I work at GS/MS/JPM , and I am curious about potentially doing a 3rd year switch from a Capital Markets Group to IBD coverage. My firm has good internal mobility, but I am wondering whether you keep your seniority in the new group, or get bumped down. FYI, I am thinking about switching in order to recruit for buyside jobs. Any info on internal transfers is appreciated.
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Also interested. I'm sure you will be demoted though.
You can start as a second year analyst in an IBD group, stay there for a year, work on buy-side recruiting during that year, and then go join that buy-side shop at the end. Even though you lose a year, it's totally worth it. And not that you are not getting paid. So just go do it.
To do this, you'd need to first get good support of your current direct supervisor (because everyone you'll talk to (HRs) or interview with (IBD teams) will come to this person to ask his/her opinion of you at the bank) and then go talk to HR about it to see what opportunities are currently available internally, including international opportunities (like London, Hong Kong, Australia, etc.).
thank you, this is very helpful.
Is internal mobility fairly common in GS/MS/JPM? I've heard stories of MO/ BO analysts being able to make the switch to IBD (or FO in general) after 1.5-2 years. Not sure how true this is.
Internal mobility refers to FO mobility, not MO/BO
I'd say there are material differences between GS/MS/JPM on this matter... JPM is solid on this and I've seen it happen at GS. MS no clue. Just to be sure, if buyside recruiting fails there is a chance you will get booted after year 3 because of a "lack of experience".
BB Internal Transfers (Originally Posted: 04/30/2008)
I was recently approached by a recruiter from a NY BB (GS/MS/CS) about a structured products controller position (definitely not front office). As I am looking to relocate to NY I have been entertaining this job more seriously given the current job market, but I was wondering if anyone had any opinion on how mobile a person in a controllers position would have to a front office job in corporate finance after say a year with demonstrated performance and results in a controllers job. Is this a path anyone has taken? I had been planning to go back to b-school and then try to land a spot as an associate.
Any input would be appreciated.
if your goal is corporate finance, go to b school... with product control, i think you can only transfer to a middle office/ta role.
im almost in the same position as ill be in ny with ms in their controllers division (financial control group). its just an internship but im definitely hoping to get a ft offer out of it. Do you already have your cpa or plan on getting it within the next year? Im still deciding whether ill be going back to bschool, but if thats pretty much the only way I can get something in front office then I guess thats the path. Hopefully ft recruiting for me (target) will go well (try leverage ft offer and experiences?). Nice to know there are other people in the same position
I think the answer to your question depends largely on the bank. Some banks have great mobility, while others do not. I know some kids at my bank that transfered from back office roles to the IB, and while these are few and far between, it is certainly possible.
As noob said however, if you want to end up in CorpFin, b school would be the better option. If the position were for a summer internship, I would say take it and network your ass off over the summer, but since its a full-time position, you will probably have to stay in that role for a couple of years before even getting the opportunity to switch over. If I were you, I would focus on getting into a top b school and then get into banking, especially given the current job market.
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