Lateral interview advice (Coverage to generalist)
Interviewing as a potential lateral an1 from a vertical specific coverage group to a generalist. The generalist group I am interested in is not as strong in my current coverage and I had questions on how to approach interviews. I assume questions about the firm's deals, industry trends, companies I like might come up.
Wondering if it would be fine to just bring up transactions/trends/industries related to my coverage or if I need to add one more that is more pertinent to the generalist group. It does take work, getting knowledgeable about an industry, company, trends, and most importantly being able to speak intelligently about it. I think it's fair that they expect me to have some knowledge on strengths of the generalist group at hand, but would they hold it against me for trying to speak on things related to my current coverage? If I am preparing knowledge for other industries, do I need to prep multiple? Hoping it suffices to do one.
Any advice greatly appreciated, thanks!
When lateraling from a vertical-specific coverage group to a generalist group, preparation and strategy are key. Based on the most helpful WSO content, here’s how you can approach this:
Leverage Your Current Coverage Expertise:
It’s perfectly fine—and even expected—to discuss transactions, trends, and industries related to your current coverage. This demonstrates your depth of knowledge and expertise. However, ensure you frame your experience in a way that highlights transferable skills and insights that would be valuable in a generalist role. For example, if you’re coming from a healthcare coverage group, emphasize how your understanding of deal structuring, valuation, or market dynamics can apply across industries.
Research the Generalist Group’s Strengths:
While your current coverage is a strong foundation, you should also prepare to discuss industries or trends relevant to the generalist group. This shows genuine interest and effort in aligning with their focus. Identify one or two industries where the generalist group has notable activity or expertise and prepare to speak intelligently about them. This doesn’t mean you need to become an expert overnight, but having a basic understanding of key trends, market drivers, and notable companies in those industries will go a long way.
Balance Depth and Breadth:
It’s not necessary to prepare for multiple industries in-depth. Instead, focus on one additional industry that aligns with the generalist group’s strengths. This allows you to demonstrate both your ability to adapt and your willingness to learn. For example, if the generalist group is strong in tech, spend time understanding tech trends, competitive landscapes, and a few standout companies.
Showcase Adaptability:
In your interviews, emphasize your ability to quickly get up to speed on new industries. Highlight examples from your current role where you had to learn about a new sub-sector or deal type and successfully delivered results. This will reassure the interviewers that you can handle the broader scope of a generalist role.
Prepare for Firm-Specific Questions:
Be ready to discuss the firm’s deals, culture, and why you’re interested in joining their generalist group. Tailor your responses to show how your background and skills align with their needs. For instance, if the firm has a strong presence in M&A, highlight your deal experience and how it can contribute to their success.
Practice Articulating Your Transition:
Be prepared to explain why you’re making the move from a coverage group to a generalist role. Focus on your desire to broaden your experience, work on a diverse range of deals, and develop a more holistic understanding of investment banking.
By combining your current expertise with targeted preparation for the generalist group’s focus, you’ll position yourself as a well-rounded and adaptable candidate. Good luck!
Sources: Best Practices for Finding Lateral Opportunities, Lateraling Guide for Investment Banking, Guide to Lateraling in 2021, Guide to Lateraling in 2021, Transitioning from IB/ER to HF Series - Part 2: Where to Interview and Behaviorals
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