Forgo prestige to pivot into IB?
Long story short is that I started in a non-banking role at a top BB in ‘23. Have been networking for ~1yr to move laterally into banking. Made progress, but it’s a bit of a black hole. Hard to know if an opportunity will materialize.
Is it worth pivoting to bank with considerably worse deal flow/prestige in order to get banking experience early in my career?
Ideally I’d lateral here. However, if it doesn’t happen quickly, I fear I’ll miss my window to pivot. Any senior bankers have advice? Would you consider hiring somebody outside of banking if they’re already 3-4 years into their career? Thank you in advance.
If you have long-term interest in IB or PE, it can absolutely be worth moving to a lower-tier bank just to break into IB. Starting at a smaller platform and lateraling up is much easier than trying to move from a BO/MO role directly into a top IB seat.
Internal transfers into IB do happen, but they’re extremely difficult and often pretty random. A lot of people who go from BO/MO to IB either network like crazy for years or go the MBA route.
If a solid IB opportunity opens up at a lower-tier bank, it's worth serious consideration. The clock doesn’t start until you’re actually in the seat.
Curious why you're thinking about pivoting into IB now given the current macro landscape?
My mentor did that. He started as a "big 4 shmuck" as he says and then went to Piper and is now at an EB.
There are laterals all the time with that much exp (3-4 years). Any years past that I feel like normally come from MBA but its def doable. Right now I think the best bet is definitely moving down market.
Maybe you dont lose prestige bc you gain it back by being an ibanker and not BO? Not a prestige guy tbh but maybe that evens out idk not the point
It depends on what non banking role you currently have. Are you a OTC derivatives trader, equity research, quant trader or are you just a middle/back office person (internal finance, risk, pnl management)
If you are not in a client facing role, then there is no prestige. I know this because I worked at the back office a top IB firm prior to my MBA.
If you want to do banking, then move to a banking role.
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