It’s Time to Leave My Firm (A1)... How Do I Lateral?
All,
Wanted to start off with a thank you. To all of you reading this, you’re part of the reason of how I’ve gotten to where I am today, and I’m blessed for that. Daringly moved from NYC to SF to take on a MM IB position here. I love the job and all – deal flow has been great, but I’ve just had trouble connecting with the team, and that’s a problem that has been overwhelming my mind recently.
So now I’d like to at least consider potentially shopping around at other firms. Any idea on how to go about this? Is it the classic reach out for coffee chats kind of deal? And further, how are lateral interviews? Truthfully most of my job has been more fundamental / PowerPoint work than Excel so I’ll have to passively brush up quickly if that’s the case.
All the best.
It depends on where you want to go. If the team is an issue and you wouldn't mind lateraling to another bank (either in SF or home in NYC), it should be pretty straight forward. Create a new resume with the WSO experienced analyst resume and begin applying. You really don't have to network as hard if you are lateraling and have the relevant experience to get through the gatekeepers. Of course, since you are an A1, and assuming you just joined, you are going to have to wait 5-6 months before you start applying. It looks bad if you are applying only a few months in (makes it seems like there are issues with you that they don't wouldn't want to bring in) and you will be more competent speaking about the deals you are working on.
One thing you should probably ask yourself though before you begin the process is why do you not feel that you are not connecting well with your team? Is it on them or on you? I've seen countless examples of analysts (and even senior people) not working out for a variety of reasons including showing a negative attitude, anti-social behavior, lack of social awareness, or its just banking isn't all that they thought it was. You should contemplate hard on what you can do at your next job to improve your rapport with the new team so that you can start on a good footing.
Awesome response, thanks man. It's kind of a lack of fit with this particular firm -- the culture is great but the team size and dynamics weren't what I thought it would be. I also moved from the east coast to SF to take on this job and the lifestyle changes have been a bit overwhelming so I viewed this as a potential plan B in case I'm still having these thoughts months later.
In terms of process, any advice on how to properly conduct myself while also being professional? I've also heard to wait a few months before scouting, but wanted to make sure I'm not delayed on appearing on radars, which I definitely messed up with for FT recruiting. Will definitely be updating my resume promptly, but should I avoid networking and whatnot altogether given the potential problem you stated?
Definitely don't worry about not being on the radar at the right time. That should definitely be a concern during FT recruiting but for lateraling there are always opportunities that open up and will only be available to candidates with relevant experience (welcome to the select club!). Also, not sure what you mean by properly conducting yourself while also being professional. If you mean work while applying to jobs definitely be discrete and don't let this interfere with your day-to-day while at work.
To answer your last question, I would avoid reaching out to new firms unless they are previous contacts. If someone reached out to me after only working at his/her shop for a few months, unless it was a significant bump job title, I would be wary.
What are the lifestyle changes you are referring to?
Your best best is to reach out to headhunters, as they will be working on filling specific openings. It is more time efficient, as opposed to reaching out to a bschool classmate who might not have purview of what lateral recruiting needs look like outside of his own group (heck, I didn't even have insight into the lateral needs within my own group). Headhunters put me in touch with some EBs when I was in banking, and it was super smooth and easy. Also, it's a bit sketch to lateral too soon unless you are really in a bad situation at your current firm. You should get through the stub year at a minimum but ideally a year, so that you have something to talk about (i.e., "I gave my current bank my best effort but I would still like to leave because of XYZ.").
Let's say you move firms to a BB after a few months of FT in MM IB. Can you go through on-cycle recruiting once you get to the BB, or do you have to be one of hires that comes straight from undergrad?
Google 'Sil Lateral Guide'
Should have everything you need.
Just my 2 cents but forget about moving and grind out a full year at this place and collect a bonus payment. People always look suspiciously on people who leave a job under the 1 year mark. The automatic assumption is that you are jumping before you get pushed. As a first year analyst with no other major work experience you will fall into that bucket. It's different if you have 10 years' experience with a stable track record and made a bad move but this is your first job. Also, how do you know the "fit" will be any better at another bank? What happens if you lateral and end up in a group with an even worse fit? Will you try to move again? I'm a little older (mid 30's) but I don't get this obsession with fit. Just go in there and do your job and learn as much as possible. The IB program is a 2 year program designed to prepare you for a whole host of jobs. All you have to do is grind out 2 measly years of your life and the world opens up to you. Don't waste time jumping around and ruining your reputation.
Yes - great advice here. It doesn't sound like OPs situation is a nightmare. OP - you don't need to be best friends with everyone at work. While it might not be ideal, I'd also recommend staying for a year, especially since deal flow is good. Unless your coworkers are complete dicks and you dread going into work everyday to an insane degree, tough it out for a year.
He is a first year associate not an analyst
Nope, I am a first-year analyst.
Assuming you were in a BB frat in college it shouldn't be too hard. Every pledge class has at least four or five dudes whose parents are partner level at Goldman/Credit Suisse/JPM/BofA. I believe the Lax team tends to place better than most traditional frats at Morgan Stanley but don't quote me on that.
problem with headhunters is that if youre the best candidate and second place is not that far off, they'd opt for the runner-up because it doesn't cost a commission fee to a headhunter
Hey Man,
If you're looking to lateral, PM me as I know a group at a large cap firm in NYC that is looking to hire an experienced analyst/first year associate
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