I'm a first year houston analyst at a top BB/EB looking to lateral out to another office/industry. Any tips on how to do this and if there's more headwind because of how specialized the industry is?
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Houston first year here, hows your experience been so far dealwise / whats your reasoning for lateral? Im In the same boat that O&G is not where I want to be long term.
Not looking to go in depth, but no completed deals as of yet. Mainly looking to exit for the same reasons; don't want to stay in oil and gas.
Ex-O&G analyst that lateraled out. Feel free to PM here.
bump
Which cities and coverage/product groups are you looking for? There are plenty of opportunities out there but you need to be able to convey a strong reason for moving - aside from O&G is dying/I want out. Most commonly seen moves to Industrials/Product groups, but given the fact a lot of groups are hiring across the street rn, chances for a different exit are open.
Interested as well. What degree downstream (in terms of bank prestige) would you be willing to go in order to exit O&G (i.e. Goldman > UBS)?
"Houston, we've got a problem!"
Same lateraled out as well recently. MM energy to MM industrials. Also had a BB tech offer. Honestly I didn’t think selling the story of I want out of O&G and want to cover another industry was hard to sell. I got plenty of interviews and response from various coverage groups (mostly tech and industrials because that was what I was interested in). Everyone understood trying to cover another industry and looking to get non-energy reps
I'm an incoming intern at a hou bank; do you think it'll be much more difficult to lateral out when I start the job as an analyst(assuming full-time offer)? I ask because most likely everything will not be virtual at that time, and interviewing at another location will probably be difficult as well.
Not necessarily. I will say lateraling did take some time for me but if you’re willing to take the time to do some networking, apply online and interview you’ll land something outside of energy. At the analyst level you’re really not too over specialized yet. Formatting ppts and running with due diligence requests and building together pitches/CIMs is all going to be the same. I will say you may take a hit on the years. So I was a 3rd year with associate promote coming this summer but now I’m basically a 2nd year. I would say most shops would like to see a 1.5 years or so (give it take 6 months) of experience before they promote you to associate. I actually did have one VP ask me why I wasn’t waiting to get promoted to associate to then recruit as an associate. I told him I really wanted out of energy into industrials now and start building that deal experience in industrials and feel like if I wait to associate I’ll be too far down the road with energy and it’ll be harder for me to lateral. I got an offer from that group.
Anyways if you put in the work to network some and study for interviews and have a crisp story on why not energy and why xxx industry and why this city, etc I think you can move coverage groups after the internship. But FT recruiting is always a crap shoot
FYI recently saw an analyst lateral opportunity come up at Evercore for their NY Consumer group. It's posted on their website.
alot of traction here, i'm assuming this is the sentiment throughout firms?
As someone with a few years of experience in O&G I can confidently tell anyone trying to leave they are making the right decision. The heyday is over and O&G (whether fair or not) is incredibly specialized so its really challenging to lateral without taking a step sideways or backwards. PM if you want any advice / input. I feel its my duty to anonymously tell people to stay tf away after being forced to tell analysts I interview about how great everything is....
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