Bank on Banking

So you’ve crafted a fantastic Resume, nailed the Interview and Survived the Gauntlet. You’ve landed the offer, but suddenly you find yourself placed in a group far from your top choice. Unfortunately, I’ve received this question more times than I’d hope in some shape or form ranging from the possibility (what if I get placed in my bottom group or my bank doesn’t have a Sell Day and I don’t have contacts) to the definite (I got placed in the worst group I could have, help!). Let me first say that there are two possible scenarios and while neither is the end all, one is definitely a better situation than the other (for obvious reasons). One situation is the full time placement and the other is the summer analyst placement.

It’s Only A Summer, Right?

Starting with the second, better scenario first, if you get stuck in a bad group (whether for the future placement, deal flow, hours/balance, team, etc) as a SA you are definitely not screwed here. The big objective in this case is to do your job, do it well and essentially tough it out with a smile on your face for those 2-3 months. Remember the SA position is exactly that, a position for the summer and as long as you stay in everyone’s good graces, you should have a decent enough experience and be able to leverage that into an opportunity with a better group – whether with your SA employer or a different IB.

As a SA, especially if you want to stay at the firm you are currently at, you will need to work hard and land that FT offer. Landing the offer, however, does not usually mean that you HAVE TO stay with your current group – as with most BBs, landing the offer means that you have a FT offer with the bank, not definitely and specifically within your SA group. Yes, if your group likes you and you wanted to stay in your group, you’d definitely have a great shot at that, but for the sake of this article, we will assume that you prefer another group. In order to make this group switch into not just any group, but your group of choice, you should definitely use your time as a SA to not only build experience, but also to build a network or at least network with a few bankers in your top groups of choice. This will definitely help you to land in the group you prefer come the following summer, when you begin your FT analyst career.

It’s Not A Lifetime, But It Can Certainly Feel Like One

Moving past the SA scenario, the other case involves getting place in your less than ideal group as a FT analyst. While in this case you do not have the ability to work a summer and then move on as part of a structured SA program, you are definitely not screwed and doomed to this particular group or industry for all eternity (yes, the exaggeration is completely necessary). In this case you’ve got a few options as to re-branding yourself in a new group/industry, but before I go into those, we need to quickly discuss how to prepare yourself for those options.

Regardless of the group you are placed in, in order to highlight yourself in a proper fashion when preparing to make your move, you need to be a star in that group while you are there. Essentially, treat the group as if it were your top choice by pushing for the big projects, getting more work on your current projects, offering to help out on other assignments, doing additional research and generally showcasing yourself as a team player and strong analyst. Yes, it is often hard to motivate yourself for something your heart isn’t in, but remember, it’s still valuable experience and will you to build your candidacy when making a push, especially if pushing for another group within the bank (good news travels fast, but bad news, as in you’re lazy and useless, will travel faster). Additionally, make sure to meet your whole team – this again follows the being a good team member path – and you definitely want to meet analysts, associates and senior bankers of other groups – use deal team contacts and your analyst class as a means of networking both for immediate opportunities and opportunities going forward.

Once you’ve shown yourself as a strong analyst, you can definitely begin to think about your next move. One way you can always go about re-branding yourself is by pursuing an MBA. While this path will definitely require the most time in your current position (as you probably won’t get into a strong business school until you’ve completed the 2-3 year analyst program), it will also open many doors for you in terms of on-campus recruiting, alumni network, as well as provide you with a fresh start as an associate. Additionally, since you’ve demonstrated your ability as a strong analyst, you should be able to land some strong letters of recommendation and ideally have at least one or two interesting deals to discuss.

Since business school is obviously not everyone, or at least not for everyone at one specific time, you might want an additional option. Along the same lines, 2-3 years in your bottom group choice might very be a nightmare for you, regardless of how well you perform during that time. With that in mind, we move onto the most popular alternative –the opportunity to make the Group Switch. Essentially, making the group switch within your bank will require all of the above preparation and work, with an emphasis on, of course, networking. Remember, moving to a new group within your bank is always easier than getting into a new bank – so use that to your advantage. Once you’ve established some sort of a reputation within your bank, it will be easier and preferable for the new group to satisfy its hiring needs internally, rather than by looking outside to a completely new person. Also, generally speaking your current team won’t have much hard feelings, especially since you can talk to them about it when you know you have an opportunity to move into the new group rather than just springing this on them last minute – you can give them a heads up and put in the time to make a smooth transition for everyone involved, even if it requires a little extra work for a few weeks (it’s better than burning bridges).

Finally, you can make the push to move to a new bank through utilizing your network. Of course the key here will be in maintaining discretion in your networking efforts. You don’t want to shout from the roof tops that you are leaving bank X until you know you’ve got something definite (and even then, a little tact still goes a long way in terms of maintaining good relationships). This avenue is most appealing for someone who likes their group/industry, but doesn’t particularly care for their team’s deal flow, work/life balance or doesn’t really get along with a member(s) of their team. In this case, you would love to stay in your industry, just move elsewhere, where you find a better fit. The reason why I say this option is best is because 1) you want to stay in your industry/group, just move to another employer and 2) other banks will have a much easier time taking on an analyst from another bank if they want to stay in the same group, rather than start completely fresh. For example, I knew an analyst who wanted to make a move to another bank that had a stronger footprint in the M&A space after his first year. That analyst was highly ranked and working in leveraged finance space currently. When this person interviewed with 2 or 3 other potential employers (with a bit of network help), the other employers were interested in bringing him on, but not as an M&A analyst, but rather as a leveraged finance analyst. While it is definitely possible to make a fresh start, it is easier to move within your bank.

While two years can definitely feel like a lifetime in IB, remember that you are only starting your career. As an analyst, you definitely have avenues to make a fresh start in a different group or industry. However, just because you have opportunities to make a switch, it does not mean that you should spit all over your current opportunity and just expect something new to come along. Be smart, be tactful, work hard, and keep your eyes open – you’ll find a new opportunity or, at the end of the day, you might actually decide to stay in what was once your bottom group choice.

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