Internal move from ECM to Coverage as an Associate?

Hi team,

Ignore my title as it's outdated. I've been in ECM for close to 4 years at this stage, and I'm just about to become an Associate 2. I've realized that my exit opportunities in the long term are quite limited from ECM and that there is more I could learn in a coverage role. Am I too senior to lateral to coverage?
 

I assume that I'll have to take a demotion (start as a first-year Associate)? When would you say is the latest that you can move from capital markets to coverage (i.e., I assume VP is certainly too late)? I realize that it would have been ideal to do so at the analyst level, but given the last couple of years have been tough, there weren't a ton of spots open. I'm just afraid if I stay in ECM forever, my options will be limited (other than perhaps trying to spin my experience for a corp dev type role if I'm lucky). Any thoughts would be appreciated.

 

Can be done but do it now. I would assume you have strong relationships and industry experience with an industry or a few industries - target those sectors. I'd also look externally (in those sectors) given limited spots

I would also be teaching yourself how to model. Be open to a title downgrade but I wouldn't expect it as the norm... 4 years of ECM in the same industry you're lateraling to means something versus an MBA ASO coming in not knowing how to use Excel

 

Thanks, that's helpful. I've done various modelling courses, so I feel somewhat comfortable with that. The problem is convincing other staffers of that. My impression so far in having casual conversations has been that there is a degree of skepticism around my modelling skills, and that it'd be safer to hire someone externally from coverage at another bank (given there are, as you say, limited spots and many people looking)

 
Most Helpful

Modeling courses are good to get familiar, but they don't even remotely hold a candle to someone doing coverage and working in real M&A models. It's almost worse when you try to pass off courses as equivalent - then it feels like you don't know what you don't know. I would admit it, point to your experience, and then use the model courses as an "I acknowledge this but I've been putting effort in"

If I were you I'd answer more along the lines of "yes, my model reps are more limited, but it would be a key focus area for me in the first 3-6 months. On the modeling front I've been self-studying models on my own time and am comfortable working in models and in Excel. That said, I can contribute immediately from day one in other areas - I have deep knowledge of how things are done in your group from working with your team for so long, in-depth knowledge of the industry, have worked with all the major players and know all of the trends very well from 4 years in the industry."

 

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