Am I screwed?
Hey monkeys,
Currently at a target school and just received a return offer from my SA in a non-NYC MM coverage team. My goal is to leverage this offer to a FT IB position in NY, so I began reaching out to people end of July / August. My hit rate hasn’t been too good and the hiring market for FT doesn’t look great, so my question is—am I SOL and should accept the offer or should I continue grinding out these calls as it seems like most places won’t be sure on headcount given SA offer acceptance?
Would love advice from anyone who made a similar switch.
Thanks in advance!
Bump
Why the move to NYC? Any additional color on the MM?
Didn't like the city at all, family / friends are in NY and honestly I didn't realize the negative impact that all would have on my mental health. Would prefer to live in NYC given the choice—hope this helps
Ah - sorry to hear. My best advice would be to connect with some recruiters on LinkedIn to see what openings are out there. However, the hiring has slowed substantially at BB banks. Financing is much tighter for larger deals right now, so MM firms are candidly better positioned in the current environment (for what it's worth).
Thank you for the advice here! That's what I've gathered from the few networking calls I've had. I would just hate for the economy to come crashing down and not have an offer due to not accepting. Would you recommend reneging if an "better" opportunity arose in this situation?
I would never advocate reneging.
That's what I've heard, so what would you recommend in my situation?
You could accept at the MM but finesse a transfer to a NY or NY-adjacent east coast location like Boston, DC, or Philadelphia. Network with people across offices at the firm while keeping it very low key, then if there is interest, go to HR first with an MD or VPs backing to attempt the transfer. I know two people who have done this successfully. Although truly — try to think about the macro and micro positives of your circumstances first and imagine a life without the move before you commit to any risk taking.
Worst comes to worst you do the same or a similar (lateral, buy side recruit) thing in a year.
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