Lateraling from Regional Boutique IB
I'm an An1 at a LMM boutique bank (avg deal is ~50mm EV). We have good deal flow and a respectable track record, but I don't see myself building a career here due to mediocre comp. For reference, I intend to stay in banking, so this isn't a lateral for PE exit ops. I have a few questions:
- Is it better / more feasible to lateral as an analyst or associate?
- Am I fighting an uphill battle with my LMM brand and mediocre college GPA (3.5)?
- Should I be heavily networking or is it more just spamming applications I find on bank websites?
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i work at a boutique. been here long enough to know the answer to this. first off, college gpa does not matter anymore.
the hardest position to fill in IB is experienced juniors. I.e., plug and play analysts and associates. Lateraling as an experienced associate will be very easy. Experienced analyst shouldn't be too hard either. Network, work with recruiters and just look on Linkedin. DM VPs of groups you see growing (with postings). Every group needs experienced grunts.
As far as timing, if you want to jump, don't wait to be an associate (unless you want to). I would say your sweet spot will be 18-24 months. 1 Year is not "experienced" in my eyes. 2 years+ of banking and you shouldn't have a problem going anywhere except BB. Make sure in the meantime you are soaking up experience to speak on in interviews and know your stuff.
I just lateraled after being on the desk for 6 months. As long as you can speak intelligently to the deals you were on and what you contributed you will make it to superdays
Hi! Can I pm you for advice?
Very good comment above. Deal experience is your best asset to make a move. I would however wait 18-24 months before doing so.
Consider also the fact that you’ll give up strong deal flow at a boutique for a better comp. If you intend to be a career banker, deal volume wil be key and you would maybe be better off at a boutique.
As someone who spent 3+ years at a LMM boutique as an Associate (Ignore Title, I'm a Senior Associate) and recently lateraled to a top MM platform (think Blair / HW / Baird), here’s what I’d say:
1. Doesn’t really matter. It’s generally easier to lateral the earlier you are in your career, and experienced analysts / associates tend to have strong success rates. Just note: if you’re moving upstream, expect to repeat a title. If you're a Senior Associate at a LMM shop and you lateral to a stronger MM/EB/BB, you’ll likely come in as a Senior Associate again.
2. I lateraled post-MBA, and no one cared about GPA or school brand. What mattered was deal experience and ability to walk through processes end-to-end. The type of deals also matters; I had mostly sell-side M&A reps, and I found MM interviews much smoother than BB/EB interviews because my deal set aligned better with MM expectations.
3. I used both, but the offers I received all came through recruiters reaching out; not online applications. Networking helps, but for lateral roles, recruiters and timing drive most of the process.
Is it common for new associates at a boutique to go down to Analyst 3 at a MM? Have a seen this a few times on linkedin.
Yes, especially moving upstream
I'm in TAS and plan to move into Boutique/LMM IB. My goal is to eventually lateral into MM IB as an analyst. Besides not going to a shop that's not FINRA licensed/a business broker, how picky do I need to be/how high is the bar in terms of finding a place that will build the skills and experience I need? Is a sell-side boutique that regularly does deals over 50M strong enough, for example? What should I look for, and what should I pass on?
Do it as an analyst, ideally before promotion. The associate lateral bar is higher because you are expected to manage immediately, not just model well. A 3.5 and LMM brand are survivable if you have real deal reps and can discuss them without hiding behind the CIM. Network aggressively with bankers and lateral recruiters. Cold applications are lottery tickets; referrals are actual tickets. Frame the move around bigger, more complex deals and a long-term banking platform, not mediocre comp
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anyone know how I should approach laterling from LMM to MM+ IBs with the goal of exiting to LMM/MM PE?
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