A “lateral move” is a term often used in finance and can encompass a variety of career shifts. Typically, it refers to moving from one firm to another within the same industry (for example, from one bank to another) or transitioning from a different industry into investment banking as an experienced professional. For those with non-traditional or non-target backgrounds, it can mean advancing from a boutique or lesser-known firm to a prestigious bulge bracket bank or top middle-market firm.
In this post, we explore the strategic steps one can take to progress from a boutique firm to a top-tier investment bank based on insights from someone who successfully made the transition.
Our story begins with a scenario familiar to many: a non-target school graduate, equipped with a business degree and a few internships, landing a role at a boutique firm. The work is hard, the firm may lack name recognition, but the experience gained there is invaluable. Despite the long hours and high demands, the skills acquired here are as valuable as those learned at any top bank. However, the journey doesn’t end at the boutique -our protagonist maintains a vision for growth, always keeping their “eyes on the prize.”
Banking is a small, interconnected world, and the skills you develop at a boutique are highly transferable. Rather than seeing a boutique start as a setback, consider it a stepping stone. This section demystifies the lateral move process, emphasizing that building your craft and network are essential elements of career progression. Remember, lateral moves require patience and persistence—those who stay the course eventually achieve the rewards they’re working toward.
In finance, timing isn’t just a concept, it’s a critical strategy. Understanding when investment banks seek new talent, often right after bonus season, is key. Be proactive with job boards, set alerts, and craft a story that highlights your deal experience and relentless drive. Networking is also crucial – speak directly with hiring managers whenever possible. Direct engagement enhances your chances of success and strengthens your network, giving you more visibility in the industry.
The anatomy of a winning application involves more than just a resume, it’s about crafting a compelling narrative that reflects your unique journey and expertise. Put effort into tailoring each application to the role you’re targeting, as recruiters quickly distinguish between a generic application and one that’s genuinely customized. Leverage connections, explore professional resume review services, and reach out to insiders for insight into the role. This approach will not only set you apart but also position you as a candidate who’s fully committed to the opportunity.
Investment Banking Analyst – Resume Example [Source: Resume Worded]
Approach lateral interviews with the same rigor as any high-stakes meeting, but with a targeted focus on demonstrating growth and adaptability. Here, articulating your past experiences and showcasing how you’ve developed professionally can be the deciding factor. Emphasize your contributions to past deals (if applicable), the insights you’ve gained, and how you manage challenges in real-time will show you’re ready to hit the ground running.
Lateral interviews often look for candidates with both technical expertise and a strong cultural fit. Demonstrate your potential to add value from day one, and don’t shy away from expressing what drives you professionally. The impression you leave should be one of a mature, adaptable candidate ready to take on new challenges with confidence.
Receiving an offer is a significant milestone and often the result of tireless effort. However, it’s also the start of a new chapter. Managing the waiting period can be nerve-wracking, but maintaining focus is essential. This role, whether or not it’s your ultimate dream position, is a stepping stone toward even greater aspirations. Embrace the experience, stay focused on excellence, and know that with perseverance, even better opportunities lie ahead.
Lateral moves are more than just shifting from one firm to another; they represent strategic career advancement, continuous learning, and a pursuit of excellence. Embrace the process with resilience and wisdom, and you’ll be well on your way to building not just a successful career, but a legendary one.
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