Analyst Lateral from MM to BB/EB
Looking for advice/opinions on how to approach lateral analyst recruiting from MM to BB/EB given slow current lateral market. For background, a top analyst in coverage group at a national lower MM IB (think RJ, HW, Lincoln, Stifel, etc.) for 9 months. Looking for any insights from people who might have made a similar move. Any help is much appreciated!
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Prep like crazy, do tons of practice modeling (3S, DCF, AccDil, and LBO), and have a very convincing answer to why X bank if and when you score a first round interview.
And is “a top analyst” your opinion or a tangible data point (i.e. your designation on a stub bonus or mid-year performance review that you can print out and cite)? Makes a big difference.
I made this move (an MM you mentioned to an EB) and it was very straightforward. Just do well for your first 9 months then start interview prep just like you did for your current job. Interviews will cover technicals (pretty much same Qs as SA/FT), behavioral (why are you looking to leave your MM, why X EB), deal experience (what was the transaction rationale / do you know how to manage a dataroom), and potentially a modeling test (can you memorize an LBO).
For me what helped a lot was (a) speaking to analysts at the firm I wanted to join ahead of interviews to better understand the firm / culture and (b) having a simple but logical story of wanting to leave a very niche industry group for a generalist program.
Technicals and modeling are gonna be a check the box and the offer will be made based on the behavioral stuff and how you fit.
Appreciate the insights. Do you mind me asking roughly how long into your analyst stint you made the move? Also, did you find most lateral opportunities via networking or some other way?
I made the move in May so ~10 months after starting. The opportunity I took I found out about through a relationship but LinkedIn or Indeed also works. I got into the lateral interview process for a BB M&A group through a random LinkedIn drop and know of someone who went to an EB through a random LinkedIn drop.
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