Breaking Into Wall Street – Sample “Story” Template – Lateral Move from Investment Bank

to Other Investment Bank

You can use this template if you are already working at an investment bank and you want to
move laterally to another bank. In case you’re confused, here’s what that means:

 You have been working full-time in investment banking for at least 1-2 years.
 You want to move to another investment bank – something bigger, smaller, or possibly
the same size, and perhaps with a different industry or deal focus.
 You are not planning to go back to school (Master’s program, MBA, etc.) in the near
future, and therefore you must use networking and recruiters to make the move.

This template is different from some of our other walkthroughs because it’s not that big a
move. It is less of a big deal than moving from IB to PE, or from a Big 4 firm to IB.

There aren’t even as many specific objections that you have to address – this template is all
about explaining why you want to join this specific bank and group, and linking those reasons
to your background and work experience so far.

Bad reasons to say that you want to move to a different bank and group:

 Better pay, advancement opportunities, hours, or anything unrelated to the work itself.
 Citing any negatives about your current bank or group – yes, maybe your MD is a serial
killer or you’re involved in a toxic love triangle – but you can’t even hint at any of that in
an interview. Always focus on the positives.

Better reasons to say that you want to move to a different bank and group:

 Different industry focus (e.g. Healthcare rather than Industrials).

 Different deal focus (e.g. M&A rather than Capital Markets).
 Different skill set (e.g. You want to learn the technical side in more depth, or work more
directly with management teams).

The 5 most important points of your “story” are as follows:

 The Beginning: Educational Background + Banking Experience

 “Spark” to Move Laterally: Deal You Worked On
 Growing Interest: Conversations with Bankers at This Firm
 Why You’re Here: Your Background + Working in Other Bank / Group = Success
 The Future: Become an Advisor… for a Different Industry / Deal Type (It’s not a wise
idea to be more open-ended– they assume you like banking if you’re making this move)

You do not want to copy or memorize this template 100% word-for-word – use it as inspiration,
but you need to change it around to match your own background.

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Interviewer: Why don’t you start by walking me through your resume?

Interviewee: Sure. So I went to [School Name] for [Undergraduate / Master’s / MBA], majored
in [Major Name], and joined [Investment Bank Name] as an [Analyst / Associate] after
graduation because they had a [Explain why you joined your current bank and group].

I’ve worked on [Number] deals ranging from [Deal type i.e. buy-side, sell-side M&A, private
placements, equity and debt offerings, LBOs] and I learned all about valuation as well as
[Skills Related to Banking – Teamwork, Analytical, Attention to Detail, Leadership, etc. and
Knowledge Related to the Group you were in – e.g. knowledge of the tech industry], and
learned how deals work in-depth.

I was one of the top rated [Analysts / Associates] this year [If true – otherwise just say
“positive reviews”], and I really enjoyed my time in the group. At the same time, though, I
realized I was more interested in [Getting Exposure to Different Industry / Geography / Deal
Type / Skill Set – e.g. You’ve mostly worked on capital markets deals for huge companies,
but now you want to work more directly with management teams on tech M&A deals, which
is what this firm focuses on].

On one deal in particular, we [Describe – e.g. Selling a company, taking it public, etc. and
maybe touch on any modeling / DD work you did] and I had the opportunity to [Get exposed
to some the type of work you want to do in the future – e.g. Work directly with the executives
and go over financial statements and projections with them and get their input since it was a
smaller deal]. I really enjoyed that, but once the deal was over I had to move onto other projects
at the firm.

But it really piqued my interest in [The Industry / Deal / Geographic Focus of This Bank], and
from speaking with [Name-Drop Individuals at This Bank and Group You’ve Spoken With], I
know that I’d get great opportunities to do that at your firm and contribute to all the deals you
work on and clients that you advise.

I’m here today because I want to combine the skills I’ve gained in my time at [Bank Name] –
modeling, valuation, and due diligence – with what you do in your group and work on
[Specific Deal Type / Deals in Certain Industry or Geography] in the future. I know you’ve
advised on a few recent deals such as [Name-Drop Deals Here, with Brief Description to
Prove That You’ve Done Your Homework], and I’ve followed those with great interest since
they’re exactly what I’m interested in.

In the long-term, I’m most excited about becoming a trusted advisor to companies [In
Industry / Geography, or Advising Companies on Specific Deal Type], and joining your firm
and getting to contribute to deals and client advisory is the best way for me to get there.

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Anything that requires your input is in bold. You can – and should – change around the specific
wording and expand on some of the points within, but always stick to 2-3 minutes max for
your “story.” In fact, shorter is better – 60 seconds is great if you can condense it down to that.

You always want to hit on the 5 key points – The Beginning, Your “Spark,” Your Growing
Interest, Why You’re Here, and the Future – but beyond that, your focus depends on your
background.

A few more notes:

 This template is short! You don’t need to give lengthy explanations when you’re simply
moving to a different bank / group, because no one will question whether or not you can
work 80 hours per week, for example.
 Yes, you always need to make this move about the work itself and what you want to do
in the long-term. You may indeed not like people at your current firm or you may hate
the culture there, but you can’t use those as reasons unless you really can’t find another
angle and you can point to very specific differences here (e.g. people come from more
diverse backgrounds, whereas everyone at your current firm is from the same school).
 Name-dropping recent deals that the firm you’re moving to advised on is a great idea
because it shows you’ve been proactive and know what you’re getting into.
 It is not a wise idea to leave Your Future at the end open-ended – after all, if you were
really interested in becoming an Investor why would you go through all this effort to
move around within banking? Interviews are all about perception.

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