Is The Lateral Market That Bad or Am I Just a Poor Candidate?

Graduated three years ago and started out in TAS, did it for a year and then found an IB job for a regional, 12 person IB team in the southern city I was working in (ATL/CLT/Raleigh/Richmond). I've been here for two years now and my plan was always to lateral to a bigger and better investment bank in NYC once I got to the Associate level. I had the chance to do it sooner but wasn't dying to be an Analyst at a sweaty NY bank when I was still learning the base skills. 

Anyways, back in 2021 this goal seemed incredibly achievable and I knew plenty of people who had no problem making it work. Since the market has turned however I have just not been finding any opportunities. It's not that I'm getting interviews and bombing, I can hardly even find postings to apply to. Of those postings I do find, I'm not getting any outreach. 

Is this a reflection of my having a shitty background? If I were at a better bank in NYC would I be getting hit up by lateral HHs? Or is this basically the market for everyone right now? I'll be a lot more optimistic if it's just a shitty market cause I'm happy to ride out another year or two where I'm at and wait around for a good opportunity. 

 

It’s the market, and most places that do laterals recruiting tend to be middle market groups and some ebs from what I’ve seen. If you’re at a regional boutique with a few years of experience and did a2a, you’d be an ideal candidate since most other analysts from your graduating class already left ib by year 2.
 

Been in a similar situation around this point last year, places generally are hiring but only for one seat, so sometimes teams may prioritize interviews from referrals or internal transfers 

 

Thanks a ton man, relieving to hear. I'm definitely targeting MM roles so I think my gameplan is going to be to not rush anything and focus on networking around hoping to find someone I hit it off with that may be willing to refer me when the time is right. 

A lot of people are telling me that their groups want to hire someone or are flirting with doing interviews but haven't gotten signoff from HR / the powers that be.  

 

Not sure if this helps but at a standard large MM IB shop I’m also not seeing any IB openings or getting any inbounds for IB lateral opps at all. Was getting a steady flow of buyside and corporate roles from headhunters before the holiday slowdown. So I don’t think it’s you I think it’s the market for IB in general is dead. Makes complete sense, almost all banks are divesting employees right now…

 

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