess turnaround is pretty quick if they need new bodies.
Thanks a lot! Really appreciate your response. Congrats on your new job! I'm hoping I can get this process rolling soon.
Hey the magnum, I'm at a lower MM interested in lateraling as well. Any advice on the process would be appreciated. Don't understand why they made you start as a first year analyst again. If you have the skillset, what does it matter? Should you not receive the pay you are qualified for? Why should they discount you for working at LMM? It would be good to know if this is common across various IBs or just a select few.
It's common to have to repeat a year if you go from a much smaller bank to a much larger one.
Magnum, when you reached out to these mid-level guys, was this like reaching out to people during UG? Would you mind sharing an overview of your email?
EDIT: How long were you at your bank before you lateraled? Thank you :)
How to lateral to a different group at a different bank (Originally Posted: 04/10/2017)
Hi guys, so I've definitely read over the lateraling threads, but I specifically have a question regarding how to move from one group at one bank to a different group at another bank. I'm going in as an SA for an Energy team at a MM bank, and I want to move to a different group for FT (maybe Consumer & Retail, maybe Industrials, really open to almost anything except RE) at a BB/EB. Is this possible, and what can I do to improve my chances?
Emails were short and sweet. Hi, my name is X and I've been at a boutique focusing on M&A in [non-NYC market]. I recently applied to position Y and would love to learn a bit more about the group's culture if you have a moment.
Prior to starting at the new firm, I will have completed 1 year at the old firm. Since I came from a lower MM bank (like 30mm deals), I did not want to wait too long to be able to get to a BB or EB. Luckily, I got what I wanted. I had 0 desire to complete 2 years at the firm, go to b-school or something, and then try my luck at a BB. Anyone says you have to do that clearly has no clue what he's talking about. Put in the effort to network as I suggested above and don't sound like an idiot over the phone, you will get interviews very quickly.
Bump, definitely a good question, one I'm not too familiar with the answer to
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Now is the time. While I'm confident enough in my interviewing/networking abilities to be able to pull off this kind of thing regardless of timing, I would start applying ASAP if I were you. I almost wish I waited a few weeks before starting my search, because now there are a ton of opportunities available. Happy where I will be going to, but always cool to have many opportunities.
I tried to schedule the phone calls during the early afternoon, so noon or 1pm, to qualify for the lunch excuse. However, if a VP at Evercore tells you he is available today at 4pm, you better do what you can to make that time. Sooner the better, in my opinion at least.
First round interviews in my experience are highly technical. While I hate to say "know your deals cold," I haven't interviewed in over a month so I barely remember the stuff they asked. Basically, know things like why did txn make sense, what risk factors did each side have to consider, how did you forecast revenue/costs/capex in operating model and dcf, how did purchase multiple compare to comp multiple ranges? Also know transaction implications generally for a merger or lbo scenario, whether they talk about asset write ups, d&a changes, capitalized txn fees, changes to interest expenses, etc. If you are diligent, you can find a pretty good guide of 400 questions for technical questions that covers a lot of this stuff. Technicals are certainly more advanced than the easy crap they ask college kids, but not to the point where they want you to build out a model in person.
Process probably won't take longer than 2 or 3 weeks.
Trying to lateral, pls help! (Originally Posted: 10/03/2017)
I am currently working at a no-name boutique IB in NY for 4 months now. I have been trying to lateral to a bigger firm, because my current firm has 0 deal flow. A lot of the pitches we do go absolutely nowhere or we are trying to raise capital for sketchy companies that no one would invest in. I am currently looking for any other opportunities, because I barely get paid enough to live in NY and I don't get a bonus because we haven't closed any deals and I get worked to death because I am their only analysts, seems like they can't retain people. What is my best strategy? I haven't found time to do much networking, and applying online has yielded no results whatsoever. Can someone give me some advice?
This has been extremely helpful, thanks a ton man.
