Lateraling Guide for Investment Banking

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Sil - Certified Professional
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I recently lateraled from a "no-name" boutique to a top MM and wanted to share some of the knowledge that I gathered and wished people had told me when I went through the process. I also have several friends who also went through this process. Hopefully this will help someone.

My background: I graduated from a non-target with a business degree. I had completed a few boutique IB internships while in school, but failed to close anything during FT recruiting. I ended up at a "no-name" boutique where I worked for as an analyst for a year before lateraling to the MM where I am at now.

Lateraling Overview

Banking is a very small world and the skills gathered at any bank are highly transferable. Because of this, even if you are at a "no-name" boutique, it is very possible to move between banks. After all, you are doing the same work that analysts at GS/MS are, just on a much smaller scale. So, if you graduate and have no MM or BB offer, it is not the end of the world.

Lateral positions tend to pop up all the time, but most will show up towards the end of June/beginning of July after bonuses have been paid out. I highly suggest checking Indeed.com (it is a job posting aggregator) every day for postings and signing up for email notifications. You can narrow it down by city, but I would just search "investment banking analyst", unless you absolutely have to work in one particular city.

The lateraling process is very unstructured. You will still have your typical phone interview followed by a superday, but the process may only take a week, it may take several months, you may be the only one at the superday, etc.

Applying

Your first step should be getting your resume in order. You really need to highlight your deal experience, or if you are not in banking, anything that is transferable. I used WSO's investment banking resume review service for this and highly recommend it. (//www.wallstreetoasis.com/wso-finance-resume-review)

Unlike with SA and FT recruiting job postings, lateral recruiting job postings are not black holes. Most of my interviews actually came from blindly applying online. For the offer that I ended up accepting, I had no contacts at the bank and just applied online. If you networked a lot in undergrad, definitely leverage that network. Not every bank will be looking for analysts, but if your network knows that you are looking, they will keep you in mind should anything pop up.

Another thing that I really found worked well was to apply to a position and then shoot out two to three emails to associates and senior bankers in that group the day after I applied asked to learn more about group culture. Some may say this is too aggressive, and I can respect that, but when many banks post a job, they need it filled ASAP, so it really separates you if you take the time to reach out. Make sure to prepare for the calls, though, because they are always interviews.

The Interview

I honestly found that lateral interviews were much easier than FT interviews and probably on par with SA interviews in terms of difficulty. Lateral interviews just seemed less predatory in nature, and it seemed more like banks wanted to learn more about your deal experience, as opposed to drilling you with technical in the hopes of whittling down their resume pile. You still need to be prepared, though. I found that the M&I interview guide and basic modeling course were more than enough. The boutique that I worked at did zero modeling, so I was behind from the get go, but M&I prepared me well.

The first step is the phone interview. Some banks do an initial HR screen that focuses on why you want to join that bank. You should obviously have some reasons why, but make sure to also mention what you can contribute. For example, if you are interviewing for GS FIG and have a lending background, mention how that knowledge can be used at GS FIG. The phone interviews with bankers all varied. I had a few that were highly technical, while others involved nothing more than talking about one of my interests on my resume.

Next up is the superday. These again vary by bank, as I had some that were very technical, while others involved no technical questions at all. At this stage, fit is more important. If you make it to the superday stage, you are qualified enough from a technical standpoint, but the bank still needs to see if you would make a good fit. Just be yourself, but try to be buttoned-up. I cannot believe this still happens, but I have seen everything from kids spitting food out during the superday dinner to kids bashing accounting careers when one the bankers is a CPA.

The most important thing about lateral interviews after fit is deal experience. Know your deals cold. Company revenue and EBITDA, selling price, reason for selling, deal complexities, buyer search process, your role on the deal, etc. are all things that you need to know like the back of your hand.

The Offer

Since the process is so unstructured, the general WSO rule of "if you do not hear back the next day" does not apply. 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. It is definitely nerve-wracking, though.

You will most likely not have the opportunity to select between multiple offers since the process is so unstructured and since banks generally need analysts ASAP. Unless you are lateralling from a top MM or BB, chances are that you will lose a year in the process (e.g. I lateraled in as a first-year, even though I already had worked for a year). This can actually be beneficial if you are looking to get involved more early in PE recruiting.

