Commercial Banking at BB (SA) to FT BB IB?

It is difficult but possible. Have seen it done before (and know how to from experience), so here is my two cents on how to convert into FT (or SA) IB from another division’s SA, in the same bank.

1) EXPERIENCE/RESEARCH. Look at your own relevant experience. If you have experience in IB through prior internships/spring weeks/societies etc this is undeniably beneficial in strengthening your case for a move, not just to HR but to the IB employees you’ll be having coffee chats/potentially interviews with. FT IB positions are few and far between as it is, but having some background in IB can make the move a lot more feasible. I want to add here that if you don’t have the experience, you can also attempt to push for an internship in IB for the next summer. I am not sure what country you are in but from a Europe perspective my BB bank was is not strict on interning as a final year student. This will then allow you to be considered on a more level playing field, having a less technical background as the many external FT candidates, who tend to have at least one relevant internship under their belt.

2) NETWORKING. Start by reaching out to Analysts and Associates - I found that although busy, they were all very helpful with giving an insight into their experience so far as well as being able to connect you with VPs and above. I personally went straight to VPs/MDs and above in some cases, but if you are going to take this approach make sure you know your stuff for the chat, so you leave a good impression and don’t ask silly questions that you could have asked an analyst instead! Cast the net out wide, and narrow down as you begin to form concrete relationships with people you had a genuine connection with. A good idea also is if you can find someone who made a similar switch in years gone by, either as an analyst or as an intern - you will find this out through word of mouth or checking profiles on LinkedIn. These types of people are naturally more inclined to help you due to the fact that they have been through the same process, and their insights/story will be invaluable. Remember to keep in touch and keep people updated on your progress, and write all names down to be able to let HR know who they can approach for feedback/opinions if/when it comes to decision making. If your internship offers a choice in picking rotations/teams, choose the one which is either closely aligned in terms of the work done, or works closely with teams in IB. This will allow you to gain more skills and insights to further strengthen your candidacy. Further on this - if you can get a VP or MD to vouch for you to HR/staffers, or an analyst/associate to vouch for you to their superiors then you are in a good position, as this can carry a lot of weight in ultimate hiring decisions. You mustn’t forget that they will have interns of their own, so you have to try to make a good impression everywhere. If you can really impress someone higher up with your commitment/story/interest level to the extent that they give a solid recommendation, your chances of getting that offer are all but confirmed. Lastly, keeping a good network within your own division is important - being close with a MD who can connect you to opportunities in IB through their own expansive network can make your life very easy, and I have seen this happen before.

3) MENTOR. Firstly identify someone in your own division (e.g. analyst, associate) that you have built a close relationship with and can be your confidant/source of counsel and advice. If you are looking to move having someone who is a couple of years above you and might have some friends in IB to connect you with will be helpful. Further, you want to make sure that this person but as you said - networking is important. You have to make sure that this person will not spread the idea that you are trying to lateral to other employees as that can very quickly backfire plans for moving, as well as seriously jeopardise your chances at even getting a return offer in your original division alone (I have seen this happen before). A lot of people could become annoyed or offended that you are trying to move away from the division, so be careful with who you talk to.

4) STORY. Make sure that your story as to why you want to move is effectively communicated to every single person you speak to, from HR to IB employees. You will be asked this at many points, questioned as to if you are sure about moving to a division with vastly different working demands, and potentially quizzed on how much you know about IB itself. For example, if you are speaking to a LevFin banker don’t go talking about how you are really passionate about the M&A team or Consumed Retail Group… know your audience and plan what you’re going to say accordingly. You do not want to come across as disingenuous, or that you don’t really know what you want. An internship is a great opportunity to discover what you like and what you don’t want to do, play on that, find similarities between the two jobs and say ‘I want to do more of this in IB’ or ‘I will get the opportunity to do that in IB’ etc. You want to sound as if it’s well thought out, and definitely do not degrade CB - simply say that some elements/the role is not a fit for your goals/type of work you want to do. I do not know too much about CB but I’m sure you will be able to formulate your own story.

5) INTERNSHIP PERFORMANCE. This cannot be understated. It kind of links to making sure you do not tell your entire division that you’re not interested. Make sure your work in CB is to the highest standards, keep on networking in that division and making sure you are seen. The balance can be very fine on an internship - if you are not engaged, present or display lack of interest or poor attitude you can say goodbye to both job opportunities. Word goes around very quickly, not just within the division but people have friends elsewhere and it could spread anywhere, as well as to HR who are ultimately a key factor in whether you get the job or not. If you are a good intern, it is in HR’s best interests to find you a job anyway, no matter where it might be - if this means you are working longer on projects/networking after hours, then so be it if you are serious about the switch. If you are on track to get the FT offer in your current division after the review process mid internship that some banks have, then you are on the right track to have better leverage to try and move.

6) HR. It is also very important that you communicate to HR that you have an interest elsewhere in the bank at some point in the internship. Further, maintaining good relationships with them from day one with regards to personality, touching base, staying engaged in meetings then this will only help you. If they form a negative opinion of you it will make your life harder when you’re trying to move, and could even serve as an obstacle. HR all talk to one another, so you want your impressions to be good everywhere. When you do have the chat about potentially moving, in similar fashion do not be overly negative about your interest in CB or whether you enjoyed it or not, as to not offend them. This is where having a good story is very important. Emphasise how much you have enjoyed yourself, the invaluable skills you have learned, but I have found over the course of the internship that… etc. Lastly - do not play HR in the different divisions against each other - be honest with what your intentions are, it is better that they both know where your interests lie and what you have been doing in terms of trying to move instead of lying, as again, they will talk! Do not let it backfire on you.

7) TIMING. This is also crucial. Trying to move divisions on week one of the internship is a red flag - you will just come across as disingenuous. You need to balance having enough time to have ‘considered’ CB with not leaving it too late, where people start having serious conversations and considerations about full time offers in your own division. Personally the 4-6 week mark is a good time to start ramping up your networking, and reaching out to HR with solid intentions towards the latter end of this range (assuming a 9-10+ week internship). The timing is up to you, how you feel you are progressing, pressures from other people, amongst other things which are specific to you so choose wisely taking everything into consideration.

8) RISK TOLERANCE. Be prepared for a number of outcomes in this scenario, depending on if you push for the FT or SA position, having to potentially leave the internship not knowing where you stand in either division, having to interview during/after the internship period to lateral, waiting a while for feedback/decisions to be processed etc. You could end up with the job you want in IB, or you could end up with nothing and I have seen both happen. Just be aware of this, and have back up options such as applying to other places when they open, utilising your external network for opportunities elsewhere etc. It can be good to keep HR/people you connected with updated on other processes, things you are doing to strengthen your skills/knowledge etc but don’t spam their emails - in most cases being patient is better if you are not sure. You can definitely still continue to arrange networking calls if you feel like they will help your candidacy. Definitely don’t sit back and wait unless you are absolutely sure you have some kind of offer from the BB when you walk out of the door.

To finish, I hope this was helpful. It is definitely doable if you try and follow the steps above. An internship is a great time to explore what you want to do, and it’s definitely valid to move if you feel like CB is not for you - because in more cases than not the longer you leave it the harder it is to lateral anyway!

All the best :)