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I’ve never seen a first year lateral that quickly. I can only speak from my experience, but almost every first year I’ve seen make a move has done it after their first year has ended. Here are some reasons why I don’t think it normally happens:
• When I was a senior IB analyst, if we had any lateral spots open, they were almost always spots for experienced analysts (2nd or 3rd year). Obliviously, this is a role you can’t fill yet. We just never had a desire to take a first year lateral hire because that class was already packed with interns from the prior year. Also, there are plenty of experienced analysts who want to lateral. Why would we take a first year as opposed to someone who can hit the ground running harder? Especially when you would need on the job training to learn how we do things. 2nd and 3rd year laterals were just easier. They needed less guidance.
• It’s hard to recruit for a new job when you’ve just started a new job. Recruiting requires you to be out of your seat and takes time. Most first years all come in ready to hit the desk hard and work as much as possible. It will be tough for you to conceal you’re interviewing as a first year. When you become a senior analyst and have a rep in the group, managing your whereabouts are much easier and people won’t pay attention or scrutinize them as much. With that being said, people do recruit for PE before they hit the half year mark. Those jobs usually start the following summer though.
• The hiring process most of the time isn’t super-fast for laterals. In other words, if you do receive some offer to move, you would probably have already spent a couple months at your firm. At that point, you might as well stay for the bonus (chances of you finding a lateral 1st year opportunity that will make you whole on a bonus if you leave your current firm is 0.0000000001%)
On another note, the worst thing you can do before you even start at the desk is come in with the mindset you don’t like the job and team. Try your best to check yourself mentally. It’s difficult to put out your best work and attitude with that mindset. I understand you want another role, but until an opportunity presents itself try your best to crush it and be thankful for the role you have. If you end up not doing well in your current job, that will make it more difficult to lateral. I guarantee it. Street is small.
Thanks, this is what I needed to hear!
So...Wells Fargo?
I lateraled just over a year into my start at a boutique to a MM. I tried making the move eight months in, and it was impossible given my lack of experience. If I were you, I would start reaching out to alumni six months in. They will probably tell you that you need more experience, but you will at least get some feelers out there.
Take a look at my lateraling guide too.
Could also be a bank like Macquarie or Nomura.
Wells Fargo isn't global
I've seen a couple guys leave in the middle of the year and right before bonuses (in June), and both got 100% bought out (not saying this is standard), just wanted to say it can happen. Both of their recruiting processes were pretty quick too (less than 3 weeks).
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