- 2nd year analyst here looking to lateral here from BB to another BB
- Main reason is because of low to minimal deal flow at current team
- Would that be a good reason to convey during the interview process or is it frowned upon to discuss your current employer like that?
- Also, any other reasons one can suggest that comes across as positively?
Thanks
| +135 | How to stop feeling like shit for not making it in IB? | 52 | 3h | |
| +100 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 46 | 2h | |
| +66 | Updated LA Banking Scene (2024) | 49 | 4h | |
| +54 | Why Is It Called Investment Banking? | 19 | 15h | |
| +38 | Ranking banks that went under | 19 | 9h | |
| +31 | UBS Actual Buyside Exits 2024 Post-Integration | 9 | 2d | |
| +29 | A strategy for SA applicants late to the game like myself | 13 | 0 sec | |
| +29 | Relevance of A-Levels for U.K. London recruiting | 21 | 4h | |
| +29 | Burnt Out M&A ASO | 14 | 4m | |
| +26 | Series 79 Help / Tips to Pass The First Attempt | 11 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I don't work in IB (so take with a grain of salt if you want) but its probably a good rule of thumb to talk up their shop instead of talking down yours.
Might be better to frame it as you've been keeping up with their recent deal flow, were really impressed, and want to be a part of it.
I actually did this and was in a pretty similar situation. I'd lead with stating something like that you work well w/ you're colleagues, are performing well blah blah blah, but you learn and get the most out your time being an analyst by working on as many live deals as possible (this 100% fact, and no one will dispute this) and that the opportunity to work at their BB would provide better opportunities to do this than at your current shop.
The thing you need to understand about lateral analyst hiring / recruiting at BB's is that each BB knows were they stand vs the other BB real time and knows who got what deal and why they didn't; so if you're coming to them from a BB or specific group that they're beating the shit out of in the league tables they pretty much know your motives already and there's nothing wrong with that based on what I said above. They also are aware that you went through the same basic training and licensing that their current analysts did and you'll pretty much good to start getting staffed up on day one. What you should focus on trying to sell is that you're a good fit for the group, will be easy to work with and that you are performing well at your current group and are just looking to get on more / better deals.
A concern sometimes when hiring a lateral analyst is that they've been performing poorly and no one wants to work with them and they're trying to skip town. A lot VP's are friends / cool w/ other VP's at the other bank and could call each other up and be like "hey, your analyst John Joe is looking to hope over here. We poaching your best guy or taking a problem child off your hands?". If you're on the better part of that, you're good to go, if not, no offer and now your staffer dislikes you even more for trying to go turn coat.
Thanks guys.
Stringer Bell - specifically for when you were doing lateralling, did you happen to have your prospective employer called up your "then current" employer?
In my case, I know I'm a high performer here but have got an anal boss and if he/she knows I have the intention of lateralling, I'm certain I'll get hit by a termination notice so just trying to avoid all causes possible. How did you convey that you were not a problem child during the interview process? Did you have colleagues that backed you up and wrote your recommendations letters?
Thanks all for your inputs.
PM'ed you.
Hey guys – wanted your further inputs on lateralling based on your experiences. Found the MD’s # on the firm’s website, however with no email (am sure I can guess it), however the posting is on the Company’s job board itself.
To get the best out of this opp, should I email/call the MD directly expressing my interest with my CV (both unsolicited)? Or is it best to apply through job board. Have already tried Linkedin for a brief chat with the juniors there but to no avail.
Reasons to lateral... (Originally Posted: 05/04/2010)
I'm currently at a boutique s&t firm (sell side fixed income firm) and although the experience is decent, I really want to get into a mm or bb s&t program. I've got a bunch of reasons but im wondering how to express this while trying to network and any potential interviews. The pay is well below st. The pay is very much a kill what you eat making it extremely difficult to do well for awhile. They are a completely risk averse shop meaning straight market making (i am aware of possible banking legislation and dont need to hear it here) Although not expecting any "legit work" being that im a first year, im getting little formal training and no opportunities to do anything analytical. Being that my main concern is pay (now and in the near future) and I don't feel like this is a great reason to tell people why I want to leave, what other reasons have ppl used why they wana move from a boutique to a bigger shop in the same sector, specifically s&t?
you should structure your reasons so that they convey the lack of skill development, future growth/opportunity and to a certain a lack of prestige and recognition (obviously this last reason would only apply when speaking to bigger firms like Goldman or well known MM shops).
prestige? really? i would focus on the culture of the place, potential skill development, and maybe modified career goals that the new place would help you accomplish (i.e. moving up in a big firm rather than moving across smaller ones)
yeah, i was a little curious about that as well. Although you could probably blend the prestige factor in with the culture. Top prestige usually equal top people...
