Lateral Interview Guide for Analysts (Elite Boutique/BBs)

Did you go through PE recruiting? If so, it's pretty similar, except you won't usually have a timed modeling test; maybe a case study (write a teaser for a company or build a model in a few days) instead.

Also, the timeline will be similar to that of campus recruiting - first round or two, then super day.

Also interested in this

I may have some insight into this. PM me if interested

interested here as well!

why do you want to move?

Good question!

perhaps. any insight?

Test will your industry expertise, financial acumen, rationale for moving, knowledge about their firm and group, recent deals in the space, etc. They are very tough interviews because the standard is much higher.

thanks man. how much would they expect first year transfers to know?

Questions are much more technical at times, especially if you are making a big jump (i.e. MM to BB). I would say the biggest difference is that instead of knowing what the valuation techniques are and the mechanics of them, people want to know if you understand them in the bigger sense, so they will be asking about how certain things affect valuation, changes in drivers, etc.

Every interview is a dog and pony show, so yes. Success rate depends on who and how many you're going up against, but if you come in well prepared and don't give them a reason to dislike you, that's all you can really do.

bump

Two friends tried moving from MM banks (think Duff & Phelps/Stifel/Piper Jaffray) to Guggenheim and Lazard. They both were asked to go through a modeling test. It could be because smaller shops are anal about it or maybe they wanted to vet candidates coming from lesser prestigious banks. I think since you're doing an internal transfer and they need somebody immediately, your interview process might not be that crazy. Let us know how it goes.

You'll get the basic technicals and walk me through blah blah blah - they'll also ask you the classic how something affects each statement. It'll be similar to your entry level interviews, but a little more obscure. Of course, this varies depending on firm, but you'll also get a lot more fit since they assume you know how to model already.

Also, expect to talk about any major deals you've done, that'll almost always come up.

Thanks dosk,

I am pretty confident in my deals an my technical knowledge. However, I would still like to know what type of questions I should expect as a lateral and how technical the interview would be. Any help with some more specific technical guidance would be great

if you have the time try to look at " Heard On The Street"

funny, i am interviewing for one of those banks as well this week SS. I despise my group as well, same situation.

what do you guys mean when you despise your group? Do you just hate the VP/D/MD or do you have everyone, including other analysts?

I think it depends on the bank, but more than likely they'll ask you some questions pertaining to your resume which given your PE background they'll likely ask you some surface LBO questions (how do you make money on an LBO et). Probably no case study shit because that's not really a big part of banking.

I would also be interested in hearing in this as I also am lateraling from consulting, however my interview is at a top boutique. not to thread hijack, so general analyst lateral interview advice is appreciated!

As stupid as this sounds, bankers don't generally deviate from the norm when interviewing analysts candidates, even if you're a lateral hire. Don't expect to be asked questions that are very different from the ones asked of undergraduates. The key difference will be in the expectations. You'll be expected to communicate better, have a solid understanding of the work, and of course have all the intellectual/personal traits they are looking for. In short, don't waste too much time prepping for a potential elaborate interview process with modeling and extensive case studies. Spend a bit of time brushing up on the technicals and then carry on.

are you doing 1st year lateraling or 2nd year? I am guessing 2nd year..but wanna make sure you don't get downgraded and give the wrong advice

i graduated in 2009 so it's been a bit over a year. i would almost definitely get dinged a year but am fine with that. in consulting i have experience building financial models, but not nearly as complex as an ibd analyst would. i've heard various responses ranging from they will ask you crazy div. recap / lbo modeling with 7 different tranches to basic vault guide stuff

To be honest I'm not sure, but assuming they are going to invest the time to train me, I'd guess it'd be for a 1st year position. If thats not the case, how different would the questions be between first and second year analyst questions?

1st year analyst = basic understanding of technicals, no on site modeling

2nd year - you better know your shit....