How early to lateral and how to go about it?

Wanted to start a new topic because banks seem to be desperate for my analysts right now. I'm starting my first year at a firm with not the best PE exits, and my goal is PE, think (DB/UBS/RBC/WF - wide to maintain anonymity). Is 6 months the earliest I can look to lateral? In that case what happens with my bonus? I don't mind adding a 3rd year if it can get me a better PE exit (next year on-cycle), but is 6 months from start date too late for off-cycle?


Next, how do I even go about lateralling? I haven't kept in touch with my network since I recruited for my junior SA back in 2019. I primarily networked with alumni and asked for informational interviews and went from there. But how would I go about asking for calls when I'm already in the industry? I'll be honest, over the summer I had one call with an alumnus who was a VP at an EB, and when I mentioned lateralling he said it shows me being disloyal, why would the EB want me, he has a friend at my bank and word could get out (he said he wouldn't and I got the return so it was obviously rhetorical), etc. So how do I avoid that? I'm assuming saying I'm looking for better PE exits, while transparent, isn't the best given it shows my intention is to leave.

 
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As someone who's lateraled before, I'd recommend doing at least ~9mo or so before you start looking. This allows you to have some deals on your resume, and gives you a better reason on why lateraling (i.e. I've done some deals with the team/firm and know the typical deal size, but I want to work on bigger/more complex transactions). You might also not have to take a year back if you interview well and have some decent deals on your resume. Lastly, you'd probably want to collect your first year bonus and keep your sign-on (most firms make you pay it back if you leave within a year), since wherever you lateral to might not make you 100% whole. 

 

When you lateraled how did you find out about the opportunity? Did you apply online or was it through your network. And if your network, how did you go about looking to lateral without seeming disloyal?

 

I’ve lateraled more than once via referrals, headhunters, and just literally looking for postings on LinkedIn/Indeed and cold emailing bankers.


There’s no such thing as loyalty in banking on a firm/company level; you don’t owe your bank anything, and your bank doesn’t owe you anything. Both parties will always prioritize its own interest. That said, if you lateral ~9mo - 1 yr in, you’ll have a better story of answering “why are you looking to move” (i.e. better deal flow, bigger platform, more interesting deals). 

 

interesting about the VP alum saying you're disloyal. Aren't people generally very supportive tho? Is he a nice guy in general?

 

Only had one conversation with the guy but he seemed like a dick

 

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