I'm currently interning in a coverage group at a BB. I've liked the group, but recently realized the value in working at an EB (think Evercore, PJT, Greenhill, etc.). I went into banking to truly get a training and understanding for the technical side of analyzing businesses, and the M&A/restructuring processes give me the most thorough insight into the businesses I'm working with. Additionally, the generalist model makes more sense to me than coverage banking, where some groups can (to an extent) silo me into an industry. Also, I can already see the bureaucracy at a Bulge - work doesn't hit your desk till later at night, the politics, people not respecting your time, etc.
With this preface, I'd like to ask:
- Is it worth making the jump from a BB to EB given my considerations?
- If the transition is made, what is the process like (a timeline/outline would be helpful)?
- Will the experience be substantially different/more intensive from a technical standpoint at an EB?
Anything helpful would be appreciated! Thanks everyone.
**Edit: I'm also from a non-target school, if that factors into the equation.
I don't think people respect your time at EBs either. Politics is a fair point though.
Your best bet is lateralling after you start FT, but actively network to get into discussions. I think the class sizes will make it hard to pull off.
Got it. I know that some of those EB's do a decent amount of FT recruiting at the end of the summer, would you have any insight into that?
FT recruiting has been shrinking over the last few years. I would suggest getting in touch with people at the EBs you would consider ASAP because they will be starting recruiting events over the course of the next month. Recruiting for the EBs is a good move too because offer rates at BBs have been lower recently so having another option is helpful - if you wait until after internships end it is too late to recruit FT at many places.
I lateraled from a BB to a EB (EVR/PWP/CVP/PJT/GHL) for FT before the start of my senior year. Since I recently graduated, I cannot speak to points 1 or 3 yet.
However, in terms of a timeline, I began reaching out to contacts at the start of my internship to let them know I would be working as a SA at a BB in xyz group. After my midpoint review, I reached out again and let them know I was on track to receive an offer. About 8-9 weeks in, I reached out to ask about interviews because I was certain I would receive a return offer. Depending on the bank, some will begin interviewing immediately while others will tell you they are waiting to see who will accept their offers once given out. Remember to follow up. In my experience, Q/EVR/PWP began recruiting very quickly. Moelis/Laz/CVP and almost every BB put me on a short list for interviews immediately after offers were given out to their interns.
This is a difficult but not impossible process since each bank literally took 1-2 FT analysts. Also keep in mind logistics and timing and ask yourself if it's even possible for you to book a flight to NY to interview with, say, EVR, then fly to SF and interview with Q, then fly to LA to interview with Moelis.
At the end of the day, I would focus on receiving a return offer before even thinking about lateraling.
London Lateral Recruitment from BBs to EBs (Originally Posted: 10/05/2017)
Hi everyone,
I'm a long time lurker of this forum and this is my first post. I'm currently a 2nd year analyst (just got promoted) at a BB (BAML/Citi/CS tier) in a good industry group and am looking to make a lateral move to an EB, ideally at the same level, i.e. analyst 2 this year or analyst 3 next year.
My question is: how is the lateral recruiting process organised in London? Do I apply online or get in touch with headhunter? Which firms tend to hire the most from outside? Which firms should I target, given that I've worked on quite a few deals, but responsibilities are very marginal compared to what the own analysts might have been doing?
I did do a lot of networking these past couple of months and I really like places like Evercore, PJT, Lazard and Moelis. Welcome any input from the community!
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