Here's a comprehensive lateral guide. It should give you a nice framework. Good luck.
https://www.wallstreetoasis.com/forums/lateraling-guide
What an amazing guide! ;)
Jdoe88, take a look at my lateraling guide that Bayoumonkey linked you to.
Honestly, though, you're not going to have much luck at this stage given that you only have four months of experience. The reason for that is because if you're trying to lateral at such an early stage, potential interviewers are going to wonder whether or not you actually like IB. Potential interviewers are going to assume that you're getting crushed an naively think that lateraling is going to solve your issues, when in reality your real issue is that you cannot stand IB. You need to get at least six months under your belt, but honestly, you're probably going to need to stick it out for a year.
I'm happy to answer any other questions, but honestly, you're best strategy at this point is to suck it up for eight more months and make the most of it. You really aren't in that bad of a position.
This topic is incredibly helpful, even if I'm trying to lateral from an unrelated role.
Need Advice for Lateraling from a small boutique to an EB/BB (Originally Posted: 02/24/2018)
Hi everyone,
I recently accepted an offer from a boutique IB in a top-tier city (NY/SF/Chicago) but am definitely considering lateraling after a year to an EB/BB as an experienced analyst. Does anyone have experience doing this / have any advice on the timeline for doing something like this?
Things I am considering to get started are: - Time to officially start networking (a few months after starting FT or immediately) - Involvement with recruiters (they were fucking useless for FT entry level IBD but that may be a different story as an experience analyst) - Crafting my story differently from when I was interviewing for entry FT (Now that I actually have experience I would definitely have to change my story to why I want to leave / make the jump)
Hey TaddyMasonLLC, sorry about the delay, but are any of these useful:
If we're lucky, the following pros may have something to say: alpinespringwater shikelicious Romita-Munshi
You're welcome.
Network like your life depended on it
Lateraling Advice - First year analyst (Originally Posted: 03/14/2011)
Hey everyone,
I'm currently a first year analyst in the Leveraged Capital Markets Group at a large European bank in NYC, but was initially hired into Banking (banking and cap markets ended up splitting, and I ended up in LCM). After having been here for ~8 months, I have decided that I would really prefer to lateral to another bank, and attempt to switch into banking. What's been most unsatisfying about LCM has been the lack of modeling experience.
It probably makes sense to try to lateral into a Lev Fin group, as I already have a background with the products, terminology and the markets. I've heard that lateraling would probably result in being downgraded to a 1st year analyst again, which I'm willing to go through if the experience is right.
Any advice on (a) what is the best timing to attempt the lateral, (b) how to go through with the process.
I'm hoping that having a diploma from a Top 10 school and 1 year in finance will make this possible.
Any and all advice is much appreciated.
Definitely agree with what the magnum said. I recently was able to lateral from a corp fin role (FDLP) to a MM M&A group and used a similar technique.
I found indeed to be really helpful. Blindly networking, while good for future opportunities that may arise, is not an efficient use of time for someone looking to move in the next month or so. Generally the indeed postings are real, and I've gotten extremely high response rates by contacting Associates/VPs in those groups that are recruiting.
Just send an email saying something similar to what was posted above and ask to set up a 20-30min phone call to ask questions about the group. I never got any technical questions at this stage, but definitely be prepared to talk about your resume and experience. At the end of the call ask if there is someone directly in charge of recruiting who you could speak to and often they will forward you on.
EDIT: Im curious though, what is it about your current role that is holding back exit opps? Would think that Jefferies/Lokey would place well into MM PE. Are you in less 'desirable' industry or product? Is it the west coast aspect?
To avoid outing myself out, I won't get too specific. But I work in a generalist/tech group, and even being in a well known MM isn't great for PE placement.
Qatalyst, MS, Lazard and GS basically sweeps everything up. Then a lot of the other names like JPM, BAML, CS and such saturate the MM space. Most of the exits for my group are for corp dev, which is not something I'm looking for at this point in time. This has just been my experience though, YMMV.
