Senior Aso/VP Later Market (LA/NYC)

Recruiting for senior associate (ASO) and vice president (VP) lateral positions has been challenging in recent years, particularly in major markets like NYC and LA. Based on the most helpful WSO content, here are some key insights:

1. Scarcity of Mid-Level Roles: The lateral market for mid-level positions (Sr ASO/VP) has been tight due to the "hourglass" structure in many firms. Private equity and investment banking firms often run lean at these levels, with fewer openings compared to junior roles. Openings typically arise only when someone is promoted, leaves, or is let go.

2. NYC vs. LA Dynamics:

   • NYC: The market remains competitive, but NYC offers more opportunities due to its larger deal flow and higher concentration of firms. However, firms are selective, often favoring candidates with strong technical skills and a proven track record.
   • LA: While LA is a smaller market, it operates on a "small world" dynamic. Networking and relationships are critical for lateraling here. Openings are fewer, and firms often prioritize candidates with local connections or specific expertise in sectors like tech, media, or real estate.

3. Recruiting Outlook for 2026:

   • The lateral market may improve slightly as firms adjust to economic conditions and potential deal flow increases. However, competition will remain fierce, especially for VP roles, as these are often considered "career investor" positions with limited turnover.
   • Networking and proactive outreach will be essential. Many lateral opportunities are not publicly posted, so leveraging LinkedIn, cold emails, and industry connections can help uncover hidden roles.

4. Tips for Success:

   • Technical Mastery: Ensure your technical skills are sharp. Firms expect lateral candidates to hit the ground running.
   • Networking: Build relationships with MDs and senior professionals in your target market. This is especially crucial in LA.
   • Positioning: Highlight your unique value, such as deal experience, sector expertise, or leadership skills, to stand out in a crowded field.

In summary, while the lateral market for Sr ASO/VP roles remains tight, strategic networking and preparation can position you for success as we head into 2026. Keep an eye on both posted and unposted opportunities, and be ready to act quickly when roles open up.

Sources: Canada to NYC Lateral, Ask CompBanker, Questions about VP/D/MD levels at investment banks, Los Angeles IB SA Recruiting Mini-Guide, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1