SA Lateral
Hello,
I am slated to begin as a summer analyst at a midlevel BB TMT group (Citi/DB/Barcap/UBS) in June, and while I am looking forward to the opportunity, I am not sure if I want to stay on at the bank full time and am thinking about lateraling after my internship due to past analyst's and their exit opportunities.
Many of the analysts in the group I am joining previously either stay as an associate or go on to corporate finance and it doesn't look to be a bank with even decent PE opps. Although I have not experienced what the banks culture is like, I am really interested in PE and want to put myself in the best position I can to do that with a bank that has good opps.
I just wanted to find out the best way to go about lateraling to another firm after the summer (assuming a return offer). My plan was to network early and get on other banks' radar, but I just wanted to know how early to start networking (wait until internship starts or start as early as now?) and eventually interview after hopefully getting a return offer.
Also, when networking, how should I frame my intentions for thinking about different banks for full time rather than the one I would be at without talking bad about the firm (was thinking culture fit)? What is the best way to network during the internship without my current bank finding out? Would love to get some advice or hear of any experiences people had.
Bump
Curious about this as well
Don't have the answer for you but I saw a thread earlier that ranted about kids lateraling after SA. Just don't make it obvious.
It happens. Most important thing is getting that return offer and making a good impression where you are because if you don't, you're going to be in a really rough spot. Work hard, but you can definitely also reach out to contacts (hopefully either alumni or contacts you cultivated during the SA recruiting cycle so it's more organic) and see about their needs come FT. As a general rule, FT recruiting is very short and dependent on a number of factors including firm and group need, the quality of that firm's SA class, etc. It happens during the last couple of weeks in August and you need to really be on the ball to make anything happen but it does get done. Focus on what's in front of you but just be honest and strategic about reaching out and you'll set yourself up to have the opportunity to make something happen if there are spots available.
You would have to be strategic about it, but you could try to get into a better group at your bank. It might be an easier switch and would possibly give you better opportunities for PE. At the same time, try to network during the summer and be on the lookout for FT opportunities at other banks.
Lateral after SA to New York Branch (Originally Posted: 11/12/2017)
Hi fellow monkeys,
I am a junior who signed for a SA role at an EB (EVR, LAZ, CVP, etc) but will be working at a regional branch (non-NYC). I have been reading on this forum that it is best to start IB in NYC if you want to keep PE open and so was wondering how possible it would be to lateral to my EB's NYC branch or other EBs and BBs in NYC if I were to do a killer job this summer. I apologize if I look like a POS as I have not even started the role but do want to be best set up for the future.
Thanks a ton guys.
It's really hard; you can't just go from Lazard Boston to Lazard NY.
Also, it depends on which region. For ex: I've been seen people lateraling from SF than any other cities at my current bank (EVR, LAZ, CVP). Hope this helps.
...
Maybe I was biased as my bank is dominant in NY (already kinda gave off where). If it's a top group, I assume it should be okay as long as you are a mid to top performer.
SA Lateraling Questions (Originally Posted: 07/31/2017)
How easy is it to actually get a 1) superday and 2) offer when lateraling full time to another firm given a return offer from the firm where the internship took place?
I suggest going through and reading these threads https://www.wallstreetoasis.com/forums/lateraling-after-a-sa-stint and https://www.wallstreetoasis.com/forums/lateraling-guide
How common is it for summer interns to lateral? (Originally Posted: 07/10/2010)
Do banks actively recruit top performers from other firms?
Or does it more revolve around networking/ocr?
i wouldn't even say that interns really "perform" that much, especially not enough for other banks to notice. it all comes down to networking. You may get interest from other banks if you have a similar internship and don't screw up (aka "top performer").
I wouldn't use lateral in this case. It implies going from associate or analyst at one firm to another, particularly one considered equal. That being said having internships within the financial sector is important to getting a job in the industry.
Its all about networking. The same holds true if you want to switch into different groups or divisions within your current bank.
Does anyone have any info on the summer networking events for various firms?
After my SA stint I had a couple of other banks call asking me to apply for a FT position with them. I wouldn't recommend lateraling unless you really had a bad experience with your group or really want a different "culture". Personally, I would rather strengthen relationships I have already started building than keep "trading up" and never really making a strong connection with any group.
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