I hope this is helpful, but I am sure that I am forgetting something, so feel free to ask any questions. Please try avoiding PMing me questions, so that everyone can benefit from them.

Mod Note (Andy) - as the year comes to an end we're reposting the top discussions from 2015, this one ranks #28 and was originally posted 6/21/2015.

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Comments (101)

Jun 11, 2015

thanks for sharing. hope it gets fped.

Jun 11, 2015

just one question
you said you did zero modeling. what was your role in deals then?

Jun 11, 2015
kyc133enydc:

just one question
you said you did zero modeling. what was your role in deals then?

Everything but the modeling, so creating marketing materials (CIMs, teasers), reviewing NDAs with senior bankers, managing prospect tracking lists, interacting with the client to manage the data room, evaluating due diligence requests, etc. Since there was no modeling, I would stay a bit late in the office and just create DCFs and LBOs myself with client data (obviously never taking any of that outside of work). The models were never used, but it gave me some practice.

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Jun 11, 2015

were you involved in any deal origination process? it seems that a lot of the smaller shops have their juniors go out and hunt for deals. What was the deal process at your firm like? (mind if I PM?)

Jun 11, 2015
kyc133enydc:

were you involved in any deal origination process? it seems that a lot of the smaller shops have their juniors go out and hunt for deals. What was the deal process at your firm like? (mind if I PM?)

Feel free to PM, but I cannot share anything that might give me away. Our firm's MDs had very good industry contacts, so we won 99% of our mandates through those. We rarely pitched. I never did any cold calling or anything like that.

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Jun 22, 2015

so.... if you were an analyst and you weren't doing the modeling.... who was?

Jun 22, 2015
jbones:

so.... if you were an analyst and you weren't doing the modeling.... who was?

There really was no modeling going on.

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Jun 11, 2015

What advice would you give for auditors looking to lateral into IB over the summer? Given that firms need analysts ASAP do you think this is the best time to go for those roles? I would assume so, given full time recruiting happens in the fall and bankers are leaving jobs now. Would like to hear your take on the situation, based on what you've seen and your industry knowledge.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers

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Jun 11, 2015
OttoReadmore:

What advice would you give for auditors looking to lateral into IB over the summer? Given that firms need analysts ASAP do you think this is the best time to go for those roles? I would assume so, given full time recruiting happens in the fall and bankers are leaving jobs now. Would like to hear your take on the situation, based on what you've seen and your industry knowledge.

I do not know any auditor who lateraled DIRECTLY into IB, so unfortunately, I cannot give much advice regarding that, but I would suspect that it is very difficult because your skill set is not the same as that of someone in banking.

If you are at one of the Big Four, my suggestion would be to get into your M&A group (if at Deloitte) or into anything related to transactions. I know a guy who went from auditing to transaction services to IB. He said that it is pretty easy to move to transaction services, so take that for what it is.

I hope that helps. Feel free to ask any more questions.

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Jun 12, 2015

I moved from auditing at B4 to MM IB. I came in as a first year. It's possible. I highlighted my ability to interact with clients, work long hours and obviously my accounting skills.

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Jun 12, 2015
Heights:

I moved from auditing at B4 to MM IB. I came in as a first year. It's possible. I highlighted my ability to interact with clients, work long hours and obviously my accounting skills.

+SB

You should start a thread on this. I know that there are many CPAs looking to make the move.

Jun 12, 2015

Can I PM you? Also, you might want to consider starting a thread

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers

Jun 11, 2015

good info, thank you for posting!

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Jun 11, 2015
AndyLouis:

good info, thank you for posting!

Just trying to pass it forward. WSO has provided me with so much info over the years :)

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Jun 11, 2015

Great insight. Was going to comment when you first posted this, but didn't want to log in on my work PC, so just coming back to say thanks.

Jun 11, 2015

How transferable is the skill set in credit risk? My (limited) understanding is that there are many transferable skills. Would you say that's a likely transition?

Jun 11, 2015
FinanceGuy15:

How transferable is the skill set in credit risk? My (limited) understanding is that there are many transferable skills. Would you say that's a likely transition?

My bank's FIG group has plenty of people with similar backgrounds. Unfortunately, that is all I really know.

