Possibilities of Lateral from Lower MM to Upper MM / EB
Hi all - I am wondering if anyone can share insight on the possibilities of an Analyst lateraling from a Lower MM after 1-2 years to an Upper MM / EB for 1-2 years. How likely is this to occur if one puts strong effort into it? Looking at it from the perspective of gaining bigger deal exposure and increased prestige on resume in hopes of opening up more exit opportunities. Thanks for the replies.
Wondering the same.
When you say LMM do you mean a boutique or something like Suntrust or Raymond James? I've seen people make the lateral from a boutique to the previous two firms as well as get interviews at Blair and Baird. Very low possibility of going from a boutique or LMM to an EB or BB though. You can do LMM to MM to EB (Suntrust -> Jefferies -> EB) but you can't skip a step without major difficulty.
I’ve seen a handful of laterals out of Suntrust and Raymond James to mid tier/Lower BB (Barclays, UBS). Not impossible.
Its definitely doable and gets easier the more experience you get. (e.g. trying to lateral after your first year will typically be harder than after your second). The reason being is that you get an extra year of transactions/experience under your belt, and that is what banks are looking for - "experienced laterals". How many transactions have you done (and how much do you really know what you're doing) when you're only a year into the job?
Even with the above, its not just solely about time/tenure but also tangible experience. If you're coming from a shop that gets you actual live deal flow, then that can expedite your ability to lateral. Generally speaking though, the longer you stay in the game, the easier it gets to lateral. The number of experienced candidates only goes down over time as people leave banking or choose other career paths, so you become a rarer commodity. Just think about how many first-year analysts make it to the 3rd year analysts or even Associates that still want to stay?
Lastly, networking is KEY. There is no structured recruiting process for lateral hires, so its all about reaching out and making sure you know the team and the people. Word of advice as based on your original post: DO NOT TELL THEM YOU WANT TO BE THERE FOR 1-2 YEARS. That would be a non-starter for me if I were interviewing you. If you're looking to lateral at the analyst/Associate level, I expect that you're in banking and my firm in the long haul. Why else would I spend time to recruit/train you just to have you leave after 1-2 years? Whether or not you want to stay that long is a separate discussion but for the purpose of your candidacy/interview, the place you're applying for is the best place in the world and you would get married there if you could.
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