Hello all, I have a question regarding lateral opportunities within bulge brackets. How easy is it for associates (not analysts) to lateral from one BB to another? Assume the following scenarios:
(a)Tier 1 BB to another tier 1 BB (MS to GS or vice versa) (b) Lower tier BB to a higher tier BB (say, from UBS to GS/MS)
Do you have to know people from the other BBs before you can make a switch? How do you become aware of lateral opportunities?
I just started as a first year associate and I'm not expecting to switch at least until after Jan 2009, but I just want to be aware of my options.
Thanks, Milkshake
While the market for analyst jobs is bad this year, the market for associate jobs is worse. I don't think anyone can answer your questions until it gets closer to your proposed transfer date.
Any VP/associates out there who knows the answer to this (I am interested in hearing from these people), assuming a reasonably good market?
I seriously doubt there are any VPs on these boards.
think again...
what about BB Associate to Associate at a big PE Fund?
assuming a reasonably good market (2011 perhaps), it's definitely possible for associates to lateral to other bb banks (including trading up). i wouldn't say it's necessarily easy but it does happen. most associates and vps who switch find out about the opportunities through headhunters (they contact you). as far as bb to big/top tier PE goes, it's extremely difficult (read impossible) unless you had been an analyst to associate promote.
I am not an analyst to associate promote. Joined a BB after MBA. Does it mean that I am stuck in investment banking or MM PE/HF houses? Scary thought!!
What are my other options?
are you related to henry kravis, by any chance? that would help too. seriously though, never say never, but it's really tough to break into a reputable PE shop (even middle market) if you weren't an ib analyst (or occasionaly top tier consultant). for the most part, PE shops only hire (other than folks who already have PE experience) analysts (pre or post-MBA) and at the very senior level (CEO). it's much tougher to generalize about hedge funds because there are so many and they are so broad. now having said all that, you are NOT stuck in IB for your entire career. there's lots of other things you could do. and last piece of advice, don't make a career out of investment banking unless you want to. it's not worth it (hence, my username).
good info ex-banker, btw what are you doing now?
so basically either you break into PE after 2 years as an analyst, or right after finishing your mba? if you go into banking after mba...all the doors are closed (unless you're a big ceo)?
zip: basically, yes. at least in the U.S.
oasising: i left banking to start a business. i also teach part-time at one of the investment banking training schools whose ads show up on this site. finally, and shamelessly, i recently put up a little website (www.ibankingfaq.com) with some information about breaking into ibanking. i did it for my students but it may be helpful to some folks who read this site.
ex-banker, what about if you work yourself up to MD in IB after you start off as an associate..I see alot of ibanking MDs that join PE firms or start their own.
ex-VP, that is.
Sammy, yes you definitely have a shot at switching to PE at the MD level, though i think that's also relatively rare these days. you do have MD's starting their own little firms but they tend to do mostly advisory work (maybe with some co-investment) rather than true PE.
To repeat what I wrote a few posts ago, don't stick with banking more than a few years if your goal is to do something else (PE or otherwise). the sacrifices you will need to make to make it to MD are enormous. i'm not saying they are not worth it - that's for each person to decide. but, you've gotta want to be a banker if you are going to stay on an MD track.
ex-banker, would you mind PM'ing me what ibanking training place you work at? If it is one of the places I am considering, I would like to ask you some questions...thanks in advance.
Ex-banker, could you elaborate a little more on the sacrifices needed to make it to MD? Are you talking about lifestyle sacrifices, such as not being able to have a family life and such? I always kinda wanted to be a career banker, but its difficult to find an accurate perspective on the job from VP+. Thanks!
BTW I'm reading your website right now and it's really good.. I like the candid approach and the light touch. I think you could write a book.. I bought the Scoopbooks Guide to Investment Banking and I found it too dry and lacking information that I didn't already know (not much inside information).
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