I am a first year analyst (1 year in next week) at a BB in ABS banking. Over the past year I became interested in coverage IB. Didn’t enter this after school because my interest were more market focused prior. I was wondering if it’s possible, and if so, how to go about internally moving to a coverage group on the corporate side?
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I might enter the same situation very soon myself since group placement this year's a complete train wreck...
OP if you work for GS I heard there's a rotation program which gives almost everyone a chance to work IBD coverage/M&A for a period of time and all you need to do is to impress people during that period and things should be easy from there.
Other firms might require you to do quite a bit of internal networking. Grab coffee with VP and above etc.
Not GS. Of course networking would be crucial for this move, at any firm, but the question is: how receptive are groups to internal mobility from other FO hybrid-banking roles (not S&T), as well as how to best navigate the political landlines inherent in lateraling?
Haven't gone through the process myself but some suggestions I received from people internally transferred within BB:
Play the long game and be patient, coffee chat with associates and above consistently and wait for opportunity to come, which usually arise fairly quickly due to the high turnover in IB; Be discreet about networking activities and try your best to not alert anyone from your current dept; Maybe talk to HR if there's someone you know, it is said HR does have a bigger role in internal transfer vs external hiring;
ABS is not really a challenging background to come from, so I think the most important thing here is how to best present yourself when interacting with relevant parties. This's something everyone has to figure for himself. Good luck.
Thanks! Great advice. Could you give some advice on how to approach this discreet networking? I’m pretty good at the actually networking part, but am new to the “politics” side of it if that makes sense.
Yes it is possible- I have met people who jumped from DCM/ECM to top groups at a BB- just need to network and wait for a spot to open up- theyd much rather take someone from the same "system" bc you are onboarded, understand the firm culture, know the firm's technology, and can begin working for them in like a one to two weeks notice.
Thanks for the reply! That’s great to hear. Would that be applicable only to corporate DCM seats where the transition is more “natural” or would u say it can apply for the more esoteric DCM roles (CMBS/ABS/Munis/EM).
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