Internal Lateral to IB?
Hello - I'll be in an esoteric DCM (ABS/CMBS type) group starting FT at a top BB in the next few months. I am excited about the role. However, I can see myself wanting to switch to corporate IB in order to do work that is more modeling intensive and advisory heavy (I understand that's more at a senior level, but you gotta start somewhere).
I understand there is almost no skill set overlap, however, I was wondering:
1) Would it be realistic (with good reviews) to lateral into IB INTERNALLY after 2 years IF I'm willing to start over as 1st year?
2) How tough would it be to go from a top BB name brand in a DCM seat to a strong MM in IB after a year or two? Would losing the "name brand" be dumb?
Thanks in advance for any replies. Much appreciated.
Going from top BB to MM IB would be insane. If you get good reviews and network to position yourself for a lateral spot there's a high liklihood you can land some internal IB interviews after your first or second year. I've heard of many people doing 2 analyst years in lev fin/DCM and then doing their third year as an IB analyst. Caveat: lev fin is closer to IB than an esoteric DCM group, but DCM is about as close as you can get to IB (internally) without actually being in IB.
I'm an incoming SA for Lev Fin and want to move to coverage so I've talked to numerous people about this. Your highest probability will be an internal move. Look at mid/low-tier BBs before you look at MM IB, too.
That’s pretty much where I’m at. I don’t want to lose the top BB brand name if I don’t have to, I understand how lucky I am to be in the door there in the first place. I would love to do LevFin as I enjoy the debt markets.
I just don’t want to piss off my boss by asking to move groups after 2 years, and then be forced out. Also, while I will learn how to work on “deal type” work, being in an esoteric group I feel like I may be branded by it. I guess I’m wondering how realistic, assuming I work my ass off for two years, that an IB team would take me on after 2 years in an esoteric DCM group with no financial statement modeling. At the same time, I’m willing to lose 1 or 2 years to make the switch, so maybe that would help. Again - great to hear your thoughts.
I'm not sure how it works at your bank, but from my experience you shouldn't have to ask to move. A conversation is warranted if there is a relationship between the two groups, but if a spot is open, you should be able to apply without fear.
Is that not back stabbing my boss though? Especially if I stay at the same firm, wouldn’t it be advantageous to keep a solid relationship and not burn bridges with your boss?
Further, considering my role is not in a corporate DCM and is an esoteric group, I think if I apply to switch they’ll ask my boss for their recommendation in which case wouldn’t it be better to straight up with them?
I’ve never went through something like this so I understand if I sound a bit naive lol
could you elaborate what you mean by not having to ask to move? and if i see an internal posting, you recommend reaching out to an analyst first to get some insight on the group?
What sort of group? Are you in structured / project finance?
Can I PM you? I see you’re anonymous but if you’re comfortable replying with your user, and I understand if not, can we take this to PM?
Can’t reply to you but I’d prefer not to. You’re anonymous as well so why don’t we discuss in here so others can see as well?
There’s a bunch of BBs that organize their teams in the way you have described (GS, MS, C, BAML that I’m aware of) so there’s nothing identifying in your post.
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