I never directly asked if they could forward me on to the hiring manager at the end of the informational, as they usually just told me on their own that they would forward me around and all that. However, if you had a great conversation and they don't volunteer to do that, then I agree that you should not be afraid to ask if they can put you in touch with the hiring manager to learn more about the current process.
why not stick out the full year?
Just wondering if it would be advantageous to pursue these opportunities before another analyst class joins in the summer, as I assume most lev fin or coverage roles will be taken up by the new class.
Essentially, I'm wondering when is the best time to lateral?
You will likely need at least one year under your belt, but lateraling can be done even if you're from a Capital Markets Group. I would create a profile on linkedin and list your specialties as leveraged finance, high yield, capital markets, acquisition finance, comparables analysis etc. Headhunters will search for these terms when looking for lev fin analysts.
It's also worth checking other banks' websites - they will often list their open positions. I just looked at one bank's website and saw an open position for an IBD Industrials Analyst. Obviously do all this from your home computer.
Your main obstacle is going to be demonstrating an ability to do IBD style work despite being in capital markets for a year. Make sure your modeling skills are top notch and that you're able to articulate why you want to work in banking vs capital markets.
Which bank did split? Give more detail?
By split I mean banking and cap markets used to be under the same umbrella, not anymore. Are you saying it's rare for laterals prior to 1 full year of experience?
I know what I want, just no idea how to go about it.
Maybe I am just jaded, but were you buys not worried about them possibly reaching out to your current firm?
Lateral advice needed. (Originally Posted: 09/16/2013)
I am new to the forum, but was recommended by people in my graduating class. I was hired in a MO program for a BB. I interviewed with the same bank for a FO Analyst Program as well, and was put on hold. Eventually the first choice took the job and I was offered this position I am in now. After training and being on my desk for 2.5 months, the group is hiring for FO analysts again. I think budgets opened up, or maybe they just decided to recruit again. Should I get in contact with the interviewers that put me on hold, or just wait because I haven't even been at my desk for long.
I just don't want to waste a solid opportunity. I am not in NY and groups/gigs aren't readily available.
Thanks
I imagine most firms would have more tact/discretion than that?
Lol, not sure why you think interviewing firms would do that. Perhaps after the offer, they may want to reach out to confirm your employment, but then you have two scenarios. 1) You put in your two weeks as soon as you got the offer, so doesn't matter if they reach out. 2) As in my case, I was waiting a little bit to put in the two weeks for timing purposes, so I specifically asked the company to not reach out because then I would get fired instead of resigning.
Anyway, interviewing firms would not just reach out to a current firm and out you like that, generally speaking. I'm sure it's happened before and that sucks, but I would not assume something like that is bound to happen.
Correct me if I am wrong, but I would have to imagine that they are recruiting either 1) experienced analysts after someone left or 2) simply ramping up their on cycle recruiting for someone to start next July. Off-cycle recruiting at BBs is quite an HR challenge (maybe they have clearance, not sure but this is rare in my experience).
Even if I am wrong, I would still suggest meeting with your interviews to catch up/keep in touch. Obviously they liked you to some degree for you to be on the short list, so email the interviewer and see if he would be willing to meet up with you. If all goes well, either 1) they are willing to reconsider you for this position or 2) they are willing to reconsider you later.
Also, I would not worry about burning bridges with MO. Obviously do not let everyone know you are actively tying to leave, but I am positive they would not be too upset as you interviewed for FO in the first place and I am sure almost everyone in MO would do it if given the chance.
Didn't read this whole thread. Two piece of advice:
1) try to lateral so that you start at your new group "on-cycle", or else you will get screwed for recruiting. If you start in a new group in November, no one is going to be willing to help you recruit in Feb-May, meaning you will end up losing a year.
