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IBD hiring is pretty much frozen right now and in a market like this, there are a lot of talent out there with banking background we can hire. During Covid a lot of people successfully broke into banking with middle/back office experience because every bank was on a hiring spree as long as someone could do some arithmetic but the vast majority of them turned out to be so bad and left bad taste.
Logical hires for us would probably be people from front office GCM or something like Credit in an ok market. I would suggest getting an MBA from a top school or look broad outside MS when market turns around.
So I work on wealth management side basically as a PM. I know investment banking requires experience but can’t I go for an analyst position where my experience is somewhat there in a banking background (ofc for an associate I can’t be qualified)? Also working internally at MS wouldn’t there be some leeway for me to talk directly with recruiters and get better scopes of what hiring managers look for? Instead of maybe going directly into M&A couldn’t I do something in back office or maybe do equity research to gain some type of valuable insights.
Why not do an MBA? Also the market’s rough rn
Want to try my hand with a lateral switch first since I’m already here and have somewhat a good foundation of required skill sets
I’m not sure which methods of outreach you have tried but here are some suggestions:
1. Find alumni in IB at MS and other IB firms.
2. At MS, if there are employee resource groups, clubs, or organizations that your apart of, reach out to analysts/associates in IB who are in those same organizations. Leverage those organizations.
3. Try to interact/meet with IB analysts at the firm by ascertaining where they spend their time when they are not at their desk. For instance, I was interested in S&T so I wanted to learn more about the role. At my office, each floor has a communal pantry for snacks and drinks. So I began going to the pantry on the same floor as S&T(which is three floors lower than my floor). One day, I sparked a conversation with a trader while I was making myself a coffee. I asked her if we could have a coffee chat later that week to learn more about her background and role, and she was happy to oblige.
This is awesome! Thank you my friend 🙏
Internal moves are not any easier than external. Sometimes harder. This is an incredibly difficult market for IB hiring, even for those of us already in IB. If you really want to do IB I see two realistic options 1) target smaller regional boutiques or 2) business school at a top 10 - 20 program. I would be careful about spending too much time in your current role
Appreciate that my friend will definitely look into both options
3 years and joined WM? Just get an MBA at that point.. Good luck
my point was you said that it’s been your goal for three years but landed in WM. What did you do during that time??? Seems like not much. My advice is either MBA or really push for IB at a mid market firm. Best of luck to you man.
If you want to pursue a front office IB analyst role, I recommend that you also target LMM and MM firms. It will be difficult to lateral at a firm like MS to IB, especially given current market conditions and lack of deal flow. Continue networking within MS, but also network at LMM and MM firms. Hopefully deal activity picks up next year so hiring will increase. But for now, your competing against analysts who were laid off and have banking experience at a time when firms are barely hiring.
If there is no progress in coming months, consider going the MBA route.
Ever try reaching out to people within your own firm or are those the people not responding?
The ones within my firm are not responding
Good luck - IB activity has been down so going to be challenging .
Same here but at another bank. There is somebody that quite recently moved internally to the front office?
Reach out to them in a manner of being chill, ie “if u would give 2 mins of ur time, there are 2 tickets to blah blah for you to make it worth ur while” they wont waist their time on a proper “pls help me out”
Agree with VP1 if an experienced hire or student offered random tickets just to call I’d immediately cringe at the idea of it. That’s stuff dataroom salespeople do
Strategy doing what? Is it internal strat work? Do you get exposure to things like M&A or seen exposure to CDDs or market entry work? I was able to leverage my past strategy consulting exp to get into investment banking. For you if no one is responding to an internal candidate, it might be how you write your emails or come off cuz it’s weird IB people at your bank wouldn’t pick up
Honestly no one is going to really reply- most of the IBDs across the street are on a hiring freeze still and internal or note, most bankers won’t view a strategy role as directly plug and play for any open seats.
At MS, try to figure out who the program coordinators in HR are for IBD and GCM and see if they’ll keep you in mind for a 3rd year rotation. The firm won’t let you lateral early; not in their interest to have all the analysts running around trying to find new jobs (they know everyone thinks they want in the IB)
why dont you move internnally?
That’s What I’m trying to do