If an analyst is interested in lateraling to a "lower ranked" bank for whatever reason (for instance, lifestyle issues, location), how long after starting out does this occur and how tough is it? For example, if you want to move to a particular mid-market bank and are coming from a big name bank can you pretty much get an interview whenever on the basis of your current bank's reputation, or do you need to know someone at the second bank? And how long after starting can this be done? 1 year? Less?
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First up, there's no good reason for lateraling to a lower ranked bank. The whole point of lateraling is to move to a higher ranked bank.
But anyways, if you do make such a move for whatever reason:
You can get an interview without contacts, just a matter of going through a headhunter. You can do it after 6 or 7 months or a year, once you're trained, Banks will pick you off, but it's smarter to wait for the bonus now innit.
I'm on the other end of that spectrum. I'm at a 3rd Tier firm, think BS/DB/Wach....how difficult is it to move to a 2nd or 1st Tier after a year or two? What do they look for in laterals? Is it relatively easy to go from a 3rd year analyst position at a 3rd Tier to an associate at a 1st Tier?
there's definitely a good reason for lateraling to a lower tier bank...and that's money, the reason most of us get into the game anyways...on the flip side, what's the point of lateraling to a higher tier bank just for prestige, esp if the pay is lower? and don't tell me exit opps...not everyone wants to or will land that PE job everyone seems to covet so much these days...
you won't see too many juniors lateralling to less prestigious banks these days since they're all so preoccupied w/ prestige, but more senior ppl definitely move given the right package, and sometimes they are mindblowing...an ECDM VP from my firm just moved down a notch for twice the base and 150% guaranteed bonus...
I know someone who left CSFB as a VP to go to Wm. Blair. Go figure. It's definitely the money plus a more palatable lifestyle.
First off, my comments were made with analysts in mind, I've never heard of analysts being paid more by lateraling to a lower ranked bank. Even if they are, the difference is cancelled out by the exit opps offered by the higher ranked bank.
It's different for senior people of course, they'll go towards whoever is the highest bidder.
Don't want to pull this off topic, but come on Seanc, you can't honestly believe this? I can think of a bunch of reasons right off the top of my head: -Location (Significant other in another state) -Lifestyle (Avging 80 hrs may be okay, but 100+ may push the desired limits) -Friends (I know tons of people who could have gotten "better" jobs but instead went to work at the same place as their friends) -Big Fish / Little Pond Appeal(At the smaller shops important people actually know [and care] who you are)
I remember having the BB vs MM discussion with a number of MD level people in the industry. They all say the same thing: Doing deals with smaller companies is a lot more fun because the executives actually care about the deal while the big companies have the "just another merger" mentality.
Also, exit ops may actually be better at a smaller bank. If you can work M&A for an MM bank rather than some crappy division for a large bank, you may find more PE firms knocking on your door.
Anyways: I agree that if you are already 6+ months deep and don't have an immediate need to change banks, you're best off waiting until the bonus hits the bank. However, if being where you are is ruining your life and your performance is suffering significantly, get out while you still can.
"I know someone who left CSFB as a VP to go to Wm. Blair. Go figure. It's definitely the money plus a more palatable lifestyle."
hey, I thought that for analyst positions boutiques/MM paid more...but for the VP/MD level BBs would pay higher?
Clearly money was the motivating factor.
At the upper levels there is less of a norm than there is on the lower levels. If a bank really likes a particular person, it may poach them for a high price. with a guaranteed salary + bonus, etc. Of course, this works both ways, bigger banks poaching from smaller banks and vice versa.
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