Pod shop lateral interview experience / process?
What does lateral interview process look like for 3-5 year experience level?
Are you still going through all the modeling tests and aptitude tests?
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Based on the most helpful WSO content, lateral interview processes, especially for those with 3-5 years of experience, can vary significantly across firms but generally follow a structured path. Here's a breakdown of what you might expect, keeping in mind that processes can be group dependent:
Initial Screening: This usually involves a phone screen with a VP or Director. The conversation tends to focus on behavioral questions such as your reasons for leaving your current role, why you're interested in the specific firm or group, and your experience. This is a common first step to gauge fit and interest.
Technical Rounds: For candidates with 3-5 years of experience, technical rounds are still a significant part of the interview process. This could include a 45-minute case study or a series of technical questions. These rounds assess your financial modeling skills, understanding of valuation techniques, and ability to handle complex financial scenarios. Even with years of experience, firms want to ensure you have the technical prowess to handle the demands of the role.
Modeling Tests: Yes, modeling tests are still prevalent, even for more experienced hires. These tests evaluate your ability to build financial models from scratch, interpret data, and make informed decisions based on your analysis. The complexity of these tests can vary, but they are designed to simulate the type of work you would be doing on the job.
Final Rounds: The final rounds often involve more in-depth discussions with senior members of the team, including MDs and Partners. These interviews can cover a range of topics from technical questions, deal experience, to more behavioral and fit questions. For experienced hires, discussions around deals you've worked on and your specific contributions are common. This is also an opportunity for both parties to assess cultural and team fit.
Offer Stage: If successful through the technical and final rounds, the offer stage can move quickly. Some firms may extend an offer within days of the final interview.
Remember, while the process is structured, the emphasis on certain stages can vary by firm and group. Networking and referrals can also play a significant role in the process for experienced hires, potentially streamlining certain aspects of the interview process.
Sources: How long was your lateral process ?, Lateral Hires - What were your interviews like?, Guide to Lateraling in 2021, Key Interview Takeaways - 2nd Year Analyst Perspective, Q&A: Non-Target -> 3rd Year Analyst MM IB
It’s usually high level jargon at this point. They’ll ask you more theoretical questions about various scenarios rather than nitty gritty modeling questions. They’ll probably ask your current supervisor for a brief reference, but if you’ve been there for 5 years then your modeling has already passed the test.
Not that much about the modeling but how do you think about the market, pitch me a few ideas, themes etc.
In the past I've seen several cases of dudes claiming they are passionate about the markets and at the same time unable to pitch even a couple of names because their PM got fired 3 weeks ago. Don't be that guy.
depends on the pm and also the firm. i think p72 has a rigorous lengthy process with a modeling test, wonderlic, personality test, etc., but that was years ago when I was junior, not sure if they make experienced hires do this too (if anyone knows, please chime in). citadel and mlp dont for experienced hires. dont think baly does either. some pms want case studies, others seem like having a convo and pitching without a case study + references is good enough. not sure there's one size fits all.
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