Analyst Lateral Advice

To lateral from an SF-based group to NYC, especially after bonus season, here’s a strategic approach based on the most helpful WSO content:

1. Timing and Preparation

• Post-Bonus Season: This is a prime time for lateral hiring as many analysts leave after receiving their bonuses. Start preparing now by networking and identifying potential openings.
• Experience Threshold: Ensure you have at least 9-12 months of experience to make a strong case for a lateral move. Firms may hesitate to hire someone with less tenure, fearing they might jump again soon.

2. Networking and Cold Emailing

• Cold Email Strategy: Cold emailing is a powerful tool to create opportunities. Here’s a suggested structure for your email:

  1. Introduction: Briefly introduce yourself, including your current role, group, and location.
  2. Connection: Mention any shared connections, alumni ties, or mutual interests (e.g., NYC market).
  3. Purpose: Clearly state your interest in learning more about their group and the possibility of lateral opportunities.
  4. Request: Politely ask for a quick call or meeting to discuss their experience and advice.

  5. Tone: Keep it professional but personable. Avoid directly asking for a job in the first email.

     Example:

     Subject: Interest in Learning About [Group Name] at [Bank Name] Hi [Banker’s Name], I hope this email finds you well. My name is [Your Name], and I’m currently an Analyst at [Your Bank] in the [Group Name] based in San Francisco. I’m exploring opportunities to transition to NYC to be closer to family and was impressed by your background and the work your team has been doing in [specific area, e.g., M&A, coverage, etc.]. I’d greatly appreciate the chance to hear about your experience at [Bank Name] and any advice you might have for someone considering a lateral move. Would you be open to a quick 15-minute call in the coming weeks? Thank you for your time, and I look forward to connecting. Best regards, [Your Name] [Your LinkedIn Profile or Contact Information]

• Follow-Up: If you don’t get a response, follow up politely after a week or two. Persistence often pays off.

3. Targeting Banks and Groups

• Focus on Banks with Openings: Many banks don’t publicly post lateral openings. Reach out to friends, alumni, or colleagues to identify groups with potential needs.
• Leverage LinkedIn and Job Boards: Set up notifications for lateral roles on platforms like LinkedIn and Indeed, but don’t rely solely on these.

4. Interview Preparation

• Deal Experience: Be ready to discuss your deal experience in detail. Lateral interviews often focus on your ability to contribute immediately.
• Technical Skills: Brush up on technical skills, especially if your current role has been more qualitative (e.g., PowerPoint-heavy).
• Cultural Fit: Frame your move as a desire for proximity to family and alignment with the NYC market, avoiding any negative comments about your current firm.

5. Discretion

• Avoid Alerting Your Current Firm: Be cautious when networking to ensure your current employer doesn’t find out. Use personal email and avoid discussing your plans with colleagues.

By combining targeted networking, a strong cold email strategy, and thorough preparation, you can create opportunities and position yourself for a successful lateral move to NYC.

Sources: Lateraling Guide for Investment Banking, Best Practices for Finding Lateral Opportunities, Guide to Lateraling in 2021, How to Approach Lateral Transfer, Lateralling Job Market