Monkeys,
I am at the mid point of my summer internship and very much need advice. We all just had our mid summer reviews and were told it is time to consider applying for mobility among Groups (if you are interested).
I like my Group, I do. However, it is not by and large the "best" on the street and the full timers get crushed.
There is a Group that I am interested in very much that seems to have a better balance (tongue in cheek, it's still a good Group, just less 7 day a weeks until 2ams) and has really good exit opps- much better than mine. I am very interested in PE and they do well there.
The caveat (main one at least) is once you are accepted to interview for mobility - your staffer, mentor, and other people on your team will find out....
I feel that this may be a risk I have to take as if I were to be fortunate enough to get an offer with and join my current Group I would always wonder what if. On the flip side, if my staffer and team finds out they may screw me and not give me an offer at all. As many say one in the hand is worth two in the bush.
I need to decide soon and would appreciate good advice and detailed success stories.
Ps- I am working in a Group that ranks high in the league tables but isn't the best as I mentioned. I am also at a top tier BB that does well, but it isn't GS.
Any color is much appreciated.
Thanks in advance!
Totally understand the fear of moving internally. A few months back I decided to make the move from industry to product and am still in the process. I also had to inform my my superiors and trust me, I was nervous haha. But you'd be surprised - they understand that we're young. We might find interest in a different group, team, or a different business unit all together. Odds are they will be nothing but supportive. This is assuming that you're working with semi-decent human beings
I'm doubt you would, but don't bash on the team or anything like that when they question why you want to make the move. Nothing negative
Awesome thank you for the advice. Yes I am working with a GREAT team this summer but I think a different one will better match my goals long term.
How to Handle Internal Mobility - Help! (Originally Posted: 01/17/2018)
bump... anyone?
In regards to your first question, because this is internal mobility, by the time you get to your final round interview for the role, there is a huge chance if not 100% chance that the IB division will contact your manager to ask about whether you would be fit for the role as well as your performance over the past 1.5 years. Thus, if you are very serious about moving, it is in your best interest to let your manager know of your desire to move.
As a side note, try to find out whether it is common for people to move over to FO divisions from your current division. There most likely is someone who did exactly what you want to do. Try to find him/her in the company directory and get advice from that person.
For your second question, there is no simple and easy way. At the same time, hopefully if you can explain in a very clear way how moving to the desired position will help you grow further as a professional, I don't see why the manager would not want the best for you.
+1
Thinking of switching teams (Originally Posted: 04/11/2016)
Dear All,
I am in a bit of a dilemma. I have been doing TMT banking for about two years now. It's been quite frentic over the last couple of years given the tech bubble. But it's started to cool down a bit. I want a change of pace and a new industry.
I have an option to switch teams: industrials or healthcare.
Pros and cons of each at my bank:
Industrials:
Pros: 1) Really awesome and fun boss. Fun guy with whom I would want to work with. 2) The team gets off at 7:30. 8:00PM max. I got married recently so this might be a good thing. 2) Easy sector to grasp. 3) Have always had a soft spot for industrials. Autos excite me more than does e-comm.
Cons: 1) Deal flow is uncertain. 2) Lack of exit opportunities 3) More M&As than PE deals
Healthcare.
Cons: 1) New team being set up. Hence no guarantee of deals. 2) Deep sector expertise - I might get too specialized. 3) Will potentially be the most junior person in the team. Will have to do the grunt work. 4) New team, potentially low bonuses.
Pros: 1) Supposedly better exits to PE. 2) Apparently the sector has high barriers to entry. Tough sector to learn, but once you do you're golden.
Confused on what to do. Any inputs appreciated.
If you don't mind me asking, how did you get the option to switch? Did you ask your bankers?
Yea. I am at a middle market, and not in the US. I just told my boss that I would like to work with 'conventional' businesses as well, and not just internet businesses that I have worked with so far.
Anyone?
Easy question: just by reading your list of pros/cons, it looks like that you've already made your choice and that Industrials would be the best fit for you (i.e. good fit with the team, better hours, and personal interest for the sector).
I think the same thing. You listed the Pros first for industrials, and Cons first for Healthcare. Seemed to me that you have already made up your mind.
Team moving on (Originally Posted: 04/22/2010)
I start FT this summer, and I just received notice that my team will be moving on in the west coast BB office that I am set to join. I can either switch to the tech group or stay on with my group and move to NYC. The tech group is very well known, but I enjoy the industry my current group covers more. Any advice?
Is the tech group in SF? If so, i would choose that one. IBD is pretty similar no matter what group you are in so I'd go for TMT.
Do you have an aversion to moving to NYC?
Tech group is in SF, and I don't really care about location.
i would go with TMT if you dont care about location. better group, more opportunity.
