Lateralling as an Analyst in LDN

To lateral from a mid-market (MM) firm in London to a bulge bracket (BB) or elite boutique (EB), here’s what you need to know based on the most helpful WSO content:

1. Targeting EBs vs. BBs:

   • Your observation is accurate—laterals to EBs (e.g., Lazard, Rothschild, Evercore) are generally more common than to BBs. EBs often value the deal experience and technical skills that MM analysts bring, especially if you’ve worked on lean deal teams.
   • BBs, on the other hand, may prioritize candidates from other BBs or target schools, making the lateral process slightly more challenging but not impossible.

2. How to Approach the Lateral Process:

   • Recruiters: Headhunters are a key resource for lateral moves. EBs and BBs often rely on them to source candidates. Build relationships with recruiters who specialize in investment banking placements.
   • Networking: Reach out to bankers at your target firms, especially those with similar backgrounds (e.g., MM to EB/BB). Alumni from your firm who’ve made the move can be particularly helpful.
   • Job Postings: Keep an eye on LinkedIn and firm websites for lateral openings, but don’t rely solely on these. Networking and headhunters are typically more effective.

3. Making Yourself Competitive:

   • Deal Experience: Highlight your transaction experience, especially if you’ve worked on notable or complex deals. EBs and BBs value strong technical skills and deal exposure.
   • Technical Skills: Ensure your modeling and valuation skills are top-notch. Consider using resources like the WSO financial modeling courses to refine your skills.
   • Storytelling: Be prepared to articulate why you want to lateral and how your experience aligns with the target firm’s strengths.
   • Performance: Excel in your current role. Strong reviews and recommendations from senior colleagues can make a big difference.

4. Timing:

   • The ideal time to lateral is typically after 1-2 years as an analyst. This allows you to build enough experience to be competitive while still being early enough in your career to make the move.

5. Exit Opportunities:

   • Moving to an EB can indeed open up better buy-side opportunities, particularly for MM/UMM PE or Growth Equity. EBs often have strong reputations for placing analysts into these roles.

By focusing on networking, building strong technical skills, and leveraging headhunters, you can position yourself effectively for a lateral move. Keep in mind that persistence and preparation are key, especially when competing against candidates from more prestigious banks.

Sources: https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, David and Goliath: The Boutique and The Bulge Bracket, David and Goliath: The Boutique and The Bulge Bracket, Lateral hire from another consulting firm to MBB, Advice for New Analysts Seeking PE Exits