I think you'll be fine. In the same position as you but there isn't much you can do except keep kicking ass. Also from what I've been told on a previous post I made, if the MD / rest of group wants you, then no shitty HR staffer is going to stop you from getting an offer.

 

As an analyst, even if your work is "perfect", senior bankers will still give you extensive markups. People change their mind, people like different things...

HR's job is to make the organization run more smoothly, to mitigate risk and to support the work of the bankers. HR conveys the number of people that can be hired. Beyond that, for the most part, they have no say in who is selected. Numbers are not personal, but are driven by firmwide allocations (as are redundancies at times, but let's hope you don't need to think about that for a few years).

You're probably fine - the end of internships is even stressful for people who've received verbal offers from all of the seniors in their group. Fingers crossed for you, and congratulations on producing great work throughout the summer!

 

If I had to guess the rates are going to be slightly lower in some larger offices, but as long as the turnover stays very high there will probably be just as much need for new first-years. Some of the advisory firms who have expanded their analyst classes a lot have a bit more exposure, I think, just because a lot of that extra weight might not be as necessary going forward.

 

I'm also curious as I will be doing a S&T SA Program this summer and would like to know my options if I receive an offer. Does the offer usually explode before you get a chance to interview elsewhere?

 

I was going to ask this exact question.

-------------------------------------------------------- "I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcom
 
Best Response

I did an SA stint at a BB, and did this "shopping" process. Most BB's will respect the signing timeframe set up by campus recruiting (which allows you to interview elsewhere before signing), but BBs can and will pressure you to sign early by giving you an incentive bonus (2-5k on top of 10k signing) or saying they will not guarantee you a spot with your SA group (especially if you work in a top group). So if you want to shop around, you will want to be interviewing at the end of the summer, contacting networks, recruiters and alumni at different banks/boutiques that you are interested in.

For instance, one of my friends at another BB interviewed with my SA group the day she got her offer. If you don't do accelerated interviews, you risk losing goodwill with your SA group and possibly the loss of group-specific offers, etc.

FullMonte, I don't think you have to work in NYC, although it's definitely an advantage, since some of these accelerated interviews occur during and right after your SA stint. Also, throughout the summer some BBs/Boutiques might email you for your resume and invite you to informational sessions where you can network and eventually set up an interview.

FYI, this is info from last summer, and just one experience, so the situation might be completely different from this summer given how much the market has changed and since many BBs under-hired for their '09 SA classes.

Good luck

 
wookie102:
So if you want to shop around, you will want to be interviewing at the end of the summer, contacting networks, recruiters and alumni at different banks/boutiques that you are interested in.
wookie102:
Also, throughout the summer some BBs/Boutiques might email you for your resume and invite you to informational sessions where you can network and eventually set up an interview.

You have to be proactive throughout the summer. Talk to friends you might have at the bank, etc.

You might also get back to campus, find the recruiter's contact information (or get the info before you start work) and email them about an interview and your exploding offer.

 

If you didn't get an SA offer from a particular BB, but you apply for FT (after interning at its competitor firm during the summer), are your chances lower, or will they still consider you for FT? Should you be continuing to keep in touch with recruiters and alumni at that BB over the summer even if you were rejected for SA?

 

If you get an offer from their competitor, you will definitely have a good chance at going FT to that particular BB. I have a few friends who did the exact thing you mention, although they may have used other contacts to get interviews. Definitely keep in touch with everyone you can, as there's absolutely no downside to keeping up your network.

 

I'm very curious about this as well...this summer i'll be working at a second tier BB in their market risk department NYC. the plan is to get a FT position in IB by the end of the summer . I would like to hear your thoughts on my plan:

--Work at BB for the summer and hopefully get an offer --Start contacting other places (basically just pick up the phone and hopefully get to the person in HR who handles FT recruiting) starting early august. --Get first rounds done by the time I leave in middle-late august

Its important for me to at least have first rounds when I am in NYC since I go to a non-target in the midwest, so it'll be hard in multiple ways to fly out to NYC for first rounds.

Thoughts?

 

Solid plan, but I wouldn't discount the opportunities available to you at the BB you intern at.

