Worth Lateraling after SA Stint?
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Some people do. You'll have to network throughout the summer on top of the hours you're logging in your SA stint.
Can be risky, though, as interviews are often after the deadline to sign on for full-time (HR needs to see how many FT spots they need to fill from any interns that rejected their return offers). So if you declined the offer from your current firm and are left out in the cold after not getting into something better, that could backfire. You could also simply renege after you sign on for full-time if you find something else but there is also a chance that could backfire as well.
I'd worry about getting a return offer first, but personally I did not try to lateral after my SA stint. If you enjoy your time as an intern, I would just stay. No guarantees on how lifestyle will change or if you'll get senior bankers who are dicks by switching. Also you get to yolo your entire senior year, which is a huge plus.
Many of my contacts have always said that it's best to start your career in NY. So personally I would give it a try. I think it would better place you for PE recruiting since that's your interest.
Switching Firms After IBD SA Stint (Originally Posted: 12/09/2015)
I have an IBD internship for a well-respected but not top-notch Tech group in San Francisco this upcoming summer (think CS/LAZ/RBC reputation within Tech). For reference, this group was not my first choice and really somewhat of an afterthought, but superdays with other firms did not end in an offer.
I have strong contacts built through recruiting with other firms and do not envision staying at the firm that I signed with, but I also know that I need to secure the offer to be able to move to another bank and possible another industry/product group. How would you all suggest maintaining contacts at the other firms that I am more interested in for FT without word getting back to my summer group that I might intend to jump ship?
"Hey X, thanks so much for taking the time to speak with me earlier. I enjoyed my time getting to learn more about you and your team throughout info sessions, interviews, XYZ, etc. While things didn't work out at XYZ firm, I wanted to let you know I ended up getting an offer at PDT, doing ABC. I'm excited to have the opportunity at PDT and am eager to break into AAA industry. Thanks again for helping me throughout XYZ's process. Let's stay in touch and grab coffee / beers sometime over the summer. Happy holidays"
Then proceed to stay in touch with that person and ask them to get coffee / beers after you've been on the job for 4 weeks and can talk about what it is you are doing. Repeat for the other firms. The person will appreciate the note. It highlights a lot of class / maturity and appreciation for that person's effort and reinforces them wanting to help you down the line. Best time to network is when you don't need anything. If you only come with your hand out asking for something, that's not networking. That's called being a parasite.
CS SF is much more respected than LAZ/RBC SF.
Should I Switch Firms after Internship? (Originally Posted: 08/06/2014)
I am an IB Intern for a BB but it is not one of the top 3. I am doing a great job and have been told by MDs and VPs I am clearly the top Intern in my group. If I get an offer and accept, I am fairly confident I could remain one of the top individuals in my group. From what I am told, I have been asked to perform tasks most interns do not do. I am not bragging, I have been fortunate/lucky. Do I use what very little success I have had and try to switch to a top 1 or 2 BB bank? Verifying this success would be difficult for prove in an interview. Is it better to work for a Goldman or JP and possibly be one of the average analysts, or is it better to potentially be the top person at a lower ranked BB?
You are the only one who knows the answer.
Woah man, you went from checking SA comp for your son's internship offers to winning an offer yourself? Fucking impressive.
hilarious!
I asked my dad to post. He gave me his info to post. Thanks for all of the help. I really appreciate it. Just like all of my friends say. It is a worthless place for unemployed trolls who think they know everything with a lot of time which is something I don't have.
did anyone answer this? would it be better to start your career at a goldman or jp and get an average bonus or would it be better to work at a 2nd level bb and get a top bonus? which is better from a career perspective?
Don't choose what bank to work for based on analyst comp.
Wait you need to get your dad to post for you on a free forum? Do you use his fucking facebook account too?
Does your dad pick you up from work too?
Please do not offend the community on WSO. I do believe that you were the top intern in your group. Probably pretty cute, also. So please start using your talents to make the world a better place. Offending other Tampicos on here will get you nowhere. It will only make others sad.
Need the number of my therapist?
Anyways, OP, it sounds like you believe you grew 6 inches over the summer. Have you been spiking those late night Red Bulls' with some good ole ExtenZe? You remind me of the guys who say "no offense, but (insert very offensive thing here)." The obvious answer is to wait to see if you get a return offer, shop around in the meantime before you accept.
dude if your dad is a BSD, I'd leverage his relationships instead of getting made fun of by some strangers who rip you apart because this post is a bit awkward. it seems to me you want the prestige of saying you work at a top bank, so there's your answer. I'd ask your dad what he thinks if he's a big hitter at a bank, he will likely know if this is something that will look bad/not yield good results down the line.
