Lateral Promotion?
Curious to hear anyone’s thoughts in my current situation…
Currently a coverage AN2 at a MM bank with 2 years of experience and an MBA (did directly from undergrad with no work experience). Lateraled from a small regional M&A boutique after 1.5 years. I was wrong in not pushing to be a 3rd year and had much more experience / reps than others in my class.
Been getting a lot of outreach recently from HH’s for M&A associate positions at comparable, but smaller MM/LMM banks.
Would appreciate anyone’s thoughts interviewing a candidate with a background like mine, as well as how you’d proceed in my position. Thanks in advance.
Interested as well. I lateraled with 2 years of experience (consulting). My bank is a 2-year analyst program but would be an analyst for almost 3 years if I’m not promoted off cycle.
Getting a lot of outreach for associate roles (lots of PE given background but want to stay in banking) and really thinking about them if the off cycle promotion doesn’t happen. I’m being staffed as an Associate on all my deals/projects, but have a strong feeling it won’t happen and I’ll stay as an An for almost an extra year.
Depends on compensation and lifestyle. If you have the experience there is absolutely 0 reason to settle for less than what you’re worth.
If you’re getting $115k at your MM and getting inbounds for $175k associate roles, and your prior experience included live M&A work, I would 100% interview for and take an associate job at a comparable bank. The lateral market for associates is way hotter than for analysts (anybody whose paying attention knows this) and there just aren’t enough people with experience atm. Any mm paying 175+ to associates is reputable enough and you can easily move upstream down the line.
But lifestyle is the other thing. If you’re getting done by 10 PM, if your bank consistent promotes second year analysts to associate, and if it’s a good environment that you can see yourself in for the long haul, then could be worth sticking around.
Let me know if you want thoughts on how to position yourself I’ll reply again. I know a second year analyst who lateraled to an associate role at a better bank.
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