How Long Should I Wait on the Desk to Lateral?
Hi,
Currently a first year analyst and started on the desk a couple of weeks ago. Was wondering if anyone have advice on how long I should wait before lateraling to another bank? I see opportunities of groups I want to lateral to popping up on job websites and am not sure when I should start applying for them.
I feel like most former analysts at my bank or other banks lateral after 1 year, but have also seen some move after 3 months.
I am also a bit concerned about my current group being pissed off and talking to the group I am applying to. (It's a small world) Does anyone have previous experience or thoughts? Thanks!
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Lateraled from a MM to a BB after 6 months. Started looking in mid-September and continued until late November. Some of the firms I interviewed at had hiring freezes until that time. Bonus was not affected. I had to pay the MM firm the signing bonus back but the new firm gave one after I gave proof of repaying the old one.
The general rule of thumb is to stay a year. I would say you can go as little as 9 months without it looking a bit fishy from the perspective of interviewers, and very frowned upon from the perspective of your current co-workers.
Anything sooner than that I think you should have a really strong rationale (i.e. your current firm is struggling, you’re changing the role of your job itself, etc.), not just to move to a somewhat better bank.
interested in this as well
I have had few of my analyst class switch within 3-9+ months. I think it is really network-dependent for the guys that switched sooner and the hiring need. I would say feel free to start applying around 6 month mark. Obviously you will need to sound polished on the behavioral questions they would ask (why switch to us, this group, tell me about a deal, etc). Typically these processes can take 3-6 months unless its an immediate need.
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