Have any analysts been able to lateral in the past 6 months? Lateral hiring looks horrendous right now almost every new opening has 200-500+ applicants at a minimum. Hearing stuff like ex MS/Lazard guys are fighting tooth and nail for a position at Cantor lmao. Any advice on how to approach this and when do you guys think this will get better?
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Lateral environment is very bad rn, only seen very few people make a move. I'm trying to enter from non-IB role and its almost impossible to get interview as firms get enough qualified IB analysts with decent experience already. I remember one guy at Moelis was saying here they got like 500 applications for one listing in the first week. Market is brutal rn. Maybe if deal volume picks up by end of q2, but that doesn't guarantee anything as there are many laid off people who would try entering back first.
I lateraled back in 2017 and the market was fairly similar to now. Each analyst application on LinkedIn would have hundreds of applicants, from varying levels as well, within the first day or so. The main difference now is that there are more people who were either recently laid off or been unemployed for some time, which makes it more difficult people to get interviews or to move forward during interview processes, but people are generally more understanding of junior layoffs now compared to years pre covid.
Have heard of some groups hiring lateral analysts lately, and have gotten more recruiter emails on middle market groups
Which recruiters are reaching out to you? Have some as well
Yeah it is quite tough and I am not sure if BB are hiring really.
Seeing a lot of roles at JPM, GS and reposting again and again
HL / Moelis / LZ have been collecting CVs that is it
It seems like these roles are targeting people from certain banks like Santander was doing when they hired CS guys.
Lateral market is absolutely brutal right now.
Heard directly from MDs in my network at several banks that they're waiting for rate cuts for clients to look at returning to the market. No deal flow, no need for staffing up. It is absolutely a buyer's market on the job front, with many just not hiring at all and coasting with the numbers they have.
Add in that rates are going to be held where they are for a while to cool inflation makes the market even tighter.
our bank (bb), posted an opening on linkedin for our group as we were legally required due to renewing someones H1B visa...
anyways, I probably got like 20 emails from people about it less than 24 hours after it was posted. people told our group head to take it down lol
del
It's been like this since mid 2022. Lateral market got competitive out of nowhere. Interviewed at top BB's and EBs just to get cut. I am at a bank that barely does any m&a so I don't have a track record outside of some bookrunner processes. Honestly makes regret my strategy. Wished I was more open to other banks that had some m&a presence in a sector of my interest to get some deal reps.
What did they ask in interviews and why do you think you got cut?
I’m about to start FT at a firm that closes little to zero M&A transactions and is mainly doing small book running and spac deals. Is PE even an option or is lateraling to a good bank first the only realistic option?
lol good luck with PE unless the market picks back up. Unless you’re in the Lev Fin group and running the model/terms, it’ll be challenging.
Agree both buyside and IB lateral recruiting has been slow
There was a binge of hiring in '21 and '22 on the expectation that the high deal volumes of '21 would continue or even grow further. Instead deal volume reverted to lower levels. I have no idea why that surprised anyone, but somehow it surprised everyone. And now there are a lot of bankers with excess capacity.
If I was looking right now I'd be trying to network ahead of need (i.e. get to know some senior bankers in your coverage sector who might have some needs coming down the road), rather than hoping to be the one among 500 applicants for a job posting.
Idk if people were surprised deal flow tapered but more so at the intensity and speed at which it’s fallen off. Almost night and day difference within such a minuscule timespan
If you look at financial history, this is how things have always been, growth will go for many years and then decline will be sudden and many are left surprised/shocked at the pace at which the music stopped.
Leerink is hiring for laterals desperately
Yeah they’re doing lateral interviews for analysts and associates
Commenting from London - It is extremely selective but I see market picking up banks are hiring specially JPM, GS - (MS is not in the mood). Last or final cuts (hopefully) happen this Jan in London. PE firms have been cutting too and only hiring other invesment professionals rather than bankers. There is general acceptance that market is dead - good time to connect at personal level with buyside for coffees and intitial discussions. It is the matter of luck rather than time / market. I know frnds who got laid off and made to PE in three months and some took 8 months and some still looking for it.
I saw yesterday that RBC is hiring for their FIG group.
Even HC in London
FIG hiring definitely picking up, left that world so it’s on my LinkedIn and recruiters have been kicking my door down for FIG roles suddenly. Fintech and insuretech folded under that (at least when I was there) so maybe that’s why.
which banks?
What role did you move to from fig banking?
It'll be revised down shortly.
Saw an interview with Jeff Bezos & he said one of this rules is that when anecdotes and data disagree, the data is usually wrong. Not that it's wrong in the official sense, but that its probably the wrong data to be looking at or being applied the wrong way.
