With the New Year just starting, what is the outlook on the existing lateral market? Is it as hot as it was to end 2021? When will it be expected to cool down? This is from someone not currently in IB (strategic finance), but that is looking to break in.
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I’m a 2nd year in IB and the lateral market seems to be very active. I have some ongoing processes, so hopefully that’s a valid indicator. Recruiters have solid mandates going into Q1, so I suggest you get on the phone and start networking. I personally don’t see M&A staying at the same level as last year, but turnover is still very high.
Really, I feel like it has cooled off quite a bit. Our junior team had ~90% turnover last year, so a lot of faces are new. I would be surprised if the turnover is that high again in 2022. Our team also did a good job of promoting people where they could and where they needed too. We added a few more directors, but I would be surprised, if we need more heads to service them.
Might be the case for some groups. Turnover is higher around bonus time, so that might be why. Two analysts just left my group, which is one of the main reasons I want out. I got crushed all year long, I don’t think I’ll be able to take it for another 12 months
Have you noticed if its harder for non-IB people to get in on the mix? Are banks just looking for relevant experience at this point?
Turnover was a double edged sword for me. On one hand I’ve been getting absolutely crushed, on the other hand, I’ve gotten some valuable experience. I haven’t had too many issues recruiting, perhaps as a result of my experience, but banks are always looking for junior talent that can hit the ground running
I imagine that banks will try to to be picky, Last year teams were loosing people left and right, where as now 2021 analyst are trained up and ready to be poached.
What do you mean when you say recruiters have mandates?
Banks are using recruiters to find talent - Meaning that they don't want the average kids that apply online.
Which recruiters do you recommend?
Selby Jennings IB recruiters usually have some decent opportunities. Fire up a linkedin search and you will come across a bunch of them
I’ve been applying online and having lots of success. (Cold applied online to Laz/Moelis/Evr/GS/MS/JPM only in December, non target and am in the process for 4 of them already) I think the market is still hot and will stay hot. Not sure how easy it is to break in with no banking experience but my group recently hired 2 people who had experience like yours.
Reassuring to hear - do you mind me what type of bank you're at? I'm mainly looking at like LMM/MM
MM, but not a top. I would apply to other BBs but they don’t have apps up for groups I’m interested in.
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I have no idea. I think it’s hard to move up big time from SA to FT because so many people want to move. Once you start, it’s harder to decide if it’s worth moving because you know exactly what your current firm is like, whereas a new bank could turn out to be much worse.
I didn’t recruit for FT. Once you have some deals/experience you become so much more valuable to other firms because while even if you can’t hit the ground running, you are kinda familiar with how things work compared to someone who was just an intern or has no banking experience. So if you strike out on FT recruiting, that’s ok. Stick it out for 6-12 months and it’s much easier.
What type of firm are you at now and how much experience do you have?
LMM/MM (Its a big balance sheet bank) 5 months
It's hot right now and many MMs are expecting a repeat of 2021. I think taking risks on non-IB analysts is entirely dependent on existing depth. If you have a pool of greener than desired analysts, you are going to be less likely to take on new ones. If you have several that are more experienced and/or are looking to backfill A2A promotes, then you can probably stretch a bit more.
This is helpful to know, and it certainly sounds like there will be group to group variance. I guess are applicants who are non-IB treated differently based on what their current role is? For example, in strategic finance I would think many of the same skills at the junior level are utilized (modeling, deck building, etc). Would this be looked at more favorably compared to roles that do not get that exposure, OR are all non-IB folks bucketed into the same group? Would love to hear your thoughts on this.
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