2) Headhunters and the investment professionals at PE shops don't like lateraling from one bank to another. I'm really not sure why. I knew of a guy who left a lower BB to go to a top group at a top elite boutique and ended up hitting a wall in several final rounds because the PE guys saw his willingness to lateral to another bank as a lack of commitment. Also, the unstated skepticism about laterals is always this: you clearly didn't lateral because you were a rockstar. Something's wrong here. It's like in an M&A deal, when the seller goes off the table to enter exclusivity with another buyer, and then comes back a month later and invites you into the data room. Why isn't the deal closed, bro? What did the other buyer see during diligence that scared them off? Something's wrong here. (Just illustrating the thought process).
Could anyone please offer some advice for lateraling interviews? (Originally Posted: 10/13/2014)
I went to a target and have been working at a small, 15-man shop for the past seven months. A buddy of mine got me an interview at the BB that he is at. I am a bit nervous for the interview, mostly because my boutique does little to no modeling. We regularly close deals and have good deal flow, but the amount of DCFs that we complete are low, and I have yet to complete an LBO outside of a classroom setting.
Any help would be appreciated :)
Extremely good points. For 1) I totally agree. I was fortunate enough to wrap up the process several weeks ago, so I will be starting with the other first years (I have to repeat a year because I came from lower MM).
I cannot comment on 2) because my move makes perfect sense. Going from a shop that works on 30mm deals to a firm that works with 500mm, 1bn+ deals is a good idea. Whether going from a "lower bb" to a place like Goldman is the best idea, I cannot say. Although, throughout my networking, the consensus is that if you are a baller at UBS, you will still be competitive relative to those from GS, BX, wherever, in regards to exit opp recruiting, whether it's megafund PE, MM PE, or HFs.
PMed you, but anything regarding that valuation or how lateral interview differ from those that you get right out of undergrad would be great.
Hey, I'm interested in lateraling as well. Curious to hear how your lateral interviews have been. How detailed are the questions in regards to the deals you've worked on? How technical do they get with you?
Lateraling - multiple processes help needed (Originally Posted: 04/18/2015)
Hi guys,
I've been lurking at wso for a while, but this is my first post ever, so first of all - hi everyone. I was hoping that some of the more more experienced monkeys could advise me on my career situation.
I'm currently an associate at a no name London boutique. My bank is not well known, but the partners are all ex-bulge bracket M&A MDs. I've been here for 4 years, and am now keen to move on, partly as I am the only female at the company, which sometimes makes for an uncomfortable working environment. I was recently offered a role at another boutique, but I decided to take my shop's counter offer instead. One of the reasons why I turned down the other place is because I'm also interviewing with a BB. The next round is approaching, and I'm wondering whether I should come clean about this situation to the hiring manager. He knows I was involved in another process, but nothing beyond that. On the other hand, my recent change of title/salary from my bank's counter offer will probably appear on the background check if I do get an offer from the BB.
Any thoughts? Would the whole story make me look untrustworthy to the BB? I don't enjoy being in this situation, but unfortunately the timings didn't work out very well.
Terrible idea taking the counter offer. They know you're a traitor and I can only assume that they are looking for people to replace you, although maybe not asap.
That said, I doubt the bb will question your promotion, but if they do ask, I doubt it's a fireable type of disclosure. They may think you're an idiot for taking a counter offer, which I guess should be a fireable offense, but you will probably be fine from a compliance perspective.
Magnum, thanks. Do you then think I should not recount the situation to the bb unless they ask?
I took the counter offer because 1) i realised the other firm was not right for me, and I shouldn't be going for a less than ideal gig just to escape my current place, and 2) I wanted to be able to continue the process with the bb.
There is no way the BB you're interviewing with will know that your promotion/role change/increase in salary was due to a counter offer if you don't tell them. Your current boss is not allowed to give any more detail in a reference check other than the role name and times you were employed, due to data protection laws in the UK. I wouldn't worry about it, I doubt they will even bring it up.
I'm confused as to why taking a promotion would count against you. The bank you're interviewing at isn't a lock so, at least from my pov and thinking from the BB's pov, it would be silly to not take a promotion and salary increase. It also should show that your current bank thinks you've done well enough to promote you. And it's not like the bb doesn't know you're interviewing elsewhere. If you didn't take the promotion from your current bank it would be pretty obvious that you're not sticking around and you just risk being let go right away.
