Transition to IB: do I have to take a year (or 2) back?
Quick question. Currently a strategic finance associate at a startup (Series C). Landed the role without a background in IB, but I'm curious if I want to transition to IB, what are the implications of level? For example, if next year I want to move to IB, I'll be at 3 years work experience. Would firms make me come in as an AN1? While I understand I don't have banking experience, I do have highly transferrable skills already. Would it possible to join as an AN2/3 with an understood timeline to promotion to AS1? 3 years working experience to become an AN1 seems crushing and certainly reduces the likelihood actually wanting to move to IB hahaha
Edit: Also, if joining as AN2 or 3, do you have to apply for "senior analyst" roles? Or can you apply to regular IB analyst roles and then discuss with the team, pending an offer being received?
You likely would come in as an AN2 or 3. I lateraled after 3.5 years and came in as AN3
What was your timeline to becoming an associate? 1 year? Was that discussed in your process, given that you were joining as a later stage analyst?
Well I actually simplified to make it clearer, but I transferred in 3/4 the way through the year at AN2, and for the promotion to AN3 3 months later. So AS stub would be then a year later than that
I think depending on how desperate groups are + if you give yourself another 0.5 years of experience you should be able to swing an associate position
So you mean in 1.5 years could make the move to associate?
LOL cute answers here.
Most likely analyst 1
Curious to hear why you think that may be the case? Wondering because, if you're right, a potential alternative path may be via MBA to break into banking.
I'm assuming strategic finance = corporate development? Did you do any deals? If you did M&A / deals, ignore what I said, and you should have a solid shot to come in at AN2/Associate 1
IMO Associate non-IB lateral hires are usually from BB Equity Research or Big 4 groups
Why not just network with some analysts / associates at a couple BB and shoot your shot? Analyst / associate salaries have gone up anyways, but even analyst comp is lucrative. Lateral market is hot.
Unfortunately, we haven't done any deals yet. It may be in the cards as apart of next phase of growth, but I think I'm just crossing my fingers because I know any deal experience would be valuable. Team oversees all external processes (capital raising, BoD meetings), special projects with c-suite, building and owning operating and financial models, as well as leading business unit meetings and doing market research.
Still totally agree with what you're saying, but I was hoping I could plug in as a AN2 or something. Wasn't expecting being able to join directly as an associate.
Sorry re-read your post. I think it's doable to come in as AN2.
But honestly as AN1/AN2/AN3/As1, wtv, your pay is rock solid regardless. You make a ton of $ in IB.
Banks need bodies pretty bad rn, I'm sure you can find a good role if you really want IB.
But why switch? Sounds like you got a good gig? Why not continue, and move up? IMO couldn't you lateral to like FANG or something and do corp dev there and just skip IB alltogether? It sounds like your at a cool exit op already.
If your dead set on private equity / hedge funds, then I suggest to do IB. Equally, you could do BB IB and come in as a more senior level in corp dev later.
To be honest, you're totally right. I think this role is very deep operationally and the size of the company prevents us from doing any M&A work. I've quickly come to realize that is the specific area that I want to be in the future (along with all financing deals as well) so I don't feel like I have the platform to develop in the very specific way that I want to. I also think comp is something to be mentioned. Make 85k right now (hopefully with equity coming in after a year of experience too), but comp means a lot to me in order to be able to give back to my family. I also think the training and learning of IB is so essential. Finally, I can't make the move yet because I only started this new role ~5 months ago and I know it would be a bad look to make the move that quickly honestly. Again, I'm only realizing all of the above now and I wish I had a few months ago before making the transition.
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