Hi all,
I know there are several threads on this, but can anyone who has successfully lateraled from a very small boutique (less than 15 people) share some advice on how they did it? For background, I am wrapping up my first full year as an AN1 at a no-name boutique, coming from a Non Target (think IU / UF / Penn State). I have recently started ramping up on trying to lateral / switch banks since the new year started since the culture is horrendous, but haven't had much luck. I've done a few first rounds at a few MM (think RJF / HL / Lincoln) and a MM PE ($1.5B latest fund) but have not been able to convert. The deals on my resume are all in the 300mm - 1.3bn EV range (all M&A) but are still in process so maybe that's why I'm getting dinged? Any advice / tips would be appreciated
edit: typos
If you’re getting first rounds, people are seriously considering your candidacy because bankers do not like to waste time; you just need to come out on top.
Do you have your FINRA licenses? That can be a big turn-off with laterals. The closed deal element is noteworthy, but it can be overcome.
Do you think you interview well? Do you send customized thank you emails? Is your resume good?
One year is a bit early to switch, so even giving six months might be a big advantage. Either one of these things is driving it, or you just need to up your numbers.
Thanks for the advice. And no, I still dont have my FINRA Licenses yet since my company doesn't let you start taking them until you hit the 1 year mark.
I think that’s probably a sticking point. You’re gonna have a much better time if you get those. You don’t want to play your hand at your current job by being too obvious about it, but I would try to get those soon.
Mate I don’t know where you’re getting the idea that that’s a micro-boutique because last I checked 300m-1bn is very much a mid-market shop probably competing for mandates against the firms you have interviewed with.
In terms of the name brand/employee count I understand why you say it’s a micro boutique but with that EV range i would expect you at the minimum to get interviews with the firms you mentioned. Just give it some more time, you probably just didn’t interview well as opposed to your actual resume
this is good advice except for "give it more time"
you should try to find 1-3 alumni mentors who are associates-VPs at the type of shops you are targeting, and do practice interviews with them to determine where you need to tweak your pitch
Yeah absolutely. Apologies, I’m from the UK so networking isn’t a consideration for us as much as it is for you guys from the States. Good advice
The "micro" boutique reference is framed only from the employee count / brand POV, as I know the size of the deals are definitely more MM. thank you for the advice tho, I think there's definitely room for improvement on the interviewing point you made
If you’re getting first rounds and missing them then it’s on you.
I disagree with the first commentator on a lot of points. I lateraled to an EB without licenses and literally half the street of first year analysts don’t have a deal announced. This isn’t even to mention that $300mm - $1bn+ mandates are stellar data points (I’ve worked on plenty of assignments around that range at my firm).
I would focus on your technicals and how you’re coming across in interviews. The schools you listed have no shortage of alumni in IB - if you keep at it you’ll be fine.
Thanks a lot, this was really helpful. As an update, I have a Superday next week with a regional IB (think Opco / DA Davidson / Stephens) but the job is in a like a t4 city (like Atlanta / Philadelphia / Milwaukee, etc.). I’m waiting to see if I get an offer, but I am pretty torn on whether or not to accept simply due to the location alone. But you’re right, I have definitely been spending time focusing on my technical and how I’m coming across in interviews. Thanks again for the help
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