Dont answer the question MFers because you have NO effing clue. To the fat fcks (chap4 and brofess) who sit on this sorry board all day because they have nothing else to do. Think about it, you guys are supposed to know IB and you sit on these boards. WOW I bet you guys are successful. I am an IB intern and have less time than you. You are sorry MFers. Effing hilarious. And to think interns like me who know nothing would ask for advice from the guys who are the losers in the IB world. Seriously interns---do you really think a successful banker would spend time on this board? No effing way. They are rude because they have a chip on their shoulders because they are failures. My father mislabeled his profile. He is a sr VP for a fortune 50 company and not in finance and that's why i asked the board. He joined because of questions he had re ib. He used it for 2 weeeks and never on it again because he too realized any I Banker actually on this site is a loser and not someone any intern should ever ask a question. Board losers (you know who you are with all the time and make rude comments), go back to asking people if they want fries with that order. And you clean the bathroom now that i am finished dumping Mfers. I have to go back to work. Hope you guys get a life. To anyone who has had a successful career in IB and is retired I apologize. This message was not intended for you as I am confident you are not the rude assholes.
hahaha the saltiest of the salty
lol
I'm sorry, not only is this the literary equivalent of Valium but it has the composition of someone in middle school or at the minimum a poorly educated high school student. From what I gather from this site, Goldman and JP Morgan haven't been lowering their standards recently. Despite your frivolous post about which dress you should wear to the prom you still managed to get some good advice and ended up shitting on the gesture. Uncool man.
Sorry Palo Alto but I agree with ibdad. They answered when I asked but didn't answer before then. People on here are abusive. They should have simply answered the question. And his comments re Inv Bankers spending time on this site really makes you think. Ibdad I tried to pm you but could not. Please pm me and I will try to respond.
Welcome to the real world where sometimes you have to make your own decisions and where dumb questions get great, and funny, responses.
I'm almost 100% sure this is a troll who has a 2.9 GPA and is butt-hurt he can't get an internship at Walmart.
Lateraling after a SA stint. (Originally Posted: 02/18/2013)
If you do a summer analyst stint and get an FT offer, can you interview at other banks before you make your decision? I'm guessing the answer here is no, but just wondering.
I think it varies from firm by firm. One of my friends at an elite boutique tried to interview around after receiving a FT return offer (at GS/MS/JPM/BX), but didn't end up receiving any offers and went back to his SA shop. He mentioned something about having to forfeit a 5k bonus that he supposedly would have received if he had signed immediately instead of interviewing around.
Disclaimer: junior in college
... ...
usually you have time before your offer expires ( if you got in through OCR) .Some BBs hold accelerated interviews in August
Can someone please elaborate on how you get into the accelerated process for BB banks? (Is it a formal application process or do you have to reach out to people who interviewed you and let them know you are interested?) Also, when does the accelerated process generally start for NY and when should you start thinking about it? I go to a target and ended up taking an offer at a boutique but want to try FT recruiting with some of the BBs that I interviewed with on campus. Apologies if I'm jacking the thread OP
You have to either:
A. Already be on the bank's radar (for example, if you were the last alternate who did not get an offer), or B. Have someone pull for you
Ideally, you have both A and B, but networking effectively can be a good substitute if you didn't actually interview there earlier.
In terms of timing, ideally you want to be networking around June/July, as the accelerated super days are typically early August.
From what I've heard, more and more banks are giving return offers a bit later than they used to. I was able to leverage that later return offer / later deadline to interview elsewhere and managed to jump ship. Also, some schools (I know Wharton for a fact does) have policy that forces employers who do OCR to have mid-October deadlines to allow students to interview. This isn't too common from what I know, but you should get a feel for your school's policy on this.
Don't mean to hijack this thread, but if you are an SA at a BAML/Citi, is it common to try to lateral to a JPM/MS after the summer?
^also curious.
This info is helpful, but I've heard the street is smaller than most realize. If I start talking to HR at other banks and my current employer gets word, could this screw me over?
^^ Also interested in the same thing. How early should you start reaching out to HR and other contacts at a bank over the summer? Wait until you have an offer in hand or start networking at the beginning of July?
Also, how did i get a SB and MS thrown at me for two consecutive posts? Neither of which were all that controversial or especially helpful...
