BB to BB lateral (analyst)

Hi all -Currently a 1st year Analyst in NYC at a tier 2 BB (BAML/CS/Citi/etc.) wrapping up my first year and thinking about moving to JP/GS in 2022 as an analyst.Reasons include leveling up to tier 1 bank, gaining better deal experience/mentorship, better training, and better positioning for PE / long term career prospects. I also want a full IB analyst experience at a tier 1 bank vs. doing a tier 2 experience.Currently, I'm in a top sector group and have good experience/resume (so think the move to JP/GS would be pretty easy, but wanted to get everyone's thoughts on lateraling from ANL to ANL vs. waiting it out and going straight to PE in 2023?) Also, if I was at a tier 1 bank, I may aim for A2A promote, but wouldn't want the A2A promote at my current tier 2 bank.Goal is PE (2023) so wondering if I should just do 2 full years at current tier 2 bank vs. lateraling into tier 1 bank. Thoughts on lateraling as an analyst vs just going straight to PE as an associate in 2023?Of course I know I would face a 1-year setback potentially, etc.Curious on everyone's thoughts - pros/cons?

20 Comments
 

Got it - thank you! Yes, I think I’m going to start networking asap as I’ve seen open roles come up on LinkedIn. Hope all is well

 

Apologies don't want to come off anon but do ask away on here

i was involved in a handful of processes at BBs, mid and top, most from 2nd degree connections (friend of friend, friend of colleague, etc. but nothing overly warm at all, just a push through the door) and a headhunter for another BB coverage role
 

None had a structured process, and overall very light on technicals.
 

a few were for smaller groups so I talked to the handful of MDs they had as well as an associate or two (maybe a technical or two to heat check me, but mostly to give me perspective to the junior level). 
 

I ran a process at a much larger coverage group and had conversations with almost 10 different people aso vp level across the span of a few weeks, then spoke with one of the group heads and got an offer after. A few of these convos had technical components but they were brief and very surface level (mostly about interest in the sector, deal experience, with few cut and dry technicals if any)

none of these felt like formal interviews, never had a "super day". The main focus was why I wanted to move (in my case it was very obvious / understandable which made it 10x easier), followed by deal experience (although not as important as I expected because they understood I only had 5 months experience), and interest in their particular group/firm. 
 

for context these were for mid and top BBs

 

Agree with the above that you can lateral now and make it for on cycle. However, laterals almost always have a more difficult time recruiting (not all HHs will get your new email, current associates who are alums can't vouch for you, PE firm doesn't get why you lateraled BB to BB, and you likely won't get on significant deals worth talking about within the first few months of lateraling).

Weigh your current exits now with your potential exits handicapped a bit. If you're set on PE I'd honestly just stay with your current group, unless your group exits poorly or you don't like your industry coverage. If you want associate you can lateral at any time.

 

I’ve heard it’s not a big deal

- anyone with friends / connections can get their email to a HH or reach out proactively 

- hardly *anyone* has deals worth talking about when PE recruiting starts (excl delayed covid years, but the next cycle will hit first years after ~6 months on the desk)

- if you have defensible rationale for leaving (switch industry coverage, group got poached) it’s not a big deal at all 

 

Very helpful, thank you! Tend to agree HH etc not issue at all. And yes on all your other points. Thanks

 

Thanks for the reply. Could you share your thoughts on why that is? Thanks again.

 

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