S&T Summer Analyst Lateral to IB FT?

Hey everyone. I'm interning at a mid/low tier BB (Citi/Barclays/CS) in S&T but I'm trying to lateral to IB for full-time. I'm from a top 20 US News semi/non-target. I recruited for both IB and S&T before I secured my offer with my current firm so I'm already familiar with many bankers, banking technicals, etc.

Assuming I can get a return offer, is SA to FT a realistic time to attempt a lateral?

Will it be impossible to lateral "upstream" to top BBs or EBs?

Should I focus on EBs since BBs often have less spots for FT and usually fill them with internal hires anyway?

I know that my best chances are to lateral to IB within my own firm but I'd like to network elsewhere to maximize my chances in case that doesn't work out. Any insight/tips on when and how to approach this SA to FT lateral would be very helpful.

 

hey first lol u at CS. but more importantly, I know someone who did this S&T at DB to IB at Barclays. it is very possible, you just have to pretty much restart the process. so, secure the FT offer this summer and network with as many people as you can at other banks. then once you have the FT offer they will give you a few weeks to accept. you have to have interview lined up and say that you tried out S&T and believe that IB would be a better fit for u

 

Barcap actually (what anonymity could I possibly blow by posting this, anyway?). I'm quite sure CS and Barclays are typically regarded as of the same tier, but maybe Citi exists in its own middle tier with BofA.

Anyway, thank you! That's a helpful data point.

 

Probably unlikely to lateral to the top BBs, there are way too many people with IB FT offers that will get the roles over an external S&T intern. Some of them also have lower return rates so their classes are already full from IB interns, especially with the current situation

Focus on mid/low tier BBs (not Citi with their 100% offers), EBs, and MM. If you're at CS try and get an internal superday there as well.

S&T is always viewed a little skeptically for laterals. You need a good answer for why IB, especially this summer without an in person S&T internship where you could point to things about the job you didn't like

Array
 

Thank you, this is helpful. Do you think I would have better chances lateralling upstream if I stayed within S&T? The idea of a move to IB was to give myself greater exit optionality and frankly a trading desk at a top BB would do that for me as well.

 

I'm on a recruiting team and still have no solid answer to this. It's an unprecedented time and hard to quantify virtual internships, even at BBs.

I said this before but the bigger issue for an S&T intern this summer is it will be more difficult for you to talk about why not S&T and why the sudden switch to IB. If I see an S&T resume, that's my first question. I don't like how rigid the IB/S&T wall is (people recruit as sophomores and might change their decision) but my MD won't hire someone who seems like they found out IB is more prestigious. If you had spent 10 weeks on a trading floor you'd have better reasons for why IB, but work with what you have.

I'm not trying to be negative, this is a doable move if you have good reasoning. Definitely start networking so you have a wide net and can get interviews once your FT offer goes out.

Edit: replied to the wrong person. I can't comment in detail on S&T but yes, I think mid to top S&T is common.

Array
 

I'd like to follow up and get your take on this. You're saying that the top BBs would prefer to fill their spots with IB summer analysts - I agree. But, does this same rigidity apply to this year's uniuqe circumstances in which IB SAs will mostly all have virtual internships and thus no real deal experience anyway? I'd argue that this year might be the best year for a move like this.

 

You won't face the battle of lateralling up market but you'll still have a hard time at other top BBs since spots will probably, as others in the thread have noted, be filled by IB SAs or internal hires. I'd focus your efforts on your own top BB.

You might have better success at EBs though (again, won't be moving up market).

 
Most Helpful

I made such a move from S&T SA to FT IBD (BB). Another person who I know did this (not recently) had to sneak out to another bank’s FT IBD Super Day while their internship was still going on - and that was only possible because of the person’s extensive past preparation and networking for IBD at that firm. I do not wish to specify if my move was internal or external. Also, I was only an S&T intern for one summer so my knowledge is limited based on that + these are my personal opinions only. This is a long post & I apologize if some of it echos things that were previously said here.

First, the intuitive stuff: Aside from being proactive with your networking, you need to very clearly be able to articulate why you want to switch both when you network and once you land the interview(s). You need to emphasize relevant-to-IBD experiences you gained from the S&T internship on your resume as well so that people decide you’re actually worth speaking to. For an internal move, you really need to be a top performer, and that’s still not guaranteed even if you are. You also don’t want your team or HR knowing that you’re trying to move until you’re holding the S&T return offer in hand, but your approach regarding that is entirely dependent on your firm’s internal mobility culture. (Also, S&T return offers at many firms are more competitive to get than IBD ones). Since I’d previously recruited for both S&T and IBD SA at different banks, I had contacts / interview preparation experience related to both areas. Given that you’ll be interviewing against people with earned IBD return offers after their SA stints for the few FT IBD openings at top firms, your technicals really need to be extremely solid to compete with this population + to compensate for your lack of SA IBD experience that they got to have. If you know coming into the summer that you already want out of S&T and into IBD, network accordingly as early as possible.

