Lateral as a last year Analyst
I wanted your thoughts on a couple things.
I’m currently in my promotion to associate year and have been working on a sell side corporate derivatives desk (cross asset solutions). I enjoy the gig but I’ve been contemplating moving over to pure IB. My question to you is, would it be possible to lateral into IB as an Analyst 2 or perhaps an Associate 1, assuming I choose to move after my associate promotion. My current group is ultimately a private side sales group so I wouldn’t be able to move to buy side that easily. I’d love to hear your thoughts or any other options you think I should consider. Cheers
You are probably better off trying to recruit now and lateral as an Analyst 2 externally. Lots of places still hiring dealing with turnover. Most groups will knock you for lack of "real" IB experience but it's definitely a step sideways if not a step forward. I imagine would be very tough to justify coming in as an associate to an external bank. Maybe your current bank has some sort of mobility when it comes to A to A that you can leverage.
Thank you
Would you happen to know what the recruiting process for a lateral at this level would look like?
Based on what I've seen from the laterals that came to my group over the last ~8 months (lots of lateral hiring, deal flow has been very high), I think the process will be:
1) see open role, apply ASAP as these things are probably rolling and filling on an immediate need basis
2) after you apply, see if there's any type of connection you can make with the hiring group. Scour linkedin, your school network, your friends who might know someone, etc. Networking is crucial for these gigs as I believe the single biggest area the hiring managers are looking for is fit, and the more people on the floor can say they spoke with you and can vouch for you, the easier it is to prove fit
3) after you network with some people in the group, you get a first or second round with the staffer, and if that goes well maybe another round or two with some mid-senior folks and a superday with an MD or two
Biggest differentiators to get the job:
1) network. Do people on the floor know you/like you/think you come off as both competent and someone nice to work with
2) your story. Have a good explanation of why IB, why that specific group and market, and be prepared to talk about one or two relevant trends/transactions in the space. You need to demonstrate that you're doing more than just winging your resume out there in a hot hiring market.
3) your current experience. The more you can relate your current experience to IB work/skills, the less likely the interviewer is going to feel the need to grill you on technicals. Your years of work experience in finance mean something, find a way to convince them of that. Lastly...
4) technicals. The staffer on my floor didnt care so much if the lateral was a bang-on whiz kid in the Rosenbaum & pearl book, but you have to have some of the bare minimum stuff down. the 400 questions guide (but really like the classic top 10 questions from that guide mostly, stuff like "walk me through a DCF, walk me through depreciation, how to value a company" etc.
Good news is, the hiring market is frothy af. There's never been a better time to break into IB as a non-traditional candidate. Grind hard. Don't be picky about the prestige of the bank. Apply for every opening you see and cast your net and network as wide as you can. Good luck dude.
Thank you! I really appreciate all the insight. Cheers
Nesciunt magni quod asperiores. Qui cum distinctio soluta et.
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