Already Looking for the door
I recently started my training program at a regional MM (Stifel/Truist/RJ) that has been significantly expanding its IB capabilities over the past few years, following my internship there last summer. I graduated from a solid semi-target with a somewhat below-average GPA (3.4). Most of my friends moved to NYC, and I'm feeling a bit stuck in the Tier 2 city I'll be working in. Honestly, I am already starting to think about lateraling and want to position myself as best I possibly can for it. I am looking for any advice or guidance on what the best way to go about this, especially given it'll be between different cities (albeit fairly close ones).
I'd be incredibly appreciative of anyone who could provide any insight or strategies for going about this.
Hard to be taken seriously as a lateral before 8-9 months at absolute minimum, more likely a year
I'd look at it as a year to work hard in a lower COL city, establish yourself as a star because internal transfers are WAY easier to do in this environment. Most firms are open to discussing an internal transfer to NY for a superstar after one year, There's very few external lateral jobs posting and they will be very competitive. There's no real benefit to "pre-networking" externally because it's entirely dependent on what teams have analyst jobs actively open, just networking with everyone is a waste of time when most of them are not going to have lateral spots open.
Try to enjoy your city a bit, you will get to NY eventually and have the rest of your life to be there, view this as a one year opportunity to learn a ton and probably save a lot more money than your NY friends
I’m in the same position at OP. What about rerecruiting as a first year analyst again at a new bank in NY? Is that doable?
No, those spots were filled a year ago and even if you're willing to wait for the next class, they have very strict timelines about when you graduate so you wouldn't be eligible
You're getting good experience. Just sit tight, a year will fly by
I agree and that's what happened to me (a long time ago). They knew my family was from the east coast, offered me a role in NY, and even within different teams in NY. If you're good, they'll make sure they don't lose you to another bank.
I unfortunately lateraled to a bulge in NY.
PM
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