LO return offer advice
Hey everybody,
Hope everyone's having a good week thus far!
I'm going to be an intern at a well known LO shop this summer (Fid/DC/Cap). They only take 10 interns over the summer globally, of which 4-5 are based in the US. There is no particular return offer rate, some years nobody has receieved a return, while last year all 3 US interns receieved returns. I was fairly surprised by this given the nature of returns in banking (i.e. your offer to lose), especially since they already take very few interns.
However, as I head into the summer, I'd really appreciate advice on getting the return. I have gone through many posts giving banking-specific advice, but since the nature of this work is so different, I think their evaluation is based on different parameters than banking. For context, you work on a single research project over the summer with an analyst you're assigned to. There's not as much of an emphasis on 90 hour weeks and not as much busywork (models/slides etc.), everything is self-directed since you decide what you need to do to aid your research. Any and all advice is genuinely appreciated – thank you very much in advance!
Are you an MBA or undergrad? The bar for MBA intern is similar to a full-time analyst while you only have 10-12 weeks to prove yourself. Try to demonstrate your process (from brainstorming thesis to research key debates) throughout the summer to PMs or whoever evaluates you. The final products (i.e. research notes/presentation) matters but PMs care about process / if they can trust the stuff going into your notes. Be likeable and build a good network.
Thanks a lot for your reply – I'm an undergrad. The networking part is the one I'm most shaky on. While I like talking shop with people, I'm unable to 'shoot the shit' and do not want to appear transactional.
Any differing advice for an MBA intern? I'm about to start at Tier 2 shop like an Artisan/Janus/American Century/Franklin Templeton. They claim they have the ability to provide all of the interns a return offer if the fit is right. I'm inclined to believe it since there were years where they took noone and years where they took everyone.
I'm a career switcher coming from a very non-traditional background, so I imagine my learning curve will be steep. I feel like on paper I was a bottom quartile candidate during our superday, so I feel extremely out of place.
I won't 100% believe in "provide all interns a return off if the fit is right" type of wording. There is always a pre-determined HC going into the summer at LO although they can afford to under-hire as adding coverage is usually not urgent at most LOs. I won't worry too much about pre-MBA background. LO has a tradition of hiring from MBA, which means they like diverse backgrounds. If you can pass the interviews and secure an internship offer, you should be good technical wise. Show how your background can add value in investing or use it as tool for networking.
Thanks a lot for your reply – I'm an undergrad. The networking part is the one I'm most shaky on. While I like talking shop with people, I'm unable to 'shoot the shit' and do not want to appear transactional.
If this is for Cap Group, I would not worry about it. Be yourself. You should be more than fine. Congrats on landing on buyside after college.
Yes – you got it! Thank you, I'm just trying not to assume that just so I'm not taken off guard if I don't get the return. Is there any reason in particular you say not to worry? Because it is really the dream opportunity for me and I'd hate to mess it up. I want to do everything I can to stick around and, hopefully, be a value add to the firm in the future...
Also I've heard of people not getting returns in the past, do you think that info is incorrect/incomplete? Totally understand if you can't answer/don't know...thanks for the reply anyway!
Generally speaking LO, especially the scaled private ones, have very good culture. I would focus on not messing up, such as interviewing for other seats / showing up late for work / compliance issues, rather than trying to come up with everything you can to show you are outstanding / competent. Sometimes trying to impress will cost you more than you could imagine though.
Understood – thank you very much. It has given me a confidence boost going into this
Following - bad idea to recruit for other LO during your summer? If you're not going to get a return, don't you wanna have a safety net?
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