BB to BB lateral (analyst)
Hi all -Currently a 1st year Analyst inNYCat a tier 2BB(BAML/CS/Citi/etc.) wrapping up my first year and thinking about moving toJP/GSin 2022as an analyst.Reasons include leveling up to tier 1 bank, gaining better deal experience/mentorship, better training, and better positioning forPE/ long term career prospects. I also want a fullIBanalyst experience at a tier 1 bank vs. doing a tier 2 experience.Currently, I'm in a top sector group and have good experience/resume (so think the move toJP/GSwould be pretty easy, but wanted to get everyone's thoughts on lateraling from ANL to ANL vs. waiting it out and going straight toPEin 2023?) Also, if I was at a tier 1 bank, I may aim for A2A promote, but wouldn't want the A2A promote at my current tier 2 bank.Goal isPE(2023) so wondering if I should just do 2 full years at current tier 2 bank vs. lateraling into tier 1 bank. Thoughts on lateraling as an analyst vs just going straight toPEas an associate in 2023?Of course I know I would face a 1-year setback potentially, etc.Curious on everyone's thoughts - pros/cons?
Comments (20)
You can move now and be at a tier 1 before on cycle, trust me. Just did. Start networking. Offers are going around like crazy and tons of groups are hiring even analyst 1s
Got it - thank you! Yes, I think I'm going to start networking asap as I've seen open roles come up on LinkedIn. Hope all is well
can you DM me? I'm looking to do the same thing as a first-year
Apologies don't want to come off anon but do ask away on here
i was involved in a handful of processes atBBs, mid and top, most from 2nd degree connections (friend of friend, friend of colleague, etc. but nothing overly warm at all, just a push through the door) and a headhunter for anotherBBcoverage role
None had a structured process, and overall very light on technicals.
a few were for smaller groups so I talked to the handful of MDs they had as well as an associate or two (maybe a technical or two to heat check me, but mostly to give me perspective to the junior level).
I ran a process at a much larger coverage group and had conversations with almost 10 different people aso vp level across the span of a few weeks, then spoke with one of the group heads and got an offer after. A few of these convos had technical components but they were brief and very surface level (mostly about interest in the sector, deal experience, with few cut and dry technicals if any)
none of these felt like formal interviews, never had a "super day". The main focus was why I wanted to move (in my case it was very obvious / understandable which made it 10x easier), followed by deal experience (although not as important as I expected because they understood I only had 5 months experience), and interest in their particular group/firm.
for context these were for mid and top BBs
Sure!
How long did the process take from applying to offer in hand?
Never applied for any, all via networking. From first call to verbal offer it was a week in a few cases versus 2-4 in others but once you get one offer you can "accelerate" others
Agree with the above that you can lateral now and make it for on cycle. However, laterals almost always have a more difficult time recruiting (not all HHs will get your new email, current associates who are alums can't vouch for you,PEfirm doesn't get why you lateraledBBtoBB, and you likely won't get on significant deals worth talking about within the first few months of lateraling).
Weigh your current exits now with your potential exits handicapped a bit. If you're set onPEI'd honestly just stay with your current group, unless your group exits poorly or you don't like your industry coverage. If you want associate you can lateral at any time.
I've heard it's not a big deal
- anyone with friends / connections can get their email to a HH or reach out proactively
- hardly *anyone* has deals worth talking about whenPErecruiting starts (excl delayed covid years, but the next cycle will hit first years after ~6 months on the desk)
- if you have defensible rationale for leaving (switch industry coverage, group got poached) it's not a big deal at all
Very helpful, thank you! Tend to agree HH etc not issue at all. And yes on all your other points. Thanks
Very helpful color, thanks.
Grass is greener mentality. Stick with your group
Thanks for the input.
I refuse to believe someone who is intelligent enough to break into Investment banking actually believes there is a tangible benefit to being an analyst at Goldman vs Citi. There is no way someone thinks this.
Thanks for the reply. Could you share your thoughts on why that is? Thanks again.
Bump
Why don't you go to a goodEB. SimilarPEplacements and pays more
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