Possibility of lateraling to IB from a non-IB role
Let’s say I was an IB intern who didn’t get a return this summer. I secured a job at another bank, but the issue is the role isn’t traditional coverage IB and it’ll likely not teach me the technical skills that I need (it’s not ECM but think ECM as a comparison.) I probably have to take this offer because nothing else is materializing. If the market turns around after a year or two, how much of an obstacle would this be to lateraling if I’m happy to start over as a 1st year analyst.
Assuming the market turns around like you said, shouldn't be too difficult if you network enough. Easiest path will be within the bank your currently working at. Will need to crush it Y1 to get great reviews from your managers and start making connections with seniors in the groups you're interested in lateraling into.
Based on the most helpful WSO content, moving from a non-IB role to an IB role can be quite challenging. This is because Investment Banking roles, especially at MM and BB banks, receive a large number of applicants with relevant experience.
If you're considering this move, here are a few things you might want to consider:
You may need to "rebrand" yourself with an MBA. This could help you gain the necessary skills and network to break into IB.
Try to get into any M&A-related section of your current company, such as internal M&A, corporate development, FAS, valuation, etc. This could give you some relevant experience that could be valuable in an IB role.
Consider reaching out to boutiques and possibly spend some time there before lateraling to MM or BB banks. This could help you gain some hands-on experience and make you a more attractive candidate for lateraling.
Remember, it's not impossible, but it will likely be an uphill battle. You'll need to be strategic and persistent in your efforts. Good luck!
Sources: Lateraling Guide for Investment Banking, IB chance VS Ops sure thing, Transitioning from tech to a serious finance job (yes, you read that right)
Just say the role bro
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