Can ppl just share insights on how they are understanding the state of the IB associate job market? There’s been a lot of turnover in the industry and layoffs and yet some teams say they’re swapped and need associates but can’t find ones with great experience. Is there deal activity? Are groups hiring? Is the general Associate demand shrinking because of AI? Just opening a forum for general insights and takes.
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I dont know, but ive been hearing a general trend of people moving away from hiring associates from mba programs (i have no idea, someone correct me if wrong)
Some have tried (e.g., Blair) and have since restarted the mba program. Very hard to get enough analysts to go a2a.
DB also restarted it in the US at least.
Overall, it seems like associate positions are staying open longer than before.
I was discussing this with my friend the other day. It seems like if your bank is willing to hire associates with non-traditional backgrounds (Accounting, QoE Providers, Valuation, Commercial Banking, Etc.) then there are good candidates out there that can be molded into good associates in 6 months to a year. This also allows you to skip the full MBA recruiting and at least get someone who is professionally trained and that probably understands finance/accounting.
If banks are looking for people with banking backgrounds I think there are less, candidates out there then there have been historically. Our bank has found that there are fewer and fewer analyst that want to stay for a2a, but granted our bank can be a little sweaty. Which probably shows that you do actually need to treat your analyst like humans if you want to retain them.
Can you share what bank that is?
I agree. I feel like Associate roles stay posted for awhile or they keep being reposted. Are they just not being filled? Are processes actually happening or is it that maybe there’s just continuous turnover at some banks
I'm an associate looking to lateral and having a tough time. I have tons of deal experience and closed deals (mostly MM and LMM). I did get some interviews and have been told that I have good soft skills too. For what it's worth last year I made it though final rounds at a BB and lost out to a guy at Jefferies. Anyways sometimes I can't make it past the HR rounds which makes no sense because if I talk to a banker I can always get a few interviews. I got ghosted 3x in the last year after submitting a case study (these are no name boutiques btw). I passed a case study for a MM boutique later this year and got invited to final rounds - they wanted to to in person interviews and didn't want to pay for a non-nyc candidate sot so that's that.
Anyways should I try networking? I haven't done any of that this year because I've been so busy with work and have had low spirits in general. I've only been applying through LinkedIn mostly and sometimes the online application. I have been seeing many job postings these past few weeks for associate roles. Any advice would be helpful.
I just got asked to do a modeling text and ppt for another no name boutique and it just feels so draining tbh.
What type of firm are you at? I just turned associate recently at a relatively reputable MM and also thinking of lateraling soon so was curious
Idk why you wouldn’t try networking
I think the associate hiring market is really robust right now. I managed to lateral up market from my current MM seat to an EB and had a few BB offers on the table. All inbounds and all NYC seats, so it might be different in other regions.
Any tips? What do you think worked in your favor?
I wish I had more specific advice. Biggest advantage I had was being and A2A and a number of closed deals sitting in the associate seat from pitch to close I could speak through on. I think highlighting number of closed sellside mandates was a differentiator as well and also being able to speak to not just the execution side of your deal sheet but also the strategy and what drove decisions your senior bankers made during the process.
If a bank is hiring a lateral associate, they are looking for someone they think can eventually move up into the VP seat in the future, so you want to highlight that while yes you can do the associate level work, train analysts, and aren't afraid to roll your sleeves up and jump into analysts tasks if needed, but you have to showcase that you can play up as a VP on your deal teams. If not, then the bank is going to have to replace you pretty quickly, which isn't ideal for them
Ignore title. I'm at a LMM firm and have managed to get a lot of 1st rounds at the associate level just by cold submitting resume. Most interviews focus on the "why" a lot. It's been a rollercoaster and I still have not landed at a place I want to. Got looks from EBs, BBs, and MM, and there is no trend between them. I found that most places don't have super rigorous technical interviews. Had an in person modeling test with some technicals once and was pretty straight forward.
Very lazily applied in the lateral market from LMM PE, got offers at 3 MM shops, and ghosted at a second round at EB. Was a pretty easy process overall, but not in NYC
Generally, unless you’re a top tier bank, GOOD associates are almost impossible to hire. Example: if you’re at a decent MM shop, you’re not gonna restart your rep and goodwill by lateraling to another MM shop (unless it’s a unique situation). If you’re an analyst, you’ll likely go A2A at your current bank. If you’re lateraling (either as a current associate or rising analyst), it will likely only be for a top tier bank because you are basically setting yourself back if you lateral to a same size MM shop. So, if MM banks don’t do a good job retaining analysts, they have to resort to hiring Associates from accounting, transaction advisory, etc. from the Big Four. Don’t get me wrong that those folks can do a great job, but those first six months are absolutely painful. HR at banks should just give analysts a tiny bit more incentive to stay on A2A. Will be well worth it.
How are you setting yourself back by lateraling and can you explain what you mean by restarting your reps? Are you referring to how different banks have different model formats etc?
Most of these associate postings are not active. My group posted this associate opening a year ago, keeps refreshing once in a while too but we’re not actively looking for a lateral. In fact we’ve a surplus in associate level as majority of my analysts couldn’t make an exit.
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