Maybe I'm wrong but I don't feel like it should be anything to count against you.
Lateraling Advice for First Year Analyst (Originally Posted: 02/16/2016)
Hey guys,
Long-time lurker, but first time poster looking for some advice on lateraling
I went to a semi-target, 3.8 GPA- didn't do too well in recruiting (corp dev internship, summer internship at a small IB), but managed to get a job at a regional boutique IB. However, I work in their non-NYC office, which has ~10 people. Deal flow is much slower, and I'm not sure how likely an internal transfer to the NYC office is. So I'm considering lateraling to a boutique/tier 3 bank in NYC. My reasons behind this are that a) deal flow at a larger bank will be better and b) exit opps would be a lot better at a boutique/tier 3 IB than a regional boutique (non-NYC office)
My question is: how realistic is it to transfer from a regional boutique (non-NYC office) to a NYC boutique/tier 3 bank? Also, when does lateraling recruiting begin? I've read Sil's lateraling guide multiple times, and understand that most positions show up June-July after bonuses clear, but should I be networking like crazy beginning March to position myself? I understand I'll most likely have to come in as a first year again, which I'm fine with, as I think the benefits (more exposure, better deal-flow, better exit opps) outweigh having to redo a year.
Any other advice re: lateraling would be appreciated. Thanks in advance.
you don't have to aim for boutique / tier 3 bank. If you have decent experience that you can talk about BBs and prestigious boutiques are definitely a possibility.
My only concerns with targeting BBs/EBs are that a) moving from a second tier city (e.g. Charlotte, Minneapolis, Philly) to NYC complicates things, and b) deal experience hasn't been that great (deal sizes are on the smaller end)
Asking HHs to help with PE AND Lateral opportunities? (Originally Posted: 10/21/2016)
delete delete delete delete delete delete delete delete delete delete delete delete delete delete de
No - use different headhunters for each purpose, and don't mention you're also recruiting for the additional role and vice versa
Advice for potential lateral (Originally Posted: 11/02/2015)
Would just like to preface this thread by saying thank you for all of the great advice ive gathered from this forum over the past year or so, lots of smart people here willing to go out of their way and I know im not alone in saying its extremely useful stuff.
To give you a background, I graduated in may 2015 from a non-target midwest university with a decent gpa (3.75) with degrees in finance and economics. I began my search for investment banking positions rather late, and I attempted to reach out to industry contacts in private placement groups i had through my internship where I was a part of a group who invested in private placement debt issuances. This is sort of a niche area, as ive come to find out, and the contacts i did make weren't able to help me out much at the time. I have reached out to many others, and I've established good relationships with three main contacts that have helped me the most. two are associates at MM banks and one was at a MM and moved on to a hedge fun after making VP. They all have great connections and have been very willing to help, but unfortunately I wasnt able to secure any off-cycle interviews on a short notice after graduation.
continuing, I ended up interviewing for other positions under the impression that a large gap on my resume would be more detrimental than my non-target background. so, i took a position at an investment fund that is technically MO, but luckily we're small enough now that i have some access to front office VPs and MDs.
I wanted to find out if people had any advice on when to start reaching out to my contacts i have established. I've been at my current job for 2 months, so im not sure if that will work against me when it comes to meeting with and calling these contacts to keep in touch. Ive been updating them about my current move to the new position, but would it be too soon to reach out now to set up chats/drinks/coffee? When i do get to speak with them, should i bring up the fact that i'm trying to lateral right away or is that better left to a follow up meeting at like the 6 month mark of my current position? I'm crafting my story now, "why IB", "what can you do for me and why should i hire you", technicals and modelling, etc, but any other advice would be greatly appreciated.
Thanks again for all the help.
bump
any advice? can i reach out now and communicate the fact that i'm looking to lateral or should i wait and build credibility?
Take a look at my lateral guide that I posted a few months ago.
