Defecting after 2months on the job

Hey guys.

I am a first-year analyst in Corporate Banking at a very large institution. I am eternally frustrated with those around me, particularly the analysts, who at the stroke of 6pm will drop everything they are doing to go home. This happens everyday, regardless of what needs to be done - or its relative importance.

I have too much ambition to stay in this group for long; the way they operate makes me despise them. I can't stop thinking about how much wasted potential exists in this group. I want to get out.

I am in a specialized group that caters to the healthcare vertical, and have less than 2months experience. I have previous internships in PE and restructuring.

Can anyone guide me on how to make the leap into an IBD? When does FT recruitment kick off for someone in my position? Should I be applying as a first-year analyst alongside university students? Should I only look for lateral opportunities? Do I even qualify for lateraling into an IBD? Do I just apply on their websites, or will that be futile? Is there a better way to go about moving? Use recruiters/headhunters? Anything else that might be useful? Alternative solutions before I kill myself out of frustration?

I'd like to get into Lev Fin, preferably, as I think that is my best and most relevant option. However, I am open to almost anything but DCM (thats worse than what Im doing now). Generalist work is also fine with me, so long as I am in the middle market or BB.

Help :(

and thanks a ton.

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Comments (16)

Jul 7, 2011 - 2:06am

As an aside, I took this job because I missed the FT recruitment season for banks worth applying to. I interviewed with a few boutiques, and got offers. I chose my current bank over them because I thought it would lead to better opportunities. I still believe that it was the correct decision in terms of future opportunities due to a brand name on the resume, formal training program, and noteworthy transactions.

The only problem is, I can't stand how they run the Corp Banking Division.

Best Response
Jul 7, 2011 - 11:58am

Vertical - have you tried to reach out to people in the IBD side of your firm? Some big banks have mobility programs and representatives from each product group/industry group for others to have open convos with them. You should try networking internally - though 2 mths is a very short time. Internal mobility usually requests someone to be at their current group for at least 1 yr, and if you're moving externally, I think it's good to have at least 6mths to 1 yr of exp.

Otherwise, 2 mths will imply to them these possibilities:
1) Problems at work
2) Problems co-operating with peers, team
3) No foresight on your part for choosing corporate banking to begin with, especially since you've had some good internships
4) If you're willing to leave after 2 mths, what comfort can we (from new firm's POV) have that we aren't another stepping stone you'll ditch if you don't like it here?

Not saying you're any one of these things - but they'll certainly be thinking it.

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Jul 7, 2011 - 2:28pm

Workerbee, its US. You also seem like you understand how the business model works. Care to share if you are in Corp Banking also?

Kanon, I'm in the process. But as you pointed out...I need to stick with this group for a while before I can transition. I don't think I'll last that long without murdering one of the other analysts.

Txj, thanks. I know.

Oldman, its more than 75k. 75k is my base.

Everyone/anyone, should I be applying to the first-year analyst programs that BBs are opening soon? or am I no longer eligible, because I'm not in school?

Jul 7, 2011 - 3:01pm

Yup. I was in the same spot as you. My recommendation is to learn, grow and keep delivering excellent work. Don't worry about the other analysts that leave at 6PM. Be the rockstar in your group. Make sure to keep studying and developing your skills. Your going to get great exposure to Senior Managers and if you get Client Management experience, that is something few IB analysts will ever get, except a nice greeting at a closing dinner.

Also, you get great pay compared to analysts who work 30-40 more hours a week plus a bonus, abeit, its not a M&A bonus. Also, you get great exposure to all the product groups and how banking in general works, not necessarily M&A. If you can plug yourself into a couple M&A projects related to your client coverage, then you will get some interesting experience. If it is not your cup of tea after a year, then you should have established your reputation has the hardest, badest analyst on the floor and they will expect you to move on because your a straight baller.

Remember, at the end of the day M&A is just a product group. Its not the end-all-be-all. If you cant find ways to work hard in Corporate Banking or in any Group then your not gonna be much better off in the long run where being productive and busy are intrisic skill-set to identify opportunities in unorganized/dynamic environments.

At this point in time, you should network and make sure to meet your internal M&A teams as well as other banks on the street. With that said, its going to be a bit rough right now as most 1st years are about to start. My suggestion is to start a dialogue with an M&A MD and figure out if there is an opportunity to transfer over if it is unbearable. (this has happened so its not out of the ordinary).

Again, don't worry about the other analysts. Worry about yourself and how you are going to be a rockstar. As much of a team business this is, its still about you at the end of the day.

Jul 8, 2011 - 11:38am

There was times when our team was the only group in weekends at a time. The senior managers are only going to give you credit if your being productive and helpful. Now, if your in on the weekends doing nothing but trying to look good, well no ones is there so there is no one to impress. My suggestion is load yourself with great projects like your working like an IB analyst and make sure your crushing it. Even the shitty Clippers have an all-star in Griffin. The only club he is at on the weekends is the gym.

Also to Kanon's point, an IB analyst is expected to be in on weekends and work insane hours. They wont ever differientate themselves working hard or late because it is expected. You on the other hand can set yourself apart and make a name for yourself far easier than what an IB analyst has to do. Remember most MDs are former M&A bankers that still want to be in the game/industry but have time for their family and kids. They are usually better connected than most bankers because of the wide level of individuals they interface with.

Jul 8, 2011 - 11:58am

STFU and do your job for a year.

There is a massive advantage to being a big fish in a small pond. (Or a strong fish in a pond full of guppies)

You aren't in school anymore. Formal recruiting pathways are not the way to success. Build your skills/experience. You don't know how to do anything yet. In a year, if you're as smart as you think you are, you will be killing it

********************************* “The American father is never seen in London. He passes his life entirely in Wall Street and communicates with his family once a month by means of a telegram in cipher.” - Oscar Wilde
Jul 8, 2011 - 12:45pm

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