ECM to Coverage IB?
Hi everyone! I am currently a first year associate in ECM (have covered consumer + energy). I am looking to transition internally to coverage - ideally TMT. I have the “story” side figured out, but I am curious as to how difficult or not it would be to lateral internally to TMT, and if I would be able to keep my associate seniority (I’m okay if I have to go back to An2, the delta in comp is whatever). If helpful, I am at a BB.
If there's an associate/senior analyst opening this shouldn't be difficult. Depends a little on the BB (i.e. GS TMT isn't that likely.. few spots mostly taken by high-quality coverage laterals, and GS is terrible with internal laterals)
If you're looking to stay in banking long-term, I would actually aim for AN2/AN3 spots. Associate might be possible, but you'd be way behind the rest of your associate class in terms of deal knowledge, modeling, group connections etc. If they are able to put you in as associate 0 right when the MBA class starts that would also work, but even if they'll let you be an associate 1 lateral, it would put you pretty behind the pack.
This is super helpful. Thank you so much for the detailed reply. I left out a few pieces I should have added - the BB is not GS - hate to use this terminology but think “1 step down from GS / JPM”.
Additionally, I would actually prefer to start as an Associate 0. My angle is that while yes, i have a ton to learn on the modeling side and elsewhere, I would still be in a better position than the incoming MBA associates due to running many deal processes and understanding internal stuff etc etc.
To be candid, I am not making the move to stay in IB long term. My long term plan is to go into TMT growth equity (great timing right now right?), and while my chances at Thoma Bravo are likely slim not doing on cycle, I am okay going to a smaller venture growth fund or a MM growth fund which I have seen many people do at the mid associate level - I am more so interested in becoming a tech investor and what comes of it vs. maximizing brand of my exit opp.
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