Please help me out! I have a FT offer with GS IBD. I decided I want to pursue a career in S&T instead since I'm more interested in the markets and can't handle IB hours. I have a week to respond to my FT offer. Should I turn it down and look for S&T opportunities at other banks?
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LOL. Take it to your S&T interviews and use it as leverage.
Can I have your recruiter's contact info lol
I'll buy the offer from you. $50. Deal?
I will literally give you 10k.
And like Eddie said, use it as leverage. It's a lot easier to go from IBD to sales/trading, and VERY easy to go from GS to almost anywhere else.
Dude, congrats, now use this to your advantage and don't worry about not 'liking' it......you're in the top 0.001% of earners in your age group on earth, and there are tens of thousands of people that would trade places with you in a heartbeat.
then why did you even interview for this to begin with?
hold out for kkr
only person talking any sense in this thread
but seriously I wouldn't unless you have other options available, its a tough market and things aren't looking good, jobs are gonna be hard to come by but all of this depends on how much you really need a job and how passionate you are about another field
GS offers dont expire... why would you decline it?
Seriously, so jealous.
"why did i interview for this to begin with?"
i did like banking, didnt think the work would be so mind numbing at times and the hours so bad. i got internship offers for S&t and IB at GS but S&T is observational so decided banking.
"GS offers dont expire... why would you decline it?"
My offer (for my industry group) does expire - in less than a week.
"but seriously I wouldn't unless you have other options available, its a tough market and things aren't looking good, jobs are gonna be hard to come by but all of this depends on how much you really need a job and how passionate you are about another field"
FlySoHigh - I agree with you, that's is why I'm in doubt. I'm really interested in S&T, but with the hiring freeze at most banks and the competitiveness for FT S&T positions in this job market make me reluctant to give up on this even though it's not what I want.
Also, I'm not from a core recruiting school for any of the bulge bracket banks so I would just have to send out online applications (most of which have not yet opened up).
really? mine doesnt
the offer for the specific industry group I interned at expires, after that you just get placed wherever there are still vacancies
hell no.
in this market i'd take almost anything in finance.
not really though,
but you would be an idiot to turn down GS IBD. hours won't be too bad because there will be no deals! haha. suck it up.
What do you want to do in the future? GS IBD will set you up for so many different opportunities, I would personally take it but ultimately its up to you. If markets pick up and you do a good job maybe you can even transition to S&T within GS if thats what you want. Thats just speculation though Im not sure how likely that is but Im sure if you impress the right people you can make it happen. Good luck bro.
If you don't like IBD and don't see yourself pursing a career in IB/PE, then why would you put yourself through two more years of that....?
first things first, if you got an internship offer in S&T you might be able to swindle your IBD offer into an S&T one.
if not, you should be grateful for ANY job, yet alone GS IBD, in this environment, especially as a non-target.
accept the offer and try and internal transfer and/or start looking for a new jobs.
also, your performance will be shitty and layoffs will continue, so chances of your analyst stint lasting more than a year are very low. after you get fired, with GS on your resume you should be able to find a mm/boutique (or maybe even a smaller buy-side shop) job and start your markets career.
Just auction it on Ebay. Sell it to the highest bidder.
Can you really auction off an offer? Wouldn't the firm not hire you if you're not that person? lol i probably just got trolled but am actually curious
It's frowned upon but does occur sometimes. Mainly up to HR and how bad their bonus was (they often ask for a cut).
Best post I've seen in days. Actually thought you were serious for a few seconds.
Take it and just leverage it for S&T interviews. Don't let it go.
OP - just take the offer - it's not like GS IBD is career suicide and in this market it can be pretty rough out there. It's certainly not unheard of for someone in IBD to switch over to S&T and GS is pretty good about internal mobility for the right people.