Jun 11, 2015

Great read. Thank you!

"same day, different shit"

Jun 11, 2015

I'm a rising senior summering at a top BB but in a MO function. How do I lateral to a MM IBD for full time?

Jun 11, 2015
Communist:

I'm a rising senior summering at a top BB but in a MO function. How do I lateral to a MM IBD for full time?

It will be tough because your skillset will not match with those competing for the same spot. Banks want FT employees to have some commitment to banking and know that those employees can handle the hours, which is why having SA experience is so important. Without that, it will be tough making the case come FT recruiting. My advice would be to network heavily now, but to also take a look at boutiques. You might have to start at one and then lateral after six months to a year, like I did.

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Jun 11, 2015

Can i pm you?

Jun 11, 2015
Communist:

Can i pm you?

Sure.

Jun 11, 2015

How is credit research at a big 3 rating agency for breaking into botique or MM IB. How do you spin each company you cover to overcome the "deal" experience.

Jun 11, 2015

@sil

Jun 11, 2015
monkey D:

@sil

Check my reply two posts above this. I wish that I could offer more insight, but my original post was mostly about lateraling from a "no-name" boutique. I just do not have enough knowledge to appropriately help you out.

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Jun 11, 2015

I have been getting a lot PMs and posts here about moving from a non-IB position to IB. Unfortunately, I just do not have that experience, so I can only offer limited suggestions. My advice would be to get into any M&A-related section of your company, whether it is internal M&A, corporate development, FAS, valuation, etc. and then go from there. If your company does not have that, my suggestion would be to reach out to boutiques and possibly spend some time there before lateraling to MM or BB banks.

What you have to understand is that MM and BB banks receive many applicants for lateral positions. Think about it. Say JPM posts a job for their healthcare group. Every BB healthcare banker (except maybe GS or MS) that is looking to move will apply, along with every healthcare banker from top MMs that is looking to move, not to mention that non-healthcare BB and MM bankers will apply if they are looking to move. Then, you still have people from "no-name" boutiques applying. JPM would be hard pressed to justify giving an interview spot over someone from a non-IB or non-transactional role when they have piles of resume from applicants with relevant experience.

I am not saying that it is impossible, but I do not have deeper knowledge, and the knowledge that I do have says that lateraling from a non-IB or non-transactional role to IB is fighting an uphill battle. You may need to "rebrand" yourself with an MBA. I hope that helps at least somewhat.

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Jun 12, 2015

Anyone have thoughts on how attempting to lateral could get you in trouble at your current job, assuming you are at another MM or BB?

As OP mentioned "banking is a very small world". What are the chances of it getting back to your current firm that you are looking to move? Could be horrible for your career if you end up NOT leaving that firm, no?

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Jun 12, 2015
LBOsontheslopes:

Anyone have thoughts on how attempting to lateral could get you in trouble at your current job, assuming you are at another MM or BB?

As OP mentioned "banking is a very small world". What are the chances of it getting back to your current firm that you are looking to move? Could be horrible for your career if you end up NOT leaving that firm, no?

I was worried about this at the beginning, but it will never happen unless you make a complete fool of yourself at another firm. Why would the firm that you are interviewing at try to screw you over? If they did that, word would get out, and they would have a tough time hiring lateral analysts going forward. Plus, letting your current firm know that you are looking to move is highly unethical. When you turn in your two weeks notice, you surely will burn some bridges, but it is not like anyone will have it out for you. Moving between firms is an every day occurrence at all levels in banking. I interviewed over a period of six months, and my firm never found out.

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Jun 12, 2015

How many interviews did you go through / leads did you burn through before you got an offer?

Jun 12, 2015
Steam:

How many interviews did you go through / leads did you burn through before you got an offer?

It took me six months of looking. I probably interviewed at ten different places before I got an offer. I am not the best at interviewing, which I suspect is the reason that it took so long.

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Jun 12, 2015

A lot of BB talk up internal mobility. What if you are trying to lateral from one arm of the bank to another- let's say within or just after a year at the bank. How would you recommend an analyst do this? Should he/she approach his/her manager during a 1 on 1 meeting and ask for their support?

