Questions about lateralling
How long does the lateral process take if I start today? Can anyone that's gone through this process breakdown time spent on preparing for technicals, brushing up deal discussions, networking, applying online, interviewing, etc.
Also, am I expected to dedicate all my weekends and free time to lateralling just like SA recruiting, or is spending 2-3 hours a day sufficient?
For context, I'm a non-target 1st year at a BB DCM/ECM trying to move to BB/EB/UMM coverage
bump
Im in the process. Don’t know if Im doing a good enough job to give advice but the one thing I am sure about is that people will grill you over modeling skills because you are coming from a product group. You should really try to know 3 statement model very well
thanks. im in the process with a BB and no mention of a modeling test yet. so far the technical questions have been pretty light touch.
from my experience it hasnt been too technical so far
recently lateraled.
waiting for interview: 1-3 weeks
interview process: 2-3 weeks
offer extension: 0.5-1 week
background check: 2-3 weeks
all-in, if you start applying today, expect to start your new job at least 6-8 weeks from now
very helpful, thanks! how much time did you spend preparing for interviews? did you have to sacrifice many weekends?
not long, i was in banking before so i just reviewed my deals and read up on the groups i was interviewing with. like a few hours before each process tops.
It is so fucking easy in a WFH environment. I did it late last year after first year bonus hit. Just needed to "focus on other projects" for like an hour every couple days throughout the interview process to find time to schedule laterals.
My process was: Introductory phone call -> 2 first round check the box type interviews with associates. Mix of behavioral and technical questions. -> 6 round "superday" spread across multiple days to accomodate schedules with Mix of Assoc / VP / ED. These interviews were still mix of behavioral and technical but primarily focused on why I wanted to join the new bank / why i want to leave current bank. Never had a modeling test but there were enough questions on Cash flows to get comfortable with my understanding.
Agree with the timeline above.
Thanks man. Could you speak to how much your networked vs. applying online, and whether you cold emailed people or tapped into your existing network from college
I networked only after receiving the first round. Just poked around at the analyst level so that I could speak intelligently on what the group's strengths / weaknesses were.
Honestly black boxed my resume to the top firms that were looking for laterals earlier in the year. Not sure what the market is like now but there were literally dozen's of spots available when i was going through the process.
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