Conversely, the move from S&T to IBD is very uncommon (this point doesn't help your case, but just want to note the "broadness" of IBD)
12-24 months - You can do anything for that long except hold your breath. If you hate GS, if you hate, IBD, if you hate banks... None of that matters. If you take this position, you'll be able to do anything you want after. In whatever you do, ask yourself: " does this help or hurt my future career prospects?"
unless you have above a 3.7 from HYP, I'd go on the safe side and take the GS IBD offer... if you've got superstar stats (which is probably 40% chance at least since you've got the gs/ibd offer already), then you can afford to live dangerously
50% of 1st year projected all-in salary. Going once.. going twice
I got 5 sikles and a dung-bomb.
If it's one of GS's core coverage groups that have a ton of m&a activity (Industrials, FIG, TMT, etc.) flowing through, you need to accept, especially in this market. 90% of the analyst programs on the street, you do the exact same shit workwise, but at GS they typically see some really unique transactions m&a wise, and you'll know your shit coming out of a 2 year program. If you were in Lev. Fin. where the overprice everything or fin sponsors where you're a doormat for the coverage groups I'd say keep looking. End of the day, do what you want.
The summer securities intern class placed directly onto desks this year, there were no general offers as each desk found the interns that they wanted/have headcount for... If you want to stay at GS and do S&T be careful because I am not sure how many spots are open right now, esepcially in trading. If things start to pick up economy wise that may change though
ask for an extension; get in touch with everyone you know that can link you to an s&t interview ASAP
You need to accept the offer. S&T across the street is not looking pretty. GS, for instance, axed the entire STIR desk in the latter half of the summer after the Fed announcement. They also did direct placement this year with no generalist offers, meaning if you want to move laterally within the same firm (as you should, if you had offers in both divisions to summer; they are most motivated to want you), you will find yourself with virtually no choice in placement. To me, guaranteed IBD at a top-notch firm (in what seems like a competitive group if your offer is expiring) is far safer an option than a toss-up in S&T.
You only have a week. I say take the offer (which so many good kids there didn't this year because of headcount), dominate your analyst stint, and 24 months down the road take advantage of the fact that GS loves to keep it's hands on talent and you won't have too much trouble convincing them to let you move divisions internally. It happens ALL the time.
Can you move to a product group? That's a more natural progression to S&T than industry. Does GS not give you any say in group selection? That's weird.
If worst comes to worst, tough it out for two years. GS is really good about internal moving. I know a lot of people at GS and some have moved from IBD to ER or from trading to sales, or from desk to desk after two years You get complete freedom after two years with the firm.
I would be very careful making these kind of statements. In principle no internal move will be easy. If it is that easy as you describe a lot of people can move from Ops to IBD which does not happen. IBD vs. S&T are 2 very difficult skillsets.
"Please help me out! I have a FT offer with GS IBD. I decided I want to pursue a career in S&T instead since I'm more interested in the markets and can't handle IB hours. I have a week to respond to my FT offer. Should I turn it down and look for S&T opportunities at other banks?"
Take it, then if you get an s&t job, reneg it. simple.
Jimbo
Same issue here. How would reneging affect your future buy-side opportunities (PE/HF/VC)? Or is it limited to only affecting your chances in banking?
"Same issue here. How would reneging affect your future buy-side opportunities (PE/HF/VC)? Or is it limited to only affecting your chances in banking?"
It won't for either case.
Okay great, thanks! Very helpful.
Obvious troll
If you wanted S&T, you should have done your internship in the same dept. However, dont refuse the GS IBD, work for sometime and then try switching.
You're an idiot if you don't take an offer like this in this job market. If you're GS IBD, you should be high quality enough to leverage that into any thing you want down the line. Turning this down to continue searching for S&T jobs elsewhere is akin to an idiot friend of mine who turned down Yale for a full ride at UC San Diego. People like that usually didn't deserve success in the first place.
If you're going to go to medical, which I'm assuming your friend is, he with out a doubt made the right choice. 1. UC San Diego great in terms of science. 2. Less competition for research spots. 3. probably easier to get good grades. 4. Avoid a shitload of debt.
I wouldn't renege on goldman.
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