Jun 25, 2015

I looked down the path (1st year at a BB speaking). There is an internal lateral recruiting team at all the banks, start there (contact current HR to get introduced). They mentioned the importance of gaining your group's blessing before starting discussions with other groups, i.e. tell staffer or head of group.

My experience: Other groups i was talking to said it could be done, HR had a problem with the 1st year lateral - said i needed to stick out the two year program (didn't want groups sniping from each other) or lay an offer from another bank on the table.

Although the 'internal mobility' is touted, seems like a very risky political move and could make a lot of people (who determine workload and bonuses) angry. Could be different at other banks

Hope that's helpful

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Jun 26, 2015

So, did you end up switching groups? Or leaving to another Bank?

Jun 26, 2015

Still in process

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Jun 26, 2015

Thanks for the advice!

Jul 23, 2015

.

Jun 12, 2015
valdude:

Thanks a lot for the post. What advice would you have for someone coming in from Business Valuations at an accounting firm?

Practice your modeling skills. I am not a fan of TTS, but BIWS and WSP are pretty good. I am not sure what your group does (it seems like valuation means something different at every firm), but make sure to get any transactional experience possible and be able to speak about it and your role in it. Leverage your undergraduate network.

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Jun 12, 2015

You are the man! Thanks for the information!

Jun 14, 2015

Great post! I just wanted to confirm the timing of your lateral. So you said you interviewed for 6 months, so did you start looking around January and close sometime in June or July? And regarding your emails to the bankers in the groups, did you find them through LinkedIn? I assume the postings specified the group you were applying for.

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Jun 14, 2015
applesandbananas:

Great post! I just wanted to confirm the timing of your lateral. So you said you interviewed for 6 months, so did you start looking around January and close sometime in June or July? And regarding your emails to the bankers in the groups, did you find them through LinkedIn? I assume the postings specified the group you were applying for.

I started looking in December and got an offer in June. Here is an example of what I did:

-GS industrials posts a job
-I apply on Monday and then look up GS industrial bankers on LinkedIn
-On Tuesday, I email two GS industrial VPs and and associate (never an analyst)
-Hopefully they email me back the same day or the next

All jobs that I applied to were group-specific. A few did not mention the group, but they cleared that up during the interview.

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Jun 19, 2015

When you e-mailed employees at the firm you were looking at, did you mention that you had applied to the job posting? Or did you just say that you wanted to learn more about their particular group?

Best Response
Jun 19, 2015
NonTarget15:

When you e-mailed employees at the firm you were looking at, did you mention that you had applied to the job posting? Or did you just say that you wanted to learn more about their particular group?

Below is my template. Please make sure to change it up a bit.

"Hi [banker's name],

I am an analyst at an [industry/product]-focused M&A boutique located in [city]. I recently applied to a position in your [industry/product] group and was wondering if you would have some time to share some insight into group culture. Should only take 10 minutes.

Thanks,

[your name]"

I got a similar template from another guy on WSO. I cannot remember his name, unfortunately. I never attached my resume.

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Jun 19, 2015

Thanks, much appreciated!

Jun 19, 2015
NonTarget15:

Thanks, much appreciated!

Sure thing. Try sending out two to three of these. I tried targeting associates and VPs, but I also had a few MDs respond back.

Jan 22, 2019

@Sil circling back on an old post. You mentioned you recommend reaching out to senior bankers and not analyst. Can you elaborate on your experience here? I plan to start the process and was debating on whether I should reach out to analysts/associates or more senior bankers. Thanks.

Jan 22, 2019

@walterfox, while analysts will be able to give you a better view of the role, associates and up will have more pull for getting your resume pushed. Therefore, I would focus more on reaching out to associates and above.

Jun 15, 2015

Thanks for the guide!

Jun 15, 2015

Great piece. I'm currently at a MM and am wondering if you have any advice for lateraling over to a BB. Did you interview at any BBs ? and if so how would you recommend approaching the networking/interviewing process ? Thanks in advance !

Jun 16, 2015
NYCslick:

Great piece. I'm currently at a MM and am wondering if you have any advice for lateraling over to a BB. Did you interview at any BBs ? and if so how would you recommend approaching the networking/interviewing process ? Thanks in advance !

