Hi Guys!
Recently received an offer from a BB S&T. I was really excited. But as time goes by, I think I am more interested in IBD, but they say it's too late now for me to switch. They said I could try to lateral in a year: does anyone have any advice or insight on the probability of this?
| +384 | Evercore Intern Seizure | 59 | 2h |
| +75 | JPM M&A is Gone??? Purely Coverage Banking??? | 35 | 7h |
| +64 | Is DCM actually underrated ? | 27 | 6h |
| +53 | How do I understand vs. just memorizing? | 10 | 2h |
| +48 | Losing my personality in Banking | 9 | 1d |
| +42 | Associate & Above IB exits | 17 | 1h |
| +37 | The good and bad with Wells Fargo | 7 | 5h |
| +33 | Incoming IB Analyst: Best Ways to Prepare? | 11 | 17h |
| +29 | Tech to IB Pivot | 20 | 6h |
| +27 | Which groups are ideal for laterals? | 12 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Can't speak from experience or anybody else's anecdotes, but I think this would be very doable insofar as you continue building contacts both internally and externally. S&T is still a front office function, generates significant revenue and is looked upon favorably by industry professionals. Suffice to say, this is a lot easier hill to climb than coming out of Ops / Tech.
Thank you for the response OppositesAttract . However, (not to be demeaning at all) I hear although PWM is a front office role, the transition is quite difficult.
Either way, I am worried as I do not want to spend a year and then get rejected either. But for the large part, it looks like recruiting is over.
I reckon, enjoy the relatively lesser hours S&T has to offer & see what happens in 1-years time. If you cant make the switch in-house, try the boutiques or mid-market firms.
After a few years working in any field, you realize the stuff outside of work matters more. or at least, that's what happened with me. Mid-20's ..crazy realizations occur then
Never seen S&T to IBD, totally different skillsets.
Friend of mine from HS spent a few years in S&T at a BB, then switched to IBD recently. Not sure on the details but it is certainly possible.
I know a few people who started out in IBD full time and then switched to S&T within the same firm as analysts. I don't know anyone who did the reverse (without an MBA), but I probably wouldn't be positioned to. I would assume that it's easier to switch to a product group as opposed to coverage, but that's pure speculation on my part.
I've seen it happen. I know a guy who went from an FX Options trading role to RE IBD. Both were at BB firms. He then went to a megafund's credit investing team.
I've seen others do it internally (one or two years in S&T, then to IBD).
If this happens, do the analyst start over as first years I imagine?
I think it's more possible at relatively smaller shops like Nomura. I fucking hate that bank, you get shit work 99% of the time because the managers are relatively new and want to make a mark
Switching from S&T to IBD (Originally Posted: 01/09/2008)
I was wondering if anyone knew how hard it is to switch from a sales and trading summer internship to a IBD FT job at a BB. Say you are to get an offer at the end of the summer to go into S&T full time, is it any easier to break into IBD in the firm you worked for than simply applying from outside? Also, does anyone know what SA S&T jobs pay compared to SA IBD jobs (actual numbers)?
Obviously, every firm is different, but generally speaking, you will have to interview separately (assuming you get the final offer at the end of the summer). If I had to give one piece of advice, it would be not to go into S&T (or another division of a firm) with the intention of trying to turn that into an offer at a different division.
they pay the same. usually like 1100 a week or so.
For instance at Lehman, anyone with an offer but with an interest to switch to another division, is automatically guaranteed a final round interview with the other division (barring cases where they have 100% intake from SA in that group). So you dont have to go through first rounds/phone interviews etc...
but its a risk to do it without having another offer in hand. once you express interest in another area, its unlikely that you retain the original offer (S&T or whatever)
S&T -> IBD...how to do it? (Originally Posted: 08/21/2013)
I'm in a FO S&T type role at a BB at a regional office. However, I'm not doing any financial analysis and it's not providing me any important useful skills/knowledge for my future endeavours. I wanted to do IBD before I got here, but the job market sucked and I got lucky with this.
Have you or anyone you known gone through the process of switching over to IB? I've searched through a ton of threads of people going the other way (IB->S&T), but there wasn't that much out there concerning this.
Would it make sense to jump to a smaller firm to get the IB experience and then re-work myself up? Or should I just try to network w/ guys on the IB side at my BB and see if that can get me a role? I've only been in this role a few months, but feel like I'm wasting time by not looking for something else.
bump
Switching from S&T to IB (Originally Posted: 03/04/2016)
Hey guys, so i interned in S&T at a Bulge Bracket and accepted the offer pretty much right when I got it. But after talking with some of my friends who are doing IB, I'm leaning toward that path more and more. My program starts in June so the process is pretty far along. However,I really want to switch into IB so I'm curious if I should even ask if it is possible. I was a top performer this summer so I'm pretty confident they would help accommodate; I'm just not sure if it is too late in the game. Advice?
If you don't know what desk you're going to be on and you're still going to rotate, talk to HR and see they have a spot open for you in the IB training. If not, try and sit in a seat that will be directly applicable to banking (i.e Leveraged loans --> Lev fin, IG credit trading --> DCM, etc).
Then try and switch after one year
Switch from Sales and Trading to I-Banking (Originally Posted: 06/29/2007)
So here's my story, I'll try and keep it short, let me know if it's worth trying I-Banking or just staying in Trading.
