possible to lateral from boutique to BB as an associate
say after 2 years at a relatively prestigious M&A boutique?
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If you're talking Evercore/Lazard/Greenhill etc. then yes since they are very highly regarded. From smaller boutiques it will be tougher but still do-able, though you may lose a year going over.
In general it will be harder to lateral as an Associate than as Analyst since the bank actually wants to keep you for the long-term - once you get too high up it can be pretty hard to move from a boutique to BB.
lose a year? I was actually hoping to gain a year, since presumably, I'll have more deal experience than BB associates.
do you think it would be easier to lateral over then with 3 years corporate law experience or would the boutique still be a better bet? Basically, I'm looking to enter a BB at the VP level.
If you can call it thinking, a BB will always view itself as superior to a boutique, even a boutique with an excellent reputation like Lazard. Why? That's just the way things are in finance, the biggest players always think of themselves as the best.
Coming from a top boutique you may not necessarily lose a year like you would from a MM firm, but it is possible. Deal experience is actually not even relevant - again, banks are very rigid in their recruiting processes.
Lateraling over from corporate law will not help you much - you'll probably just come in as a 1st or 2nd year Associate.
Bottom line is you probably can't enter a BB at the VP level unless you did banking before, went to do PE or worked in corporate and got to the VP/Principal level there, and then went back to banking.
Well, I got that far in PE, there's no way in hell I'd go back to banking!
I suppose if I made it that far at a boutique, I might as well stay since I'd be making as much if not more than my peers at BB banks.
Gain a year by moving from boutique to BB? That's unheard of.
about law. 3 years of corporate law experience can put you at a senior associate level. I know from someone in my group. Not given a VP title since he lacks BB experience, but still paid way above associate level. Most likely will be promoted in the next few months to VP.
I've always wondered how these guys can survive in banking? They don't know anything about financial statements, modeling, etc...unless they take classes on the side.
I would still think it would be far easier to lateral from a boutique than from a top 10 law firm though. Thoughts on that?
Our ex-lawyer was basically the lawyers on the opposite side. As a result, he is extremely well-versed in all of the terminology, drafting memos, etc. The financial modeling and stuff has to be taught (kind of like those first year associates). But it's nothing that's supremely difficult to learn; you just need to practice.
I don't know what it's like lateraling from a boutique, but this is my own personal experience with some of the lawyers.
Read Genghis Khan's post in "Accelerated MBA: MBA right after undergraduate, good or bad for Ibanking?" on lawyers switching to investment banking. It's not a bed of roses for them. I've worked with a couple of lawyers (admittedly I am still new to banking) from BigLaw and I am just not impressed with those I've worked with. They can't see the big picture and can't understand the numbers.
MM Associate Lateral to BB after 1 year, Possible? (Originally Posted: 10/20/2014)
Hi everyone,
I'm a 2nd year at an M7 MBA program and decided I wanted to do banking just a month ago. I ended up luckily getting an offer at a Baird/William Blair/Lincoln type MM IBD in Chicago. I'm happy about the opportunity but am wondering how easy/common it is to transition to a BB/EB after a year or so? Would it also be difficult to transition from Chicago to New York? If I take an offer at a smaller, lesser known boutique in NYC will that make it easier to lateral after a year? Interested to hear any advice/anecdotes, thanks.
Not sure, but can tell you I know of 2 people who made the jump from the tier of banks you mentioned to GS/MS/JPM after 1 year as Associates.
I would take the MM in Chicago over a boutique in NY. Definitely possible to transfer to a BB
Anecdotally I have seen this happen through friends, etc. I also tend to see job postings online for experienced Associates at BB's from time to time. Unfortunately I don't know what the process is like but if you're at an M7 you'll probably know people at various banks who could keep an eye out for openings and refer you.
Thanks, appreciate it. Also wondering, does anyone know how doable it is to transition from one BB to another at the Associate level, say a DB/UBS/Barcap (NYC) --> GS/MS/JPM after 1 year or so? How often is this done? Is it through headhunters or do you have to network your way in?
One more bump, anyone have any idea how common it is for Associates to switch from one BB to another one (GS/MS/JPM) and how it is generally done? Thanks
Definitely possible and done through either headhunters or your network. Once you start working you will have headhunters knocking on your door very often through linkedin, some opportunities will be worth pursuing and others won't. Lots are posted on the bank's careers page or indeed.com, etc. Just find a listing and reach out to someone in the group.
Experienced roles in banking are tough to fill for the bank because it is a small industry and the difference between a new analyst/associate and one with even 9 months experience is night and day so if you have experience there will definitely be opportunities.
If you move from a bank like Wells Fargo to a BB will you have to lose an associate level?
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