I interviewed at a few BBs, but wanted this particular MM because it was a better cultural fit for me personally. The only real difference that I noticed were that the BB interviews focused more so on technical knowledge and deal experience, whereas the MM interviews focused more so on fit. I would approach the networking process the same way. I actually had better luck getting guys at BBs to respond.

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Jun 15, 2015

I see a lot of people on this thread commenting about how to make a lateral move to IB from a non-IB role. I recently did this to a top MM bank. If anyone is interested in an AMA or something... I can do that. Idk if I should start my own thread or what... or people could just PM me, I don't care. Just created this throwaway.

Jun 20, 2015

This is a helpful post, thank you. Did you interview at any elite boutiques like Lazard or Evercore? Also, what are some examples of questions you got about your deals (particularly the more difficult questions)?

Jun 21, 2015

Thanks for the post. I am looking to lateral in my first year (starting at a lower MM in July) but I am concerned that firms might view me as someone who is just going to jump ship at the drop of a hat for another job. Did you have any issues with that? How did you respond?

Jun 22, 2015
freecashflow:

This is a helpful post, thank you. Did you interview at any elite boutiques like Lazard or Evercore? Also, what are some examples of questions you got about your deals (particularly the more difficult questions)?

I was in contact with some EBs, but none of them were currently looking. Some deal-related questions included the following (this is not an exhaustive list- my memory is not the best, sorry):
-Why did the seller want to sell?
-How did you create your buyer's universe, how many buyers did you approach, etc.?
-What models did you run, how much were you involved, etc.?
-Product/service pricing questions that only someone who was really involved could know.
-How does the selling multiple compare to the industry? You better know this because if you say that a TMT company sold for 3X revenue, but they usually only sell for 2X (just an arbitrary example), you will get dinged if you cannot explain that.

Expect all of your answers to be responded to by follow up questions. Do not lie because even if you are in FIG and are interviewing with industrials, the banker may have some FIG knowledge (again, just an arbitrary example). I hope that helps.

modelsandbottles69:

Thanks for the post. I am looking to lateral in my first year (starting at a lower MM in July) but I am concerned that firms might view me as someone who is just going to jump ship at the drop of a hat for another job. Did you have any issues with that? How did you respond?

You need to stay at this lower MM for at least six months. If you start trying to lateral within a month or two of joining the firm, interviewers will not take you seriously, even if you are making an obvious "upgrade". I would argue that you might even want to stay a year at the lower MM (just going by what some interviewers and colleagues told me). Your excuse for why you lateral should always include some reason about how you want to move to a larger platform, gain more deal experience, etc. and, if you are lateraling to a non-NY city something about why you want to be there. Many people try getting jobs in non-NY cities as backups, and banks are completely aware of this and dislike it very much. For me, it was easy because my boutique did nothing but M&A, so saying that I wanted to gain experience with non-M&A products made sense. Let me know if you need anything else.

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Jun 25, 2015

Great post, a lot of detail that is very educational.

Sep 10, 2015

Hey, thank you for the awesome post. I have similar background and is trying to make a lateral move. My current firm is extremely small with limited deal flow and modeling. The transactions are small (EBITDA 500K to 1.5MM). Just curious about the deal size of your previous firm. Can I ask how much it would hurt? I have practiced modeling on my own like you so I am comfortable with it.

Jun 28, 2016

Would you recommend waiting the full year (10-12 months?) or trying to find a spot at the 6 month mark before lateraling? @Sil

Jun 28, 2016

@srj62", it really depends on your experience. If you have solid transaction experience (e.g. you closed a transaction), solid modeling experience, and can speak highly to what you have accomplished at your job, you could start at the six month mark. Just be aware that some banks may push back and ask you to reach back out after a year of employment. I started at the eight month mark, so I was somewhere in the middle.

Jun 28, 2016

@Sil so when you received interviews, you were essentially competing against kids coming out of undergrad for a 1st year analyst role correct? doesn't that recruiting cycle start now (June, July, August 2016) for the FT analyst class of 2017? Or does it start around 6 months from now? Speaking mostly about middle markets here.

Thanks.

Jun 28, 2016

No. These roles are usually specifically meant for experienced hires.

Jun 28, 2016
Sil:

No. These roles are usually specifically meant for experienced hires.

