IB Lateral after 6 months
I just started at a big MM firm in Chicago for HC (2 months in) and graduated from a Target Midwest school, but due to some personal stuff need to move to Boston by end of summer 2022. How would lateral recruiting work with little deal experience here? I am happy to stay on here for another 6 months to get good deal experience and then lateral, but when do I start recruiting? When would places in Boston open apps?
What is the absolute latest day you need to be in Boston?
Best time to recruit is right after summer bonus (August), as that's when most who are leaving early will leave.
For lateral your focus should be more on networking than apps opening - Boston is a small market and it helps to say you have to move there for family/personal reasons, instead of them just getting a random app from someone with no apparent ties to the area. I'd start networking around 5 months if 8 months is the latest you can stay.
Deal experience - you'll have more solid reps in a few months. If you can try to get staffed on "harder" stuff now, do it. The more you can talk about running the model, handling diligence process, etc the better off you will be for recruiting. Very few places actually do modeling tests for laterals so it is really down to how well you talk through what you're doing. On that vein, make sure your answers for "tell me about XYZ deal" are great and you know the numbers/strategy/model backwards and forwards
I would like to be in Boston by August/September if possible, because of family. That would mean I stay on at my current firm for 9.5-11.5 months. When would the best time to recruit be? And for lateral moves would it be best to go through a headhunter or just reach out to recruiters or neither and just reach out to university connections?
Got it, you've got plenty of time. Wait until 6 months, get some solid deals for the resume and then start trying.
If you get any HH inbounds for legit firms, feel free to entertain them but don't go looking for them because few IBs use them. If you have any school connections in Boston that's a great start, otherwise just network with non-alums. There's way fewer laterals reaching out than sophomores, with solid MM experience you should have a decent response rate
how do you network with non alums?
There's like a million guides on here on networking, do a search. Attach your resume and hope for the best. Your response rate will be much lower with non alums of course
Still applicable today?
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