Lateral to the Big Apple - Advice? (Originally Posted: 05/25/2016)
Hey Monkeys,
Long time user, and moderate poster. This is a throwaway account to keep my identity hidden.
I am currently a 1st year Analyst at an industry focused boutique in Chicago. It has always been my to goal to work in IB in New York because it is the center of the universe in regard to IB. Not to mention that there is nowhere in the world like the Big Apple.
How would you guys recommend making the transition and networking to land a job in another city (especially NYC)? Is it significantly more difficult to land interviews if you are not local?
I plan on networking via LinkedIn and utilizing my networks, possibly taking a couple days off to visit and try to set up as many networking coffees as possible. Obviously I will not move there without a job, in which this seems like the best strategy. I feel that this question goes largely unaddressed on WSO, and I was hoping to get some feedback about how to develop a strategy to land a gig within 4-5 months?
Thanks in advance!
Use the search function.
Looking to lateral, any advice appreciated! (Originally Posted: 07/17/2016)
I am looking to lateral from a F100 analyst position to a boutique/MM IBD analyst role. If my resume needs professional help that will be the next step, but thought I would start here! Ignore the locations :)
I have been told my bullets might be too long and wordy, but I have also heard conflicting advice by those who love detail. Let me know what you think. School is top 30 US, but not a huge target.
Are you really from Wyoming or was that a placeholder?
I think you have some great detail in there and some that is "Eh, that is simple." (e.g., "Merged historical income statements from two separate companies for use in a lbo model.")
I really do like the way you list specific examples within each position, but what I like more is when you list actual achievements (keep in mind, these are only what I like - others will have different opinions). These sounded great:
Created FX adjusted model based on regression analysis to predict $260M in spending, model accuracy to 1%. Designed model to capture the impact of restructuring initiatives on business groups; model used by senior finance leadership to aid in decision making during the initial phase of restructuring. Developed Excel VBA in order to turn a three-hour weekly process into a 20 min process that is currently used at a shared service center.
I think most other info can be summarized. For example, "screening investments within the industrial leasing industry, financial modeling," (etc.) and then use some of those specific examples as achievements (the one that resulted in an LOI and any others).
Hope that helped. I am a bit buzzed
Thats some great advice. Thanks Man
Np. So, from Wyoming? Not trying to be too personal, I just really like Wyoming, which I know a lot of other people on here would laugh at. Not too many places you can see that many stars at night.
Nah, just a placeholder, but it is beautiful :)
Lateral Resume Isn't Getting Any Bites...Please Help! (Originally Posted: 08/22/2016)
Thanks for all the help everyone really appreciate it from all of you who helped me out thanks again
Online submissions are a crapshoot. You should be talking to some headhunters about this, not just firing out online apps.
Your resume looks fine to me. I'd move your education below your work experience.
Lateral Position - Need Help! (Originally Posted: 06/18/2013)
Hi all,
Got this job description - wanted to get insight into what this role entails. Any help would be greatly appreciated - I'm pretty new to the whole trading floor/Securities scene, so please be gentle :/
"This role performs a risk management function for the Securities Division.
We oversee a multi-billion dollar risk book of secured and unsecured corporate debt across sectors spanning from IG to Distressed. When necessary we also represent the firm in workout/bankruptcy scenarios. We are generally on the public side of the information wall although do, under certain circumstances, receive syndicate or non-public information. The credit analysts are responsible for following their names, updating management on any material events and developing recommendations regarding addition/subtraction of hedges, candidates for sales and target prices
Preferred Qualifications: • Robust financial industry experience • Background in credit analysis and ability to analyze a corporate balance sheet • Evaluate credits on firm's balance sheet and hedge extant positions
• Monitor positions including corporate bonds, bank loans, revolvers, credit derivatives • Excellent communication skills and ability to interact with multiple constituents around the firm • Strong Excel and modeling skills "
bump :/
1st year BB lateral - need help (Originally Posted: 07/01/2013)
I am finishing my 1st year as an IB Analyst now and am looking to lateral to another BB or boutique. Probably 75% of my capacity over the last year have been spent on one project, the remainder were random pitches. In my CV, is it okay to write just about one project and to leave out the random work I have done?
