How To Pull Off An Internal Transfer
A lot of people are unhappy in their jobs. In fact, 2.8 million Americans quit their jobs every month.
I’ve written extensively about how you should quit your job, and for many people, that advice is all they need. There is, however, one situation where that advice does not suffice.
Some people are at the perfect company, but in the wrong job.
Walking away from one company and into another is a tricky path to chart, but transferring within the same company can also be like navigating a minefield.
You have to create the right relationships, develop the right skills, and time your move carefully to pull it off without damaging yourself.
To help you through this process, I’ve written this guide. But before we jump into the “how” behind this, let’s get one thing straight:
There Are No Generic Answers To Your Career
The reason I created a system for figuring out what you want and getting it is because you need a fluid approach. Your path to happiness will change constantly.
What doesn’t change is the system you use to chart that path.
This is especially true when it comes to internal transfers. I transferred jobs three times at Goldman Sachs, which was possible because Goldman is fairly flexible when it comes to keeping talent.
The company you work at, on the other hand, might have an entirely different attitude.
So-called experts who say things like, “In all situations, just go up to your manager and tell them you want a transfer,” are the same people who tell everyone to start a dropshipping company that sells fake nails.
They’re frauds.
However, there is a specific process you can follow for figuring out what role you want, creating the relationships and skills required for it, and achieving the role with minimum friction.
It all starts with deciding where you want to go.
How To Decide To Change Roles In 3 Steps
Deciding to quit can be difficult, and making an internal transfer can be just as tricky.
Getting yourself to a place where you’re ready to make this leap requires a three step process:
1. Admit You Are Unhappy
The first step to deciding you need to change roles is admitting you are unhappy. The key to this is asking yourself the right questions:
-Do you spend your mornings fantasizing about not having to work?
-Does it take you an obscene amount of coffee to get going each day?
-Do you ever excitedly tell your friends about your work, or do you try not to think about it?
Those questions are a good start to understanding that you don’t want to be where you are. They don’t, however, tell you where you want to be.
2. Describe A Role That Would Make You Happy
One of the biggest hurdles you’ll have to overcome in getting what you want is your fear of uncertainty.
A lot of people think that because they can’t immediately name their dream job, they aren’t ready to make a move.
Wrong.
Start by describing the qualities of a role that would make you happy. The best part about this is if you followed step one, you’re already halfway there. You know what makes you unhappy, now flip those qualities.
Now you have the profile of a job that makes you happy, you just need a name for it.
3. Discover Where Your Dream Job Exists
A lot of people stumble over this step, but there’s a trick to it that makes things much easier:
Look at the qualities you want in a job, and focus on developing relevant skills. For example, if you like personal interaction, focus on developing as a communicator.
As you research and improve, you’ll develop a greater understanding of what it is about communication you excel at, which will give you a more specific sense of what role you want.
For example, maybe you love advising people. On the other hand, maybe you love debating and collaborating with people. Depending on the case, you’re looking at a different set of ideal jobs.
By focusing on the step right in front of you—developing the skills that match your dream job’s qualities—you gain a greater sense of what makes you happy, and are able to more clearly define and eventually name your dream job.
And once that dream job is named, the question presents itself: Does that job exist at your current company?
How To Transfer Roles—Without Burning Relationships
If your dream role—or a necessary intermediate role—exists at your current company, an internal transfer is probably your best move. That’s assuming you like your company, of course.
Many people find switching roles within a company more stressful than switching companies entirely, and it’s not hard to understand why:
-What if your current boss is offended?
-What if you get a reputation of being uncommitted?
-If you don’t get the transfer, how do you stay where you are now that everyone knows you want out?
-It’s a lot to deal with. However, all of these anxieties rest on one faulty assumption—that the people around you don’t care if you’re happy.
Unless you work in a toxic environment, establishing an honest, compassionate relationship with your boss and colleagues from the beginning will make your transition much easier.
There are a number of ways to do this:
Develop a mentee/mentor relationship with your boss: Obviously, don’t ask your boss for relationship advice, but come to him/her for career advice. They can be a big resource for you, and if they’re invested in your future, they’ll support your transfer.
Develop friendships deeper than work: Talk to your coworkers about more than your numbers. Get lunch occasionally, socialize after work, and generally show personal investment in them. They will return the favor, and support you pursuing your dream.
Perform well in your current role: This can be hard, especially if you’re unhappy, but you need to push yourself to perform in your current role. If you’re under-performing, you look like a slacker jumping ship. You need to earn respect and appreciation.
Once everything is in place, all you have to do is ask.
Sometimes Changing Roles Means Getting Promoted
This advice so far has been geared towards people looking to switch to a different part of their company. The system also works, however, for people looking to climb the ladder.
Sometimes you don’t love your current role, but you would love the one just ahead of you. By developing the right skills for the job, nurturing supportive relationships, and taking powerful actions, you can score a promotion in much the same way as a transfer.
