A1 Lateral with no deal experience
In a mid-tier BB and haven’t had any real quantitative/technical/live deal experience to speak to, how can I best go about trying to lateral to a better bank/group? Would it be helpful/hurtful to just mention pitches I’ve worked on (though those weren’t technical either)?
Based on the most helpful WSO content, lateraling without deal experience can be challenging but not impossible. Here are some actionable steps:
Leverage Pitches Strategically: While pitches aren't as strong as closed deals, they can still demonstrate your understanding of the process. Highlight your role in crafting the pitch, your ability to analyze data, and any strategic insights you contributed. Frame it as evidence of your potential to excel in live deal situations.
Focus on Transferable Skills: Emphasize skills like financial modeling, market research, and client interaction. Even if your experience isn't deal-heavy, showcasing your technical and analytical abilities can help bridge the gap.
Network Effectively: Start reaching out to alumni, friends, or professionals in your target banks/groups. Coffee chats and informational interviews can help you build relationships and gain insights into lateral opportunities.
Cold Emailing: As suggested in WSO threads, cold emailing can be effective. Tailor your emails to highlight your interest in the specific bank/group and your willingness to learn and contribute.
Prepare for Interviews: Brush up on technical skills and be ready to discuss your experience in detail. Even if you lack deal experience, demonstrate your eagerness to learn and your understanding of the industry.
Target the Right Banks/Groups: Mid-tier MM firms or groups with openings might be more receptive to candidates without extensive deal experience. Focus on places where you have connections or where your background aligns with their needs.
Remember, while deal experience is a strong asset, your ability to position yourself as a motivated and capable candidate can make a significant difference.
Sources: Breaking into Private Equity from Banking, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Lateral Internally From S&T FT to IBD FT (BB): Tips, Story, and Advice, How screwed are IB associates if they're laid off?, https://www.wallstreetoasis.com/forum/investment-banking/lateral-internally-from-st-ft-to-ibd-ft-bb-tips-story-and-advice?customgpt=1
Bump
It's too early to lateral - 5 months on the desk is not going to knock anyone's socks off, and analysts from that better bank/group have not left after 5 months so they're not looking to fill the first year class yet.
Tell your staffer you're eager for some bigger reps and willing to put in the hours. Position yourself to lateral after bonuses, Aug-Oct is a good time
Will lateraling after 1yr be possible if I have no deal experience? Keeping up with technicals but literally won’t have any actual experience to speak to
Yes. Very few analysts have a closed deal to talk about. Once the second years leave you'll get more fulsome staffing anyway, just show interest/do well until then so you're known by the staffers to be a good analyst.
For prep, if you play up your work a bit on your resume just make sure you are rock solid on being able to speak to it... I did lateral interviews for a while and personally have "caught out" so many lateral interviewees just by asking "how did you approach X" or "talk me through Y in this model you built" and they clearly hadn't even reviewed the model or knew how to answer. So make sure you're comfortable talking about whatever is on your resume
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