Lateral from banking after 1 year?
Hi all,
1st year banking analyst here and interested in making the move this summer. Is this feasible / realistic or is this a super rare move? Only have a handful of alumni at MBB as well, so won't have too many contacts but have a strong resume (good school, good GPA, good deal experience, etc). Thanks.
Laterals from banking aren't common, but I think that's largely from a lack of people trying tbh. I'd shoot your shot and I'd say you have a reasonable chance since it'll be assumed you have some good core modeling skills
If there's a time it's right now, since everybody is short-staffed
Thanks for this. Been trying to dig up information on how to go about the lateral, do you think reaching out to alumni / cold emailing people is best or just contacting a recruiter at the firm?
Alumni or others you may tangentially know is best. TBH reaching out to recruiters doesn't tend to be that helpful, but right now I've heard of a decent number of people getting interviews without referrals or anything
If helpful, I have seen people lateral from one bank to another after a year or so. I think it is common enough to be acceptable. Sometimes people have important, good reasons for switching and do so for those reasons. I may have seen people move from banking to consulting but not so sure. I may have seen people do it after an internship at a bank but again not so sure. Hopefully me providing even just a little bit of info for you here now is helpful even if I am not able to completely answer your question in one go. Good luck.
yes, do it. do it now, actually, you might be able to catch the tail end of the massive experienced hiring wave theyve been doing the past couple of months. banking is seen as positive experience for laterals (the more prestigious the bank, the easier)
you'll have to take a paycut and you won't get tenure credit though fyi
Thank you, this is helpful. I'm at an EB with solid deal experience if that's beneficial. Completely understand the paycut and starting as a 1st year. I would like to finish out my year of banking to get the potential 50k+ bonus, then try to lateral. Do you know the best channels to go through to get an interview?
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