How to Actually Lateral Internally?
Started at a BB a year ago and got steamrolled on placement, ending up in product (ECM). I've done well and my team likes me, but I was set on coverage and am eager to switch. it's been about 7/8 months, but I'm actually not sure how to start. I thought of doing the following in the order that seems safest
1) approach staffer of coverage team I want to be on and discreetly talk about moving/desire to be on team.
2) approach HR about it
3) approach current group head about it and ask for their help stating I have good reviews
Option 1 seems like the most beneficial but also the slowest given no team is rushing to hire in any market. Option 2 is meh seems slower than option 1. Option 3 seems like career suicide. I would greatly appreciate insight from anyone who has done an internal transfer from product to coverage to weigh in and the literal steps you took to do it.
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Option 1, find a junior you know in that group to help facilitate a discussion
And if I don't know anyone in the group? I've found analysts are like the least helpful other than indicating who the staffer is.
Option 3 could work but you need a good relationship with the senior person. For me, that made sense in my case since this person was kind enough to realize that we are young 20 something’s so a lot can change. In this case, they gave me a great rec for the other group
I made the switch from ECM to coverage 3 months ago after 2 years on the ecm desk with excellent reviews. I approached the groups COO since he’s seen me working with that coverage group on ecm deals. Told him I wanted to switch and if it was a possibility. 2 days later, I had 3 interviews lined with with various seniors on the team. Few weeks later, had an offer in hand which I accepted.
A few mistakes I made that I would re do if I can go back in time. My team in ecm LOVED me and my MD was very good to me. By telling my team AFTER I got the offer and accepted, I created a huge rift. I lost someone who would of went to bat for me and help me do anything I wanted in my career. Now we dont talk and it’s unfortunate. So I advise, if you really really think your MD likes you, I would approach him / her first. Also remember I had 2 years with them and you aren’t even at a year yet.
My advice is just approach your MD first, see what they say. I think they would tell you to sit tight for a few months to make a full year at least. Then approach the COO / Staffer of the group.
Thank you, this is very helpful. Chance I can DM? Want to hear more about your interviews/convo with COO/staffer.
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