Everything "on the ground" feels to me like the economy is struggling at least a little bit. I know a lot of SMBs in retail & food service, 80% of them have been having a rough time the last 2-4 quarters. In my friend group, which is a bunch of bankers, lawyers & other white collar people, not a lot of of layoffs but a handful of them and few if any unusual positives (big promotions or level-ups) to offset the layoffs. Net negative overall for last 6-9 months.
And yet all the official data says otherwise. My guess is, there's something screwy about the official data. Maybe it's lagged, maybe it's too heavily influenced by non-recurring factors, I don't really know.
Most of the jobs added are part-time. Full-time gigs have been down for a while. As others have said, big revisions downward will continue.
I have a few interviews with some mm groups, but would imagine there are likely dozens of other candidates interested in possibly one seat.
Be open to geographies outside of nyc if that’s where you are based. There are many lateral openings but I’ve noticed they are sometimes located in Chicago, Charlotte, SF. One of the analysts in my group got an offer to a stronger group in Chicago last week.
How about outside the country? Would you likely get visa sponsorship outside the U.S. in this macro environment?
some of my 2023 graduate friends, from target schools + buyside/eb/bb backgrounds, have gotten laid off 6-9 months in and have been scrambling. even know 2023 grads hitting the 10-month unemployment mark, mostly doing temp jobs. keep pushing everyone, the sun will shine again soon!
and of course, DO NOT compare yourself with others.
Canadian speaking here - it’s hell. Good luck to everyone we’re all gonna make it brahs keep pushing.
Are you already in IB in Canada looking to lateral to a better shop?
One of the many laid off bankers trying to break back in (ignore the title) have about 1.5 years of experience. Have had traction just difficulty closing. HBU?
Heard Canaccord is hiring lateral analysts
When did you hear that? Heard they just fired,
Was recently laid off and as an international have limited days to find a new gig in IB. Getting traction outside NYC and have an offer for a Corp Dev role for a healthcare startup. Would I be able to spin that positively for IB roles once the lateral market goes back to normal ?
In your situation, I would take the job because you have a limited amount of time to find a new job before leaving the country. And yes, of course you’ll be able to spin this into a positive experience, focus on your deal experiences. By the way, are you a Canadian on TN?
Yes it would be fine. Also, are you a Canadian on tn?
Thanks guys for the advice. I’m on an F-1 and have 90 days to find something. Been much harder with a lot of firms skeptical about sponsorship as well
can I PM you?
Could you pm me? International in a similar position would appreciate it if I could ask you a couple of questions
Have heard many horror stories from peers. Both recent graduates that didn’t land return offers, and AN1s that got laid off or have been twiddling their thumbs for a year with 0 deal flow.
Personally, I’m a recent graduate with significant M&A experience and opportunities are few and far between. You hit the nail on the head, when you do find opps they have 500 applicants from BBs and top schools.
My best advice, not sure if you care to hear it given my lack of FT analyst experience. Is to sit tight, collect your paycheck, smell the roses and improve your life outside of banking. Network your A** off and get ahead of opportunities before they open.
In a market where supply of jobs is low and demand for those jobs is extremely high, the most sensible thing to do is make it easy for the hiring manager. If two associates (who can prob get a recruitment bonus) already know you and respect you, then why TF would they want to take a chance on some random kid. Put yourself out there.
Banking was a dog eat dog world before the market turned into what it is today, now it’s a dog eat 100 dogs world.
Go get em’ baby. Don’t give up. You’ve got this.
Cheers and good luck.
Appreciate the call out here, “Limited Ft Experience” was a poor choice of words. I was in a unique situation working 30-60 hours a week at a boutique, while finishing school.
Dude you made 10 different posts about Roth Capital Partners
LOL, was in an interview process for an M&A analyst role and was given limited info from the hiring team.
Figured what I’ve learned from the people I’ve connected with and that have helped me, could help someone else. Paying it forward is what it’s all about IMO. Cheers brotha!
dealing with the same stuff coming from a background of multiple buyside internships - ended up taking a temp strategy job at a startup unrelated to finance. pay is absolute dog water, but the hours are not too bad, so just continuing to recruit outside of my 9-5. if anyone wants to speak or needs resources, do feel free to pm.
you are not alone - depression and anxiety is something that everyone out there experiences at some point, especially during times like this. try to take some comfort in knowing that you are not alone, and reach out if you need to.
What can these networking outreaches look like / what kind of conversations would be productive?
I am on the Corp Dev side now and have reached out to people on the buy-side or in banking but have found that most people (mainly gotten responses from juniors) don't have an opinion of their industry and don't have strong opinions in any direction.
