Lateral for FT

If you're considering a lateral move to a different group and city, such as NYC or SF, there are a few key points to keep in mind:

1. Timing and Experience: It's generally recommended to have at least 9-12 months of experience at your current firm before lateraling. This gives you enough time to build a solid foundation, gain deal experience, and demonstrate your capabilities. Without this, other firms might view you as someone who jumps ship too quickly, which could raise concerns about your commitment.

2. Deal Experience: While having closed deals under your belt is ideal, it's not always a dealbreaker. If you haven't closed deals yet but have worked on live mandates or gained relevant experience, you can still position yourself as a strong candidate. Highlight your contributions to these projects and the skills you've developed.

3. Networking: Start building relationships now. Reach out to bankers in the groups and cities you're targeting. Networking is crucial in lateral recruiting, and having connections can significantly improve your chances. Use LinkedIn, alumni networks, or cold emails to connect with professionals in your desired location and group.

4. Cold Outreach: If you're serious about lateraling, don't hesitate to cold email bankers at your target firms. Express your interest in their group and city, and ask for a quick call to learn more about their team and culture. This proactive approach can set you apart from other candidates.

5. Lateral Recruiting Process: The lateral recruiting process is somewhat similar to SA recruiting but tends to be more focused and less structured. Banks often have smaller, more targeted processes for lateral hires. Be prepared for interviews that focus on your deal experience, technical skills, and cultural fit. Lateral interviews are typically less intense than full-time recruiting but still require preparation.

6. Reasons for Moving: Be clear and genuine about why you want to move. Mention your desire to gain exposure to a different group, work on more complex deals, or relocate to a specific city for personal or professional reasons. Avoid making it seem like you're just looking for an escape from your current role.

7. Preparation: Brush up on your technical skills, especially if your current role has been more focused on PowerPoint or fundamental work. Be ready to discuss your deal experience, even if it's limited, and articulate how your skills can add value to the new team.

In summary, while it's ideal to have some deal experience before lateraling, you can start networking and exploring opportunities now. Build relationships, position yourself as a strong candidate, and be prepared to explain your motivations for the move. Good luck!

Sources: No deal experience after 3 years, Lateraling Guide for Investment Banking, Guide to Lateraling in 2021, Lateralling Job Market, How screwed are IB associates if they're laid off?