All you need is a system for doing those three things. If you don’t have one of those yet, scroll up.
Excellent post. +1
Good post. I'm lucky to be at a company that actually supports/encourages internal transfers. My manager has recommended working with other sub-departments and networking to figure out where I want to go next. Finding a company that truly seeks to retain its employees helps.
Could anyone share their thoughts regarding how long you should stay in a position at least before trying to internal transfer? Is a year too soon?
Also would be interested to learn what's the appropriate time to stay on the current job, response much appreciated
How can I approach switching to another group (IBD) internally? (Originally Posted: 11/02/2017)
Hi guys,
I'm interested in switching to a different group within my bank (specifically, LevFin). Background: I have been working for a BB in ABL/commercial banking for 1+ years.
How would you guys approach trying to lateral internally within the bank? Do you a) reach straight out to HR explaining your desire to switch? b) Network internally via your work e-mail with people in that group, asking if there's a need/capacity? c) Go the route of asking your manager for his/her support, how do you go about doing that without risking not getting the green light while simultaneously confirming to your boss that you're not 100% committed to your current role? d) ???
Since you're already full-time, just check the job postings internally on the companies website and apply. Reach out to groups that have openings and express your interest and how things you do in your current role can be applicable.
Soggy, thanks for the response. I rarely see ibd analyst job listings (I've seen it once briefly) on the internal job board, so would it be a bad idea to still reach out to somebody in the group to express interest?
bump
hi - thinking about the same thing. so I have been networking with the MD of another team and now on the internal transfer post there is capacity. I don't know how I should bring that up to the MD - should I schedule another network call and ask the question about the role in the end or just ask in email. what do you guys think is a good approach here?
Internal Transfer after few months in analyst program (Originally Posted: 09/23/2014)
Hi i have been in contact with an MD about a position on his team. I am currently working in the BO of a BB and the position is FO in a different line of business. He likes my resume but I've only been with the firm in a new hire 2 year program for 3 months. This position is incredibly attractive because of the work I would be doing.
I dont want to burn any bridges but I really want this position. Has this sort of thing happened before? What is the internal transfer process like? What should I do?
Not sure if your firm uses an internal transfer application system or if this is an informal transfer process. If it's informal and you're only only talking to the MD, keep it on the down low and don't let anybody know until you actually have the offer in hand. First get the offer, decide if you really want to switch now, and then if you take it then break the news.
I worked at one place where internal transfers happened at a decent rate and I've also worked at a place where it was damn near impossible due to the culture.
Forget about what anyone would say if you made the move. Any understanding boss would realize you're young and still trying to figure out what you want to do. Going from BO to FO isn't a chance that happens often, so jump at the chance if you can. It'll help your career out much more in the long run.
It's actually through an internal transfer system but I would need approval from my manager since I haven't been there for at least a year yet. Thank you for your words of advice!
Switching industry groups from IBD to PE (Originally Posted: 02/11/2010)
How likely is it to move from out of an industry group into another industry in the PE move? Specifically, I'm wondering someone is at a top BB, in a particularly archaic industry group (i.e. FIG), are exit options pretty much limited to FIG oriented PE shops?
Deleted.
elan,
I just answered a similar forum on another thread. Basically, it depends. Given the level of specialization within FIG, you will be at a disadvantage to the generalists out there. Those in TMT or Healthcare won't really see much of a disadvantage at all. That said, if you're a smart guy that received good experience, a PE firm is going to take you over a less polished individual who happened to be in an industry that aligned with their investment focus.
But i thought that healthcare was a pretty narrow and specific specialization as well. Is it possible for healthcare analysts to break into non-HC funds or groups?
FIG isn't archaic. Alchemy and dragon hunting are archaic. That said, I know people who have gone from FIG to industrial-oriented firms.
Excuse moi.
Thanks for the input.
yes it is doable. but you do need to understand the other industries as well (meaning studying on your own free time)
Best timing for internal transfer? (Originally Posted: 04/19/2011)
Hi all,
Assuming you want to make an internal move within your bank, I was wondering what would be the best time (during a year) to activate your contacts (let's say the MD) in the target team.
In order words, in which month (give or take) does the MD of a team have a view on his headcount for the following year and decides the type of profile he wants to add to his team?
Any ideas?
VERY CURIOUS AS WELL
anyone?
