Negotiating FT offer, will a BB agree to this?
What happens if you do a SA stint in a regional office (not a major financial center by any means ie not Chicago, LA etc but another major city) and get an offer, but decide that you want to be in the BB's New York office with the same exact position and provide family pressure as your reasoning (they are very close to NYC).
There are many other reasons, of course, such as friends in NYC, being in NYC allows you to gain networking opportunities within the BB itself, at other BBs where friends may be working, hf/pe/vc firms, and the fun of being in New York City. (Obviously you don't mention these reasons)
Let's say the regional office is heavily understaffed. Some employees realize the office is in need of more people and mention to you they wouldn't mind having another body (you) in the office during the year to help out. Do you think mentioning that you would be willing to work during your entire senior year of college (mid-August all the way to mid-May and possibly even over winter break) part-time to help the regional office would make the BB accept your request to move FT to NY.
Given the dreaded market conditions and poor outlook for FT recruiting, the bank would save money by not having to interview candidates, not having to train the new employee from day one, and would get some help for another 9 months and you would have worked there for just about one year when the FT position starts.
Any thoughts......
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WSO Employment Rate: for those of you searching for a job, have you received an offer yet?
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48%
Total votes: 105
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Just work
Just be glad you have the opp to work in a regional office during the year and dont use it as negotiating lev. Take the good experience for your resume and you can discuss FT in NY with this bank after you've applied/interviewed to other banks for NY and after you've been actually started working in the regional office during your senior year.
Given the environment and depending on which city this is in, you're experience may prove more fruitful on all the issues you mentioned. Much better to be in an understaffed office in a downturn, in my opinion. Especially if that city just has a better economic climate that'll make the city less depressing that NY may prove to be. http://nymag.com/nymetro/news/bizfinance/finance/features/n_8453/
Great post and even better
Great post and even better aticle MMmonkey. Let's change the scenario around a bit. Normally, I would expect to live in NYC off of my analyst salary therefore classifying me as broke. However, let's say my housing situation is all taken care of and very nicely at that. There is no $3K a month rent, no mortgage etc...
The city that I'm in has been hit extremely hard with the real estate downturn and while I have gone to school in this city for 3 years, I really can't see any point in staying for 2 more years. Considering when you are working you don't get 4 months off out of the year like you do in college makes NYC seem even better ad makes staying in the cty I'm in now that much harder.
Sure, I might have an offer with the best of the best, but at the end of the day, my family, friends, networking opportunities within this BB, at other BBs, and at hf/pe/vc firm are what matter to me most.
I'd rather take a position in NYC with a lower BB than the Tier 1 I'm with in this regional office. If they agree to my conditions everything will be all set, but it's not that cut and dry.
I guess I just have to wait it out and see in another week or two.
Like I said I think you're
Like I said I think you're better off talking about "your conditions" until after you've started working into the school year (around interviews).
Unlikely
As MMmonkey said, with the current hiring climate it's difficult to negotiate much of anything simply because so many people are being laid off / have been laid off.
I think the more likely scenario is you start working there, stay for at least a year, and then discuss possibly moving to New York. I've had several friends who have worked at regional offices and then moved to NYC or other centers like London.
If you really want to work in NYC I would strongly suggest interviewing early at other firms (assuming you get an offer and therefore have a backup plan) and seeing if you can get in anywhere else.
FYI, I would not think of it in terms such as "lower BB" or "Tier 1" vs. "Tier 2" or anything. The reality is you'll have similar recruiting opportunities at most bulge brackets and people heavily exaggerate the difference it makes.
http://www.mergersandinquisitions.com/
Mergers & Inquisitions
The NY Mag article almost
The NY Mag article almost sounds like a joke. Wall Street doomsday predictions in a down cycle? Check. Highly paid schmucks getting their comeuppance? Check. And the numbers - senior bankers getting paychecks close to analyst levels? A $5m deal? What?
My conclusion is that I
My conclusion is that I really want to be in NYC. Like you said dosk17, the difference between Bulge Brackets is very small to the point where your recruiting opportunities will not be any different unless you are comparing a top group on the street (GS TMT, MS M&A, UBS LA) to an ordinary or not so great group at another BB. I have learned that I will be receiving a FT offer with the regional office.
I've been far away from my family and friends for 3 years and I think it's high time I go home and get to enjoy the aspect of being close to everyone, along with the added networking benefits within the firm, at other major banks, and on the buyside as well. I don't see how being an analyst in this regional office will make me happy for the next 2 years, and not to mention I won't have any amazing opportunities given that I wont be at a UBS LA or CS LA.
Dosk, I'm going to go ahead and participate in fall recruiting with the goal of landing a FT offer with another BB in New York . After hopefully securing an offer in NYC, I will ask the BB I summered at if they can move me to New York for FT. If the answer is yes, then I'm all set. If they say no I'll gladly switch firms in order to be in NYC and receive the many benefits that come along with it.
2003
The NY Mag article almost sounds like a joke. Wall Street doomsday predictions in a down cycle? Check. Highly paid schmucks getting their comeuppance? Check. And the numbers - senior bankers getting paychecks close to analyst levels? A $5m deal? What?
Did you even notice the date of the NY Mag article? Well maybe you did; I can't tell from your post.
that article may be one of
that article may be one of the best contrarian indicators of the tech bubble bottom
Exactly
that article may be one of the best contrarian indicators of the tech bubble bottom
And look at what staffing levels and hiring schedules were like then. Geez, it seems so hard to make junior bankers believe/remember that bonuses were terrrrrible back then.
I can understand your wish
I can understand your wish to work in NYC so that you can be closer to your family/friends.
However, I don't think I would cite "family pressure" as a reason. In my opinion, it sounds a little weak-willed.