Current 2nd yr at a MM w/ good deal experience - how do I lateral to a larger bank?
Seems pretty tough in the current environment but curious to hear from anyone who’s successfully done it
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To lateral from a middle-market (MM) bank to a larger bank, here’s what you need to focus on based on the most helpful WSO content:
Leverage Your Deal Experience: Highlight your strong deal experience. Larger banks value candidates who can hit the ground running, so emphasize your technical skills and ability to contribute immediately. Be prepared to discuss your deals in detail during interviews.
Network Strategically: Exhaust your network. Reach out to alumni, former colleagues, and industry contacts at larger banks. Stay in touch with them regularly and let them know you’re looking for opportunities. Cold emailing and coffee chats can also help uncover unposted openings.
Perfect Your Story: Be ready to explain why you’re looking to lateral. Avoid generic reasons like “bad deal flow” and instead craft a nuanced, defensible narrative. For example, you could focus on wanting exposure to larger, more complex deals or a specific industry group.
Master Technicals: Larger banks expect lateral hires to be technically proficient. Dedicate time to brushing up on technical skills, including valuation, modeling, and accounting. Aim to be a “technical god” who can outperform their current analysts.
Timing Matters: Ideally, you should have 9-12 months of experience before making a move. This shows you’ve gained enough experience at your current firm and reduces concerns about job-hopping.
Be Proactive: Actively search for lateral positions on job boards like LinkedIn or Indeed, but also create opportunities by reaching out directly to banks. Some banks may not advertise lateral openings but are open to hiring if approached.
Prepare for Tough Questions: Be ready to address why you’re leaving your current firm and how you’ll add value to the new one. Larger banks will scrutinize your reasons for moving, so ensure your answers are well thought out.
Consider Geography and Industry Fit: If you’re targeting a specific location or industry group, tailor your approach accordingly. Demonstrating a clear fit can make your candidacy more compelling.
While the current environment may be challenging, following these steps can position you as a strong candidate for a lateral move.
Sources: Lateral analyst in trouble, Lateralling Job Market, Associate at a small bank, didn't get offer at BB internship, what do I do now?, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Guide to Lateraling in 2021
Bump - very interested in how people are finding the process right now. Also in a similar situation - have to lateral to somewhere I feel like I can build a career. How do people approach a lateral move as an analyst? Particularly from a lesser known mid-market firm to a BB/EB
i'm confused - usually you speak to headhunters and they'll know of / be working with open roles. That's typically how it works for most laterals across the ranks.
You could do what you typically do also which is reach out to bankers, etc. but the reality is most bankers don't really have a hand on hiring except for maybe the group heads and staffers.
Update: was able to lateral to a very solid MM (went from T3 to T2) and get promoted a year. Very excited.
Can I PM you?
Sure
Aura and congrats! - was it as difficult as you thought?
No just a really good team fit
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