How to internally transfer without risking FT offer

Just tell your manager about 2/3 of the way thru the summer that you've enjoyed working for him, but you are ready for a new challenge on the investment banking team. Most bosses are very understanding of this. After all, he likely is only in CB cause he couldn't handle the IB hours.

The team will definitely take into account your interest in CB itself when deciding on whether to give you the offer or not. If you are telling them that you want to go into IB, then there is a chance that they might not give you the offer even if everything else about you was good since they know that as soon as you find an IB job, you'll run.

I suggest networking with IB analysts but start off asking to talk with them under the impression that you are just trying to understand the different divisions of the bank. Then, as the internal recruiting process at your firm begins to happen, try to see if you can get them to vouch for you so that you can get an interview for IB.

If you are at a BB odds are there is a formal internal mobility process that HR will send out notifications for about 2/3rds the way through the summer. This will allow people that are on the offer track to be considered for positions in other divisions. Realistically though, full time mobility is often quite difficult so you will need to network hard and also have been such an awesome performer that your boss has no choice but to give you a very positive review.

You need to talk to your manager at some point since they will find out that you are interested in moving - and you can explain to them that you really enjoyed the experience working in corporate banking but you are really interested in learning more about the transaction focused advisory business (IE M&A). Focus on your interest in M&A - I personally wouldn't say anything about "a new challenge" cause that is dangerously close to "this wasn't challenging enough" which is how a boss on a bad day could hear it.

1. Make sure you have your offer in hand.
2. You have to have a SOLID network and senior members supporting your decision (on the IB side).
3. Let HR know you want to lateral.
4. They will want to fill any excess slots with SA they offered.
5. You will have to interview internally or through a normal process.
6. The rest is entirely up to you. Aside: I would still recruit full time while you are doing your internal process. Credentials: I successfully made the move from an S&T role to IB (easily).

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Wait until you have a FT offer in hand before you do anything material in terms of communicating your preferences to your team or HR.

Meantime, if your summer program overlaps with IB, start networking.

I was also an intern at a BB in a relatively similar situation to you. Towards the end of the program we had an opportunity to cross apply to any other programs / divisions we were interested in. They considered our applications for their FT openings and if they liked your resume they offered to reach out and interview us.

Firm politics are a bit of a pain in the ass (we had X weeks to accept or decline our FT offer if we got one but the interviewers might not have had a result for the lateral decision until after X weeks were up, then we were explicitly told you that the choices were to either wait it out and risk not getting a FT offer or to accept the FT offer and drop out of the lateral hire applicant pool. Kind of bull shit IMO.

Definitely secure the return offer or at the very least crush your midsummer review in order to create strong impressions within your group. Trying to transfer groups is so much easier when you come off as someone who is worth their salt.

Eventually have the conversation with your staffer - when you do this make sure clearly articulate why exactly IB is a better fit for you and focus less on why CB isn't. I think people are quick to judge someone wanting to move from CB role into a "prestigious" IB role so its important to clearly explain why IB genuinely lines up with your career interests.

Having done a transfer to different groups in a few companies, I will tell you this - it is painful and not well regarded transferring over a division so soon when you are just starting out. Companies and the people in the organization sort of, frown upon this idea.

What worked best on my end, given all parties included, was accepting a role that I know was needed to be fill and something that the company had heavily invested in me. Focused my energy in performing well, exceeding expectations. This led to me initially attending the meetings, then about two months later I was the one leading the meeting agendas.

I networked, made friends with other divisions and eventually expressed interest in contributing in helping them solve their issues. This led to more hours at work, more meetings (now with two groups instead of one), then eventually I was approached by the director about transferring over to the division.

...this is assuming you are planning in staying with the company for the long haul.

Good luck!