Lateral interview prep

When preparing for lateral interviews as a full-time analyst, there are several key differences compared to campus interviews. Based on the most helpful WSO content, here’s what you need to know:

1. Focus on Deal Experience

• Lateral interviews place a significant emphasis on your deal experience. Be prepared to discuss your deals in detail, including:
  • Company revenue and EBITDA.
  • Selling price and rationale for the transaction.
  • Deal complexities and your specific role.
  • Buyer search process and any unique challenges.
• Know your deals "cold"—this is critical to demonstrate your expertise and readiness.

2. Technical Preparation

• While lateral interviews are generally less technical than campus interviews, you still need to master the standard technicals. This includes:
  • Financial modeling (e.g., LBOs, DCFs).
  • Accounting and valuation concepts.
• If you’re switching sectors, ensure you understand the technical nuances of the new sector.

3. Behavioral Questions

• Expect questions like:
  • "Why are you looking to leave your current bank?"
  • "Why this specific bank and sector?"
• Have a logical and compelling story for your move. For example, if you’re moving from a generalist role to a specific sector, explain how this aligns with your long-term goals.

4. Networking and Culture Fit

• Networking is crucial. Reach out to analysts or associates at the target bank to understand the culture and team dynamics. This can also help you tailor your responses during interviews.
• Fit is a major component of lateral interviews. Banks want to ensure you’ll integrate well into their team. Be professional, but also personable.

5. Unstructured Process

• Unlike campus recruiting, lateral hiring is often unstructured. Timelines can vary significantly:
  • Some processes may take a week, while others can stretch over months.
  • Be prepared for variability in interview formats (e.g., phone screens, superdays, or even informal chats).

6. Highlight Transferable Skills

• If you’re changing sectors, emphasize transferable skills from your current role. For example:
  • Analytical skills.
  • Client management experience.
  • Any relevant sector knowledge.

7. Be Proactive

• Lateral positions are not always posted publicly. Use job aggregators like LinkedIn or Indeed, and actively reach out to banks to inquire about openings.
• Networking can also uncover hidden opportunities, as many banks hire laterals without formal postings.

8. Preparation Resources

• Use resources like the M&I interview guide or modeling courses to brush up on technicals.
• Consider professional resume review services (e.g., WSO’s investment banking resume review) to ensure your resume highlights your deal experience effectively.

By focusing on these areas, you’ll be well-prepared to make the move from an "okay" bank to a top BB in London. Good luck!

Sources: Lateraling Guide for Investment Banking, Lateraling Guide for Investment Banking, Analyst Lateral from MM to BB/EB, Lateralling Job Market