Lateral Recruiting

Based on the most helpful WSO content, here are some insights on lateral recruiting, particularly in Toronto:

1. Timing and Experience:

   • It's generally recommended to have 9-12 months of experience before making a case for lateral moves. This duration helps demonstrate commitment and reduces concerns about job-hopping.

2. Networking and Outreach:

   • Actively reach out to friends or cold email other banks to inquire about openings. Many banks may not publicly post lateral positions but are open to hiring if approached directly.
   • Utilize job aggregators like LinkedIn or Indeed to set up notifications for lateral positions.

3. Recruitment Process:

   • Smaller, more focused processes are typical for lateral recruiting. Resumes and candidates are carefully screened.
   • The process might skip initial rounds and go straight to fit-based screening calls, followed by faster interview rounds.

4. Canadian Context:

   • For Canadian banks, especially the Big 5, they have specific recruitment processes and target schools for full-time hiring. For instance, TD Securities recruits from schools like Joseph L. Rotman School of Management, McGill, Richard Ivey School of Business, and Schulich School of Business for both MBA and analyst positions.

5. Creating Opportunities:

   • Proactively create positions for yourself by reaching out to banks that might not be actively posting jobs but are open to lateral hires.

6. Interview Preparation:

   • Lateral interviews tend to focus more on your deal experience rather than technical grilling. However, thorough preparation is still essential.

7. Regional Office Dynamics:

   • In regional offices, HR might not be involved in the interview process. Bankers themselves handle the screening and interviews, which can lead to a more streamlined process.

By following these strategies and understanding the nuances of the Toronto market, you can better navigate the lateral recruiting landscape and increase your chances of securing a full-time role at another bank.

Sources: PE Lateral Recruiting Advice/Stories/Help?, Lateralling Job Market, Q&A : Regional Office Recruiting, Lateraling Guide for Investment Banking, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1