Successful Lateral Stories?

Lateral to IBD Associate. My Success Story. (Originally Posted: 04/15/2014)

I have been working at two different F100 financial services firms over the past five years since I graduated from a non-target undergrad. I recently accepted a first year associate offer from a well-respected NYC boutique that focuses on the industry I have been working in. I will be working on M&A, ECM, DCM and industry coverage. I am thrilled to be moving to the greatest city in world and starting this new opportunity. WSO has been such an incredible resource for me over the past year that I wanted to share my story and give some advice to all you prospective monkeys out there.

Network, network, network

I reached out to literally anyone I could find in the finance industry that I had something in common with (e.g. alma mater, previous experience, major or professional designation, etc.). Some good places to start are: alumni databases, linkedin, company websites bio, headhunters, family and friends and even company job postings. It really is a numbers game – cold call/email 100 people, receive 10 responses, one might lead to a formal interview. When cold calling and emailing, take the time to tailor personal messages rather than sending the same email to 100 people. Know exactly what you are looking for from each person so you don’t waste their time. Be brief and to the point, but ready to give more detail if asked. I was surprised with how many complete strangers were willing to help me.

Your job hunt or career change can be an iterative process

When I first decided I was sick of working in the corporate world and needed more of a challenge, I started looking into PE and HF. After lots of networking and a few informational interviews, I realized this would be an almost impossible transition to make from my current role. I decided that an MBA could bridge the gap and applied to H/S/W. I knew this was ambitious and there was a very good chance I wouldn’t get in, but I couldn’t justify losing out on two years of experience and shelling out $200k anywhere else. I took the GMATs (twice), wrote essays that made me reflect on where I’ve been and where I want to go, got recommendations and submitted round two. Continued networking. Applied and interviewed for BB risk jobs. Got offers and turned them down – didn’t come this far to stay in the fucking middle office. Realized I would probably end up at BB IBD (rather than PE or HF) post-MBA if I got in. H/S/W dings (fuck/fuck/fuck). Now okay with the idea of working IBD hours though (my gf, not so much – she’ll get over it), so I talk to a few people who work in IBD groups that cover my industry (BB, MM and boutique). They say I would be a good fit, even without an MBA, but don’t have any openings. This leaves me well-informed and confident, and when I finally find a firm with an opening that suits my background I crush the interviews and get the offer.

Have a good story

One thing that I think helped me immensely was having a good answer to the “Why investment banking?” question. For me, the corporate world is too narrowly focused and slow so I wanted a broader and faster paced work environment. I was very interested in IBD when I was in college but being at a non-target amidst the 2008 financial crisis made recruiting very difficult, if not impossible. I saw friends have their offers rescinded before they even started, and I decided it was best to accept my non-IBD exploding offer. After five years working various roles in pricing, valuation and hedging I feel like I have learned all I can and am ready to make the move to the sell-side, as I have always wanted (maybe stretching the truth a bit but you get the idea). And this brings me to my final point…

Excel in the opportunities you are given and better opportunities will follow

For those of you graduating in the next month or so who didn’t get a BB FT IBD analyst job or anyone else who would rather be in a more prestigious or better paying role - my biggest piece of advice to you is this:

(1) Be grateful for the job you do have. This forum can really shit on corporate banking/risk/insurance/you-name-it but the truth is you’re still better off than 99.99% of the world.

(2) Work your ass off and learn everything you possibly can. People will be able to tell when you are ambitious but have no room left to grow in your current role. Ask to take on new projects that relate, even in the slightest way, to the job you want. If there is only, say, a 10% overlap in the job you have and the job you want, master the fuck out of that overlap to the point where you will be able to provide valuable insights about it in interviews, and do enough research to prove you have a good understanding of the other 90% and will be able to learn it in detail. If there is a 0% overlap in the job you have and the job you want, adjust your expectations so that the job you want does have some overlap and repeat 1&2 above.