Bank on Banking

For those considering the transition, the best way to jump into another group is to play it smart and keep it quiet. Obviously if you say nothing, nothing will happen, so by quiet, I don’t mean say nothing, I mean casually mention it to a colleague here and there, depending on which groups you are interested in. By play it smart, I mean don’t tell your group, or anyone in your group, for that matter, that you are planning on a change, until you know the new group both has a spot for you and is interested in you joining their team (if you jump the gun and talk to your team too quickly, you could definitely leave a bad taste in their mouth and if you don’t get the new seat it could make for an uncomfortable few months or more). I know you want to give ample notice to your group, but don’t worry, you won’t start in the new group immediately, and can always help out with a few projects (or show the other analysts what you were working on) from the old group in the new group for a short time to make for a smoother and easier transition (for both groups). So, let’s run through a sample group change (step by step, of course) for anyone considering the move. Let’s say you want to go from Group A to either Group X, Y, or Z.

First, get your contacts together from each of those groups – if you know some senior guys (VP, for example) really well, then you can jump straight to them, otherwise I’d recommend giving a call (not shooting an email as emails are less personal and can easily be ignored or put off for ages) to a junior guy (analyst/associate) in the group that you know to get the ball rolling. Once you get your contact on the phone, ask them if they have a few minutes to talk, and if they do not, then set up a time, at their convenience, to talk about the group (this can be done on the phone or via email).

If you don’t know anyone well in one of the groups that you are considering, use your network. Contact other analysts that you know, and ask them if they know anyone well in group X – then let them know you are thinking of making the move, make sure they know to keep it quiet, and have them email their contact first and let him/her know that you will be reaching out to them regarding their group.

Second, once you’ve decided on a contact, have given him/her a call, and have nailed down a good time to talk, don’t immediately ask for a job, instead, tell them that you are thinking of making a move, and was wondering how they liked Group X (be sure to express an interest in the group), what kind of work they have been seeing, and whether they have heard any rumors of a potential need for junior resources – if so, at that point it is alright to ask whether there are any slots available (considering there are a lot of groups short staffed, but very few groups that have the resources to hire). If not, then just ask them if they would mind keeping an ear open for you, and/or if they think it would be smart of you to email the staffer (as they know the staffer and how receptive he/she will probably be better than you do) regarding any potential opportunities. The other thing you want to be sure to mention to your contact (although it is usually pretty obvious), is that you want this kept quiet and that you haven’t mentioned anything to your group yet. Usually, this is assumed, but it is always better to be safe than sorry, and taking a second to mention the confidential nature of your chat may let the analyst know not to mention your name, but rather to refer to you as a friend, if/when he/she inquires up the chain about potential needs.

Third, now let’s say that of the 3 groups, Group Y is the only one that has a need and has the resources to staff that need (perhaps, for example, one of their analysts has decided to pursue another opportunity, and, as such, they need to replace that analyst). For that group, you will want to follow up with your contact (and the staffer if you’ve reach out to him/her as well), express a continued interest in making the switch and get an interview set up with some of the senior guys on the team to find out if you are a good fit (an interview with the staffer, or even the departing analyst, may be required first).

For the other two groups, when you follow up, you want to let them know that you are still interested, and for them to keep you in mind incase anyone leaves, or a slot opens up (as in they are allocated resources to bring on another analyst or 2). I would recommend following up with those groups (Group X and Z) once or month or so just to catch up, see how their business unit is doing, and see if there have been any whispers and/or need to bring on another analyst – I would reach out to your immediate contact, and then a hiring manager or the like if you got in touch with them the first time you made the pass through. If you have both a hiring manager and a junior contact at Group X, for example, then stagger the emails. It is perfectly acceptable to follow-up once a month or so, but try to stagger the follow-ups so that you may follow with the analyst at the beginning of the month, and the staffer more towards the middle of the month, for example. Also, it is fine to let a month or a few extra weeks slip by from time to time – you don’t want it to be a routine, but you do want them to remember you.

Fourth, for Group Y, if you are a good fit, and they want to bring you on, you will have to break the news to your group – tactfully of course – and then send out a brief farewell email just to let everyone know that you are changing groups, although your contact info will remain the same (just to avoid those frequent emails asking for help from your old group). Be sure to work with both groups to figure out the ideal start date with the new group – a date that should work well for both groups, and not leave either group feel like they are lower than the other. Remember, even if you are leaving the group for personal reasons involving other group members, it is NEVER a personal thing. The reason is always about changing it up, new deals, new opportunities, broadening your skill set, etc. It is for this reason (or, I guess, reasons), that you always want both groups to be happy, even if it is a mixed emotion, about your move – therefore, both groups have to be satisfied with the move, the start date, any responsibilities to get the old group’s staff up to speed, etc. Remember, finance is a small world, so you want to burn as few bridges as possible on your way to the top.

Looking to the other side of the coin, if you don’t fit in all that well with Group Y, or if they just decide to move forward with a different candidate for whatever reason, that’s fine, no harm no foul. Keep your chin up, thank them for the opportunity (remember, no grudges, no burning bridges) and just pursue the other 2 groups.

Finally, regarding those 2 other groups, I would recommend following up once a month, as I said before, with both your immediate contact and the staffers (staggered if you are following up with both). Keep it casual, as I mentioned before, but make sure you get your point across each time. You may think it could be annoying, but it’s not – people are busy, forget things, lose track of schedules and such, and when something opens up you want to know that you are in contact with the person and should be able to get a shot at it. Once a month, give or take, is a good time frame in the sense that if anything opens up, you should have either just sent them an email, are about to, or even halfway through the month, you could still be on their mind (or at least one of them, analyst or staffer – especially if you stagger the emails) and as a result, you definitely increase your chances of getting that interview. Just make sure that they know to keep it fairly quiet as there is no need to alert anyone ahead of something actually happening.

Remember, people will usually be fine with helping, but often have a hard time remembering and going out of their way. By following this, you will make it much easier for everyone to help you, and, at the end of the day, the easier it is to help, the more feedback you will get to your benefit.