Do you have to accept it in a relatively short period of time? Or are you also given time to shop around for other jobs
I was writing an email to a fellow monkey who is about to start as a banking analyst in the summer. It's been a little over 5 yrs now since I was a wee young first-year analyst in restructuring for one of the Moelis/Houlihan/Evercore type firms (I call them the firms where most people will... 15 things I wish I knew as a first year banking analyst |
This is the reaction any analyst who has ever worked in banking has when you say you want to leave banking for business school then come back as a post b school associate...
<img src="http://epicpinterestfail.com/wp-content/uploads/2012/11/how-i-met-your-mother-barney-why.gif"... Why You DON'T Leave Banking for B School Just to Come Right Back... |
I get a ton of emails and answer a ton of posts asking similar questions so I thought I would answer the most common ones I get here and allow others to post their questions so everyone can see them and the subsequent answers. Hope this helps.
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Inspired by comments from this: http://www.wallstreetoasis.com/forums/basic-guide-ramping-up-on-a-company-with-public-information-part-1-of-3
Lets just jump in.
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No guidelines there. You
No guidelines there. You won't know until it happens.
Depends on your
Depends on your school......if a non-target where the bank doesn't recruit from you will usually be given very little time to decide (few weeks). If you go to a target you usually get more time (few months)
"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
Typically, if the offer was
Typically, if the offer was through on-campus recruiting, there will be a minimum amount of time they have to give you to decide (could be around 1 month). If you found the position yourself/applied on your own, then they have more flexibility to pressure you (and might set a deadline between 1-2 weeks).
cplpayne wrote: Depends on
Depends on your school......if a non-target where the bank doesn't recruit from you will usually be given very little time to decide (few weeks). If you go to a target you usually get more time (few months)
that.
basically if you want to shop around you reach out the day you get your offer and try to line up interviews within the week that you have ..
it's longer for targets because the bigger recruit target schools want to protect their kids (basically, its in ur incentive to have more time, and it's in company's incentive to give you less time) and force companies to "adhere to guidelines" to give their kids a minimum amount of time.
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she_monkey wrote: cplpayne
Depends on your school......if a non-target where the bank doesn't recruit from you will usually be given very little time to decide (few weeks). If you go to a target you usually get more time (few months)
that.
basically if you want to shop around you reach out the day you get your offer and try to line up interviews within the week that you have ..
it's longer for targets because the bigger recruit target schools want to protect their kids (basically, its in ur incentive to have more time, and it's in company's incentive to give you less time) and force companies to "adhere to guidelines" to give their kids a minimum amount of time.
From what I found this is true for the SA offer, but after you work there all FT offers were given with the same deadlines. All the nontargets in my SA class had the same deadlines as the target kids. Couldve just been the bank I was at though. I definitely agree that during recruiting targets would get more time than nontargets. Not sure what it's like at other banks though
cplpayne wrote: Depends on
Depends on your school......if a non-target where the bank doesn't recruit from you will usually be given very little time to decide (few weeks). If you go to a target you usually get more time (few months)
I agree that it depends on your school, but I'd also add that it depends on the firm. In my case, the target students were given one more week than the non-target students.
"Rage, rage against the dying of the light." - DT
School OCI policy usually
School OCI policy usually dicatates how long you technically have. From the banks perspective, you get a month or so to accept and get the extra $ (incentive to not go through OCI). After that passes it's essentially, "you have an offer but if we find someone else before you decide, you're SOL".
I would say 3-4 weeks after
I would say 3-4 weeks after your internship ends; from my experience it was 3 weeks, basically just before FT interviews start. You basically have that time to try and use your contacts (or if a bank you're looking at actually has structured accelerated interviews) to get accelerated interviews. The latent attitude from the place where I did my internship seems to be that if you decide to go past your allotted time and interview FT, you're basically cut loose. No one got extensions that I knew of.