Transferring to another part of your firm... (Originally Posted: 11/10/2007)
I recently started as a sales analyst on the trading floor at a BB firm. Having no prior finance experience nor internships during undergrad i'm beginning to rethink if i see myself having a future with this role. As amazing the lifestyle can be (7-6 as a senior sales person, no weekends, taking out top PMs and HF managers out to dinner, etc.) i'm beginning to rethink if i actually enjoy the work. I'm much more of a project oriented and general client value added kind of individual over somewhat of a longer time frame than objectives in sales and trading. just as many other firms do, I know my firm allows the opportunity to move to another position at the start of your third year. I just wanted some advice to decide which route would probably be the best. I was thinking about maybe pursuing business school after the two year program and possibly returning to my firm's m&a group if they guaranteed the position (is there such a thing?). or should i try to transfer internally after a couple years? what do you think the likelihood is of trying to transfer from s&t to say m&a? dont get me wrong though, i'm still extremely thankful to have the position and am committed to giving my all for the remainder of my term. any advice would be much appreciated. thanks.
With most firms, you won't be able to transfer from sales to IBD. As always, exceptions apply. You'll never get guaranteed a position in M&A following a sales stint to MBA. No exceptions.
what about M&A to sales? Possible? When should the move be advised in terms of timing
aspiring_consultant, just out of curiosity... what is your justification behind that?
There are firms like Lehman, who want to retain top talent. Thus they will try to accommodate you (or so they claim... not sure how true this is).
Most firms, however, realize the stark differences in skills necessary for each given position. Coming into an interview and stating "I want to work in either IBD or S&T" typically shows a lack of direction and equates a quick ding. I've seen people who interview for IBD get referred to S&T because of a better fit -- however, this is rare; these candidates were exceptionally strong and were obviously better suited for trading. Most candidates would've just gotten dinged.
When they initially hired you for sales, it's because you have the skills for sales. That doesn't mean that you'll automatically be successful in IBD, and it definitely doesn't mean that they'll guarantee you a position in IBD when they have no measure of your performance in the division.
In my experience, IBD is more competitive than sales... jumping from sales to IBD seems like a cheater's way into the industry (and I'm sure that firms realize this).
Don't know where you studied but at my university (HYPS) S&T was much more competitive, most of the econ people wanted it, as did the engineering/science oriented people.
Why don't you look around for sales desks do more structured deals, rather than just flow business.
If you have the skills for M&A it doesn't seem that it would be that unlikely, although it's probably largely firm-dependent. Your best bet is to get to know some VPs/MDs in M & A now, and as you build relationships let them know about your desire to do M & A. I know at my bank it would be possible to switch from sales to M & A, but I don't think it's done very often at all...
starting at a monitor for 18 hrs a day, flipping pitchbooks, turning edits, photocopying, building basic merger models
if you have these impressive high level skills, you may have a shot.
really though if you are smart and can show good reasons why you want to move and why youd be a better fit i think your firm would give you a shot. why youd ever wanna move from s&T to m&A is another story though. if i were you id stick it out and try to move to trading/HF/ get an MBA..good luck
people with M&A experience have far greater exit opps than S&T.
iambateman, you have a good point. i'm assuming the work becomes much more interesting (less bitch work) at the post mba level. thus, it seems logical to get the mba after the two year program ends and have a chance to reasses long term goals then. but if i do decide to go to a HF then it would seem logical to make the jump directly like many other analysts i see do in s&t.
Internal Transfers? (Originally Posted: 03/01/2010)
What is the suggested policy for internal transfers? I just started at a bank today in MO (1.5 years experience, graduated from a top-25), but I saw that they are hiring now for FO Analyst roles.
Should I ask HR about applying? Or should I wait at least 6 months (by then it will be off-cycle, so there will be very few positions available)
BUMP
get ready for some internal politics
No matter - HR said I have to ask my manager first to interview, and that would be a big red flag. (Asking to interview within a week of my start date)
You're an experienced hire. Wait until you're fully trained and an established performer and then wait double that time on top of that, and THEN go for the internal transfer. In technology, that means 9-12 months. Where you are, that may be shorter or longer.
The jobs will still be there. They'll be different, but they'll still be there. You owe a little loyalty to the guy who offered you the job.
I do think that "Inform your manager first" isn't a very smart policy for a firm to have. It seems to make it a lot easier to get a job OUTSIDE the firm than inside the firm. Either way, though, with just one week on the job, you're going to burn down some bridges if you leave.
Internal Transfer - Would appreciate some advice (Originally Posted: 04/09/2013)
Would appreciate some advice - I have grown very tired from my job and am not learning any new marketable skills (starting to feel like an ops guy).
I want to start applying for some things internally - what's the best way to do this? Should I talk to my MD first? I'd obviously rather not mention I'm looking to leave but don't want it to blow up in my face if he somehow finds out I'm looking internally
FYI I work at a BB
what do you do in BB?
it really depends how close you are with your MD. did you ever mention you are not learning new skills during your year end review? if not - it might come as a surprise...
alternatively if you work closely with other teams / geographies - and know they are hiring or like you alot you could try doing that..
Hi, posted in another thread, but might be relevant here. Does any one know about internal transfers in Deloitte Tax? Specifically moving to another office pretty soon after starting. Thanks.
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