Is Lateraling as a 1st Year Worth It?
Hey guys,
For some background, I am currently an A1 at a LMM-MM shop in a major city doing M&A (think GCA, Union Square, Piper). There is an opportunity within the same city / same group at a MM-UMM shop (think WB, HL, Jefferies) that I broke into through networking. At this time, I am content with my firm in most ways; the deal flow is great, the people are nice (for the most part), and I could make it work for my analyst years -- but at BEST, I'd end up mid-bucket this year. I have an offer in hand for the MM-UMM shop I mentioned; however, I want to be vigilant and not rush into this. I understand people have said that you really get one lateral move within your analyst career as otherwise, it makes you look flaky. What "material difference" does it really take for you to consider a move like this? I would be excited to hop into this group but is it worthwhile to maybe just wait off and see if I can land in a group within BB/EB so it's a notable move away from MM? Would the move into higher quality deals / a better "ranked" bank help with exit opps?
Thank you!
Networked with Union Square and Piper as well as the WB,HL, and Jefferies folk. I didn't feel like any of them is a lot stronger than the other. It's literally like splitting hairs. I can't speak for GCA, don't really hear about them besides from a LMM PE shop that I interviewed for. And, GCA was their placement agent. If I was leaving Union Square or Piper than I will probably want to aim for a BB or EB.
Bump.
This better not be FT Partners in SF. Clever that you did not mention them at all in this post though. Either way, look you are going for prestige and getting into a top exit opp. The problem is that you need to fix the fact that you are middle bucket at your current firm. What makes you think you will do well and get good exit opps at the next firm you join? For higher quality deals, why not go for a larger bank like a BB? You'll get that exposure to more product types and have more varied deal exposure to talk about. At my old firm, I was top top bucket that the firm begged me not to leave when I moved on, but at my new firm I was middle bucket because of the change in firm and culture. You need to make sure you know how to be a good analyst or things will not work out for you at the new job.
? It's not FT Partners haha. Fair point you make, but I think my rationale is more so I've already grounded my rep here -- I'd rather take what I've learned makes a good analyst and start on a clean slate at a better platform if that makes sense.
Ok, the feedback is meaningful. What makes you think you've really learned from your mistakes? Were there some big mistakes you made already that you think are hopeless?
Yes. After a certain point your rep is pretty much established, esp after a first whole year and I feel I've hit a plateau where things can only stay stagnant or worse.
Just butting in here to say that you are right and if that is the case, then leave since you have a whole year's worth of experience to talk about and get a great job. Good luck!
Wow -- a VP? Thanks for responding! But say worst case I end up at the same scenario at the "better" firm. Would a UMM (examples noted in OP) be much more helpful on resume than a LMM? Deal size difference is hundreds of millions on average.
I mean you should be aiming for a BB / EB at the best place you can find. Why would you want to go to a LMM? The exposure and experience is much better at the better places so take advantage of that.
I don't want to go to an EB because I just truthfully don't want to take part in the typically rigorous programs / don't think I'm really cut out for it. I don't want to go to an LMM - I am already here, haha. As for BB, lateral recruitment in general has been really slow... I figure I could wait a few months and see how the dice roll but it's ultimately a risk as they may never open and I may have just tossed this opportunity away, you know?
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