Joined wrong group at top BB - now what?
Just joined a top BB (GS/MS/JPM) as a AN1 - in a niche financing team (project/structured/real asset finance), and a few months in I already know that I don’t really have an interest in this sector, and that I’d rather do LevFin, or “traditional” buy side private credit. The team is nice with good culture, I will get decent debt modeling experience, but I just don’t find the assets we are looking at very interesting.
What is best practice for switching teams within the bank, can I do it after 6 months, a year, or do I have to wait 2 years?
I would also prefer the buy side, given that I have very strong buyside PC internship experience before starting. But am afraid that these 1-2 years will drastically reduce my chances of going to traditional DL/Mezz/Hybrid shops
Will the brand name still carry me, or would I require a lateral to LevFin first?
Any thoughts?
Best time is right after bonus. Lots of Lev Fin bankers likely leaving to buy-side in which you can lateral over.
Thanks, seems like that is the way to go, would ideally move to buyside asap though given the increased prevalence of analyst spots
Flex
Yes I am very insecure
BBs won't usually let you move internally until 1 year, but it's easy to make the jump at that point. And not a problem to switch groups and then recruit to buyside, it's not like you are in back office now - you're still getting valuable model experience even in PIF.
At Goldman they don’t really let you switch before doing your 2 years (& then also burning mega GW with your current boss), unless you had some exceptional circumstances somehow. And then you can switch very easily as there is a quasi-mandatory 3rd year rotation. Whether or not you get the group you want is a different story.But yeah I would say be in tune with headcount shifts and changes. If a ton of people leave off-cycle and unexpectedly with no natural new grad hire replacements, then maybe you can execute a move earlier.I would also say in this red hot hiring market for juniors. If you DO have solid private credit internship experience from a legit shop, you can start recruiting for the buyside right fucking now and a good chance you can land a corporate credit buyside seat which is what I think you're looking for. HPS looooves taking super junior people pre-a full 2yr stint (younger and cheaper the better).
Appreciate the great input.
Yes, internship was at a megafund so should be in the clear.
Thanks for the tip on HPS, will try to get my foot in the door with them as I really like the stuff they’re doing
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