Now, the specific advice: If you want to move to IBD from S&T, I’d suggest that you pay close attention to your optimizing your potential desk placement. Try to end up on a desk where you're utilizing Accounting/Corporate Finance knowledge and/or Excel extensively - that way you can talk about those skills you developed during the summer on your resume & in FT IBD interviews. If you have the chance to preference any desks for the S&T internship, you should try to rotate on a Solutions and/or Credit desk.

For Solutions desks (ex: Corporate Interest Rates Sales, Corporate FX Sales, Corporate Equity Derivatives, etc.), your clients are companies and the Salespeople / Structuring team are helping them to manage (“hedge”) various types of risk. Your day-to-day experience on this type of desk can involve things like Accounting, Financial Statement Analysis, Excel, PowerPoint, market research, statistical modeling, and memo-writing - these are all things that IBD Analysts might do. You need to take initiative to practice the skills you most wish to develop out of the aforementioned because you can sometimes get away with mostly doing soft stuff as an intern on this type of desk UNLESS you show your team that you can take initiative and pick up things fast (they’ll then trust you with more technical / challenging work assignments that are more closely applicable to IBD Analyst-type work).

For Credit, particularly High Yield/Distressed, you’ll be working on a lot of financial models. Credit Sales and Credit Trading interns at my firm were expected to regularly pitch trade ideas based on different approaches (For HY/Distressed especially, this was usually a Relative Value approach). Building Credit models based off of Relative Value approach involves spreading debt comps, analyzing covenants / financial statements, etc. - this type of work is all directly applicable to Coverage and/or debt-focused groups in IBD, and it’s great Excel/Corporate Finance/Accounting practice. FICC desks as a whole (Fixed Income, Currencies, and Commodities) were very competitive to be placed on at my firm due to its primary focus/strength in those areas. IG Corporate Credit of a very high grade trades more Macro, but pitching based on Relative Value can still be valid (esp. if the name is on the lower end of IG). Rates is very Macro.

If you can’t get on a Solutions and/or Credit desk, you can pitch almost any S&T experience as relevant to FT IBD recruiting depending on the projects you choose to do (or were assigned) during the summer. For Equities, Fundamental Analysis could be portrayed as relevant experience for IBD. (Fundamental Analysis can also be applied to Fixed Income). You also follow specific companies / sectors when on an Equities desk. Moreover, if you can get onto a desk that originates some type of security (like a Capital Markets-type rotation, example: Money Market Origination or Securitized Products Origination), that experience of working on live transactions could also be emphasized as highly relevant experience when attempting to make the transition into Investment Banking. Lastly, if you demonstrate superior quantitative skills by working on an especially challenging desk & doing very well (Ex: Equity Derivatives Exotics Trading, ABS Trading, FX Options Trading/Structuring, Fixed Income Structuring, etc.), IBankers would definitely have respect for someone like that (ultimately IBD stuff like Valuation is extremely learnable vs. the most complex products on the trading floor), but if you’re extremely talented in that way, maybe you should just stay in Markets & enjoy being a rainmaker there.

 

This is great. I really appreciate this. Couple of questions.

I was under the impression that an internal move would be fairly probable (have talked to alum in IB) given I get a return offer, am a standout performer, and have senior bankers from my current group willing to put in good word. Is your pessimism about specifically moving from S&T to IB or is there more to it? Do other internal groups have a "higher claim" to IB? (maybe DCM, ECM, for example?)

Can you elaborate more on the networking timeline? Both internally and externally. The issue that comes to mind with the former is I don't want word getting out to my group that I want to move before I've even started my internship, but I don't want to start networking in-firm too late.

 

Appreciate it. How much higher is the technical bar for SA->FT laterals than it is for regular IB SA candidates? I'm familiar with all of the typical technicals and question guides for IB SA recruiting, but I'm thinking the bar might be higher now since other applicants have had a summer on the desk

 

Itaque distinctio amet iure perspiciatis odio quis. Qui praesentium impedit voluptas omnis numquam. Animi totam rerum enim qui. Cupiditate omnis necessitatibus aut ratione dignissimos saepe. Qui excepturi ipsum sapiente quas pariatur qui. Aperiam voluptatum dolor ratione.

In voluptas neque aut iste sapiente dignissimos. Sint ab possimus incidunt dolorem. Incidunt ut et et modi rerum. Fugiat et velit expedita delectus aut quisquam odit sit. Autem consequatur magni at non non ea.

Officia aperiam ut deserunt ipsa. Ea commodi quia ut. Nesciunt et fuga dolorum quisquam cum sed nesciunt. Voluptatem libero quis laborum tenetur maiores enim iste. Distinctio ut repudiandae et rerum. Qui aut vero quasi nulla aut. Ratione mollitia et excepturi sed nobis atque inventore.

Rerum nulla reiciendis impedit occaecati id pariatur non. Iure voluptatum dolor nesciunt autem quam. Consequatur consequuntur ut rem molestiae rerum molestias. Omnis commodi assumenda corrupti. Et sunt architecto et. Vitae voluptatem inventore voluptatem quia quas et quia.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”