Year 2 Analyst that has been searching for a lateral position for the past three months.
My resume has gotten me 30+ first interviews without any formal networking, but I don't seem to be converting much to second round / superdays.
Is the market just that competitive or am I terrible at interviewing?
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It's very competitive for sure, but the hardest part is always getting the interview... if you are not converting just to second rounds after 30 interviews something is very wrong with your interview abilities. If you have trusted friends who can give you a mock interview that can be a good diagnostic, or even pay for a mentor on here to assess you in a first-round type situation
I think you're right, I asked a couple friends and although my answers weren't terrible, they were textbook responses and not personal enough.
In a competitive market like this, there's no shortage of qualified and laid off analysts. The only way is to differentiate yourself through the behaviorals. Will have to give that a cut over this weekend.
I think the lateral market has improved in terms of available opportunities, however it’s extremely competitive given layoffs across the street. To your point though, not converting to second round this consistently after 30 interviews means you may be doing something wrong.
I think you're right - I'm not having any trouble getting interviews, but more so crossing the finish line. What percent should I expect to convert first -> second round -> superday?
Honestly hard to quantify given idk what roles these are. If they’re all similar to what you’re currently doing, at your level or one level above, and assuming you’re in the same city as the role, I would expect to convert a good chunk
That many first rounds with low conversion rate sounds like an interviewing issue. As a 2nd Year analyst what level are you interviewing to lateral to? Analyst or Associate?
I was laid off before the Year 2 mark, so mostly Year 2. Have gotten a couple Analyst / Associate position interviews in the mix
If you can get interviews but could not convert, then there’s something wrong with your behavioral or technical or story
I had interviews with 8 different firms and ended up getting the associate promotion at another bank. It was a tough process that I thought would never see the end of. 2nd year analyst is a tough spot to lateral in because you tend to be overqualified for analyst roles but under qualified for associate. It's simply a numbers game. You have to know your resume and story cold and hope for the best.
Hey, congrats on the successful interview process! If you don't mind, could you help share any kind of advice that helped you throughout the process (think networking, model tests, interview guides, etc)
Zero networking. I just cold applied online. Thankfully I had deals on my resume and the bulk of the interviews were talking about what I've done and how it would relate to the role I'm interviewing for. I was asked some basic technicals related to my industry group but that was about it.
When you got the ASO promotion, was it lateraling to the same industry/product group or different?
same industry and job function, different product.
Isnt it during 2nd year when people try to lateral the most though??
Hey OP! I am in an eerily identical position as you are. I got laid off 3 months ago after 1 year of IB experience (but at the MBA Associate level). I also have a deal sheet with my several M&A deals and also have gotten a large handful of interviews straight from applications. My record so far is probably ~35% conversion of R1 to R2 interviews. That said, I have gotten strong feedback from a couple of places that actually gave it when I ask. I was able to land a Junior IB Associate role a year ago in very bad market conditions and am now recruiting for the same Junior Associate roles with a year of IB Associate experience and am still having an extremely difficult time passing 1st and 2nd rounds.
I also have experience during business school recording myself, working on answers, mock interviewing, getting feedback, cold calling, and getting many many reps interviewing (with lots of dings) so generally feel pretty seasoned when it comes to interviewing. Sometimes I question such, but every time I check in with colleagues who are also laid off from IB, they are also constantly getting dinged/ghosted. I have compiled many recent anecdotes of juniors with 1-3 years of experience having an extremely tough time getting back in right now, spending 6-9+ months and still looking. Even tiny boutiques paying 60% of street are super picky. IB normally net loses experienced bankers, hence the need for Analyst and Associate training programs, but from 2022 through now, there have been hundreds of experienced bankers gunning for lateral positions. OP, I would love to connect with you to learn more about your story considering the parallels. Plus it would be therapeutic for both of us to commiserate :)
In summary, I estimate that 75-95% of the difficulty landing offers is from market conditions
OP here - Thanks for sharing, it's scary how accurate this reads. I've gotten almost all my interviews straight off applications, across IBD, S&T, Private Credit, PE and even Consulting interviews.
I can't seem to message your anonymous status - but let's connect. Shoot me a message when you can (or I can reach out to your username) - would be helpful to share our experiences and help each other through the process
Same issue as you. It’s an interview skill issue that you need to work whether it’s technicals, speaking, or demeanour. Make sure your story is good first and foremost, and have your friends give you feedback on your demeanour.
Start networking more? I feel interview processes are a lot more enjoyable / easier to progress if you have a strong referral / someone vouching for you. At the same time, your situation unfortunately isn't that unique to today's market. I know someone who had a very similar problem and ended up attending an MBA program to get back into IB (so far successfully, a current summer associate at a bank).
Adding here..
Managed to land a role purely from meeting someone for coffee a few months prior. Role wasn’t advertised online and recruiters weren’t used. Ultimately was the only person in the interview process for a few rounds and was a sense check on motivations still being aligned and discussing level of position, etc. Very fortunate this was in London for a US BB as well.
Would generally advise that whether you’re settled in your role/firm, to continually network no matter what, on both the buy and sell-side.
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