Obviously this would vary from firm to firm, but when would your typical return invite after SA for FT analyst be extended? The last day of the internship?
I was encouraged to shop my offer around to other places on the street after my s and t SA stint. My employer was confident I would come back quickly though and I did. Helped to have a higher signing bonus as an incentive.
How abnormal is it for your bank to allow you to shop around your FT offer? Are the offers following the summer generally exploding like SA offers?
Generally, if you are on the radar for other banks, you can go through accelerated interviews in August. If not, you have to go through OCR again.
If you want to lateral, just have a few contacts at your targeted banks. For example, I personally put kids in the accelerated process that reached out to me at the end of the summer. They weren't on my radar but were good enough to get offers from reputable banks. The main thing is to secure that return offer b/c my bank (and many others) won't even consider candidates with rejections.
Bumping because title is appropriate. I'm wondering about how to go about lateraling after a SA stint to another bank. What the timing should be with networking/interviewing, as well as how it differs with SA networking.
Bump, anyone actually have an experience with this?
lateraling from bb to top bb or elite boutique after sa (Originally Posted: 02/23/2013)
...
From what I understand, for the top BB's, you need to be on HR's radar throughout the summer so that you can participate in the accelerated process right after internships end. That involves staying connected with HR through already having interviewed with the firm, or having a banker at the bank pass on your resume.
For LAZ and EVR, if you're at a target, they'll likely recruit FT through OCR.
Focus on getting an offer.
I don't understand why you'd even consider doing this. If you're that concerned about exit opportunities or whatever, wouldn't your efforts be better spent looking internally for a better group?
...
Post-internship opportunities to change to a better bank (Originally Posted: 06/22/2011)
Does anyone have any experience with leveraging a FT-offer from a BB (following a summer internship), to land FT-interviews/FT-offers with GS/MS/JP (Europe)? I.e. after you landed an offer from your bulge bracket bank, is it possible to leverage on this offer to get a full-time offer at a more prestigious bulge bracket bank? If yes, is this commonplace?
Why would you want this? If exit opportunities are what you're looking for, why wouldn't you spend your time trying to get into a better group within your own bank? Otherwise, unless large numbers of your senior bankers are leaving for moelis/citi/bank of america, it seems like you really have nothing to gain and a hell of a lot to lose.
Changing Banks (Originally Posted: 04/02/2009)
From what I have read, It seems like if you are an SA and get a FT offer at the end of the summer, getting another FT offer from another bank isn't hard. Is this true? I also realize this year is different since FT recruiting will hardly exist but I am mainly talking about previous years or good times.
Also, what do you think makes it easier? Do you just mention in the interview that you have an offer from Bank X and you are immediately desireable?
In this case, whether or not you have upcoming interviews/offers from other firms, it's probably a good idea to say you do. The interviewer is trying to gauge how in demand you are. At the same time, don't act too arrogant. Reiterate that although you have other alternatives, you are still more interested in working at whatever company you are interviewing with.
back in the 2005-2006 job market. Nowadays, take what you can get.
Here was thinking behind the getting another FT offer and strategy applied by candidates -
If you were a summer at a top bank/pe shop, you already past the first test. You had a brand name and directly relevant experience. Point.
You could talk to your skills/training/experience and leverage it into your FT offer with another firm. Point.
The interviewer gave you points for the brand name and experience. As long as you weren't a tool and could answer the questions decently, you were a shoo-in. Basically, another firm has taken you in, trained you and put you through 8-10 weeks of banking (no clue if summers are pulling 90+ hours anymore).
The interviewer also knows that you know what you are getting yourself into - Point. During 05/06, there was a lot of work to go around so firms expanded.
Nowadays, there isn't that much work, combined with the fact that analyst positions are nearing obsoletion. Seriously, a buddy of mine was forwarded an email from a headhunter regarding an "investment banking" opp in India. It required M&A modeling, comps, research, a finance degree, basic analyst skills, etc. - The job was with one of those indian outsourcing firms. It looks to me like the analyst role will be gone within a few years. But what do I know?
Anyway, nowadays, analysts are more expendable than ever, they only want the best of the best so having experience at another bank makes you more marketable but it is not going to be as easy as before. You'll still have to go through the rounds, may be placed on hold, get skipped over because others have connections, who knows.
That being said, its going to be a pain in the ass. So make sure you get an offer from the firm you are summering with.
The world has changed. And we must change with it.
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