How difficult is to move from a MM to an EB or BB?
This may be a bit of dumb question, but I was curious how difficult is to move from a MM to EB or BB and what the process is like?
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interested in this as well.
How difficult would it be to move from a top MM (WB/Baird/Jefferies) to an EB or a BB but across cities as well (CHI/CLT/HOU to NY)?
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Was at tier 3 bank and moved to EB (cvp/pjt/evr) and had offers from JPM and GS so not that hard as long as you have deal experience you can speak to clearly
Were you a first year analyst at tier 3 bank when you lateraled and then went to do your 2nd year at EB, or were you a 2nd year lateraling to EB to repeat 2nd year? Thanks man.
2nd year lateral, no repeat. (Lateraled around fall 2020). Think they were impressed enough with my modeling skill, will be making Associate this summer if I had chosen to stay
Hi can I PM you to talk about this?
Not hard at all. With the deal experience I've gotten at a Jeff/WB/Baird tier bank plus top bucket, I'm sure that Goldman/MS/PJT/Evercore/etc. would have loved to grab me. Going to MM PE though. The extra pay wouldn't be worth it.
Do you mind if I ask why the decision to move to mm pe vs staying in banking at either your current shop or lateraling. I’m aware that mm pe doesn’t really pay as well as staying as an aso in banking, but obviously it’s not all about the money. Do you have any idea if your hours will be materially better than if you had stayed on and gained seniority. I’m curious as I’m thinking through this situation currently
Yes, the ASOs in my group get killed and hours are almost as bad as analysts
From speaking to the associates at my future PE shop, it looks like 50-60 hr weeks are the norm with 80 during live deals. In banking I've been on live deals since last March and have consistently been hitting 100-120 hours. Even when I was between live deals for a month I was still hitting 80-90 on pitches/bake-offs. Associates in my group are pulling the same hours. So... was pretty a no-brainer.
Comp comparison: Staying as 3rd year analyst: 95k + 95k, Early promote to ASO (hard but possible): 125k + 125k, MM PE: 110k + 110k
I hear it's not terribly difficult. Lateraling, especially if you have good deal experience or are top bucket, should not be a major feat. I've discussed this with several others, including people on WSO.
Keep in touch with your fellow banking peers, as I hear that the process is somewhat informal and occurs on an 'as-needed' basis. Then...
1. Reach out to your friends at other banks to see if there are openings
2. Contact HR at those banks saying that you heard there was an opening via your friend (and ideally their superior or an MD)
3. Ask for an interview
3a. Obviously, do not literally tell HR, "I want an interview for a position at your bank." Instead, say something like, "When does the recruiting timeline occur and when might I hear about interviews happening," or something like that. Ask but don't ask too directly or in a way that might come off as awkward, arrogant, or generally off-putting. This is harder for many to execute that they themselves would like to believe.
4. Get the interview, and make sure you can answer any question they might ask technically. Have a really tight story, as the critical first 5 or so minutes of the interview is going to be the most critical piece determining whether or not you are a fit and in turn whether or not you will get hired.
Do you think the same applies for switching groups? i.e. going from the cap markets to M&A
If it's internally, I have no clue since that is on a bank-by-bank basis. Externally, probably not. You pretty much just go where there's an opening.
At an EB that just hired a lateral in my group, from our process (completely anecdotal) my takes are:
Long story short: analyst attrition is pretty high that if you can show yourself as being able to hit the ground running immediately, you have a great shot at landing in a top bank (maybe more specific to EB/GS where you do execution plus coverage). There's always room for analysts that will stay for a 3rd year and you just need to find the spots that open up. Of course, there's a reason those spots open so be pretty prepared to grind when you do get the job
This was super helpful, thanks for writing this up after midnight.
What typically got the ~20 people interviews in the first place? Was it just 1-2 people spoke with you and flagged your resume? How would you advise someone prospectively looking at lateraling to an EB from another bank? I assume networking is probably required, right?
Again this might not be typical (definitely didn't expect it): the primary screen we did was to talk to anyone with IB experience. They didn't have to network to get the 1st round and from my understanding, the resumes were collected from a mix of referrals, our online job portal and Linkedin. That said, networking is needed to get you over the hump if you didn't hit it out the park in your 1st round and, more importantly, to actually find out about the opening in the first place.
My group's process basically ran for 6 weeks from start to finish so I'd imagine if you didn't look at Linkedin religiously, it would have been easy for you to miss the posting. I also know a different group within our bank that had spots open up and they hired people so quickly that I didn't even see HR send a blast about their job opening. I'd imagine networking played a bigger part in their search than ours
Been trying to lateral to EB/BB for 2 years now... unsuccessfully
Always passed modelling tests and reached final rounds at all places but people from BBs were always picked over me
Just my two cents
What bank is your background (MM/boutique)
? How many interviews have you had? Good luck man, and the end of the days it’s a numbers game.
Tier 2/3 bank (some view it as tier 2, some as tier 3)
I think I will give up if I don't move in the next 2 months; it is a numbers game but at some point you just have to accept it's probably just fate
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Is it easier to lateral to a non-GS/MS/JPM BB since I imaging they'll have less BB/EB people trying to later there? Like BAML/Citi are definitely great firms but I can't imagine people from the three previous BBs or like EVR/LAZ/PJT/CVP trying to move there as much. Am I off with this assumption?
It all depends on how the spots open up esp. at analyst level.
Yeah that figures
Stop overanalyzing it. It's all about a person's reason for moving (can be name, better group, location, mentors left, group is insane / unhappy with team), and whether the person "fits" with the team and has polish, presence, can talk about their deals intelligently, doesn't have sharp elbows, and has technicals or industry experience down for analysts and associates+, respectively.
When you blend all that together, it would never imply that moving to a non-GS/MS/JPM BB bank is easier.
I heard of a JPM Associate that was turned down by a non-GS/MS/JPM BB...it happens.
Thanks. I'm not in the lateral game, but makes sense. Guess WSO prestige hyping certain places skews the old opinion huh. I'm not really talking about their skillset, focused more on reason for moving, especially at the analyst level since I imagine many associates, mainly MBA ones, are in it for the long run.
I moved from a boutique valuation company to MM to BB, left for Corp Dev and came back to BB. Definitely doable
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