Current SA's: How Y'all Feeling About Return Offers?
How are you guys feeling about your chances of a return offer? I keep getting more and more nervous as we are getting close to the end of the internship. Non target non diversity at a BB in a coverage group that isn't too recession proof.
All the other summer analysts in my group are either gay guys or girls, so I'm worried I'll be the first one to be scrapped if necessary. Only one other intern in my group is a non diversity guy, but he does go to a target.
My mid point review was mostly positive feedback with my manager saying they've seen a significant amount of progress, but I still have my doubts. Been trying to reach out to alumni at other banks just in case shit hits the fan, but all of them are going cold all of a sudden.
My initial thought about this recession and slow down was that underperforming VP's and directors would be cut and that return offer rates would still remain high. However, I'm wondering if maybe banks think they overhired at the lower levels these past couple years and will go pretty low on return offers this year.
This shit feels like when an NBA player is on a team option. It's honestly kind of worrying that after grinding to get this internship, I might have to get back to it again if things turn out bad.
What are your guys thoughts so far on the internship and return offers? Are you nervous that you might not get one? Or have you been given pretty blatant indications that you're set? Any ideas on head counts or offer rates for this summer?
So not sure why you got MS for this, but here’s my take (which will get MS too but it’s historically been the truth).
When shit hits the fan the FIRST thing out the door is all the ESG and diversity stuff. In a recession, banks can’t afford to pay two analysts to do the work that one other analyst can do (exaggerated the ratio but you get my point). Sure, if you’re at the middle of the pack, you might get canned bc someone else checks a virtue signal box, but if you’re killing that shit like you’re Ted Bundy, then you have nothing to worry about.
Tl; dr: Top bucket will get returns no matter what. When you dip into middle, that’s when you get canned as a nondiversity. Unfair? Sure, but that’s everything in life.
Yeah that makes sense. It just feels like we haven't been given much work to really differentiate ourselves to be honest. Deal flow hasn't been insane in my group given that it doesn't normally do well in recessions compared to stable industries. How are you overall feeling though about your return offer chances at your bank?
I’m lateraling to a diff BB (soph SA) so I’m not rlly in the same sitch as u, but I think if you haven’t gotten much work to differentiate urself then FaceTime and having everyone like you would probably go pretty far. Especially with senior bankers, if you see they’re up to chat, do it. That’s how I got my offer for soph year, a senior banker pulled for me heavy and I ended up being a nondiversity soph SA. Cheers man
Lmao people really throwing MS cuz they don’t like that top buckets get return offers??
What is a top bucket intern?
In the same boat, our group plans to give around 40-50% of interns returns. We haven't had any crazy work to differentiate ourselves from one another, so I'm just trying to get the seniors to know me and like me more at this point.
BB?
yea
Damn they told you straight up it's only 40-50% return rate and it's also a BB? Now I feel even more worried because I'm also at a BB and might be in the same position then. Who told you? Associate, MD, VP etc.?
A few analysts were saying this, a VP didn't directly say it but alluded to it as well.
Middle of the pack, very neutral position. Will be largely dependent on the end of summer review. So competitive and don’t know how they’ll differentiate. Not worried about it tho, will just see what happens.
That's a good attitude, but are you not incredibly panicked if you don't get a return offer? Thinking back to how hard we prolly had to grind just to get the internship and having to go back into it all again would suck. I don't even know if banks are even going to be hiring for full time in this market. It might be get the return offer or you're screwed for doing banking all of a sudden
Between firm/group rep and network, should be able to open doors to any other firm. I don’t have any ambitious career plans.
I can offer a perspective as a current analyst at a BB. Our group is shorthanded, so I think we want to take as many interns as we can. If our interns show that they work hard and are understanding the job, I think the offer is in the bag. For more bloated groups though, I imagine the situation is different.
Hmm that makes me feel a little bit better because my BB group is a little bit leaner. I guess no point in worrying about it too much. Just do my best these next couple weeks and see what happens. Life goes on
General sentiment is offer rates will be very high at my bank (well known, large UMM). I am a tad worried as I annoyed an MD though it wasn’t mentioned in my review, which was largely positive, even from other MDs.
Jefferies?
Something like that
What did you do to annoy him? And how did he act that made you think he was annoyed?
Also, I wouldn't obsess about it if it was a one-time thing, and if he hasn't remained annoyed. Try to brush it off.
Why are you highlighting the “gay guys, and girls” and not the kids who may have got in because of nepotism. They are the real “spot stealers” or threats to a fair process.
Lol no one in my group is a nepotism hire, so I can't say anything about it. But for the record, I hate nepotism too and that is also an issue. Is that why I am getting MS? Because I mentioned that my group is mostly gay guys and girls? I didn't attack them in any way lol or say they stole spots or anything like that. I just said if it comes down to a tiebreaker, I'll easily lose to them every time.
Just pretend to be bi, problemo solved
Hope you aren't in my group.
Are return offers going to be super low in it?
No, but we wouldn't extend one to an intern with your mentality.
Had a mid-point rating where I was told I will be extended a return for 2023!
is this for a BB?
This would be for an EB
Damn congrats! Surprising that they tell you you're getting a return that early. We only know for certain the last day of the internship
Was quite surprised myself, however it is a verbal expression of what would be an expected offer. Nonetheless, very grateful for any kind of opportunity I can get out of this.
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