Hi everyone been on the desk for a few months now and I am already looking to lateral. My bank prioritizes WLB over closing deals which for me is resulting in severely clipped comp. I'm young and all I want to do is make as much money as possible while it's possible. I don't have a family, not married so now is the time to do it. I was looking for input on how I should approach lateraling given my position. Should I give it a year? Should I try leveraging my connections ASAP? Better to lateral after the new year? Any advice or guidance the senior guys who have been in my position can provide would be greatly appreciated.
Thanks!
Be happy to provide more color if needed!
I suspect your bank may be spinning bad deal flow as "WLB prioritization”. No bank actually does that. None.
Nevertheless, that's not the point. Just wanted to comment to let you know that many banks are likely in a similar boat right now. As a result, can't imagine the lateral market is too hot.
Finally, to answer your question, I lateraled within a year but had multiple deals under my belt. Without deal experience, you'd likely need to stay a bit longer. Assuming you started this summer, now is way too soon, regardless of market conditions.
I'm in the corporate banking side of the house. I've already taken down 2 refinancing deals for highly leveraged clients. We don't lead during deals, mostly act as a participant. I was hoping to move to to a more advisory role such as DCM/M&A. I've already done 2 internships in M&A at small boutiques but sadly no offers upon graduation. Non target, no connections in the finance industry - managed to secure this role on my own accord.
Your situation is different from “lateraling” then, since you’re trying to break in.
At my bank, I’ve seen a few people from the CB side finish their 3-year analyst program, then start over as an An1 in IB. But it could be a different story going to another bank, meaning potentially less time required.
Our program isn't quite 3 years. We do 4 rotations alternating between corporate banking coverage and different capital markets groups - syndications, DCM, FI S&T, Lev fin. Would this play in my favor more than a more traditional CB program when breaking in?
Yeah the rotation is useful, granted you'll suck at all of these roles, having a feel for multiple parts of a bank is valuable to similarly structured banks. Because of all the roles, you can tailor your story to fit whatever you're looking to do. This said, way too early. You don't know anything, and 2 refi's in a rotational analyst's seat will impress no one.
At earliest, wait until rotation 2 to recruit so that you can leverage rotation 1. I'd say wait until spring to start gearing up and reaching out to your contacts. Everything is super uncertain and adding headcount is not a priority many places, especially after the hiring during the covid boom.
Start my reaching out to recruiters and see what they say about your profile. I was at a small boutique doing sellside m&a and had interviews at BBs early (within 3 months) but I couldn’t convert because my technicals and interview skills werent there. I ended up at a bb in m&a 7 months in. Unless you’re naturally gifted at interviewing, you really need interview reps. You’re first couple likely won’t be great. I was only looking at laterals though so maybe first year would be an easier interview process. But first years just started so that’s bad timing to apply as first year
Are you happier at the BB? Do you have any regrets leaving the smaller boutique? I'm in a similar situation that you used to be in.
The BB experience is 100 times better than where I was. I have a much larger network and get to work with MDs in the top of the banking industry. The clients are larger and more sophisticated and I like that everyone in America will recognize the company I work for.
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