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Based on the most helpful WSO content, here are some insights regarding lateral associate interviews and junior position hiring timelines:

  1. Timeline for Hearing Back (R1):

    • The timeline for hearing back after the first round (R1) can vary significantly depending on the bank and the specific process. Some candidates report hearing back within a week, while others may wait longer. It's always a good idea to follow up politely if you haven't heard back within a reasonable timeframe.
  2. Junior Position Hiring Timeline:

    • Lateral recruiting generally occurs in Q1/Q2 of each year. Most banks prefer not to hire laterally in the back half of the year due to expectations around guaranteed compensation packages for the full year.
    • For junior positions, the process can be more structured and aligned with the annual recruiting cycle, but lateral hires often depend on immediate team needs.
  3. Technical vs. Behavioral Mix:

    • The interview process for lateral hires can vary by firm, but it often includes a mix of technical and behavioral questions. For example:
      • Behavioral: Initial phone screens or interviews may focus on fit, motivation, and past experiences.
      • Technical: Later stages, such as superdays, may include modeling tests (e.g., LBO, DCF) and technical screens. Some firms are known for being more technical-heavy, especially elite boutiques (EBs).
  4. Preparation Tips:

    • Be ready for technical tests like LBO, DCF, and other financial modeling exercises, as these are common in lateral processes.
    • Networking and referrals can play a significant role in getting into the process, especially for EBs.

If you're preparing for a lateral associate interview, ensure you're well-versed in both technical skills and behavioral storytelling to navigate the mix effectively.

Sources: How screwed are IB associates if they're laid off?, How screwed are IB associates if they're laid off?, Guide to Lateraling in 2021, 20 Most Frequently Asked Questions - London Edition, Lateral from MM to EB/BB

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Annecdotally, I just finished up the lateral associate process at an array of banks from boutiques to BB. I pushed HR/recruiters pretty hard that I was actively in a few processes which may have sped up timelines but I have heard back after rounds anywhere from a few hours after to a week after. Each process I did only lasted about 3-4 weeks assuming I made it to the final round. In terms of what it was like Im a green associate towards the second half of my first year but I had a lot of really in-depth deal experience. Most of my interviews were super heavy on deal experience and what I actually do on deals, my industry knowledge (I have some pretty specific coverage I focused on in my previous role and only applied to groups in that broader coverage group), and then behavioural and fit. Most of my technicals were modeling tests and case studies. That being said I was given a few technical rounds throughout some of the processes where I was only asked technicals for like 30-45 minutes. Id say if you have a really good understanding of valuation, exposure to a lot of hands on deal reps, and understand accounting that should cover most technicals you would be asked. I was never really asked anything completely ridiculous. I just reviewed the typical guides a few times and was fine.

 

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