Anyone have experience or know someone that had a pretty successful lateral story coming from a smaller bank? Hoping the market starts to pick up a little after the election and was just curious as to anyone's experiences.
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Based on the most helpful WSO content, here are some insights on successful lateraling stories:
Transferable Skills: Banking is a small world, and the skills gathered at any bank are highly transferable. Even if you are at a “no-name” boutique, it is very possible to move between banks. Analysts at smaller banks often do the same work as those at top-tier banks, just on a smaller scale.
Networking: Networking is crucial for a successful lateral process. Making meaningful connections with people who can pull for you is essential. Many lateral openings are not posted online, so tapping into the pool of connections is key.
Clear Motivation: Having a clear, concise reason for moving is critical. You need to be able to articulate your motivations convincingly, whether it's for a broader experience, better deal flow, or a specific geographic or industry focus.
Technical Proficiency: Banks prefer laterals who can hit the ground running without needing extensive training. Being technically proficient and ready to contribute immediately is a significant advantage.
Timing: Lateral positions tend to pop up towards the end of June/beginning of July after bonuses have been paid out. Keeping an eye on job postings and being ready to act when opportunities arise is important.
Personal Stories: One user mentioned setting a specific date to start networking and testing the waters. They sent out 30-50 selective networking emails, got involved in early-stage interview processes, and completed modeling tests, all of which came through networking.
For more detailed experiences and advice, you can refer to the full guide on lateraling available on Wall Street Oasis.
Sources: Guide to Lateraling in 2021, Lateraling Guide for Investment Banking, Lateraling Guide for Investment Banking, Guide to Lateraling in 2021, PE Lateral Recruiting Advice/Stories/Help?
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