S&T to IBD, but too late?

Hi Guys!

Recently received an offer from a BB S&T. I was really excited. But as time goes by, I think I am more interested in IBD, but they say it's too late now for me to switch. They said I could try to lateral in a year: does anyone have any advice or insight on the probability of this?

 

Can't speak from experience or anybody else's anecdotes, but I think this would be very doable insofar as you continue building contacts both internally and externally. S&T is still a front office function, generates significant revenue and is looked upon favorably by industry professionals. Suffice to say, this is a lot easier hill to climb than coming out of Ops / Tech.

 

I reckon, enjoy the relatively lesser hours S&T has to offer & see what happens in 1-years time. If you cant make the switch in-house, try the boutiques or mid-market firms.

After a few years working in any field, you realize the stuff outside of work matters more. or at least, that's what happened with me. Mid-20's ..crazy realizations occur then

 

I've seen it happen. I know a guy who went from an FX Options trading role to RE IBD. Both were at BB firms. He then went to a megafund's credit investing team.

I've seen others do it internally (one or two years in S&T, then to IBD).

I am permanently behind on PMs, it's not personal.
 

For instance at Lehman, anyone with an offer but with an interest to switch to another division, is automatically guaranteed a final round interview with the other division (barring cases where they have 100% intake from SA in that group). So you dont have to go through first rounds/phone interviews etc...

but its a risk to do it without having another offer in hand. once you express interest in another area, its unlikely that you retain the original offer (S&T or whatever)

 

Some reasons:

  1. My current firm is small and has limited resources for oth its client base and its employees.

  2. There is no training program and I never had any formal training I had to learn on the go and I think it hurt my general view of markets etc.

  3. I am the youngest person in the room by 18 yrs, enough said about that ( i am 24)

  4. I think i perform better when I am working hard for a long time with a deadline ahead of me. In sales and trading you have a short day but it is often crazy and hectic, it can feel like you do not get a lot acomplished, not very rewaring at times.

  5. No mentoring program whatsoever, esp at my age it is important to have someone above you who can help out a little ( i don;t mean hold you hand, just an extended work relationship etc)

If you have opinions on whether I can switch let me know.

 

A much better route. You will come in as an associate. Plus you will have to do an MBA anyway even if you become a first year analyst (which is a really long shot).

BTW why i-banking and not an attempted 3rd yr analyst/associate role at a good s&t desk in a good firm? If you think you will suddenly become a star negotiating with CEO's as an analysts then wake up. You will still be a slave. So why make that move?

 

Two examples come to mind:

1) A girl I know tried to make the switch from Goldman S&T to IBD. She ultimately wasn't successful, but still landed a great FT gig elsewhere.

2) A friend who summered in a FO role (investment management) at Goldman was able to participate in accelerated FT recruiting for Goldman IBD. I don't think he got the offer though...

I'd advise against thinking too much about IBD during your SA stint. First, focus on getting a FT offer. If you still really want IBD, I'm sure you'll be able to leverage that offer.

"Rage, rage against the dying of the light." - DT
 

I know people from my summer analyst class that made this switch. I can think of at least 4 internally and 3 laterally. That said, some of them weren't in the regular s&t rotational program, and for those that were they tried to get on desks that did some sort of modeling or analysis so that they'd have something to talk about in their interviews as well as gain some skills.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”