Can anyone comment on if someone was to lateral after a year to an EB or BB whether a) starting as a 1st year analyst again or b) starting as a second year analyst, how this would impact recruiting from a MF perspective? Would headhunters perceive you differently? To note, in my particular situation, I'm lateraling from a good firm (ie: GS, EVR) but have not had a great experience due to industry group.
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Probably not a big deal. I lateraled after more than a year of non-banking function at my top BB into a solid (but not outstanding) IB group in my same top BB and recruited on-cycle as a first-year when it came up. Just had to explain my story. If pressed on it hard I was honest: despite my years of professional experience, I felt I should recruit with first years to give myself more time to accumulate deal experience before I move to PE. Most interviewers didn't care much. I got plenty of outreach from MF and UMM during on-cycle but ultimately struck out with a place that held me hostage all day so had to deal with off-cycle recruiting. Continued to get plenty of looks from MF and UMM places that still had spots, ultimately ended up with a MF PE offer after a few weeks of off-cycle. I think the biggest key is to get in contact with HH early and make sure they bucket you as a first year based on your desired start date. So if you want to recruit for the next on-cycle window coming up, that would be for Summer '24.
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