Got a summer analyst position at a large asset manager. Starting to think of a lateral switch?

I had a superday where I interviewed with Fixed Income, Equities, and (last minute) Securities Lending. I was mainly interested in FI but only got an offer at securities lending. My main interest is in Asset Management and I'm preparing to take the CFA this June.

My main question is how can I show that I want to make a lateral switch to another department after I finish the summer program and hopefully get a full time offer? Getting a full time offer is my first priority so I don't want to risk talking to my boss during the summer and pissing him off.

Anyone else have experience with this?

 

I was in a similar situation. If you have a FT audit offer you can PROBABLY choose to retake all your interviews with the department of your choice, but bear in mind you won't have the audit offer as a backstop. It's quite a risky manoeuvre.

With regards to transferring once you are full-time, this is not really possible within the first 3 years until you are qualified. You MAY be able to take a secondment late in your 2nd / early 3rd year and then do a full transition once you are qualified, but it won't be simple.

One thing to consider is that working in tax will really pigeonhole you. Audit is far from amazing, but at least it gives a slightly broader skill set and more applicable qualification.

 
full_tilt:
Just got an offer for PWM internship for a NY bank as a junior. I was wondering if it is possible at all to network internally to be considered for their IBD/public equity group for FT over the summer. Can this be done? Or is it a big no-no?

If you are at a BB, your best bet is to network your ass off with anyone and everyone. You're not gonna snag an IBD offer at the end of the summer, but you will put yourself in position for down the road. Build your network now. Even if you get stuck in PWM/PB as a FT analyst, they allow mobility at most firms after your first year. If this is a BB, your best bet might be:

Bust your ass/network this summer --> snag a FT offer for PWM to have in your back pocket --> try and leverage this offer to speed up the process with IB recruiting if possible.

If this doesn't work out, you could still do:

Bust your ass/network this summer --> snag a FT offer for PWM --> try and move into a first year analyst role in IBD after being a first year analyst in PWM/PB for a year (or two)

If you really want to do IBD and are willing to work and network hard, at your worst case scenario you can still pick up a good paycheck for a year or two (at all BB's the PWM/PB FT analyst role has $70K base) while working favorable hours and then try and restart as a 1st year in IBD when you are 23 or 24. In the grand scheme of your life, starting IBD a year or two later than you want won't matter.

But make sure you keep up with all contacts, and do your best to learn modeling and all that good stuff in the mean time. Read up on IBD/PE (Wiley Finance publishes two great books on these topics) this summer to keep yourself prepared. But DON'T lose sight of the present. If you take this offer and focus so much on switching to IBD that you don't work hard in PWM then you kill your chances of moving over because no one in PWM will vouch for you if they think you are lazy.

Btw, take this with a grain of salt because this is strictly advice for a BB, and it only applies to HNW/UHNW wealth management, not retail wealth management. If this is all at a smaller bank then I don't really have much advice for you.

I would agree with you, but then we'd both be wrong.
 

I don't think the OP means division, I think the OP is referring to going from M&A to a natural resources group or something of that nature.

In reference to that, I really think it depends on the firm. Some groups will actually interview you after completing your summer so that it really depends on where you fit in. Overally, I don't think it is a very difficult process. Part of the reason they like to give you exposure during the summer is for this specific reason.

 

I think it might not matter because why would the other division hire you as SA if they know you have 0% chance of coming back full-time? From their perspective, the benefit of intern is (1) extra set of hands but more importantly (2) seeing if someones worthy of FT offer. You might be more helpful than the average SA-applicant because of your experience but you aren't coming back (no ROI for them).

 

This is a horrible idea. Do not even attempt to switch groups. You'll end up shooting yourself in the foot and worst case, give your offer to someone else.

If you really want to switch, you should either 1: do a damn good job, and lateral to a different bank or internally when there is an opening.

  1. finish your two years, get a third year offer and then switch.
 

For now just focus on getting the offer. If they liked you during the internship companies are usually pretty helpful in moving you around to a similar role for full-time (although I can't really speak to the sales --> trading switch, as to be honest I don't even know what the junior sales staff does).

Whether you stay with the same company or not though, full-time recruiting is so much easier with a return offer in hand, so I'd keep that front and center as your primary goal.

Good luck!

 

you can bring this up once you have a full time offer. once you get the offer, you are in and you have a year to figure everything out and coordinate with HR to get what you want. they should be accomodating and it won't be huge deal, but i agree that getting the offer is all you should be focusing on right now.

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Best Response

Probably not the answer you want to hear, but I think it'd be tough. With thousands of people working at each bank, just because you work there doesn't mean you are really connected to the bankers/traders, etc.

