3 years into finance, trying to break into IB. Too senior for Analyst or too junior for associate?

I graduated from undergrad about three years ago, and currently work as an Associate in a credit-focused role at a big bank. I spend a lot of time analyzing and underwriting private companies, so I’ve developed a decent foundation in financial analysis, but I haven’t had the same exposure to M&A transactions or financial modeling that someone in a traditional IB role would have.

My long-term goal is to move into private equity, and I’ve actually managed to get a few PE interviews so far. The issue is that I don’t think my modeling skills are quite at the level of someone who’s spent 2–3 years in IB. I’m starting to think the best move might be to transition into investment banking for a few years, develop a stronger technical foundation, and then give PE recruiting another shot. Even if PE doesn’t work out, I feel like the experience I’d gain in IB would open a lot of other doors down the road and I would like to not stay on the credit side of things.

I’m hoping to get some advice on a few things:

1. What level should I actually be applying for in IB?

I’m technically an Associate in my current role, but since my experience is in a different area of banking, I’m wondering whether I should be targeting Analyst roles instead. I’m completely open to taking a step back in title if it helps me make the transition, but would it look strange to recruiters to see someone who’s already an Associate applying to be an Analyst? And realistically, would I be competitive for IB Associate roles without having traditional IB experience?

My thinking: I think I have a good amount of technical knowledge and feel okay at modeling, but think I would definitely be a bit short of what other associates would typically be at due to lack of direct modeling experience. I think becoming an analyst would definitely be more comfortable and allow me time to learn and grow. Just looking for advice from an external perspective on what the best way to approach this is.

2. How did you guys get really good at financial modeling?

I understand this question gets asked a good amount. I’ve gone through the Wall Street Prep course and practiced a few case studies, but I still feel like I need a lot more repetition before I’d be comfortable with a timed modeling test, so just looking for any tips from people who maybe had less financial modeling experience before going into recruiting.

Would love to hear if anyone has recommendations for YouTube channels, free practice resources, modeling exercises, or just general tips/tricks that helped them improve quickly and get them more reps. Particularly interested in how people went from knowing the basics to being able to confidently tackle timed LBOs and three-statement models.

3.) Pivoting internally, any advice on navigating this?

The bank I’m at now does have a sizable investment banking department, so it could be an option to try and pivot internally. My main hesitancy there is I’m not sure how to start that conversation internally. I’m a little nervous that my manager would know if I apply to a role internally and, if I don’t succeed in getting a role in our IB team, then it could create some tension in my current role. Has anyone had experience pivoting internally to IB? How did you navigate applying internally?

4.) Is size of the investment bank I apply to worth considering?

I feel like I hear mixed things from people, obviously prestige can be a big factor in this world of finance. To me I’d care about learning and getting the reps in and being a confident candidate for PE after a few years (heck who knows, maybe I’d be one of the few to love IB and stay in it long term). I feel like my probability of landing a role in a smaller firm are obviously higher, but just curious on thoughts from others whether that seems like a step in the wrong direction.

I would think that even going to a small firm would increase my chances of getting into PE eventually considerably.

Also, if anyone has successfully gone from a credit-focused or nontraditional banking role into IB or PE a few years after graduating, I’d be really interested to hear how you approached it.

Happy to give more details or answer any questions if it helps.

Thanks in advance!