Moving from Trading to IBD (JP/MS/GS)
Hi guys...
So I have just started my analyst role in a trading role at a BB (JP/MS/GS). I was one of the top performers during my internship and one of the few that was awarded a trading role as opposed to sales, salestrader or strat.
However I have started to doubt and I am not happy. I would like to move to M&A in the IBD Group. I have done an M&A internship before at a MM (received an offer) and I have done two private equity internships (strong reviews). So in total I have close to 1 year experience actually in M&A / PE. My long term goal would be to move back to my country and work at a MM PE. I do not have any ambitions to join KKR or any of those firms to be honest, I am too old for those.
I am just very scared to make the move or make any noise that I want to make this move. In fact I already had my doubts during the internship but I did not have the balls to mention it to HR as I was just focused on getting a good trading job.
I am a bit lost, still... and maybe need some courage of how to approach this situation.
Any feedback is highly recommended.
Thanks!
Cliff: just joined a trading desk, want to move to IBD, have experience in M&A and PE already, lack the balls to do it
In your same boat. Only that I don't have any IB internship experience. So you're in a marginally better spot.
In my case, I've started to look outside of my bank for your exact same reason. Don't want to ruffle any feathers as I just started.
Honestly, not even sure i'll be able to make the move at all.
I've spoken to a few people and they all tell me that it's best to just do your time (analyst stint) and then look to move after that, or after MBA. But I refuse to go that route. Would like to make the jump after my first year while I'm still starting out and can just start from scratch. Following this.
Tried to send you a private message. Which people have you spoken to? I have spoken to a former VP who also said it would be wise to look outside the bank.
My initial plan was to just try to get an excellent rating at my first feedback session and then after start moving...
yet it's prob wise to not tell people you're working with within S&T
What are you seeing which makes you want to get out so badly
Never being able to move back home, markets perspective vs being business minded, and the mismatch between my skill set and requirements. Also I am on a desk that has seen decreasing revenue over the past decade.
What kind of desk are you on? Why not stick it out for a couple years and try to go buy-side? I always thought trading would be great, you get about the same pay as banking and the hours are clutch
It's going to work slightly differently at each of the above firms, and I don't think you having experience in PE/M&A (which would be pre junior year internships, generally considered not particularly relevant) will make much of a difference.
Most of the larger firms do allow a 3rd year rotation. For example at MS, a lot of movement happens between GCM, with analysts moving in the 3rd year to the IB coverage groups. Getting into that process is probably your best bet. Usually there is a different HR for S&T vs. IBD, so I think it can't hurt to get in touch with that person early and tell them that you're interested in moving into an IB group during year 3, at least to get on their radar. The process usually happens fairly early on in year 2.
I would probably wait a few months before doing this, since you've literally started your role within the last few weeks (and probably haven't even hit the desk). I would also give your current team a chance. There's going to be nothing worse than spending 2 years wishing you were somewhere else.
You can of course try to lateral now to a different bank's IB team, but I can't imagine you're going to have a huge amount of luck. Even in the case that you're at GS S&T and trying to lateral to a "lower tier" BB, you're going to be a weaker candidate vs. someone in a much less competitive role compared to the S&T role you're in now, i.e. someone at a MM M&A shop, who has clearly displayed that they want to be in M&A and now has some real world experience to show it. You've worked hard and landed a great job, no point throwing that away.
Seems like you are already a top performer which is good for you. 1.) find someone decent to chat with in HR and have a coffee chat with them (not via email) phone I guess because of COVID tell them what you are thinking, how can you make the move 2.) before that though be networking hard with alumni/any connects in the IBD groups you want to join, tell them your position etc... 3.) depending on your relationship with manager/seniors find a mentor or someone on your team who would advocate for you regardless of your decisions or preferences
This is very possible, it is just not easy and takes a lot of work.
If you lack the balls to do it you aren't going to get anywhere. No one is going to fire you as an analyst for having these conversations just keep it hush and don'd advertise it
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