Accepting an offer this early? (Not my first choice)
I recently interviewed for an IBD SA stint at an elite boutique in a non-NYC office and was given an offer. However, as much as I would consider working here, it's probably my 10th choice in terms of bank/location if I were to be honest. And on top of that I haven't even started the first-round interview process for GS/MS/JPM/CS and other bulge brackets yet.
They literally hire only 2-3 summer analysts in this office and I can't delay my decision 3-4 months (i.e., when recruiting is finally over) because they purposely interview this early to make sure they're not getting "leftovers" who couldn't get into a bulge bracket.
Should I just reject it? It seems like a waste after all the effort because it's a highly respected EB and I'd then risk not getting in anywhere. But this was my first and only interview so far and I think I have a good chance of getting an offer at a top BB as well, but you never know...
Thanks for any advice or feedback.
Are we talking SF or TX? If you have interests in being a career banker it's never wrong to go with an EB but if you want to live in NYC and try your luck there you've already answered your question.
If you can find yourself living in the area the office is in take the position.
It's one of SF/LA/CHI/HOU, but would rather not be too specific. At this point, I think it's pretty unlikely I'll be a banker long-term. My goal is to have as wide open of a possibility of securing a solid HF gig after banking.
The main issue specific to the offer itself is that this shop focuses on only one industry mainly. Accordingly, I fear itcould cause me to be pigeonholed as a someone who specializes in that industry alone and limit my exit opportunities.
Hmm, the EB name definitely won't hurt you but you have to definitely be happy in the decision that you make. If you move to HOU and don't have interests in energy then that may seriously impact your ability to do quality work which WILL harm you in the long run. People don't understand that location does affect happiness and if you're not content you'll break.
Like others have said, you need to contact HR and hold on to it as long as possible as the last thing you want to do is be stuck without an offer.
At the very least, you have an EB name on your resume and you'll be learning quality finance skills. Be happy my friend.
Accept the offer. You don't know if you'll actually get another (think how crappy you'd feel if you turned this offer down and never got another) and it's still at an EB. Worst case scenario, you hate it and lateral after six months.
Yeah, that's what I'm afraid of.
I know this sounds terrible, but what about accepting the offer and reneging down the line if something better pops up?
I know this is heavily frowned upon, but I literally went from not having even applied to getting an offer in two weeks. I haven't even applied to my full list yet. Being an EB, I was thinking interviews were held in January or February, not October. This office is so small to the point where one person reneging would cut their SA class by 50%.
Do you think contacting HR for my top choices and requesting to expedite the interview process for those firms would work by stating I have another offer available?
I would definitely contact HR and see what they can do. I was in a similar spot last year and I accepted the offer after I couldn't get answers from other banks in time. If it is a consolation, I ended up receiving FT interviews with the banks I sent feelers to during the summer so you should easily be able to lateral if you choose to.
Feel free to PM me if you want more details on the decision making process.
How do you feel about working in this EB's NYC office and how is their policy on changing offices for full-time? From my experience if the firm thinks you are worth keeping they will do their best to accommodate your preferred city for FT. Good luck!
I would try and hold out on this offer as long as possible or at least try to convert it to the office you want. Seems silly to accept a bank and location that you don't necessarily want out of desperation (when nothing indicates that you should be desperate)
.
Well, if you haven't started the application process or gotten a first round for SA 2016 from BBs yet, you're late to the game...Pretty sure they're filled by now. Weren't all of the super days over 2 weeks ago...?
Also about 3 months ago you were complaining about being a non-target senior with zero internship experience, how did you get this offer only 3 months later and now you're looking at GS/JPM/CS/MS as a given?
I would like to learn your ways lol. Is it your unholy connections? This is some serious progress.
Not sure if they are over. I have some super days coming up for BBs.....
I had the exact same question....
What? This is only for one summer - just take the offer, do your 10-12 weeks, kill it, and land a full-time offer in whatever city you want when it comes time for FT recruiting.
This. You'll be working all summer anyway, just take the offer and use it to transfer internally to another city or just do accelerated recruiting. I would never turn down a very strong offer as a student with nothing else in hand.
Agreed. Granted I'm only a few months into FT, but I think you'd be surprised how much names matter and how little the industry you cover does at this point. My internship was covering a different class of securities and a different industry than what I do now, but people were impressed by the place I interned at and the skills I gained there.
Benefits to accepting early? (Originally Posted: 12/15/2014)
Hi everyone,
I recently received a BB summer offer from early recruiting and they are giving me until late February to decide (due to campus recruiting rules). I like the firm, but would like to still do some on campus recruiting; is there a benefit to accepting early?
