Currently a SA in PWM at GS. Looking to move internally to either SEC or IBD. Has anyone ever dealt with internal mobility and the politics surrounding this kind of move? I currently have 3-5 calls scheduled with school alumni who are all MD's in IBD to talk about the division. How do I approach the internal mobility conversation with my manager and does it jeopardize my current offer status?
| +370 | Evercore Intern Seizure | 54 | 14h |
| +71 | JPM M&A is Gone??? Purely Coverage Banking??? | 31 | 13h |
| +62 | Is DCM actually underrated ? | 24 | 1d |
| +51 | How do I understand vs. just memorizing? | 8 | 4h |
| +48 | Losing my personality in Banking | 9 | 1d |
| +47 | Are all Tech / TMT groups sweaty? | 38 | 1d |
| +42 | Associate & Above IB exits | 16 | 4d |
| +33 | Incoming IB Analyst: Best Ways to Prepare? | 11 | 5h |
| +27 | Which groups are ideal for laterals? | 12 | 1d |
| +24 | Thoughts on PEI Global Partners? | 4 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Dm me and I’ll try to help where I can
Started as a janitor cleaning the toilets 2 years ago, now I get to dust DJ D-Sol’s office. I’d say the internal mobility program is pretty sweet!
Politics at GS are brutal. Be prepared to lose any shot at a return offer if you try to go for IB.
My advice is just go for it, life is too short to play the safe game. I think I wrote about GS in my comment history/check google for more info.
Bump
bump
Not sure if it's the case this year but in the past when HCM has presented internal mobility to SAs it was stated that applying for mobility means you won't be eligible for an offer in your current group.
Was told the exact opposite by HCM today — you can, at least this year, be eligible for a return offer in your existing group and pursue mobility
This is not true. I applied for mobility 2 summers ago, didn’t get it, and still got a return offer in the division where I interned. HCM explicitly says that it doesn’t affect your chances. However, your manager is made aware that you applied for mobility so that doesn’t preclude the possibility that they may feel slighted.
There was also a guy in my SA class who pulled this off, moved from risk to IBD through internal mobility. Had a good relationship with an MD who went to his school and was a pretty solid candidate anyway. That’s only one data point, but shows that it’s possible. That being said, I have to imagine that there’s a HUGE number of SAs trying to do this, so your chances are low unless you have someone senior who’s pulling for you. A cold application probably won’t land.
Considering the skill set you get in PWM isn't even close to what it is in IBD, this seems like a longshot
Brutally honest here, PWM to IBD is a hard sell. S&T may be more open to the move. Both will be tough this year as their own interns are higher priority for offers. at GS there are often too many IBD interns vs offers to begin with.
Agree with the other posts that GS can be brutal and may pull your PWM offer... If your offer will 100% stand if internal mobility doesn't work out, still worth a try. Use the networking calls as a litmus test for how competitive you'd be in the process.
I know someone who has worked there for a couple years now (though in a non-client facing role) and has struggled to get any bites despite many efforts to move to IBD/cross markets (which I believe is their middle market IB banner? Could be wrong). He said that the company provides a ton of free resources (eg access to free modeling course work) which has been helpful for his interview prep but has not ultimately led to any promising leads internally. Despite his lack of client exposure, this guy is one of the most well connected people I’ve ever met which leads me to believe that the internal move is tough. That said, I still say go for it tbh. Life is too short. I know plenty of people who went into PWM/AM at large banks for the brand name and ultimately regretted not pursuing IB, even at the risk of losing some social capital in their groups or moving down market so to speak at another firm. Not to say that PWM can’t be a great career, but if you know now that you’d rather be doing IB, now is as good of a time as any (while you’re still in college!) to try and make the jump. The skills in PWM admittedly don’t translate perfectly to IB, but what you have shown is that you can pass the sniff test at premier financial institution and perform well in that environment. If you craft your story (eg you have learned what you don’t want to do, but are grateful for the experience, learned XYZ in the process etc) I think you will be just fine. Best of luck.
dude I had the same question as you did - just got an offer for GS PWM SA 2021 and planned to transfer to IBD. how's your move finally?
Et quaerat accusamus velit. Dolore cum nemo quia totam et esse. Et nesciunt perferendis nobis laborum. Deserunt rerum nisi sint non officiis recusandae. Temporibus et et enim.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...