Feeling very behind after lateralling to top BB coverage group

Hi all,


I was hoping to get some solace from this post as I have been feeling very lost over the past couple of weeks. I recently joined a top BB coverage group on the west coast from a MM IB in the Midwest. At the MM IB, I was one of the top performers in my group and received plenty of praise and credit from the seniors. I was also very confident in my work product and was always on top of my deals.


I made the move out to the west coast last month and started at a BB coverage group and have been feeling very overwhelmed. Because I am a lateral analyst, I have not had any "formal' training, yet I feel like my VPs and associates expect me to be fully aware of all internal deal processes, formatting, and expectations. At my MM IB, we used to exclusively work with private companies, but now it feel like a completely different ballgame now that all my deals right now are with large public companies with massive deal teams. Basically, I feel like the slowest analyst in the office, and impostor syndrome has definitely set in.


My two questions for WSO are i) when can I expect to get myself up to speed and once again feel confident in my work product (not looking for an exact timeline, but would love to hear similar experiences). ii) What are some additional steps I can take catch up and ultimately become and exceptional analyst in the group?


I would appreciate any and all insight, as my confidence is at an all time low. 

 

Lateral analysts have a rep for needing time to ramp up, so I wouldn’t worry too much about it. That being said, you should probably spend your free time learning internal processes and reviewing old stuff instead of trolling on WSO searching for support from analysts and prospects lol.

 

Is "trolling on "WSO" the same as "seeking guidance on WSO?"  Man, this response was borderline shocking.   

 
Most Helpful

You're still on the ramp phase. There will be some bumps, but don't worry about that. You'll get up to speed. Congrats on the move. I know the initial feeling you're going through. Not to trivialize it, but it's like 'buyer's remorse'. You start playing the 'should I have done this', 'was this a mistake', etc. This is not uncommon and don't beat yourself up over it. You're there and you were hired for a reason... because they saw your value/potential.

To your questions.

i) The learning curve/timeline varies. It's a function of external variables; data/information availability/completeness/relevance to your role, unofficial/official culture/processes, etc. and internal variables; how quickly you pick up new things, tangential experience to date, etc. I'd say in general... you get a bit of a grace period on the basics for the first month. Basics being 'here's how we do things', communication style, culture, etc. Unfortunately, if they are expecting you to ramp on deals/formatting/etc. immediately, then you may need a friend (e.g., another Analyst to be your transition 'buddy'). 

ii) Look up the recent tombstones relevant to your desk and then either a) look through the archives for the final deliverables (e.g., final deal model, MPs, CIM, contracts, whatever) for a few deals. Observe the structure, tone, drivers of the deal, deal thesis, etc. and pick up on the nuance specific to the firm; format, grammar, processes/timelines, etc. You can view these deliverables as 'best practices' of the BB. In my mind, if you color within the lines of previous solid deliverables in your current role, then that's not a bad place to start. b) Do some initial homework on deals then sit down with an Associate or a 3yr Analyst and talk to them about expectations and how you can make the team's life easier/be the most efficient and get their thoughts on how they overcame the learning curve (they were--at one point in time--at your level). c)  Find another Analyst or now Associate that lateralled like you. Don't care what desk this person sits on as long as it's still classic IB. Provide your context and get their thoughts on how they overcame the initial steep learning curve.

Those are just some top-of-mind things. Don't let this hit your confidence, you'll be fine. 

 

I think everybody in IB knows that you need at least a month or two to ramp up (6 months for a new intern/analyst) because the nature of work is not really transferrable (i.e. if analyst A does all the modelling, it takes a lot of time for analyst B to fully digest the model and change the correct parameters). I think if you are proactive and give flawless work, you should be fine in no time.

 

Can sympahize with you, lateralled from capital markets team to a solid industry team. I think a big part in keeping sane is in someways "letting go". By that I don't mean being lazy but just understand that it will take some time to get to the level you want and mistakes will naturally happen. Consquently, when they do, taking it on the chin with the knowledge that wtv mistake has little bearing in the long run and keep going forward. 

 

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