Monkeys,
Interning at a west coast BB and found out there will only be 6 interns this summer in my group, they usually take 8 and give offers to 7 but last summer took 8 and gave offers to 6 due to the rona. I'm not a mathematician but looks like they underhired and as long as I'm not totally useless I should get a return right??
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No. Never assume anything is guaranteed. You might be right, or they could have hired 6 interns because they're only planning on hiring four for full-time.
thanks, I can't see this group taking 4 analysts, everybody getting CRUSHED right now, but I see your point
Sure, you'll probably get it if you perform at least decently and don't fuck anything up...but the offer is yours to lose if that makes sense. Don't blow it off because you think its guaranteed, nothing is guaranteed
makes sense
Definitely not guaranteed. This means there is a spot for you if you perform well. For context, at my bank in my group there were 2 fewer interns than number of FT spots. However, 2 did not get return offers and the bank ended up taking 4 FT laterals
interesting did they not get offers bc of work quality or just being weird?
Edit sorry I misspoke, 2 did not get returns and they took 3 FT. Work quality wasn’t great, screwed up some questions on the intern final project. If you take things seriously, have a good attitude, are responsive (I.e less than 20 min response time to any emails) you should be 90% of the way there. For context, one of the interns who didn’t get a return was unresponsive over email for several hours at a time when there was a fire drill, which ended up irking the deal team
Same thing is happening in my group. My group used to hire 8-10 interns and now it’s like 4 or something. The total no. Of analysts at the firm is like 12 or something and they are getting slammed as well. Makes me feel better but also makes me worried because what if they are trying to reduce the total no. Of analysts?
my group def needs bodies
As long as I get a FT offer I am willing to be the body haha.
You still don't have a guarantee if you're garbage. They'll just go 1 less and cycle in a new batch of candidates until they get their headcount right. Definitely you don't have a guaranteed return offer. You've gotta earn it still!
Understood
so seems like no guarantee but there's a spot for you bud
Nothing in life is guaranteed. Work your ass off as and be very useful to everyone. Also, don't try to succeed at the expense of others. It's a team game and a small world.
agree with this!
Nothing in life guaranteed
1000% not guaranteed. I interned at a group that had a similar practice - 7 interns for 8 spots. They still didn't give offers to 2 of the interns. One didn't fit with the culture, and the other just didn't have very good attention to detail that was consistently an issue throughout the summer. This is unequivocally not guaranteed.
interesting
honestly considering most of these firms underhired and understaffed right now, could see a very very high return rate
do you think that will be the case across different coverage groups and across banks?
I'm a 1st year analyst at a BB that gave out guaranteed return offers last summer. The rumor has it that it won't be the case this year. The logic does not make sense because the SAs will join the firm in July 2022, so why the hell would the currently-understaffed bank overhire for 1 year later? If it's bleeding bodies rn, it will go to the lateral market to replace them. I love it how interns&prospects talk themselves into believing that they are entitled to a guarantee return offer. Mate just clock in the hours, do not make mistakes, and be a likeable person and you'll EARN that return offer
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