Thanks
Give us a little more info about the one project.. what is your role, what type of trans., etc.
I concur with okay24. We need details.
Thanks so much guys. I posted a CV in another thread ("2nd year ib anl - kill my resume", WSO doesnt let me post links yet). Feel free to rip it apart.
Thanks
Lateraling Advice - 1yr+ at small boutique (Originally Posted: 09/02/2013)
Hey,
Subject sums it up. I'm wondering if anybody could help me out with some lateraling advice. Background: Ivy, 1 Yr+ at a very small boutique
Specifically, I'm interested in the types of interviews that are conducted for a 2nd yr position. How technical do they tend to be? (Is there a modeling test involved ...) Are there even spots available on the street, and does anybody know of any?
To anyone's gone through the process before, pls PM me. Any advice is greatly appreciated.
the only bank i've heard of that has a lateral modeling test are evercore and guggenheim
Need some advice about lateraling (Originally Posted: 09/03/2013)
I graduated from a non-target last year and accepted a job offer at a boutique. Through some networking, I received a chance to interview at a top MM group. I know this group will be modeling intensive, so I expect my interview to focus on technicals. Therein lies the problem. While I have received a lot of client and deal exposure at my boutique, my modeling and valuation work has been (very) limited. This is because my boutique "only models when we have to" (my MD's words).
Would a guide like WSO's or M&I's be enough to get to up to par, or at least up to where I need to be to ace this interview? Any help would be appreciated. Thank you.
The M&I guide is good, but it depends on how much time you have before your interview. I went through lateral recruiting and most of the interview focused heavily on what my current situation was and why I wanted to leave. They also focused on other qualitative items like writing skills as top MM M&A shops will spend much more time writing CIMs and other sales documents than they will modeling. Make sure you understand what transactions the group you are looking to join does the most of and have good answers for what you currently do and how that will be beneficial to what you will be doing.
Regarding modeling, most of the questions I received were on DCF and general accounting questions (how do 3 statements flow). If you do any valuation at all, it shouldn't take you too long to quickly pick up. Check at http://www.macabacus.com/ for models. Does a good job walking through them and they are free.
Thank you, Platime. I have a week from tomorrow to prepare.
Does anyone else have suggestions?
macabacus.com is free and covers basic modeling and technical questions. ibankingfaq.com also is a good guide for banking interviews.
Good luck
EDIT: macabacus models are insane actually (IMO). So they will be pretty comprehensive I think.
Hey Peabody, curious to hear how this turned out for you. I'm interested in lateraling as well. Any advice on lateral interviews would be appreciated, thanks.
Lateral Scenario- help (Originally Posted: 01/20/2014)
Has anyone ever heard of an analyst securing a FT 1st year analyst offer with a top BB or EB (complete with training, etc.) beginning the following summer, prior to/immediately after starting as a 1st year analyst at another bank? Seems a bit weird, but could offer some serious peace of mind for those debating making a lateral move early on as an analyst. This would also make buy-side recruiting much more straightforward given that the headhunters typically get analyst lists during training. Thoughts?
bump
Anyone have any tips for lateraling? (Originally Posted: 01/22/2014)
I have worked at my current boutique for 6 months. I enjoy the verticals that we cover and like the bank itself, but the pay is mediocre (especially for NY) and I feel like moving to a large MM or BB might be better career wise.
I went to a smaller school, so my alumni network is limited. Other than networking, what tips can you offer? When networking, how should my networking be different than when I networked while in undergrad?
Thanks for any help.
Double back to the alumni / contacts that you spoke with during recruiting in undergrad. Is your boutique known for any particular vertical? I'd also reach out to analysts in the verticals that you cover. You'll certainly get a lot of no responses but that shouldn't discourage you.
