Lateral FT after SA
Has anyone lateraled over after SA to a better bank? How did that process look like and when would it be okay to start networking again for FT?
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Very interested. Is networking the only way to know whether spots open up or not?
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i recently actively participated in several interviews with BBs. currently at Tier 2 BB sector coverage team, mid-senior associate level (think Citi, BofA, UBS, CS) and have interviewed at one Tier 1 (think GS, MS, JP) and one Tier 2. Got both interviews through internal referals. interview process was straightforward - interviewed with people at levels above me. mostly discussed past deal experience and also asked technical questions. however, it's not typical for them to extend offers at year end.
i think now is a good time to start networking. to my knowledge, BBs have starting to interview for candidates. headcounts are for 2021 though (meaning that offers are extended in Jan 2021)
I went from a meh MM bank my junior summer to a BB FT. You basically have to start setting up the framework once your internship starts, find some good reasons that are believable as to why you wouldn't want to go back to that firm FT, and start networking. Also stay tuned to your OCR portal, check that shit every day in the morning and every day before you go to bed.
When did you start reaching out to banks you wanted to go to for FT? Did you network?
I started reaching out after week 2 or 3.
How did you navigate the situation of receiving your return offer from your SA firm and recruiting for FT? Did you sign the return offer and then renege once you got an offer from your current firm? Or did you turn down the return offer once you knew you wanted to go somewhere else? Or was the deadline to sign the return offer long enough that you didn't need to rush FT recruiting?
Didn't renege, had enough time to get an offer before the deadline.
Also curious to know whether you started recruiting for FT after having secured an SA position and knowing you were going to lateral anyways but used the SA position as backup and if you did, how you navigated the networking without other banks/people at the MM firm finding out that you were going to leave even before you started? and how much time did you have to decide on accepting the return offer from the MM bank in case you didn't land any FT or roles you wouldnt be as satisfied with?
Started shortly after I started my internship. Had a few weeks to decide at the end.
Also am going to a decent MM bank for SA, I'm going to be keeping in touch with people that I already networked with @ banks I want to work for FT, but when would you think is best to network at banks where I don't know anyone. I'm not sure if I should start networking now since the process for FT hires for 2022 is much later
Start whenever you feel comfortable talking about your experiences and why you would want to go to different bank.
Any thoughts on starting to network or start the conversation before the SA begins? I have a SA lined up for this upcoming summer so would be looking to lateral for FT 2022. My SA is in a niche area that I previously interned in and want to switch into a more traditional IB group so I do have a solid reason on wanting to move asap.
For those who lateralled after SA, did you network with new people or just keep in touch with people you networked with for the SA process and figure out interview situation through them?
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