Thanks!
Beyond peace of mind, it could give you some time to try your luck elsewhere if you're unhappy with the firm you got an offer from. If that's not the case and you're satisfied with where you're going for the summer, there's no downside to finishing the process early. Congrats on your offer, too.
None.
I told my summer intern last year (off the record) that, even if he had no interest in working elsewhere, he should not accept our FT offer immediately as it would indicate he didn't understand the time value of the option and didn't have good business sense. That is, accepting early shows your eagerness outweighs good sense.
Others may not have this view. But they should. Because I am right.
Accepting Offers Early/Waiting until Spring? (Originally Posted: 12/18/2012)
I'm a sophomore and received a summer offer from a bulge bracket, where the terms give until spring to accept. In this situation, is it appropriate/a good idea to wait/shop around a little more? Are there advantages to accepting early/is it very negative to wait too long?
Stopped reading after this- take your offer
Is this a real question?? What else would you be considering? Is it not the position that you want?
I don't know if you're trying to be a dick to show off and shit, but just take it. Do you think you can something better?
Seconded.
It depends. You have a couple options
You can either take this and run like a bandit, happy to get the chance to spend two summers before graduation at the same bank, build a ton of cache and a strong reputation, and enter your analyst program as one of the most highly regarded analysts.
You take this sophomore offer with the intent to go to another bank the following summer, using this role as a differentiator for standard junior year recruiting and a way to really set yourself apart to get that dream offer.
You start being a bit more aggressive with your recruiting process and go out and get that dream offer now.
Depending on the firm your current offer is from, I'd recommend going with the first or last option above. Some further considerations regarding firms: a) If you are at a firm like UBS doing the President's Summer Internship, you may want to look around proactively for a better firm. b) If you're at a "mid-tier" BB firm with a sophomore diversity initiative like Barclays (Generation Next program), JPM, CS (Douglas Paul program), or Citi, it's definitely more hairy a decision to make. c) If you're at a place like MS in their Sophomore Rotational program (and were lucky enough to get one of those ten slots) or GS who occasionally takes sophomores who are simply strong candidates, then it's a clear decision.
If (b) or (c), I'd highly recommend you simply take the offer and be happy. I can't stress enough how important it is for buy-side recruiting that you have strong recommendations. A number of banks (i.e. GS and MS) are starting to crack down on how early people recruit, but there's no getting around the fact that if you're an absolute stud (two ways: you actually are a stud and absolutely crush work, or everyone thinks you're a stud [and you get that reputation by being there two summers and crushing it]), people will pay attention and when headhunters start making calls, you're one of the top candidates that are first off the lips of any MD or VP who picks up the phone.
While it's obvious and well-documented that the kids from top groups at top banks (GS TMT, MS M&A, GS FIG, BX Restructuring, BX M&A, etc.) get all the love without even trying, no recruiter is stupid enough to ignore the stud from BAML or CS they hear such good things about (and who rocks the headhunter interview) over the run-of-the-mill kid in an average or weak group at GS/MS. As I said, getting to be the stud can be done by getting through the front door early (you got in as a sophomore, check), crushing it that summer and getting a return offer for the next summer (and hopefully a reputation strong enough that you can ask to be placed in the bank's top group), crushing that summer and getting into their top group if you weren't already, and being sharper and more prepared out of the gate than the other analysts as you all leave full-time training and hit the desks for work in the fall.
If you're not at a firm you want to spend two summers at, I say it's time to leverage that first offer by reaching out to the recruiting teams at other firms (hopefully you were doing this with other firms than just the one you have an offer from) and explaining your situation and how interested you are in their firm, how much more you'd love to be there rather than where your offer is, and how committed you are to completing the process with their firm. When I say 'recruiting team,' I'm referring to the actual bankers. I'm assuming you go to a target where there's a dedicated campus team of alumni who handle recruiting for that school. You need to reach out to them, because if one of them gets your resume, likes your story, and connects with you, they'll push your resume to HR saying "We need to get this kid an interview."
Long story short, I can't emphasize enough how valuable it can be to build your brand within a firm over two years while your peers only get one summer. Either mentally commit to this firm now or find a place you're comfortable doing so and sign there. I hope you (and others in similar situations) find this helpful, I'm only speaking from personal experience and wish the best for you.
Didn't you get Goldman Sachs? I'm not sure why you would wait for anything else. You're not gonna get that Blackstone PE offer until next summer lol
Take it.
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