Now I just have to find a way to lateral...
Your reasoning should be that it was a great opportunity to gain experience early on and your understanding was that the experience would continue to foster professional development. You got alot out of it early on but seem to be doing the same stuff... the position seems kind of stagnant. You generally don't want people to think that this is because you're not valued by the firm, so address that as well. Maybe say that you've addressed this with some of the people you work with and they told you thats just the firm's culture... everyone pays their dues for a handful of years. Then go on to say your friends at other shops are definitely paying their dues (which you dont mind), just as you have been, but they are still gaining a richer experience and you don't want to be at a disadvantage 5 years down the line.
In addition to that is the conservative approach. You want to come off as someone who has their shit together, so its not a valid point to say their investment style is not up your ally, because this is something you should have considered before working there. You can however say that some of the senior team members have left the firm or that there has otherwise been a significant shift in the firm's strategy and the new investing style is just not at all interesting to you.
Its all about coming off well put together and as if everything you've done to this point has been very well thought out. You don't want to say the last one year sucked, you want to say it was amazing, it was phenomenal for me, a fresh college grad. I got amazing experience, I learned everything there was for a fresh college grad to learn to the moon and back. But now I'm not a fresh college grad. I've learned a lot and I want to continue to learn a lot and build onto what I've learned and this position is stalling out, its stagnant and I need to move on if I want to remain interested, engaged and competitive in my career.
You also want to stress that this is something you've raised internally at your firm and have been told that you're very valued by the firm but you have to pay your dues this is how it is going to be for some time. Stress that you don't mind paying your dues, but don't want to do the same exact thing for the next 5 years, stress that your peers are being challenged on a day to day basis and that you want to be challenged as well. Thats important so people don't think you're just impatient, or chasing a name/prestige or just not doing well at the firm so people aren't trusting you with more work so you want to leave to go elsewhere.
Despite all my advice, its important not to bad mouth your firm. Its not a bad firm, its just different. It would work really well for a certain type of person, but you're just not that certain type of person. Also try not to completely make shit up, try to make it at least somewhat founded in reality. The last thing you want to do is tell someone all this stuff about the firm and they happen to know people who work there or have worked there or have done business with them and know for a fact that your full of shit.
n1
Lateral Hiring: Why do you want to move to a larger bank? (Originally Posted: 09/25/2015)
Common question, both for lateral hires, and for those going for SA positions who already worked at small boutiques...."Why do you want to move to a larger bank?"
What is a good answer to this question? (Not the truth, but something that will go over well in interviews).
Exposure to a wider variety of clients if in a general M&A group. If industry targeted (TMT/Energy/Consumer/etc) then the opportunity to work with more complex, international clients.
Deals are have more impact
More variety of deals
Tell them you plan to be a career banker and see more upside potential / leadership opportunities working for a larger bank
If you're lateraling, check out my lateraling guide. When I lateraled from a "no-name" boutique to a top MM, I always went with larger banks being able to offer a more robust training program and exposure to different products and increased transaction complexities. When I interviewed at MMs, I would also point out how MMs had the best of both worlds: the lean deal teams and access to both clients and senior bankers that my boutique had, as well as the robust training program and exposure to different products and increased transaction complexities of a larger bank.
Nisi officia quisquam illo deleniti exercitationem non omnis officiis. Qui a nemo voluptatem laborum nihil qui non. Velit quidem dolore labore adipisci occaecati.
Sed recusandae dolorum aspernatur fugit ut quasi. Facilis accusamus ea dolor similique ut. Molestiae ducimus iusto ipsa consequatur. Veniam delectus sit minima velit et nobis et. Nulla iste sed ab perferendis.
Ipsa dicta dicta et similique saepe quae vitae corporis. Consequatur rem optio non exercitationem reiciendis dicta ut. Est fugit commodi maiores hic velit earum.
Et sit eos omnis earum. Quo velit delectus voluptatem. Aut quo voluptas omnis itaque eos.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...