Is the lateral market really that hot?
I know a lot of people have been saying that they've been getting a lot of traction with trying to jump ship to other firms but can someone give some more insight in how hot is the lateral market. Like if I were to apply to 5 different BBs as a first year to go to another firm would it be likely for me to hear back from 2-3? Are the interviews easier? Is it also easy to jump from IB to PE/AM/HF/CO right now or just from IB at one firm to IB at another?
Just go on the career websites and look yourself.
In general, people underestimate how valuable they become after only a year of being an analyst. Every IB group wants an analyst ready from day one. Every research analyst wants an associate that doesn't need 6 months to a year of training.
Problem is that the incentive is not that huge to jump as a second year analyst or a second year research associate, especially if you're already at a good bank. Talent pool of early career skilled individuals with willingness to jump is very very small. For that reason, it's much easier than most people imagine. I did equity research at a LMM. During my time there, we had two research associates lateral to GS. Think about that.....LMM to GS. Does that answer your question?
This is spot on. My friend was an analyst at a boutique industry focused bank (solid firm, generally MM-LMM deal size) and lateralled to a BB, got interviews at two other BBs and an EB, as well as several of the bigger MMs like Jefferies/HL. He was kinda shocked by all of it, since he had originally thought a firm like Jefferies was gonna be his "reach"
To add another data point I also just jumped from a primarily mm boutique to top BB. Would also say it’s underrated just how valuable the boutique experience is after 1 yr. Felt extremely comfortable navigating the lateral interviews at both BB and EB. Was getting interviews from applying cold to portals probs just bc i had “investment banking analyst” on my resume.
At the end of the day I think experience in investment banking is good experience regardless of the level. People are for the most part doing similar work and not having to train someone and have them up to speed pretty much on week 1 is great. It is also my understanding that online applications for lateral positions are not black holes like summer analyst or FT grad positions are.
Yes agreed. I actually got looks after school with IB experinece at place I couldn't get my foot in the door prior.
I just jumped from Pub Fin to A BB
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