Is BB -> EB or EB -> BB lateral "easier" to do?
As someone who's just starting his career in IB, can you monkeys with experience provide some real experience on which lateraling is more "feasible" to do? To provide some context, I'm starting at a top IB and receive offers from some others that I instead would have liked to join for full time. But I signed with my summer firm already and did not want to renege for obvious reasons.
I've heard some prospects saying that it's easier to go from Top BB to Top EB, but some current bankers say it's actually HARDER to go to EB, because EBs hire so few, while BBs more frequently have openings with high turnovers. Also heard that the process at EBs typically take longer as well.
Obviously this would be quite bank-specifics. I'm thinking of the top BBs (GS/MS) and top EBs (Evercore, PJT, Centerview). I found many analysts and associates on LinkedIn at GS/MS go to Evercore, but not the other way around for example. I can understand why, but I'm really more interested in understanding how hard is it to lateral from a top EB to top BB for whatever the reason is, and vice versa.
I'm specifically interested in information on lateraling at the associate level.
I think you’re a bit early in the game to be thinking about where you want to be as an associate. Nevertheless, I’ll try to answer your question.
My gut tells me it’s (very slightly) easier at the junior level to lateral to an EB from a top BB. Does that make it the better move? I don’t think so.
“More spots at BBs” is the wrong way to look at it. The competition is equal at top EBs and top BB groups. I think we can agree the pool of candidates is generally the same.
I know plenty of folks at Moelis / Centerview / Evercore / PJT that wish they had the GS / MS / JPM name under their belt. Think before you started recruiting, would you have recognized the name Centerview? I also know an equal amount of folks at GS / MS / JPM that wish they were at Moelis / Centerview / Evercore / PJT.
You also need to factor in the upward opportunities at BBs vs. EBs. If you are a top performer and want to stay in IB, a BB will offer a more rigid path to become a senior banker. Get to know bankers your age at different banks and read into which groups / banks are growing and have opportunities. Gauge the seniors in your own group and find a quality mentor that can offer no-BS advise.
Controversial take - the general work-life balance is much better at top BBs compared to EBs. Don’t take this lightly without spending time in this role...
TL/DR: Essentially a non-answer and it is a case-by-case basis
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