However, if your one and only goal is to end up in IBD and not the division you intern, then you do have the advantage of being around a lot of people that are in positions you want to be in. As awkward as it can be, try to build relationships. BS with people in the cafeteria, in the elevator, at the gym. Maybe they'll help you land an interview.

I think its similar to reaching out to alumni. You have a commonality, but beyond that not a whole lot. It might help the initial conversation get started, but from there you need to constantly be on your toes. A good thing - if mid/back office is not at all what you want, then you have little to lose by trying to switch things up. From an HR perspective though, I doubt that they will give you a better shot at IBD than any other candidate simply because you worked for them in a different division of the firm.

 

Switching within divisions will depend on firm policy.

Some firms will only extend you an offer in your summer group, so even switching within the division will be tough.

Some firms will extend you a general IBD offer after the summer, meaning that you will have another round of group placement for your full time. However, most of the time, SA in one particular group obviously have the priority to go back to that group. With this said, if you are looking to switch into the most popular groups (M&A, LevFin, top coverage team etc.), it would still be challenging. However, if you are looking to switching out from cap mkts team (assuming if falls under IBD, not true for all banks) to a random coverage team, it is quite doable.

Just my 2cents.

 
  1. Strategy isn't even close to BO. If you're doing core strategy, that's more like quasi FO.
  2. It sounds like they acknowledge you're probably too smart for that group, however, and they're betting that you'll want to jump ship in any case, which makes you unattractive for extending an offer. But most likely, if they're that impressed with you, they'll extend the offer any-- just in case.
  3. I'd go for the S and T. You don't seem that enthused about this job-- and this is a pivot point in your career in terms of what your path is going to look like for FT. It doesn't mean you have to flip this group the bird, but you're under no obligation to go with this group and this group alone if there's another place you'd rather be.
 
NYCSA:
1. Strategy isn't even close to BO. If you're doing core strategy, that's more like quasi FO. 2. It sounds like they acknowledge you're probably too smart for that group, however, and they're betting that you'll want to jump ship in any case, which makes you unattractive for extending an offer. But most likely, if they're that impressed with you, they'll extend the offer any-- just in case. 3. I'd go for the S and T. You don't seem that enthused about this job-- and this is a pivot point in your career in terms of what your path is going to look like for FT. It doesn't mean you have to flip this group the bird, but you're under no obligation to go with this group and this group alone if there's another place you'd rather be.

Thanks for the reply. The thing is I actually enjoy the group and the work that they do. The reason why I'd switch if given the opportunity has more to do with the way the company as a whole treats the group (shutting off the air conditioning after 8:00, giving them shit about reimbursing taxi rides back from work and refunding travel expenses, constantly hassled by auditors, very low budgets for technology expenses...).

The big question for me is whether I should tell people in the group that I'm going for S+T. It seems like they can help me with it but I don't want to have that help come at the expense of a shot at a return offer.

In terms of your second point, in my mind, I really haven't done anything to give them any indication that I'm too smart or ambitious for their group. I've been putting in the effort, but I personally just don't feel like I've done that great of a job.

 

I think during the summer, most companies should have the expectation that you are learning about different roles within the organization, etc. I don't see a problem meeting up with people from both S&T, IB, etc. just to learn more and to gain connections.

I know what you mean by "the way the company as a whole treats the group". If you honestly don't feel happy about your role in the organization, it would be evident in your work as well, so might as well reach out to other groups now instead of 2, 3 years down the road.

 

ok so you should know that your working in their phy group so your skills may not trasfer over to their ny office which more then likly is they fin side of energy.

I would say it would be very hard to switch to ny as they will have interns as well and looking to bring those guys on ft and your office will be looking to bring you back ft in Houston.

which bb?

 

I should not have put a little but they have a good amount in NY, Chicago and Houston.

Keep in mind that many of the people in Houston are not your typical BB people. Most are ex Enron, El Paso, Coastel, Dynegy, Calpine and Duke

Its not as big a deal as it is in NY. Everyone in town works for a hf, bb, utl, marketer etc etc

I am coaching a little league with 4 random people I never met. All 4 are in energy including myself.

 

After doing commodities in London and New York, I just wish I could get to Houston. Seems like better quality of life, better climate, lower cost of living, less noise and less filth. IMO New York isn't all it's cracked up to be. Even if you are full time in Houston, you will likely be spending plenty of time on business trips to New York. You can't get away from it.

 

I don't understand the obsession with New York. I grew up right outside the city and it seems like all the people who want to be in New York so bad grew up >500 miles away.

That said, does anyone know about MS Commodities? Is it in NYC or the Westchester office? I don't know why it would be in Westchester but someone told me that

 

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