You might love the culture and be able to lateral to a group that you would prefer (assuming you do not want to stay in market risk), or if you don't like the bank, then definitely try to network as much as possible, meet people around the city (go out with other interns and meet their friends from which you might be able to ask for contact info for a recruiter at their bank), etc.

What I'm trying to say is, I wouldn't focus too much on getting out of your BB when you've just gotten in, but definitely keep other options open and definitely work your ass off this summer.

 

this happened to me. usually its both, you might have a midterm review and a final review. basically, if somebody senior wants you and has room, they can play the screw it I want him in my group card and hire you unless you did something really stupid. if the guys who like you don't have a need though, it gets a lot more political and depends on relative power between various groups/MDs. you best bet is be nice to everyone and jockey to get put in a group you like once you have an offer and are in a position of strength.

 

Let me reword my question. If I'm a summer intern right now, but I don't graduate until August 2015, would that deter my company from giving me a full time offer?

"The code of competence is the only system of morality that's on a gold standard." - Francisco d'Anconia
 

Should you be skeptical? Maybe. It all depends on the specific office culture and the value of your boss's word. To be safe, I would continue pursuing other opportunities until you get a hard offer on paper.

Double Doubler
 

It is never a job until signed offer letter, and even then it is not unheard of for companies to rescind offers in case of a downturn. That being said, look at this as an opportunity., You should recruit as if you didn't have this soft offer and tell interviewers that you have another offer but it is not signed (will make you look more competitive) also you wont look nearly as desperate as majority of kids in your situation. All the while, knowing this offer might materialize at the end of the year.

 

Since you said this is a smaller firm, how small are you talking about?

I could imagine this to be something that would happen at a less than 20 person place as this will give them time to figure out a compensation package for you if hiring new employees isn't something they do very often.

make it hard to spot the general by working like a soldier
 

@skinnayy this is a less than 20 person firm, so your point would be correct...the offer would be to exclusively work as an analyst for the two managing directors, a vp, and another analyst...to modest's point, yes i am currently seeking other opportunities, i just wanted to know how much stock i should put in this offer and if this has happened to other people receiving offers out of internships

 
Hockeyman9292:

@skinnayy this is a less than 20 person firm, so your point would be correct...the offer would be to exclusively work as an analyst for the two managing directors, a vp, and another analyst...to modest's point, yes i am currently seeking other opportunities, i just wanted to know how much stock i should put in this offer and if this has happened to other people receiving offers out of internships

This is quite small so my read in your situation is that they really liked you and would like you to come back, but are probably still unsure about budget and whether the can add the headcount and while they are confident that they'll be able to get you on board, they are not in a position to commit yet. Happens a lot with small firms and has happened to a lot of my bschool classmates (I know it's not the same at the MBA level, but still), especially with buy-side firms (and not just tiny firms). A buddy of mine interned at a PE MF during the summer and didn't get an actual offer until the following April.

Obviously, keep on looking on hopefully you can leverage this experience into something better.

 

I would take that as a compliment towards your work and overall internship experience. That's about all it is worth in my opinion. That isn't so much an offer as it is something to keep in mind as you look for other jobs/offers. As far as I'm concerned, you don't have an offer.

I would continue to look for a job and get an offer in writing, then if you really like the place you were at go back to them and give them a chance to give you something in writing. You'll find out really quickly just how much of an offer it really is.

Call me cynical, but the reality is that if something goes south in the next few months that is as good as gone. I'm pretty certain nowadays even hard offers in writing can be rescinded, so I err on the side of expecting nothing and getting a backup offer.

 

This exact thing happened to me last year after my SA, my boss (managing partner) told me to call him when I came back for Christmas break to discuss details further. I didn't because I wanted to see if they were still interested. Needless to say, I got no call. Be skeptical, yes, and absolutely keep applying all throughout your senior year.

 

Mainstreet_wallstreet - from what I've heard, the banks generally tell everyone whether or not they got the offer around the same time. I know of many banks that told people on the last day, but there are also banks that did not.

Stating that "at my BB" such and such happened without stating the name of the BB is not especially helpful...

 

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