1st Year S&T Analyst Lateral to Investment Banking

argo95's picture
Rank: Baboon | 122

Currently a 1st year Institutional Equities Sales analyst at a BB (started 6 months ago). Have 1 previous boutique banking internship and a credit risk internship at a BB. I have a solid team but I can see the industry rapidly evolving and this business is becoming a dinosaur that'll become extinct sooner than later.

I've read the stories of those who lateraled from a boutique IB role/valuations role after 1 year into IB, but was wondering if anyone had any experience or knew of an individual managing to lateral from S&T to IB after 1 year full-time? I've begun reaching out to alumni & friends in IB expressing my interests & have begun applying online for positions opening up.

Any other steps I should take and when do spots normally start opening up in the course of the year? Appreciate any and all help as this site has been good to me during my undergraduate & professional career.

Comments (27)

Dec 15, 2017

Bump

Best Response
Dec 15, 2017

Honestly the first thing I would do would be to look at transferring internally within your BB. If you're performing well, it shouldn't be hard to do after a year or so, especially if you're willing to start as a fresh analyst in IB.

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Dec 15, 2017

Thanks for the tip. I'm in a 2 year rotational program so asking for an internal transfer gives me concern as to how my team would react. Nonetheless I might give it a shot a few months down the lines.

Dec 28, 2017

yeah - no. They want sticky people in those programs and will ignore your request or start looking for candidates to backfill you knowing you are looking to switch/possibly leave.

Dec 28, 2017
TippyTop11:

yeah - no. They want sticky people in those programs and will ignore your request or start looking for candidates to backfill you knowing you are looking to switch/possibly leave.

Not ALWAYS

It does depend on who you're working with. If your D/MD will go to bat for you and say you're a better fit in banking, it can work.

Dec 18, 2017

Its not the easiest thing just because you're skill set is very different from a banking skill set but you're less than a year in, so if you're open to restarting as a 1st year, I'm sure you can garner some interest. The comment above is probably the most traditional path especially since you're in a BB (stick it out for 2 years & internally transfer). However, what you're doing now in regards to networking and applying for positions are good first steps. Lateral hiring isn't really a formal process so if you stick your nose in there and keep hunting/networking, you could find yourself lateraling sooner than later. Best of luck mate

Dec 18, 2017

Thanks that's what I was thinking & I understand it's going to be a challenge. In terms of applying online, have you or anyone else had any success through just applying on Indeed or LinkedIn? Seems to be a good amount of positions there and was wondering the chance of actually landing an interview through those online applications?

Dec 19, 2017

Yeah if you're profile is attractive enough, blindly applying to some of those positions online can generate some hits. Hopefully you're resume has the key words & positions to get through the online screening technology for that to work.

Dec 19, 2017

Another thing I've seen done is moving to a desk analyst role on a trading desk for your 2nd rotation. Then lateraling to IB comes easier because there is a skill set overlap

Dec 21, 2017

bump because my friend is in a similar situation

Dec 27, 2017

bump. any other things to note?

Dec 27, 2017

why do you think S&T is going to be extinct lol

Dec 27, 2017

S&T will never go anywhere & extinct in regards to referring to equity sales was a wrong choice of words. But equity sales will probably continue to downsize into the foreseeable future due to both regulatory and technological headwinds. The lack of a technical/analytical skillset you develop in this specific role is basically why I think a switch would be best.

Dec 28, 2017

Contact headhunters... if you have a good story, they'll give you looks. You may not get the top spot, but MM boutiques hiring candidates with this profile rather often. Some lower end BB's do so as well. If you crush it and network a bit, no bank is off-limits.

Internally is risky due to your program being rotational. Keep your head down, and wait for your permanent seat.

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Jan 29, 2018

Same boat as you - first year equity analyst. Have you thought of going to B school once promoted to associate?

Mar 6, 2018

Thanks for all the advice provided on this forum. Excited to have just received an IB offer at a MM firm to start in a few months. Was a process that stretched a few months and involved a good chunk of networking/phone interviews/and people questioning why leave a position so soon into starting but found consistently reaching out and developing my network was critical to getting the offer.

Also for those looking to lateral from non-modeling positions, I strongly suggest investing you're time into reading through the technicals, fully understanding not memorizing the concepts, and practice modeling by asking your buddies for old templates or working through the BIWS courses. I found interviews to be more comfortable than traditional FT interviews, but you really have to make it clear why you want to make the move and why you think you could add value for them.

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Mar 6, 2018

Congrats and thanks for following up. Can I ask what type / level of MM you got an offer from? Curious what types of shops are open to different backgrounds

Mar 7, 2018

Restarting as a 1st year analyst at a Blair/HL/Cowen

Mar 6, 2018

Congrats! That's awesome!

Mar 7, 2018

Re-read the posts here. Congrats on makeing the jump bro

Fuckin my way thru nyc one chick at a time

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Mar 7, 2018

You're definitely not wrong, two completely different verticals that don't touch each other. Personally it was definitely an uphill battle and I wouldn't say I ended up in one of the enviable groups on the Street everyone on this site is gunning for, but it's a solid MM platform that's well-respected.

I think 99% of the time, the scenario you described pretty much happens, but when you get lucky through utilizing you're network, its important to be prepared and ready to take on any and all questions they throw at you. Pretty much the only valuable advice I can offer from my experience.

Mar 7, 2018

0 to none, try lateraling from within your bank (if possible). I have seen this happen at the larger BBs (say MS Markets -> MS IBD)

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Mar 7, 2018
Comment
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Mar 7, 2018