I went to Cornell University, graduated in 2004. GPA : 3.8 , and was a Division 1 Athlete in college (not that people actually care about this). Also, I went to prep school @ Deerfield Academy, maybe that will help too.
I have been working in base metals commodities trading for 2 yrs now @ Man Financial Inc. First as basically as a paper slave doing boring middle office work , this last year I have done a bit of trading,sales, and market research writing. I am looking to get a job as a first year analyst in I-Banking. Do I have a good chance to start from the bottom as an analyst or is it too hard since i did not take it out of college? Also, if I can do this, what are some things I should do to get started?
All input welcome, feel free to be as honest as possible here.
Thanks.
curious as to why you want to switch
Some reasons:
My current firm is small and has limited resources for oth its client base and its employees.
There is no training program and I never had any formal training I had to learn on the go and I think it hurt my general view of markets etc.
I am the youngest person in the room by 18 yrs, enough said about that ( i am 24)
I think i perform better when I am working hard for a long time with a deadline ahead of me. In sales and trading you have a short day but it is often crazy and hectic, it can feel like you do not get a lot acomplished, not very rewaring at times.
No mentoring program whatsoever, esp at my age it is important to have someone above you who can help out a little ( i don;t mean hold you hand, just an extended work relationship etc)
If you have opinions on whether I can switch let me know.
Can you just go back to school for your MBA and then just start as an associate?
I could do that, I am not sure if I am ready to go back quite yet, I would rather get some more work experience so I can have a better idea of what i want to ge out of my MBA
A much better route. You will come in as an associate. Plus you will have to do an MBA anyway even if you become a first year analyst (which is a really long shot).
BTW why i-banking and not an attempted 3rd yr analyst/associate role at a good s&t desk in a good firm? If you think you will suddenly become a star negotiating with CEO's as an analysts then wake up. You will still be a slave. So why make that move?
yeah i hear you on that front, but i am not experienced enough to get a 3rd year job. I mean i know everything about the damn metals markets because i live and breathe them but there are like 2 metals jobs out there.
S&T to IBD (Originally Posted: 01/20/2012)
I just went through the recruiting process and accepted an offer at Goldman for S&T. I am going to be deciding on what desk now. However, do you guys think its possible to go from S&T as a SA to a FT IBD position at Goldman? I interviewed at both for first rounds and was accepted to S&T only and then got through final round. I really want to do banking over s&t but I couldn't say no to an offer from Goldman. What do you guys think?
Nope. Why did you accept an offer from S&T if you wanted to do IBD? Goldman also isn't the same company it was three or four years ago when everyone wanted to work there. (Neither is any other firm.)
impossible. you have to go thru the entire process again, this time for ibd, for a banking offer. it's a totally different job.
Two examples come to mind:
1) A girl I know tried to make the switch from Goldman S&T to IBD. She ultimately wasn't successful, but still landed a great FT gig elsewhere.
2) A friend who summered in a FO role (investment management) at Goldman was able to participate in accelerated FT recruiting for Goldman IBD. I don't think he got the offer though...
I'd advise against thinking too much about IBD during your SA stint. First, focus on getting a FT offer. If you still really want IBD, I'm sure you'll be able to leverage that offer.
you've made things unnecessarily hard on yourself by essentially agreeing to waste a summer in s&t, just because "couldn't say no" to an offer from goldman sachs. (the fuck?) if you knew what you were doing, you could have easily leveraged that offer to get a banking internship someplace else.
some advice: take a cold shower and lose the boner for gs.
who knows... maybe you will like trading? banking isn't as great as its cracked up to be
I wouldnt try.. had a friend try to lateral. Great stats, one of the best interns in the division, yada yada and he got rejected. Didn't even get a return offer from the position he was interning in.
GS's mobility process is very good. You should be able to interview for IBD FT roles if you let HR know half way throughout the summer.
Why the fuck would you do IBD over S&T????
I know people from my summer analyst class that made this switch. I can think of at least 4 internally and 3 laterally. That said, some of them weren't in the regular s&t rotational program, and for those that were they tried to get on desks that did some sort of modeling or analysis so that they'd have something to talk about in their interviews as well as gain some skills.
IBD blows
I think it depends, I'm not familiar how it is at GS but if not GS i'm sure you could try to switch at a different firm
Isn't overall comp in S&T higher than IBD?
Expedita repellendus ducimus perspiciatis ut. Eum praesentium et et aut perferendis temporibus repellat repellendus. Eos pariatur necessitatibus harum iste. Ex sit quo quibusdam eos. Sed eum voluptas consectetur id explicabo ut in.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Eligendi excepturi quia enim atque ut magnam saepe. Autem dolore et quae cum fuga.
Amet illum beatae alias repudiandae maiores. Rerum est ad qui eaque quaerat quo minima. Quos aut officiis et qui ut necessitatibus architecto inventore. Assumenda voluptatem totam ullam rerum magnam voluptatem. Ut iure consequatur earum inventore. Eligendi velit facilis itaque et voluptatem.
Dolore amet recusandae vitae numquam cumque quasi sequi. Alias deleniti modi voluptate voluptates voluptas eos. Autem dolorem excepturi omnis reiciendis.
Nostrum sit quaerat ut. Deleniti ratione sint nobis est. Nostrum reprehenderit vel voluptatem.