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.

 

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.

 
Best Response

"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.

 

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?

 
krob:

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.

 

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.

 
MahmoudAbbas MD:

Please do not offend the community on WSO. I do believe that you were the top intern in your group. Probably pretty cute, also.

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.

Array
 

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.

 

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.

 

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

 
A Fellow Linguist:
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

Correct. Typically you'll get an additional signing bonus if you sign within a short time frame, and then there's the standard bonus on top of that. Obviously varies between banks. SA offers also have a varied timeframe with regard to how long before they explode, but again, this is very much dependent on the specific bank, ranging from a week to a few months.
 

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

 
Steelers19:
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.

 

^^ 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?

 
Steelers19:
^^ 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?
1. It's not about getting your contact to put you in touch with HR. It's about getting your contact to pull for you through HR. I never actually talked to HR except to schedule my interviews around my schedule before my accelerated processes.
  1. June and July would be good times to start networking. If you wait until you have an offer, it may be too late. Offers are handed out typically the last week of your internship, and think about this scenario: what if you don't have an offer? Then it's better to have at least made some contacts previously.

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...

 

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.

 
LHDan:
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?
Most banks do not like it if you shop your offer, but they realize that it is an inevitability. If you are at a target school with OCR, banks cannot give you an exploding offer, but they can give you an exploding group specific offer, so if you don't sign within a certain date, you are not guaranteed the group of your choice. If you are at a non-target, the banks are free to give you an exploding offer.

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.

 
ibd_analyst:
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.
While it's true that it's very important and a huge plus if you have a return offer, it's also important to keep in mind that not getting an offer is also not always a dealbreaker. I had an offer going into FT recruiting and went through a good number of superdays, and some banks never asked if I had an offer to go back. On the other hand, I personally agree with ibd_analyst in that it is very important to get an offer (shows that at the very least, you were able to keep it together for 10 weeks) - it's just not the end of the world if you don't.
 

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.

"I did it for me...I liked it...I was good at it. And I was really... I was alive."
 

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.

 
powertime:
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.

------------ I'm making it up as I go along.
 

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Illo sed autem autem in beatae qui. Enim vel velit corporis praesentium qui eos. Ut quis consequuntur ipsa quo eos quae dolor.

 

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