I have struggled to find topics to open a conversation with and maintain these relationships so would appreciate any insight as I build out some optionality and career exploration on my end.
Anyone seeing things get better?
Bump
what are yall even talking about? Things are not that bad. All my friends are in multiple lateral interviews at once with BBs and EBs. A handful secured 1-2 offers within 2 months of searching
Which BBs though?
Lol, there aren't even many BBs recruiting like that outisde of GS/jpm, which have now stopped lol. Most positions are also for VPs and As, so maybe you should try recruiting yourself before saying things like that.
Anyone seeing improvement?
seeing some stuff for experienced hires otherwise its dead
have had some interviews here and there, even making it as far as the superday, only to either get ghosted or rejected in the end. all we can do is keep on persevering until a good opportunity sticks.
in the meantime, ive been doing a temp job to pay the bills - not fun at all, but its good motivation to keep pushing forward.
let's keep pushing!
Don't think markets as bad. Been getting interviews left and right, although more for smaller shops / boutiques. BBs / EBs don't seem to be hiring, with the exception of a couple one-off positions. That said, think it's mostly networking for these positions
Dude who gives a shit about smaller shops and non-EB boutiques
No need to be rude, a job is a job when you're laid off.
If you're so happy with your current shop, I don't get why you're trying to lateral
Bump
IB lateral market is currently non-existent at the analyst level, especially for top BB/EBs.
You need to be (1) already be at a strong BB/EB group (2) have exceptional interview / technical skills (3) have strong deal experience to speak about in order to even have a shot at the 1 or 2 open lateral spots in the market at the moment.
Do you think more spots will open up in 6-8 months? Looking to lateral ASAP from a MM bank that doesn’t get great PE looks
This economy is the worst of both worlds — No near term rate cuts to help the lateral market and no recession to get sleepy joe out of office
how's everyone doing?
as for me, i have made it to superdays, only to get ghosted or rejected in the end - ill have some weeks where i can have as much as 1-3 interviews every single day, and other weeks when its complete radio silence.
in the meantime, been practicing my modelling and technicals to the best of my ability (WSP Premium), and just continuing to push until an offer is extended.
got laid off and backstabbed at my last firm, but my previous firm managers and college professors have really come in clutch to serve as references. otherwise, ive literally been working a temp job in customer service to pay the bills and such.
several of my buddies have landed offers, although the recruiting took as long as more than a year for some.
with that being said, i wish you all the best and lets never give up until an offer is extended and signed!
I work in ER but have been trying to lateral to IB for about a year now, not much luck, but hopefully market get better by year end. Wish you and everyone else all the best
.
W
Can you please share more about the process and how you think you were able to stand out and get the role?
E.g how did you get the interview (did you network?) and how did you manage to prep for & excel during the interviews?
No need to give specific details but would be really curious. Congratulations!
W
Can you please share more about the process and how you think you were able to stand out and get the role?
E.g how did you get the interview (did you network?) and how did you manage to prep for & excel during the interviews?
No need to give specific details but would be really curious. Congratulations!
W
Can you please share more about the process and how you think you were able to stand out and get the role?
E.g how did you get the interview (did you network?) and how did you manage to prep for & excel during the interviews?
No need to give specific details but would be really curious. Congratulations!
congrats!!! could you please share more about your timeline / networking / interview prep? Thanks!
Definitely stay away from Oppenheimer if you are interviewing for lateral spots. It's nothing but a time waster and they will have you speak to the entire team over the duration of a couple months, only to ghost you at the end.
can confirm, for both the nyc & baltimore offices
How was the process run? Was it official interviews or did they reach out for chats and introduce you to more people on the team?
avoiding oppenheimer is just generally good life advice. They're in the basement of the ranking tiers with HSBC
Recently got invited to the interview round for a lateral junior position at BB/EB. HR told me there's only one spot. Typically, how many candidates do they invite to the interview stage? Is it around 10-20 people?
Probably around 10 first rounds and maybe 5 or less superdays
Thanks. For the timeline, how many weeks should I expect from the initial round to a written offer?
This sounds like a bloodbath. Are MSF students/undergrads graduating in 2025 screwed?
Saw Jefferies was recruiting for some roles, anyone interview with them / have success / insights they can share?
wishing us all a much-needed career comeback. let’s all keep pushing everyone!
Do you guys think there may be more lateral openings in q3 and q4 2024 given the upcoming election?
How do y’all stay updated/find openings? Do you google “investment banking analyst roles” or is there a way to get notified by email
How long can your time outside the industry be, before you are seen as having a too long gap and not worth hiring. Approaching close to 9 month atm and it has been hard to find anything.
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