How does the process differ for those in post MBA Corp dev role who have closed deal and modelling experience lateraling into an associate role?

Jun 28, 2016
Guest1655:

Sil:No. These roles are usually specifically meant for experienced hires.

How does the process differ for those in post MBA Corp dev role who have closed deal and modelling experience lateraling into an associate role?

Unfortunately, I am not familiar with the associate recruiting process. I wish I could be of more help.

Aug 12, 2016

.

Aug 10, 2016

@BBDreamin, if you took the Series 79 & 63, your employment history at registered firms is public knowledge. If not, I assume the background check firm will simply call. It really isn't something that I'd worry about.

I probably worked 50 hours a week at most at this boutique. Even at my current MM as I'm looking at long-term career options, I regularly take calls. Just excuse yourself for a few minutes and don't bring attention to it. Obviously, don't try to take calls at times where you know you'll be needed.

I only had a limited amount of superdays. I rarely took days off, so I would just take a day or two off for interviews. You might want to keep track of the excuses you use just because it'll sound a bit odd if you have a dentist appointment once a month.

Hopefully that helps. Let me know if you have any more questions.

Aug 11, 2016

Thanks. Pming you with some more qs

Sep 20, 2016

Saw some discussions on switch from auditing to ib. Just curious: in China it is so easy for professionals with accounting/auditing background to get into ib (the ib jobs there usually require accounting/law background, instead of finance). I just intervewed an investment analyst role in Beijing two months ago. The position focuses on cross-border M&A and requires candidates have accounting/auditing background (not requires transactional experience at all). Why is it so different in two countries

Nov 14, 2016

Just saw your comment on the life/work thread. Cool story bruh.
Just curious on what is meant by "Lateral Positions" are these just positions at smaller banks that nobody knows about?

Also, you are the second person I read that mentioned the apply & network strategy. I am trying to implement it right now (not IB). Any tips? Would you say Senior analysts and VP type roles and analysts with2+ years are good targets?

How is my grammar? Drop me a note with any errors you see!

Nov 14, 2016

Lateraling is moving from an analyst role at one bank to an analyst role at another. I moved from a boutique to a MM, but you can obviously move the other way around too.

I would reach out to a senior banker on the team. I had good luck with MDs, which I imagine is because they really want the spot on their team filled.

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Nov 14, 2016

Doing a SA program this summer at a regional boutique (Evercore, Lazard, Moelis), and I want to lateral to NYC in a different industry. I am hesitant to start networking now, because it seems that would be perceived as being very flaky. Unfortunately the connections I have in NYC are in the same bank, so that would be tricky from what I've gathered. Would you be willing to give me some advice on this? Thanks

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Nov 15, 2016

Don't get so caught up with prestige and start over thinking things. Who knows, you might end up loving your SA at your regional boutique. Also, I wouldn't consider those 3 boutiques...

Mar 14, 2017

.

Nov 23, 2016

What do you mean by "business valuation"? That term gets thrown around a lot and can mean anything from IB on a smaller scale to valuing a very specific group of assets.

I would choose whichever role is more transactionally-focused. Whichever role gets you more deals to put on your resume and gives you real and relevant experience on those deals with be the role that makes lateraling the easiest.

Nov 23, 2016

Sil, another question on the direct approach to networking. When you reach out did you mention in the e-mail that you applied or did you casually mention this during the conversation?

My intuition tells me some may ignore the e-mail if I write it and some would be put off if I ask them to share their experiences then mention I applied to their bank. Trying to figure out which way is more tactful.

How is my grammar? Drop me a note with any errors you see!

Nov 23, 2016

I would say something like:

"Hi Mark the MD,

My name is The_Regulator, and I'm currently a first-year analyst at Bob's Boutique Bank. I recently applied to the experienced analyst position that you posted on your careers website and was wondering if you had a few minutes to hop on the phone and give me some insight into your group'ss culture. Thanks for the time- I appreciate it.

Best,

The_Regulator"

    • 1
Nov 26, 2016

Thanks for the post! In an earlier post, you wrote that you started applying at the 8 month mark of your first year. Does that mean around May to start your new job around July? I'm wondering how banks gauge lateral hire needs pre-summer if most analysts leave in June/July.

