Lateral hiring timeline at Investment Banks

The lateral Hire timeline for Investment banking

Read the full Lateralling Guide

  • Positions open: usually summer
  • Necessary skills gained: 6 months - 1 year
  • Hiring process: 1 week - several months

Lateraling from a smaller bank to an MM or better can be a good way to advance your career. It's entirely possible considering skills from any one bank is transferable to another. You will usually have the skills to make the switch between 6 months and a year on the job. Most of these positions open up near June or July. The process of making the move after the interview can take anywhere from a week to several months.

From certified user @Sil

The bank may call you as you are heading out of the building, while others may take a month. The bank whose offer I finally accepted took a month from the superday to extend me an offer. So, do not sweat it if you do not hear back right away.

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Comments (33)

Mar 8, 2011

I think a lot would depend on how badly they need to fill the spot

Mar 8, 2011

How do most find out about these laterals?

Mar 8, 2011

To be honest timing was late December early January. I'm in the middle of the lateralling interview process right now and after the resume screens, my first interview was early February. I'm in Tokyo and not the states, but from what I've heard the timelines for hiring is similar for both regions (for candidates planning to start around June). Also I'm assuming you're starting as a 1st year analyst after your successful lateral.

Mar 8, 2011

it definitely depends - i've seen the process finished in a week, and i've seen it drag out for months

Mar 8, 2011

I agree with Dublin...it can vary greatly. The best way to find out about opportunities is through headhunters...most firms (elite boutiques, BBs) go to them when an analyst jumps mid-contract to a HF/PE shop...online drops/HR won't get you anywhere. The only other way is through networking if you know someone in the group where a kid is leaving, you might be able to quickly get an interview.

Re: timing, most laterals happen after six months (so Dec./Jan.) and then again with interviewing in May/June to start as a first year analyst after the successful lateral...that being said, you can also lateral as a second year...you're just signing up for two more years in banking. But your comp should be higher than the first years (minus the bonus you're losing out on in lateraling) since you won't wait until August.

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Mar 8, 2011

Word of mouth is a very powerful thing among analysts.

Mar 8, 2011

thanks dublin and sryforbanking, that makes sense

need to start reaching out to headhunters

Mar 8, 2011

I've seen people move after one year.

Mar 8, 2011

Any laterals under 1 year?

Mar 8, 2011

Shortest I've seen was ~3 months in, but most wait closer to a year simply because that's when spots start opening up

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Mar 8, 2011

There are a ton of good people out there right now. My guess is that it's down to you and 1 or 2 other guys for the position and now it's up to the MDs to make the final selection. Small firms tend to be picky, since they have less margin for error in hiring.

Mar 8, 2011

Yeah, that what I was thinking as well. The whole process just seems silly. I talked to both MDs for probably 45 minutes each so they've already heard my story, resume, golf handicap, etc... I've already given them my sales pitch, but I am certainly willing to do it again.

Thanks

Mar 8, 2011

Could be offering you the job......? Just sayin'

Mar 8, 2011

Could be an offer, maybe they want to probe you on what kind of money you want.

Whatever happens just never let yourself look exasperated. Stay perky and confident but not desperate. Little shops are quirky and disorganized.

Mar 8, 2011

^^

Mar 8, 2011

interesting. any ideas on when to start the process?

Mar 8, 2011

good question, I'm also interested in this

Mar 8, 2011

Im also very interested in knowing this information.

Mar 8, 2011

I would guess after bonuses are given out and people start jumping ship/quitting.

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Mar 8, 2011

Ya probably after bonus firms know they'll have people leaving so they're prepared to hire as well. But since you would be an experience hire you can really apply anytime there's an opening or position posting. Every opportunity counts.

Mar 8, 2011

when is a bonus given out? is it different for each of the BB firms?

Mar 8, 2011

June / July for analysts

Mar 8, 2011

Not saying I can read emotions dude, but if your miserable why does time matter?----I would make the call this week. .... since you said your the only analyst I am assuming your at a boutique shop which is not bad just makes it a bit more difficult. I would basically use the same approach you went with in landing your current role seems as if it worked nicely for you the first time around, if it ain't broke don't fix it.

its one way or the other: hate me or admire.

Mar 8, 2011

I agree, you should start networking immediately if NY is really where you want to transfer to. Use your current contacts in ER/ST to introduce you to IB people who will help you out further.

Did you fly over my helmet?

Mar 8, 2011
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Mar 8, 2011

Float like a butterfly, sting like the bee.