internal lateral at bb (GS/MS/JPM)
hey everyone, would love your insights. i recently got a summer analyst offer on the financing side of a bb, but want to move to either coverage or m&a. is it easy to lateral internally within the firm? dont rlly know the process, so any info would help. thanks!
Based on the most helpful WSO content, internal lateral moves within a BB like GS, MS, or JPM are possible but can vary in difficulty depending on the firm, group, and timing. Here’s what you need to know:
Internal Mobility Programs: Many BBs have formal internal mobility programs that allow analysts to switch groups after a certain period, often after 1-2 years. Some banks even encourage rotations within the analyst program.
Timing and Networking: Start networking early within the firm. Build relationships with people in the groups you’re targeting, as internal moves often require support from senior members in the desired group. Timing is crucial—some firms may allow mid-program moves, while others might require you to complete your initial rotation.
Performance Matters: Excelling in your current role is critical. Strong performance reviews and endorsements from your current team can make the transition smoother.
Mid-Summer Opportunities: In some cases, HR may circulate emails mid-summer for analysts interested in switching teams. Keep an eye out for these opportunities and express your interest early.
Challenges: While possible, lateraling internally can be competitive. Coverage and M&A groups are often highly sought after, so demonstrating your interest and fit for those roles is essential.
If you’re serious about the move, focus on networking, excelling in your current role, and staying proactive about internal opportunities. Good luck!
Sources: Q&A: Bulge Bracket IB Summer 2020, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Incoming SA in a BB FIG group (MS/GS/JPM), but long-term goals are PE. How should I approach the summer?, Q&A: Bulge Bracket IB Analyst -> MM in Lev Finance -> Private Equity, Questions Around Internal Mobility & Lateraling Groups
JPM yes. MS possible. GS harder
Don’t try to fuck around with internship. Do a year full-time and everything will come to you
Thanks for the insight. would you recommend re recruiting for full time after the summer internship, or maybe networking with ppl on coverage/m&a at the bb bank during the internship, or both? also wdym do a full year? do bb's give the option to switch after a full year? any info would help, thank you. also random question, but in your opinion, would you rather do dcm at a bb in ny or coverage at a middle market in clt
Networking internally during the internship can be sus / risk losing return offer with how closely people work and know each other (if openly talking about lateral move). Remember if you don’t have a return offer you have nothing.
I’d prioritize your own interests, I’ll say most BBs are pretty flexible after a 1-2 year full-time to lateral over through structured programs or unstructured via networking. If you’re hell-bent on 2 years & out you can do the MM and get more classic PE type offers earlier.
Id just advise finance is a long career and brand is important than doing an extra analyst year or two in the longer run. DCM gets you great credit/client exposure anyway and not like you’re sitting in middle office
Wrong, why make stuff up? GS has a structured internal mobility program that allows movement to different teams and offices. Moving from IB financing to IB classic should be very doable so long as you get good references from your team.
This can’t be done during the internship and is typically done after 2 years as an analyst.
Relax bud, this is WSO nobody is making stuff up… just speaking anecdotally from friends who have said the relevant classic groups (TMT, FIG, HC, IND) are brutally hard to lateral into.
Anecdotally- it’s more team dependent than you make it out to be. I did my SA at GS/MS/JPM. My team flat out asked me if I wanted to convert with them or swap divisions and I swapped.
You need to make a judgement call based on the culture in your team, there is no black and white answer as to whether you can or cannot swap as an intern. Although I would say lean against doing it unless you back both your abilities, and your team’s opinion of you.
it can be done during the internship and there is a formalized process at GS. your business unit manager is notified and you interview during the summer.
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