I'm actually interviewing right now at a BB for a lateral hire (2nd yr Analyst). A lateral BB recruiter recently told me they can be hiring at any time - just depends on the need of a particular group (although she could have just been feeding me shit - who knows). Would be curious to know what other people think

 

If hypotethically you were to lateral into a new group after 6-9 months, would it really look bad for buyside recruiting? Ive heard both arguments but curious to hear your guys' opinions and input. If one were to switch from lets say a product group to a coverage/LevFin(yes, technically product) after 6-9 months.

I feel like it shows drive/ambition to get to where you want to be.

 

Seen you ask this more than once - as you said, you're going to get both answers. Speak to any mentors you may have, especially if you know any on the buyside - you're going to have to make your own decision because of the ambiguity people offer. Do you like your ECM role or would you prefer to do LevFin? Sounds like you want to move - so move and find a PE shop that doesn't mind you moved.

 
enti98:

If hypotethically you were to lateral into a new group after 6-9 months, would it really look bad for buyside recruiting? Ive heard both arguments but curious to hear your guys' opinions and input. If one were to switch from lets say a product group to a coverage/LevFin(yes, technically product) after 6-9 months.

I feel like it shows drive/ambition to get to where you want to be.

I've seen people lateral to a much better banks and recruit as a 3rd year and do just fine.
 

Most of the i-banks do not stub analysts and will pay you a full first-year bonus next summer. Some banks have been trying to push back the bonuses as a way to stem analyst attrition, although this doesn't work well. On average, 2011 analyst bonuses came out between late-July and mid-August.

If you are looking externally, then the right time to start looking is probably in the beginning of 2013 (when many banks will review headcount) and at the end of summer after bonuses are paid (and a bunch of analysts quit).

If you are considering an internal move, you will have to wait out your two years in capital markets, get a third year offer, and ask to do your third year in coverage.

 
re-ib-ny:
Most of the i-banks do not stub analysts and will pay you a full first-year bonus next summer. Some banks have been trying to push back the bonuses as a way to stem analyst attrition, although this doesn't work well. On average, 2011 analyst bonuses came out between late-July and mid-August.

If you are looking externally, then the right time to start looking is probably in the beginning of 2013 (when many banks will review headcount) and at the end of summer after bonuses are paid (and a bunch of analysts quit).

If you are considering an internal move, you will have to wait out your two years in capital markets, get a third year offer, and ask to do your third year in coverage.

great post. thanks

 
futureceo:

What is the best time for junior level employees to look into lateraling? It's much harder than I imagined - but perhaps with bonus season right around the corner, more positions will open up?

What has been your experience?

If you an IB to IB lateral then ya it soulx be easier when the musicsl chairs game takes place post bonus, but in terms of trying to get in Id say it may actually be harder. IB to IB laterals dont happen as much mid-year because of the bonus hanging over kids'heads. And once bonuses get paid out kids from smaller boutiques and MM banks try moving up the ladder, and some kids at the BBs amd EBs will shuffle around for whatever reason. The competition is stiffer after bonuses.
 

curious as well. I just received an uninvited interview offer for Lev Fin within my bank, but everyone has told me I will burn tons of bridges by pursuing it.

I'm only 2 months into Corporate Banking

Array
 

if you're looking to move within your firm things are obviously going to be trickier because you'll likely need approval from your current group/group head/whatever

if you're moving to a new firm, though, i'd say to wait until you've been in your role 6 months before you start hardcore pursuing other opportunities - makes you seem like you gave it a real chance and didn't just quit right away; also let's you spin the experience in IB interviews to say 'i've gained skills A B and C in my current role' - this is more believable after 6 months than after 2 months.

worked for me

 

Bonus season for analysts at most banks is in the summer, not at the end of each calendar year (as it is for associates and above). As your intuition suggests, most of the laterals I worked with came on in late summer/fall.

 

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