Lateral from Baml to Laz/GS/MS/BX

Hi everyone,

Currently a 1st year analyst and absolutely hate my group. I dislike the industry I am in and the people in the group are so self-centered, introverted, and uninteresting. None of the analysts talk and the morale is pretty low. The deal flow is solid but I still would like to be in either a different industry coverage group or even M&A.

I really don't give two shits about PE/HF recruiting. I just want to be able to wake up and go to work in the morning without contemplating quitting. I enjoy the work, but hate the industry/people. I also would consider an associate promotion if given one.

Does anyone know if lateral spots even exist at the banks I mentioned? I've hear analysts at Lazard quit all the time and some of the BB underhire and have lateral openings or people also quit there too. What would the process look like anyway? Would I have to reach out to those banks or are these filled by word-of-mouth? What if my bank finds out?

Anyone who has successfully lateraled please chime in.

Thanks,
J

Comments (8)

 
Best Response
Jul 24, 2013 - 3:13am

Someone in my group (top at one of these listed) lateraled in from one of the big restructuring boutiques after one year. I don't know what his exact process was, but I imagine it had a lot to do with networking. He was a HYP undergrad (good grades, I'm sure) and just leveraged the connections he had to get friends his age to pass his resume around.

That's what counts; the type of entry you're looking to make will be into a role that isn't publicly recruited. MS Media/Comms, GS FIG, or GS CRG doesn't go out and advertise that they need an experienced analyst who is willing to reset the clock and start as a first-year. First-years sitting on the floor, however, know exactly what's going on. They see the guys who leave early for HF jobs, quit, or enter industry ... and the seats they leave behind. That's the opportunity; if someone knows you're looking, they can easily drop a line to the staffer ("Hey, a guy I know from school with great grades over at BAML is looking to move ... he's pretty smart, definitely worth an interview at least.") that gets your resume the look.

From the group's perspective it's a win, because someone they already know and trust recommended you. You can actually move very quickly if a scenario like this goes all the way through. On your part, however, you need to be very prepared. Know your deals backwards and forwards, be prepared to talk about the work you've done, and also be knowledgeable and coherent about why you're looking to make the move. It doesn't have to be the most complex reason ever (don't have too many moving parts), but be articulate and lucid when they ask you why you want to switch. Don't embarrass whoever refers you.

I am permanently behind on PMs, it's not personal.

 
Jul 24, 2013 - 3:28am

APAE:

Someone in my group (top at one of these listed) lateraled in from one of the big restructuring boutiques after one year. I don't know what his exact process was, but I imagine it had a lot to do with networking. He was a HYP undergrad (good grades, I'm sure) and just leveraged the connections he had to get friends his age to pass his resume around.

That's what counts; the type of entry you're looking to make will be into a role that isn't publicly recruited. MS Media/Comms, GS FIG, or GS CRG doesn't go out and advertise that they need an experienced analyst who is willing to reset the clock and start as a first-year. First-years sitting on the floor, however, know exactly what's going on. They see the guys who leave early for HF jobs, quit, or enter industry ... and the seats they leave behind. That's the opportunity; if someone knows you're looking, they can easily drop a line to the staffer ("Hey, a guy I know from school with great grades over at BAML is looking to move ... he's pretty smart, definitely worth an interview at least.") that gets your resume the look.

From the group's perspective it's a win, because someone they already know and trust recommended you. You can actually move very quickly if a scenario like this goes all the way through. On your part, however, you need to be very prepared. Know your deals backwards and forwards, be prepared to talk about the work you've done, and also be knowledgeable and coherent about why you're looking to make the move. It doesn't have to be the most complex reason ever (don't have too many moving parts), but be articulate and lucid when they ask you why you want to switch. Don't embarrass whoever refers you.

lol might as well close thread. APAE pretty much hit this spot on. You still have to network as you would normally except you need a dynamite reason on why you're leaving your current bank. Also, from what I hear, PE firms might question your reasoning and loyalty.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Jul 24, 2013 - 9:20am

The people you work with account for at least half of your job satisfaction. It's amazing how much easier it is to get out of bed in the morning when you enjoy the work you do and you enjoy the people you work with. People are everything.

I was in your shoes at my first firm coming out of undergrad. The work became dull and uninteresting within my first six months of working there. The people I worked with were content with their careers and weren't helpful in my career progression at all. Needless to say, I didn't stick around.

Just go for it.

 
Jul 24, 2013 - 9:40am

Team is really everything in a job. My entire team is at least 12 years older than me with the oldest being 30 years older... it is quite unfortunate as we cannot fully relate BUT they are great people and we all get along great. At the end of the day though, they go home to their kids in the burbs and I go to my closet apt downtown. I'll take your spot though, I work at the same place in MO ;)

Most people have their own story about what they dislike and it's just the reality of it. Luckily there is thousands of companies, keep moving until you're happy.

Edit: Also, if you want to escape a shitty analyst class, I wouldn't go to Lazard... from the ones I've met they are far more self-centered and egotistical.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
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