SA, No Offer, Wondering about Full Time
I interned this summer at the only bb whose already given some (and rejected some) offers. Within my group, only one offer was given, as it is probably their worst area at the moment in IBD. However, this aside, I feel as if I have a) failed and b) have no options.
I am still interested in working in banking, and I think outside the scope of how things played out, I did a great job. I had VP's pull me into their offices after I found out, personally apologize, and offer to write me letters of rec's. I am confident that there letters would be great, however, not confident that I would be able to land an offer at another bank.
So, what should I do? I really wanted to do banking for the long term - not just two years - and I wasn't sure if I wanted to get an MBA. I could go straight to Grad School, but I worry no one would hire me because I'd fall into that "well where do we put you" (not an analyst, not really an associate) bucket.
If I don't do banking, what other options do I have? I have no interest in sales and trading, I would like to work in a challenging environment and I would prefer to work long hours/make more money.
Has anyone been in this situation? If so, how did you handle it? What do you think my next move should be?
Please advise.





im guessing it was
im guessing it was lehman...its only a small setback, just go kick some ass in fall recruiting
good luck
One other thing - I'm from a
One other thing - I'm from a very non-target school (only a handful of wall street alums) and there is no full time recruiting, I networked my way in to Lehman (however I actually had no alumni there either)
the key is network with all
the key is network with all banks and also Hedge Funds. Even try sales and trading, especially sales, I am sure if you love I banking you will like sales some sales mangers and traders make more money than investment bankers. In your case, I will try to reach out and cold call, try to get contacts from your VP's that work in other financial institutions. I am sure since they are willing to write you rec-letters, they will help you by giving some their contact who are willing to help. The key is to be aggressive and to start from now.
MM
Have you considered MM/Boutique firms? Alot of the smaller teams are still hiring, and just because you are with a small team doesn't mean you can't work on big deals, you just have to find the boutiques with strong leaders (Ex-UBS LA types, etc. etc. for instance).
The best thing about some of these firms is they can afford to have a staggered hiring process, where they take someone whenever they come along, if the firm feels the potential hire is worth it.
Citygirl I have faith that
Citygirl I have faith that you will make it happen. You have came way too far to quit now. I know you were pretty set on this banking thing, its far from over. Be strong.
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
maybe check out sales &
maybe check out sales & trading and/or consulting
a year ago i would have said i wanted to "work more hours and make more money" but thats not necessarily the case
esp in this enviroment, banking seems like "work more hours and make the same money"
though if your set on banking check out the other banks and the boutiques as well. i think alphaholic is refering to Moelis, and that might be the kind of firm to look into.
Definitely check out
Definitely check out MM/boutiques if you are open to them. I think given they way recruiting will be this year, we (I'm a SA also) should be open to any option, especially if we are not getting return offers.
I'm sorry to hear that you did not get an offer, but honestly you are a quality candidate to get into Lehman from a non-target, sounds like it really is a minor setback. Just keep networking, and be open to other opportunities in fields related to banking as well. Good luck - I think we all need it.
I think that people will
I think that people will definately be more understanding of your situation because you were at Lehman and they are aware of the situation over there. A friend of mine was in a somewhat similar situation, summered at a group that blew up and was able to get an even better job despite the lack of a returning offer. People usually hear about what's going on at other banks through the grapevine. Leverage the recommendations as much as you can, and try to take it one step further by asking them to introduce you to their banker buddies at other banks. That's what my friend did and it worked out perfectly. Be aggressive, keep your head up and I'm sure things will work out for you.
Current bankers?
Current bankers?
Go to MBB for 2yrs==>
Go to MBB for 2yrs==> MBA---> Associate in IBD or PE at a top firm
Given the market this is the best...
At our firm we reject no offer candidates immediately, many of my friends in other BB banks have confirmed this same kind of selection process at their firms..
If you are really good you will get an offer regardless the market regardless the team, HR will place you in another team etc...
My team and other teams often prefer to recruit a non-target with an undergrad in philosophy and no internship at all rather than a target-candidate with an outstanding CV and relevant degrees and IBD internship just because of no offer..
No returning offer = crap by default!
Most bankers are too arrogant to see that not having an offer can have a variety of causes instead of the obvious crappy intern cause..
Especially in this market you will have a tremendous disadvantage, honestly you are in deep deep deep
deep deep deep deep deep deep shit!!!!!!!!!!!
Go to MBB for 2yrs==> MBA---> Associate in IBD or PE at a top firm
It's your only road to happiness!
yeah...listen to this guy.....because he KNOWS his shit (sic)
yeah, let's all just follow your dumbass plan which involves just 'going' to MBB, I didn't realise they were handing out free passes you retard
And we don't need to hear how you and the rest of your 'team' at your 'global' used car lot recruit new salesmen
what sorta commission you on?
Go to MBB for 2yrs==> MBA---> Associate in IBD or PE at a top firm
Given the market this is the best...
At our firm we reject no offer candidates immediately, many of my friends in other BB banks have confirmed this same kind of selection process at their firms..
If you are really good you will get an offer regardless the market regardless the team, HR will place you in another team etc...
My team and other teams often prefer to recruit a non-target with an undergrad in philosophy and no internship at all rather than a target-candidate with an outstanding CV and relevant degrees and IBD internship just because of no offer..
No returning offer = crap by default!
Most bankers are too arrogant to see that not having an offer can have a variety of causes instead of the obvious crappy intern cause..
Especially in this market you will have a tremendous disadvantage, honestly you are in deep deep deep
deep deep deep deep deep deep shit!!!!!!!!!!!
Go to MBB for 2yrs==> MBA---> Associate in IBD or PE at a top firm
It's your only road to happiness!
honestly i think i am going
honestly i think i am going to head for the master's path (hopefully berk or stanford for masters in finance). i am at a top bank but really do not click well with the group, plus i'm not interested in the product. i hope the market picks up when i apply again full time...
i have heard going directly
i have heard going directly for a masters can be problematic because then you have no true experience and now you're expecting to be an associate
If you want to keep doing
If you want to keep doing banking, why should not getting a FT offer at your firm discourage you from doing so? It's understood that the economy's tough, the bank where you're working hasn't exactly had the best summer from a performance or publicity standpoint, and you have two VP's who are willing to vouch for you. As you said, only one person in your group got a returning offer. If I were you, I'd start reaching out to bankers and banking HR at other BB's and see what is out there. I understand your disappointment in not getting a FT offer, but most of your other classmates are in the same boat. Just keep your head up, stick to your story, realize that your not getting an offer is a function of the economy, and keep at it. Just be tenacious about your job search targeting the top banks and MM's equally -- you'll be surprised what a little tenacity and persistence can get you in this field. You were determined enough to get a summer analyst position even in spite of there not being much recruiting at your non-target school, so why let your guard down now? Keep at it and things will work out.
Also, pay no attention to
Also, pay no attention to anything globaldealmakr says. He has no idea what he's talking about.
Glad I wasn't the only one
ok so given the current
If your open to working in London
Also, be proud of what you