What happens to the summers who don't get offers?
What is generally the trend for those who don't get FT offers after being SA? I know people have talked about some banks offering fewer than half of their summers FT, so does it look really bad when interviewing for FT that you didn't get the offer from your summer? Or is it relatively easy to switch after you've summered?
In the case that it's not, would it almost be better to not have an IB summer internship, than to have had one and not gotten the offer (in terms of getting an FT offer)? The reason I ask is I know a senior now who was a stud and spent his junior summer at Blackstone, but didn't get the offer, and when full-time came around, he didn't even get a job in IB. Is this a common pattern?





IB Analyst @ BB: "SAs without offers may be 'damaged goods'"
A friend (analyst at a BB) told me that SAs without FT offers are likely to be seen as "damaged goods" when they apply to other banks for FT. (Caveat: this is based on his experience with BB IB analyst recruiting -- not PE)
Not sure if this is true, but I can see the logic. I hope this helps.
If you don't get an offer,
If you don't get an offer, it's really hard to get recruited by another BB.
It happens man. Just gotta
It happens man. Just gotta keep your head up and try to interview well. Get a few people to go to bat for you if you can as well. Unless you are absolutely a terrible summer you should be fine.
I know a ton of people who didn't get offers back but still landed on their feet.
I know a broad that interned
I know a broad that interned with UBS through SEO, she didn't get an offer from them and she got rejected by every BB and Top-tier MM as far as I know.
I know a guy
that interned at top Houston BB (GS, MS, LEH, ML), didn't recieve an offer and ended up with a full-time offer with UBS in NYC.. It's hard and you have to answer why you didn't get an offer. He mad final rounds with GS in Houston and offers also from Bear Stearns, Jefferies, and another middle-market. However, he was basically blacklisted by Leh and Citi. It's totally random and was a very good interviewer with great social and communication skills.
I agree- think you are
I agree- think you are generally trading down a tier if you don't get an offer.
life without an offer is a
life without an offer is a living hell.. your reputation is so badly damaged...you will see people around you with crap resumee, skills and personality getting offers everywhere but you , you are rejected everywhere..
Seanc " I know a broad that interned with UBS through SEO, she didn't get an offer from them and she got rejected by every BB and Top-tier MM as far as I know."
I know these interns in New York ... they worked so hard in all those years to make it happen and succeeded by receiving a summer offer, but it was ruined... and after that they got rejected by every single bank... they were threated like dogshit... bank employees talk to each other at other banks to screw you.. you will not get any job in New York City anymore..you are blacklisted..
The only way to succeed is to change division... if you don't get an offer from IBD change to apply for markets e.g. fixed income sales/trading/structuring...
It's a simple concept, most
It's a simple concept, most Banks will assume that you're simply not good enough for Banking. After all, if they didn't come to that conclusion, what they would be accepting is that while you're not good enough to work at a BB, you are good enough to work for them since the work required is generally of lower quality.
I doubt very many of them are willing to make that admission.
knew a kid who did GS summer
knew a kid who did GS summer and wound up at a solid MM shop after not getting an offer, but still a trade-down.
i always feel bad for kids who didnt get offers cuss its harder for them than kids who did something else during the summer
That is so arrogant to
That is so arrogant to think...
People don't get offers for various reasons... not necessarily meaning you are crap...
It might be office politics..
As everyone else is saying,
As everyone else is saying, you're pretty much up shit's creek with no paddle.
Two buddies of mine didn't get offers, and one went to law school and the other went to consulting. Usually places outside of banking will not ask whether or not you got an offer.
To the person who said you might as well not get a banking internship, that's not the answer. I think the answer would be to do your research and question the bank that has a 30% Summer --> FT rate. Although you have GS on your resume, there's not too many places to move but down. So heavily consider a place that has a 80-90% rate, even though it might be #5 bank and not #1. I'm not saying to turn down GS or MS, just saying to size up your competition, and determine whether or not you can be a top analyst.
What I've also heard a lot
What I've also heard a lot of is that HR makes more of the decision as to who gets FT offers (as opposed to the actual people in your group? Anyone know if this is true?
you guys
are way way overstating the implications of not getting an offer. does it make things a little more difficult, yea sure. but is it the end of the world? not by any stretch of the imagination. It really just comes down to how you sell yourself. I.e. if someone asks in an interview why you didn't get an offer, you don't say that your feedback was that you didn't have the requisite analytic skills or whatever HR might've told you at the end of the summer. You say, "Well, I really wasn't passionate about the industry I was assigned to, so ultimately I told the MD that I'd be more interested in switching into M&A or whatever blah blah blah..." Just because you didn't get an offer from one internship does not mean your life's over. Chill.
how do other firms know
how do they know whether you got an offer from the bank you interned with or not?
It didn't dawn upon me until
It didn't dawn upon me until recently, but my concern now is that I'm set to summer at a 1st tier BB who has been quoted many times on this board as taking well below half (some said as low as 30%!) of their summer class.
So statistically speaking, and if FT is the goal, my chances would be greater to do something else in the financial services industry this summer, study up for the full-time interviews, and knock them out of the park come fall.
No 1st tier BB will hire
Re: No 1st tier BB will hire
It's really not hard at all
That's certainly a rosy
I asked an analyst at GS/MS
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Exactly what I've heard as
I would say at least 80%.
if it's no big deal why do
In London it seems to be
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Advice
if you really wanna know,
Flyingtortoise: "In London
bankerspi: you cannot lie on
You guys are nuts. I didn't
runtothehills is right,
No need to worry about FT offers