Lateral Networking Question
Hello all, I have a question about lateraling banks and groups.
I have been a first year analyst for a few months now and have really enjoyed working in investment banking. The problem is that I am in a group that is very niche and can pigeonhole you quite quickly. It is a top group at a solid bank but just not where I want to be long term. When I look around the bullpen I see so many people who are much more interested in this industry than me and I feel sort of down that I am not experiencing that same utility that my colleagues are. I would really like to switch groups and more than likely switch banks. If I begin networking now will that be poorly received by those on the other end? I know it is early but I’m not trying to lateral due to culture or pay or anything material. I am strictly trying to lateral because I have a strong passion to work in a different industry (won’t name it because I don’t want to dox myself).
Has anyone had any experience networking or lateraling 6 months in? Would love some input on this
In a very similar position to you except I have just started. Spent time over the last year networking under the guise of informational calls but would love anyone's take on how to convert that to a lateral move (likely won't happen until market heats up).
Pivoting early is totally fine and can also helpful to your group, as sticking around is just wasting their time. From a hiring perspective as well, earlier = better, since the costs (+ efforts) of hiring an analyst 1 is much less than An 2, 3, or As1. Not to mention, pigeonholing becomes more and more apparent with each rung you climb (right now you have no real skill-sets or habits). Finally, consider how long it takes to find banks who are interviewing, the time/chances to interview, getting the offer, comp negotiations etc... not so simple. Winners of those hired to niche groups are those who manage to exit quickly. M&A is even possible if you're out by end of year 1.
If you need a "why leaving" story for prospective hiring managers, pin your dissatisfaction on the banking placement process, lack of FT hiring, etc. Regardless, hype your group as you would for anything on your resume. You'll be surprised, the role investment banking analyst will do a lot of the talking for you, no matter which group you're in. Cheers and good luck!
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