Is Lateral Recruiting Dead Right Now?
Current Aso1 at a LMM PE firm looking for a move back to IB and have had no luck so far in finding opportunities..anyone else facing similar?
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Why the move back out of curiosity?
OP here. Haven’t really enjoyed the move to buy side as much as I thought I would. All I ever heard was “PE IS PARADISE” the last few years but I miss the sellside quite a bit.
Someone needs to make a "moving back to IB is Paradise" post.
Kind of a soft answer but I can imagine the stress of ownership is arguably worse than staying up to rearrange rectangles. Unless you’re receiving economics PE doesn’t seem worth it anymore, IRR was double digits for decades due to macroeconomic conditions and cheap debt, now you’re actually trusting those above you to make the business better … easier said than done I would imagine
Sell-side is classic sell shovels to money hungry PE funds, and let them carry the risks. Doesn't sound as bad when you factor that it pushes you to develop sale skills, either actively or by assimilation.
Think about the alternative of learning about businesses, accounting, and financial analysis/modeling that might be of no use if GPT 32.4 in some years does all of those, or the PortCo is failing and because you're so squeezed on IRR from the competition, you're seniors make your life hell in finding a way to save the company.
So think long-term kids, and be a salesman. Who knows, you might also find your future wife by selling yourself.
Can't emphasize this enough... left SS for the buyside and then switched over to fundraising (on an actual sales track) and it's what can't be replicated by AI... So many juniors, myself included, would clown sales guys and be all gung-ho about modeling but none of these deals get done via modeling, it's all about reading people and making them like you or your idea. Unless you're a PM at a HF or a senior PE guy, almost every aspect of finance is sales. Most executives are good at selling for C-Suite... an MD at a bank is a sales guy and so many people miss this. If you sell well in the role it's very expensive for a firm to get rid of you
When do things kick off?
Bump curious as to what sentiment around lateral hiring will look like in IB for the year.
Also trying to move back to IB from PE, have had no luck as firms are only looking for people lateraling from another bank
I am also trying from corp dev, this means mine would even be a non-starter.
I just lateraled in from Corp Dev to a borderline BB/MM bank, it’s a numbers game. I sent +100 applications and networked a bit (got it without networking). I did come from a large Fortune 500 into a coverage group from the same sector but still got in
Congrats! Did you have IB experience prior to your stint in corp dev?
What was your interview process like? I am trying to move from Strategic Finance back to banking after completing the 2 year analyst program.
Damn thought things would get better but the year doesn’t seem to be off to a great start.
We saw two waves of buyside to IB hires over the last 18 months. Usually lines up 3-4 months after an outsized number of AN 2's leave early or no AN to AS promotes decide to stay.
What level? I assume it will pick up in the coming month or two as people leave after bonuses.
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