Exiting 5 months into IB to more elite IB??
Quick insights would be helpful here. I work at a LMM bank ($100-$250mm average deal size). Essentially we are bottom feeders when it comes to deals. An opportunity came across for an immediate start a much more elite bank (we’ll call it the best bank just below BB, some groups better than a few BB).
I have been working for 5 months and this new position would essentially bring me back to a day one analyst. Exit opps are 100% better with the name brand that comes with the bank.
Would it be a mistake to lateral right now? Would that raise red flags when I start recruiting for PE? Just not sure how this would look when talking to PE folks/recruiters. I don’t want to come across as someone who is job hoping. Thanks for any insights.
Definitely do it - recruiters will 100% understand why you made the move (frankly recruiters probably won't even talk to you UNLESS you do this)
Assuming you are fresh out of school and haven't made a bunch of full time jumps to different places before this. Even if you had would probably still do it
Assuming you're talking about Jefferies or Guggenheim, 100% do it. It's not like you'd be well-placed to recruit for PE from LMM IB anyway, so what's the given alternative?
Yeah its logical thinking. Just a big decision to be making as soon as I started my professional career. I think now it's pretty clear what the best decision here is, but I'd certainly burn some bridges. Think it's more so the anxiety of the change so quickly, as soon I have started to get comfortable with where I am at.
How hard was it to get on their radar? I kinda wanna do this after SA.
could also be WF/RBC
Go for it, I'd recommend taking the offer. The way I see it, you're just losing 5 months of your time for a new opportunity that will have long term benefits (name brand, great exit opps)
General recommendation is to wait a year before switching jobs, but in your case sounds like it would be worth it to jump ship.
Is your current firm fairly obscure? Given the current environment, you could pretty easily imply that your firm was struggling and you more or less had to leave or something along those lines when you’re recruiting for a new role down the road.
General recommendation is to wait a year before switching jobs, but in your case sounds like it would be worth it to jump ship.
Is your current firm fairly obscure? Given the current environment, you could pretty easily imply that your firm was struggling and you more or less had to leave or something along those lines when you’re recruiting for a new role down the road.
I'd say make the jump. Yeah you may burn some bridges, but I think you already know the benefits from making the move. No one at your current shop will remember your name in 6-12 months after you quit and you don't want to be kicking yourself down the road for not making the leap. MDs and VPs look at analysts as replaceable resources, so don't get hung up on feeling like you're doing them a disservice.
How much do people care about the deal flow / deal size where you’re lateraling from? I’m assuming it’s a high volume shop, how would you personally optimize structuring of the story for lateraling (just curious). Good luck though, totally go for it man.
Dont let the IMAGE of opinions or whatever from the few people you work with deter you. If you pull it off everyone will respect it and it’s your life. This is bigger than just a lateral to a better bank this is all the set of similar opportunities you won’t go after that won’t just fall in your lap. You need to fight for these opportunities and grind for them for sure, good luck!
I appreciate the words of wisdom there, we are certainly short staffed at my current shop as is. The sentiment really goes towards my analyst class and leaving them behind with additional work.
As far structuring story for lateraling:
1: Bank story: There isn’t a clear path forward to progress and make a career at the firm. Deal flow hasn’t been great and quite frankly I don’t see a recovery with the current leaders at the firm.
2: PE story: Firm was struggling and I no longer thought it was the best place to progress my skill set to become a good private equity investor.
I appreciate the words of wisdom there, we are certainly short staffed at my current shop as is. The sentiment really goes towards my analyst class and leaving them behind with additional work.
As far structuring story for lateraling:
1: Bank story: There isn’t a clear path forward to progress and make a career at the firm. Deal flow hasn’t been great and quite frankly I don’t see a recovery with the current leaders at the firm.
2: PE story: Firm was struggling and I no longer thought it was the best place to progress my skill set to become a good private equity investor.
DO not tell them those reasons. You might think that and that's fine, but don't say that when giving notice. Just simply state that you became extremely intrigued by the work your new group is doing, and why you are switching to that group.
The above is a really nice way of describing why you're lateralling, and if they keep on trying to pick your brain just revert back to the reason that you liked the work your new group is doing and don't deviate from that rationale.
Knew a guy who went to an EB (HL/Evercore/Jefferies) and jumped over to BB (GS/JPM/MS) only after a few months. Not a big deal, better to seize an opportunity and do it sooner in your career than later.
How difficult was it to pull this off?
Most transitions like this are just right place right time, there really is no model to follow or set of steps to ensure that kind of progression.
Yeah if it's a no-name boutique or something along those lines then this is totally worth the move. I did something similar and it benefitted me a ton though I did it after a year. Would've done it sooner though if I could so I'd go ahead and move now if it's a real oppty
the sooner the better tbh
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