People on this site talk up the lateral from B4 valuation to investment banking as very doable but I go on LinkedIn and Pre-MBA lateral seems to be very few and far between. I understand the lateral market as of the last few years has been dead and could explain the recent lack of data points but geniunely I'm curious as I hope to make the same jump myself. Do people just not take the jump? How MM are we talking (Baird/HL/Jeff/WF-type or like no name LMM) Should I continue recruiting for IB after accepting a valuation FT or should I hold off until post-FT to lateral? For reference I I'm a non-target 3.8GPA, have previous IB SA experience (group wasn't giving out ROs) and LMM credit experience, so idk if this helps my profile or not.
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Based on the most helpful WSO content, transitioning from valuation to investment banking is indeed possible and has been successfully done by many, but it requires strategic planning and effort. Here are some key insights:
Doability of the Jump:
Target MM Firms:
Timing of the Lateral:
Challenges in the Current Market:
Networking and Strategy:
For more detailed insights, you can explore this WSO thread: https://www.wallstreetoasis.com/forum/investment-banking/qa-non-target-…</a">Q&A - Non-Target >> Valuation >> MM IB. It provides firsthand accounts of individuals who made the jump from valuation to MM IB.
Sources: Lateraling Guide for Investment Banking, Q&A - Non-Target >> Valuation >> MM IB, Q&A - Non-Target >> Valuation >> MM IB, A Guide for Switching From Commercial Banking to Investment Banking, Big4 Valuation to IB
Yes, it is achievable. I and many others did it. Would look at the threads that the AI summarized as a good place to start.
That said, this pivot was substantially easier in the M&A market of 2021 / 2022 when banks were severely capacity constrained, needed lateral talent who could ramp quickly, and bankers weren’t being fired under any circumstance.
In current environment where you are competing against a significant # of laid off bankers, it will certainly be tougher, but not impossible.
Build relationships with MM teams and be very clear about: Your desire to make the transition, what you think you can bring to the team that is differentiated vs. a laid off banker (impeccable modeling skills, technical valuation knowledge, legal doc / investment structure understanding, buy-side perspectives, exposure to more sophisticated clients than typical MM banking), and disclose areas where you know you need to get up the curve quickly like deal process mechanics.
It probably makes sense to have a year of valuation experience before making these calls. Or if you want to recruit before you start in vals, obviously wouldn’t lean on any valuation skills as you don’t have them yet. The latter path seems like it will be harder if you struck out on traditional banking recruiting already.
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