Navigating a Career Switch in a Tight Labor Market 🧐

There can be nothing more disheartening than going through your investment banking summer analyst process – putting in all the late nights, staying in on weekends, studying technical questions until your brain is fried, ironing your suit one thousand times, and failing to tie that tie over and over again – and then finally securing that offer, only to end up in an industry group that you have absolutely no interest in.

This is something that I unfortunately experienced during my first year as an investment banking analyst, but this does NOT end your journey of getting into your ideal industry.

Below I will outline some actionable paths that you can travel down in order to successfully pivot into an industry that actually interests you:

Switch Groups within Your Bank

This is of course the most ideal path, but please note that this route must be taken VERY carefully;

Instead, complete your first year or summer analyst stint to the best of your ability – summer analysts will often have a chance to switch groups between internship and full-time (although be cautious that the more desirable groups, like top industry groups and M&A, tend to have high intern retention and limited spots for new FT hires). As a first-year analyst, assuming your year-end review goes well, you can then use this as leverage to inquire about switching groups – banks would rather keep their top-performers than have to go search for a new hire.

Need more information on switching groups within banks? Learn More about how our Top Coaches can help you!

Lateral

Did that conversation about switching groups not go as planned? You can lateral to another bank or industry group. Many “experienced analyst” programs are tied to specific industry groups, so if you’re looking to move out of an industry you don’t enjoy—like shifting from MM IB industrials to MM Tech or BB Tech—there are opportunities to make that transition.

Keep in mind that a “two-jump” move, such as switching both your industry and firm (e.g., from MM industrials to BB Tech), tends to be more challenging. A “one-jump” move, like staying within the same industry but switching firms (e.g., MM industrials to BB industrials), is often easier. If you're focused on an industry switch, be prepared for more competition and challenges, but it's definitely achievable.

Just like any type of recruiting, exploring multiple options is key to finding the right group and firm that aligns with your goals.

Want to cast more than one line? Click here to learn more about one of our HBS Coaches and how she did exactly that!

Not all Sub-verticals are Created Equal

OK, so you’re stuck, and can’t switch groups or lateral; this means it’s over, right? Absolutely not! The key here is to leverage your group’s offerings to the best of your ability.

Let’s go over a few examples – if you’re in a Healthcare group but want to transition to TMT PE or Corp Dev, try your best to get on Healthcare IT Staffings, as the revenue models, cash flows, and general business operations will be much more similar to what one would see in a TMT company in comparison to something like a pharmaceutical company. This does not fully substitute for studying your desired industry on the side, but it certainly help!

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