Always ask people at the end if there's someone else you should reach out to.
That is helpful. Thank you.
Anyone else? Surely there must be others who have lateraled.
Who to contact for official lateral? need some help ASAP (Originally Posted: 08/13/2014)
Long story short...got placed in a horrible group last year...absolute minimal deal flow / work flow and pretty segregated from the rest of the big advisory group. Im looking to transfer into another group before I start looking for new work if that is possible.
Anyone have any idea who the best person to reach out to is? I have spoken to the MD's before but lateraling isnt to common upon in our firm and my boss would be not to happy. I was thinking of reaching out to my HR contact? I have gotten good reviews and all...just ready to make my move. Any advice would be great.
You ultimately have to do what's best for you. Reach out directly to people who work in other groups and network with them to gauge if the move is possible. If it is, I would go through HR.
Best of luck!
Lateral Recruiting (Originally Posted: 12/13/2006)
Current bankers, I would greatly appreciate your feedback.
I have the opportunity to join a BB in one of the emerging markets (think MS / GS). I'm now living in Manhattan and quite frankly, I don't want to go back to my country (at least for now). I've tried to secure an analyst position in NY but I did not succeed. My plan was to apply for a top MBA in a few years and use that as my lever into Ibanking. However, I've been questioning my plan ever since I was presented with this new opportunity. The question is: do analysts have international lateral recruiting opportunities? I'm looking, of course, to come back to NY and before anyone asks, I don't need the bank to sponsor me as I'm a US permanent resident. Thanks in advance for your input!
I know a few that went to Hong Kong and came back to US
I've known folks who have done their 3rd year in London and then come back to the US to either a 1st year associate role or they take a break in B-school.
You're an analyst at a boutique right now, correct?
Why didn't your plan to secure an analyst role in NY work out?
Is that emerging market opportunity at a BB such that you think you may forego B-school entirely?
I am pretty sure alvar is referring to somewhere outside of London/US/Tokyo as experience from any of these is comparable.
Yes, you're correct.
Agree, don't think UK is emerging market as it's the leading place in international finance (especially for the budget deficits of the US)
Alvar, where is 'emerging markets'?
Kids... do you honestly believe I consider London an emerging market? SIGH.
His question was: "Do analysts have international lateral recruiting opportunities?"
I assumed his question generally considered ALL analysts working internationally, anywhere.
I just sent you a PM
Lateral Strategy (Originally Posted: 10/29/2009)
This is my first year in banking (FT) & I currently work at a MM bank. I like my group/bank. However, like most on this site I have fairly ambitious goals. Ideally I would like to do a year here and lateral to a BB bank for two more. I usually get advice from the older analysts, but everyone has somewhat of a chip on their shoulder toward BB's, and lateral talk is pretty taboo. I'm pretty good at networking and have a couple friends at BB's who I would feel comfortable approaching about a position, I just don't know when that time would be right. A couple banks are still rapping up 2010 recruiting, should I start the process now even though I've only been working a couple months? Even if I do/don't land a position, the finance community is small enough to where that would get around (Jeffrey Chiang?), & I don't want to be the Benedict Arnold of the office. Any thoughts would be great.
my experience has been that lateraling is very different than interviewing for a FT position or even buyside exit options in that if a bank is looking for a lateral, they are looking immediate term (i.e. they will want you to start after a couple of weeks, and you'll need to quit your other job the next day). This is why it is extremely taboo, and is best done with a headhunter that can help you manage the process. Aside from that, if you are good friends with people working at shops you want to be at, make sure they know you are looking around, and if they think you are good, they will be happy to make the proper introductions when a spot may open up. Trust me, you do not want to go through the networking type process that you went through to find your full time job. You need to limit your time out of the office and shadily showing up in suits, and its not worth the risk for non-live leads. That being said, unless things pick up big big time and every bank gets caught with its pants down, it is unlikely that anyone will have an interest in you at this point. Keep building your network, and be more aggressive come June/July.
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