Recent graduate in S&amp;T. Received an IB internship offer. What to do?

10y

Not worth it this soon.

1.) You don't have your ideal job, but you have a good job. 2.) If you leave after working for nine months, you look like a flake. 3.) That's fine if you're sure the next job's a keeper, but if you find yourself unemployed at the end of the summer... ...you're now unemployed AND a flake.

Authored by: Certified Hedge Fund Professional - QuantCertified Hedge Fund Pro

AcoraImparo

Senior Monkey

10y

IlliniProgrammer:

Not worth it this soon.

1.) You don't have your ideal job, but you have a good job.
2.) If you leave after working for nine months, you look like a flake.
3.) That's fine if you're sure the next job's a keeper, but if you find yourself unemployed at the end of the summer...
...you're now unemployed AND a flake.

I just started in MO full-time. Does your advice apply here as well?

ManyHenny

Gorilla

10y

AcoraImparo:

IlliniProgrammer:

Not worth it this soon.

1.) You don't have your ideal job, but you have a good job.
2.) If you leave after working for nine months, you look like a flake.
3.) That's fine if you're sure the next job's a keeper, but if you find yourself unemployed at the end of the summer...
...you're now unemployed AND a flake.

I just started in MO full-time. Does your advice apply here as well?

This is a tough one.

Are you willing to face unemployment if the internship doesn't result in a FT offer?

What are BPS Basis Points

10y

Best Response

AcoraImparo:

IlliniProgrammer:

Not worth it this soon.

1.) You don't have your ideal job, but you have a good job.
2.) If you leave after working for nine months, you look like a flake.
3.) That's fine if you're sure the next job's a keeper, but if you find yourself unemployed at the end of the summer...
...you're now unemployed AND a flake.

I just started in MO full-time. Does your advice apply here as well?

For FT, no; for an internship, yes.

If you have the risk profile of a risk manager, stay in MO for 18-24 months and go for an internal transfer. If you have the risk profile of a trader, take the internship but know that you are Screwed with a capital S if it doesn't work out.

In terms of careers, this puts you ahead nine months if it succeeds but puts you back ~24 months if it fails. It has to be a good year for summer intern retention and you have to be a pretty darned risk-neutral guy for this to work.

If it were me I would have stayed in MO. Actually I'm a pretty risk-averse guy, and I made it to the FO in three years during one of the worst financial recessions 80 years; I think you can pull off the same in two years by keeping a nice MO job and just working hard and being the risk manager who asks traders the smart questions.

Authored by: Certified Hedge Fund Professional - QuantCertified Hedge Fund Pro

1 reply

gstackle32

King Kong

10y

Agree with IP. Stick it out for a year and then re-evaluate.

Authored by: Certified Hedge Fund Professional - 1st Year AssociateCertified Hedge Fund Pro

Whiskey5

Almost Human

10y

do not leave your current FT job. try and transfer internally after a year.

Authored by: Certified Private Equity Professional - PrincipalCertified Private Equity Pro

10y

Sure. The trader comment was more of a reference to risk profiles as I think there's not as big of a distinction between a banker's and a risk manager's. I think the internal transfer process at a bank is pretty similar in most cases, as well as the retention rates. I know a few guys who did internal transfers from analytics to banking. Obviously S&T is much more natural, but the same rules apply once you have an offer.

If you can get an internship now, you can probably get an internal transfer in two years.

Authored by: Certified Hedge Fund Professional - QuantCertified Hedge Fund Pro

ManyHenny

Gorilla

10y

IlliniProgrammer:

Sure. The trader comment was more of a reference to risk profiles as I think there's not as big of a distinction between a banker's and a risk manager's. I think the internal transfer process at a bank is pretty similar in most cases, as well as the retention rates. I know a few guys who did internal transfers from analytics to banking. Obviously S&T is much more natural, but the same rules apply once you have an offer.

If you can get an internship now, you can probably get an internal transfer in two years.

IP, you're absolutely spot-on about the banker/risk manager reference.

I've never seen anybody move from MO to IB in the same bank. I imagine there might even be a Chinese wall if you're in MO and try to talk to IB people at the same bank?

I Banking Salary

10y

ManyHenny:

IlliniProgrammer:

Sure. The trader comment was more of a reference to risk profiles as I think there's not as big of a distinction between a banker's and a risk manager's. I think the internal transfer process at a bank is pretty similar in most cases, as well as the retention rates. I know a few guys who did internal transfers from analytics to banking. Obviously S&T is much more natural, but the same rules apply once you have an offer.

If you can get an internship now, you can probably get an internal transfer in two years.

IP, you're absolutely spot-on about the banker/risk manager reference.

I've never seen anybody move from MO to IB in the same bank. I imagine there might even be a Chinese wall if you're in MO and try to talk to IB people at the same bank?

I don't know. We didn't have that problem in analytics and we certainly didn't have that problem with various clubs at the bank I worked at. S&T people would hang out with IBD folks all the time. We just wouldn't talk business.

One of my coworkers got an internal transfer offer from Analytics in New York to Analytics in London to IBD in London. He turned it down and went to work for an NYC marketing firm instead.

Stuff like this gets posted internally on occasion and you've got several advantages that a college hire doesn't have for getting the job. (1) you have 1-2 years of work history and (hopefully) a series of decent reviews. (2) you have a bit of a network and a set of references from inside the firm.

I don't know how it works at every bank, but at the New York branch of the British bank I worked for, transfer from an FO IT group to IBD was very possible if they had posted openings.

Authored by: Certified Hedge Fund Professional - QuantCertified Hedge Fund Pro

FailedPrayer

Senior Baboon

10y

Molestiae minima sed excepturi temporibus culpa vitae vitae placeat. Et ipsa at rerum qui. Quasi aut officiis quisquam earum consequuntur soluta et.

Laudantium magnam ut qui molestiae quis. Soluta in rem minus qui sequi. Id excepturi voluptatem velit magnam voluptatem.

Error possimus atque est nesciunt aperiam fugit. Quia officia nobis dolorem eos ullam quos et nam. Voluptas magni itaque odit. Ut quia officia doloremque repellendus molestiae. Alias voluptas et voluptatum quos id ea explicabo. Molestiae eius distinctio et iste aliquam.