Targeted Investment Banking and ended up in Sales & Trad. at a BB, where do I go from here?
Hello,
I went to a non-target for undergrad and then a regional semi-target outside the US for my Master’s. I interned in Private Equity in NYC and spent the better part of the last year networking and recruiting for investment banking, eventually making it through a number of advanced processes with multiple investment banks, all US based.
Unexpectedly, I ended up accepting an Analyst role in EMEA at a BB within Sales & Trading. I definitely want to give it a real shot and learn as much as possible, but as someone who has always viewed PE as a longer-term goal, I’d be lying if I said the exit opportunities were not on my mind.
How realistic is it to lateral from S&T at a BB into Investment Banking at a boutique or EB after ~1-1.5 years? Has anyone here seen that path work successfully?
Would appreciate any insight/reality checks.
Jumping from Sales & Trading (S&T) at a BB to Investment Banking (IB) is challenging but not impossible. Based on the most helpful WSO content, here’s what you need to know:
Lateral Moves to IB: Transitioning from S&T to IB is rare but achievable, especially if you’re targeting boutiques or elite boutiques (EBs). The key is to leverage your existing network and demonstrate transferable skills. Highlight your understanding of markets, client interaction, and any analytical work you’ve done in S&T.
Challenges: Internal moves within the same bank are particularly tough. IB and S&T are distinct divisions, and banks often prefer to hire laterals with direct IB experience. However, boutiques and EBs may be more open to candidates with diverse backgrounds, especially if you can show strong technical skills and deal experience.
Timeline: Making the move after 1-1.5 years is realistic. This gives you enough time to build a track record in S&T while preparing for IB interviews. Use this period to network aggressively, refine your technical skills, and stay updated on IB recruiting cycles.
Preparation: Treat the transition like a fresh IB recruiting process. Prepare for technical interviews, behavioral questions, and case studies. If possible, work on projects in S&T that involve financial modeling or deal-related tasks to strengthen your resume.
Alternative Paths: If IB proves elusive, consider other exit opportunities from S&T, such as Asset Management (AM), hedge funds, or even consulting. These roles can also serve as stepping stones toward PE in the long term.
Networking: This is your most critical tool. Reach out to alumni, former colleagues, and professionals in IB who’ve made similar transitions. Attend industry events and leverage LinkedIn to connect with decision-makers.
While the path is not straightforward, with persistence, strategic networking, and preparation, you can position yourself for a successful lateral move into IB.
Sources: https://www.wallstreetoasis.com/forum/trading/ib-after-st-summer?customgpt=1, S&T Summer Analyst Lateral to IB FT?, FT S&T TO IB After 1yr or 2yr?, https://www.wallstreetoasis.com/forum/trading/sales-in-st-dead-end-career-path-in-2020?customgpt=1, Re-Doing 2 YR IB Analyst Stint
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