Is this possible? Joined a bank and placed in HC (which has a reputation of being a great group with solid deal flow and exposure), but personally more interested in TMT. Has anyone switched industry coverage when lateralling?
I've just joined this bank and very thankful to be placed in a great group, but honestly not sure about my interest in HC as an industry.
Or someone roast me and give me a reality check lmfao
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I think it depends on what you want to do longer term. If you love TMT and want to be a career TMT banker or build a career in the space in some other way then I'd say it's worth it. If you plan on leaving for PE after 2 years then I'd consider which seat would give you the best chance of landing the buyside gig you'd enjoy most.
That said it's definitely possible. I switched industries (actually into HC) when I lateraled from a MM firm to a BB and there was no issue as I was able to speak to my interest.
Are the lateral interviews tougher in this case since they know u have had no exposure to TMT while coming in as an experienced Analyst? Or is the baseline usually just proving u have a genuine interest in the industry and are familiar with the basics (business models, valuation techniques etc.) say for a candidate interviewing for Tech from an Energy/Power role
The latter in my experience. More about showing you have an interest in the sector and have done your homework (have a basic understanding of typical business models / valuation methodologies / industry trends). Also about showing you did a good job in your current seat / can clearly talk about projects you worked on. At the junior level most skills you’ll pick up in IB are very transferable (which is why so many companies want to hire IB analysts in general).
Is this role for one specific HC vertical or for broader HC? Might be easier to spin to TMT if you're in services and can pitch your understanding of a SaaS business model or the benefits of B2B with examples.
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