Transaction Advisory/Valuations to IB Timing
Hello all. I'm being intentionally vague, but recently took an offer from a well thought of transaction advisory/valuations group where I'll be starting this summer. I'd like to move to IB later down the road, and it seems like most people on this site seem to think it would be best to try and lateral around the one year mark.
I wanted to see when it would be appropriate to start networking for FT laterals. I feel that starting to reach out now to bankers may be a red flag, so I wanted to see what people think. I imagine people who came from similar roles may be most understanding of the situation so I'd focus on them.
Based on the most helpful WSO content, the general consensus is that you should aim to have at least 9-12 months of experience before actively pursuing lateral opportunities. This timeframe allows you to build credibility at your current firm and demonstrate a solid track record, which is crucial when explaining your reasons for transitioning to investment banking. Starting too early may raise red flags, as it could appear that you are not giving your current role a fair chance.
Here’s a suggested timeline and approach:
Networking Start Time: Begin networking around the 9-month mark. This gives you enough time to establish yourself in your current role while also preparing for potential lateral opportunities. Focus on building relationships with bankers who have transitioned from similar roles, as they are more likely to understand your background and aspirations.
Preparation: Before reaching out, ensure you have a clear and compelling narrative about why you want to move to IB and how your current experience in transaction advisory/valuations aligns with the skills required in banking. Be ready to discuss your responsibilities and contributions to deals in detail, as this will likely come up during conversations and interviews.
Networking Strategy: Start with informational conversations rather than directly asking for opportunities. Use these discussions to learn about the lateral process, the culture at different banks, and any advice they might have for someone in your position. This approach helps you build rapport without coming across as overly aggressive.
Timing for Applications: By the time you hit the 12-month mark, you should have a strong network and a clear understanding of the lateral market. This is when you can start applying for roles and leveraging your connections to get referrals.
Discretion: Be mindful of maintaining confidentiality during your networking efforts. Avoid discussing your plans with colleagues at your current firm, and use personal email and LinkedIn for outreach.
Remember, the key is to balance patience with proactive preparation. Rushing the process could harm your reputation, while waiting too long might cause you to miss opportunities.
Sources: PE Lateral Recruiting Advice/Stories/Help?, Really unsatisfied with SA group placement and looking for advice?, Best Practices for Finding Lateral Opportunities, Some Thoughts on Networking, My FT Recruiting Process
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Is it transaction advisory or valuations? These are typically different groups (at big 4 at least). Transaction advisory is basically just buy-side due diligence/quality of earnings for in-progress M&A deals. Valuations meanwhile involves making valuation models for a variety of different situations (PPAs, fairness opinions, audit support/goodwill impairment).
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