Apr 28, 2017

@Sil great post. currently undergoing this process myself. did you always include a cover letter when applying to the lateral job postings online? I have developed the bad habit of leaving it out, but am considering beginning to include one in my applications submitted via company job portal.

Jul 25, 2017

Thanks for the post! Great insights. Also wanted to know your opinion on lateraling from equity/debt placement analyst role at a top real estate brokerage to Real Estate IB? Any advice would be appreciated.

Jul 25, 2017

@cafbuzz, sorry for the extremely late reply. Tag me next time so that I see your reply. I started a bit earlier (February) at my job, so October was around when I started reaching out for the lateral process. If you are starting in July or August like most analysts do, start the lateraling process in March or April.

@yessir1, sorry for the late reply. WSO changed its tagging system a while back. You need to include an quotation mark after the username. I never included a cover letter unless the application specifically stated it was required. There is no upside to providing one, but there is plenty downside.

@ChinaBankingMonkey, unfortunately, I have no experience with this, so rather than lead you astray, I will have to politely decline to answer. I would definitely make sure to highlight your transactions that you worked on (if applicable) similar to the WSO private equity resume temple. Good luck!

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Aug 22, 2017

@Sil what is the earliest you've seen someone lateral? If I have a strong reason (I want to be in a different city for personal reasons + deal experience), would lateraling early be looked down on?

Aug 22, 2017
nani2013:

@Sil what is the earliest you've seen someone lateral? If I have a strong reason (I want to be in a different city for personal reasons + deal experience), would lateraling early be looked down on?

I think the absolute earliest would be six months, but you really are going to have better luck waiting a full year.

Dec 1, 2017

Great post! Not sure if still active but I wanted to follow your instructions and ask for the benefit of other users. I'll follow up with a PM as well.

If you are attempting to lateral from a broker-dealer without IBD, (ER,S&T exclusive) I am assuming it would be wise to take advantage of the FINRA sponsor and get Series 79 certified? Especially if it is on the firms dime - but the real question is, how much value does this add?

Dec 1, 2017

Don't think about a plan B until you have to - keep focusing on your superdays and practicing for your interviews and think about a plan B when/if you need one.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers

Dec 1, 2017

I would get a gig at a no-name boutique before moving into a different career path and trying to lateral. Lateraling from boutique is way easier than another industry or department (S&T, AM, etc..)

Not sure if you've targeted these boutiques yet but this should be your next move 100%.

Dec 1, 2017

Appreciate the advice - I've dropped apps and attempted to get in contact with a few firms this week.

Any suggestions on firms to look at?

Dec 1, 2017

Not specifically because the really small ones will hire randomly. I would focus on NYC (much easier to lateral if you are here for obvious reasons) and do a LinkedIn/Google search of investment banks with 50 or less employees.

You can usually find info on their MD's on their website most of the time. Draft up a few cold emails and start shooting them out. If you have good background experience, leveraging your superdays at some of the larger banks could definitely work. But they could also ask why you failed the interview so it could go both ways...

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Dec 1, 2017

Much appreciated advice, man.

Searched for a bit this weekend and came across a few opportunities. We'll see how it turns out.

Dec 1, 2017

No problem and good luck.

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Dec 1, 2017

How did this process end up?

Dec 1, 2017

I wound up accepting a summer analyst offer at a top MM and delaying graduation an extra semester, which in retrospect was probably the best route I could've taken. IB recruitment is absurdly stressful but definitely worth it in the end, man.

Dec 1, 2017

Hey, I'm the same spot as you were. What MM did you end up at?

Dec 1, 2017

Hey man, shoot me a direct message and I'll fill you in on details. Happy to help with recruitment however I can.

Dec 1, 2017

More experienced employees, less hastle, +/- same pay.

Why? Because they can. Employers have all the power at this point.

/endthread

Dec 1, 2017
UFOinsider:

More experienced employees, less hastle, +/- same pay.

Why? Because they can. Employers have all the power at this point.

/endthread

That would be the obvious answer was curious if there was anything else.

Jul 22, 2018

How did you have time to have super days at these different banks while working FT at your bank? Personally, my bank has only a few days off for first year analysts and only a handful of personal/sick days

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