How much rejection is normal in the lateral process?
I’m an experienced investment banking analyst navigating the lateral market. I have come close to opportunities but haven’t close anything yet. It’s been very very frustrating and taking a toll on me. I was laid off due to RIF, and have been fortunate to have interview opportunities in this market but I am just not closing. At what point do you say,” it’s definitely me as to why I’m not closing” instead of viewing it as the competition? I have been getting extremely close to — final rounds — just not closing.
Albeit I’ve only been involved in a few processes since the RIF layoff.
How did you get in the processes? Did you cold email or waited until job posting?
Hustle a lot. Cold email as many investment banks I can find, and try to get in as early as possible before, it officially becomes public. Some processes I’ve cold applied and got it interviews, but most I’ve called email the network to get into the processes.
TBH, only you can answer that question.
I've also been laid off. It sucks man.
How long have you been laid off for and how many processes have you been in since?
Couple of months now and only two processes that I’ve been rejected from.
Best of luck man. We'll get out of the hole soon.
It's not over until you quit.
Normal. Banks have tons of options and can afford to be choosy right now. Two processes is unfortunate but that's just normal recruiting, not something you are doing (although obviously evaluate where you can improve)
I'd say once you hit the 4-6 month mark the resume gap also starts to become a question mark, so I would be open to non-IB opportunities as well if you're getting close to that.
Assuming they take a non-in role, do you think it would be easy to come back to ib when the market improves?
Assuming one got past 6-8 months (the point where their experience is actually usable) I think so. Especially if heading to something like strategy or corp dev in the same industry where you wouldn't be totally wasting away. Harder if you end up in like FP&A
How long are these processes taking you?
Did your interviewers notify you that you were dinged or just ghost you?
I am currently involved in some processes and I am either not hearing back or they are taking forever to respond.
From the time it goes public, it could take a month to hear back. Once I hear back assuming I am involved in the entire process from start to finish, it could take a month or two to finish. Some banks are very quick, some are slow. It depends on how lean the team is.
At my previous company, it took about four months to close that entire process.
If they take forever to respond assume you got dinged. Usually in these processes, If I interviewed Wednesday in the current week, I’ll hear back Monday or Tuesday at the latest the next week on next steps. If they’re taking forever to hear back, or they don’t tell you what those next steps would be via email and just need time, then assume you’re dinged.
Processes move quick or slow, but either way you will hear back about next steps if they want to progress with you.
If I don’t hear back within one week at the latest I assume I’m dinged.
How do you find the right contact for specific groups at banks when most associates/VPs don't list their groups on LinkedIn?
Honestly I just spray and pray. If I have friends at the bank I’ll ask if that person is involved in the group.
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