^^^^ Agree. Go with TMT.
mobility at BB (Originally Posted: 09/24/2010)
Guys,
I've had a lingering question about mobility as an analyst at a BB. I took a summer analyst position with the intention of landing on a trading desk, but I ended up getting an offer on a global distribution sales desk which is under S&T. How feasible is it to move to trading within the 1st 2 years of the program? I've made solid contacts over summer, especially with a lot of traders on various desks. I'd really appreciate any help on this, I have a few days to respond to my offer.
Thanks
No expert, but I think it definitely depends on the bank. Where i interned lots of people moved around from different desks or MO positions. Depends on how much mobility is part of the culture of the firm.
Team mobility (Originally Posted: 03/27/2011)
Hi
BO to FO is tough.
Thanks for your response.. But few profiles that one gets to work in Derivatives Operations (trade review) comes as a part of MO in other i-banks (such as BoA, CS etc...) under their product control division..
They pride themselves on being able to say they keep talent inside, and one primary way of achieving that is moving people around to keep them happy. If you stay past analyst and prove yourself, you'll enjoy a bit of mobility. Depending on how quickly you get promoted, you can find yourself moving around a lot. Read about Gary Cohn online, heard him speak at an info session once and he probably exemplifies that trend better than anyone else I can think of.
Mobility Among "Tiers" of Banks (Originally Posted: 03/01/2012)
How possible is it to move up? Is it even important?
very possible. stay in touch with contacts that you make at other banks. Easier from BB to BB than for example MM to GS/MS.
Depends. Easiest transition would probably be from MM SA to BB FT. After that unless you want to go to B school and go for associate at a BB its gonna be tough at least for IBD.
Which banks promote internal (global) mobility within IB? (Originally Posted: 10/15/2013)
Curious as to which banks promote (or allow, if promote is too strong a word) internal geographic mobility within IB- specifically, which banks make it easiest to go from IB in a non-US office to IB in a US office?
I am also wondering the same question brotha.
Interested!
Can anyone shed light on this? I am curious about both temporary and permanent relocation within the same bank.
Moving between departments at Big 4 (Originally Posted: 10/11/2014)
Question: How difficult is it to move around between departments at a firm like Deloitte? If a person starts in Business Valuation, what would be the probability and process of moving over to Consulting or corporate finance?
Thanks, Ryan
Depends heavily on your prior performance and the people you know. If that's your goal, work hard to do good work in your current job and network. (MUST DO BOTH).
In my experience talking with others at these firms, it seems like you might the hardest time doing this at Deloitte and EY, while an easier time at PwC or KPMG.
Changing departments or IT to FO (Originally Posted: 07/25/2015)
I recently had a good meeting with a higher up in the quant department and my boss (IT). The quant basically told my boss how great things have been going. After the meeting my boss told me that was about as much as you can really do in tech.
I realized I really need to focus on moving to the front office, and it is probably going to be worth taking a substantial pay cut to do it.
I can focus on changing departments. I have been showing interest in the financial side of the business and actually contributed to the financial side of our projects. My concern is that there is no reason to move someone from IT to Quant when you can already use them as a resource. That is why I might have to get an offer to even force their hand. The upside of this is there may not be as much of a pay cut involved but it would also involve a large investment time wise that might not pan out.
My other option would be to try and get a job at a company like Bulger Partners http://www.bulgerpartners.com/careers/ where my experience in technology would still carry some weight.
Any thoughts on how you would go about this transition?
I was looking at Series 79, but that requires a sponsor so that isn't really a possibility. Obviously studying will help with the interview but actual credentials will help get my foot in the door.
What would you think if someone with 5+ years of technology experience applied for a junior banking positions?
Bump - Applying to boutique IB analyst jobs - any advice?
Moving groups: tell current group where going? (Originally Posted: 12/13/2015)
I'm moving groups. New group is in a different industry and location across country (think SF tech -> Chicago Industrials, NYC Sponsors to LA consumer, etc..)
Need to quit this week and really take some time off and refresh before next gig.
Wondering if I should tell my current group where I'm going?
I didn't have terrible relationships, but I didn't particularly "click" with the group and don't really have any "friends" or feel close to my co-workers. I also feel like it's my own business and frankly don't feel like they should know.
How can I tell my VP that I'm out without giving away too much information? I know the industry is small and don't want to burn any bridges or deceive anyone...
+1
Bump
Hey VP, I'm moving to City for personal reasons. With the change, it felt like a good time to try something new and join X group at our firm. Thanks for everything.
How did you go about making the transition? I presume it's the same firm, different groups.
I'm moving to a different firm in a new city...but realize the industry is extremely small. I just don't want anyone at my current group calling my new group and saying things about me (some people may not love me I just don't know or try and stop me...) Looking for a clean break if possible...
Moving to an entirely different firm (boutique ---> to BB or vice versa)
Was thinking maybe saying I'm burned out or moving to a tech startup...but then if they see my name on some email thread in the future it's like uhhh...
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