Disappointed in SA offer…
Hi all,
I am a student at a semi-target (T20) who recently accepted a SA offer at a medium-tier MM investment bank (think BMO, RBC size). I made the decision to accept after considering the risk of not getting any offers, weighing it against the opportunity to receive better offers, and decided to play it safe and "get my foot in the door" for IB. In other words, “one bird in hand > 2 birds in the bush”.
Was this decision valid?
Also, I have struggled to feel a sense of contentment after receiving the offer, and am primarily concerned that this firm may not be the best starting point for me in terms of prestige for exit opps as compared to some of my peers. I am open to lateraling to BB as well as exploring PE.
Do any of you have advice for such thoughts?
I recognize that some people haven't received offers, and do not intend for this post to sound like a "troll" and be trivial or pretentious. These are merely a few genuine questions, so any advice is appreciated.
Honestly I think banks like RBC and BMO are fine to do a summer analyst program at. And I’m assuming you were probably a very qualified candidate who interviewed well and just took the offer because it was exploding and other banks wouldn’t expedite your application. I know several very smart people from targets who had similar experiences and decided to take offers with banks like those you listed above. You can also re-recruit for FT if you truly dislike your summer analyst experience and want to lateral to a BB or EB or just another MM. Just remember that the market conditions currently are tough for prospective bankers since lots of banks are downsizing their groups.
Bump!
Bump
Better safe than sorry, in my opinion. An offer in hand, at any MM firm, is already a solid start compared to many others. Yes, you may have missed future opportunities, but if you excel at your SA/A1 experience, lateraling to a BB or LMM/MM PE should be available for you in the far future.
Market conditions are super tough right now, no shame in accepting what you might consider to be a 'less than favourable' offer. Might just mean an extra year or so doing AN1 where you can work hard and lateral to BB/EB and then stay there or try and move onto LMM/MM/UMM PE.
Bump
I was in your exact same position and took my return offer as well, then ended up lateraling to an EB. It's not the end of the world to start at a solid MM shop. Of course I had some envy deep down inside for my peers who got to start their careers at 'better' banks, but I got over it and just decided to focus on myself and stop comparing to others.
These humble brag posts are really getting out of control. Why can’t the mods censor these posts, instead of my troll posts?
#UNHINGESMOKEFROG
Once you graduate, you’ll realize the prestige matters a lot less than you think now. Those banks are fantastic places to work and many people have prosperous careers there! Give yourself a high five for getting a great offer in a rough market. If you like the internship and team, maybe you’ll even go back. You’ll get the same skills as your peers at BB and EB.
Is it bad that 1 year into my career and still don’t realize this? Still chasing all the big MF shops . But partly chasing them cuz I know they also pay top of market
No. As you get older your priorities may shift. Or they may not. When I was younger, my priorities were money. Now with a family, my priority has become time. Because I’m making more money than as an analyst, and I am comfortable with how I’m living, I’m willing to sacrifice an extra last bit of comp for that extra 20 hours per week with my family. It’s all priorities.
I was in a very similar situation when I was recruiting last spring. And while the banks you mentioned might not be top-tier, to put it in perspective the vast (VAST) majority of kids strike of this process every year with very little choice as to where they work when they graduate.
I don't know your position in the recruiting cycle but I kept recruiting after I took an offer from a mid-tier MM bank and converted to a much better offer, recruited from a total nontarget. I had the same thought process you did (risk-minimizing) but I took it and kept going. If you have the option to do so, I'd suggest doing it.
If you are stuck with it, accept it as a great accomplishment (which, again, it is), kill the internship, and try to shop your FT offer like crazy. Keep your network warm, technicals sharp, etc. Market conditions are may or may not improve by the time this happens, but its still worth a shot.
Quite curious, what is the timeline for FT recruiting?
Does that start Senior fall after most kids complete their junior summer internships? Do most students network during their SA tenure, or throughout the fall?
All I know about FT recruiting is that it is MUCH less structured than analyst recruiting. Shops will open up FT positions when their intern class does not full their demand for analysts they think they need that following summer. This is why FT recruiting during a slump in the market is tough because banks are more likely to expect to need less people.
I think interns tend to keep their contacts warm during the internship and then try to convert their lower-tier offer to a higher-tier either during the internship itself (weird, but has happened) or right after their internship ends. All banks end their summer internships within a couple weeks of each other, so they all start looking for FT people (if needed) around the same time as well.
Also curious about this^
Bump
(London) Mentor of mine started off his graduate career CorpFin at an EM infrastructure PortCo (I know - weird), then after some internships started full-time at a solid MM (Jeff/HL/Gugg/WB) and lateralled to a big NY EB (in London). He now works at one of the best credit funds in the world.
All Im saying is that I dont think starting off at an MM is the end of the world haha
You're never going to be happy if you keep buying into 95% of the bullshit on this site. You're allowing sentiments from others, predominately children who have never worked full-time but parrot each other and extrapolate anecdotes from actual professionals to the extent that you'd think they know everything about corporate america, to influence how you feel about what would otherwise be a great accomplishment.
Run-on aside, I'm happy to offer a dissenting view.... get a grip.
You're talking about contentment, or lack of, after receiving an internship offer, which doesn't even start for a year. You're concerned about exit opps before ever stepping foot in an office. As much as you think you know about this job, you've never done it. As much as you think you know exactly what you want to do, that will likely change 4-5 times in the next 5 years based on your actual experiences.
If you're a sophomore or junior in college and you're truly spending time wrestling with these thoughts, you're simply in too deep. You're going to burnout before you even get there and we're about 24 months away from a "I can't do it anymore" post. Work on building and strengthening friendships, enjoying college, making memories, having fun, and the other shit that is also cliched but truly applicable.
As much as you think your career will define you, it won't. No one will be impressed. No one is paying attention. No one cares. If you derive all your self worth from the place you work or the job you do, you will be a miserable prick that will find yourself all alone.
I may know you lol. Do you go to Emory/Vandy/UCLA I added multiple schools because you probably don't want to doxx yourself lol
Maybe stfu and be grateful? You're literally one of the top earning people in the world instantly after getting a summer analyst offer. Tough times are out there in the real world man, working class families are struggling, you think your problems are big?
Stop being such a puss and go hang out with your friends (if you have any)
how is he a top earning person in the world after SA lol? they get paid 110k prorated like.. wdym
110k is much more than the average American and even more than the average person in the world.
Wow you’re dumb lol
Stop being so self righteous, the reason most of us are here is because we have a tendency to compare upwards. Otherwise we would be chilling with 9-5s.
Maybe compare yourself getting laid. Then you’ll have a real crisis
Hey congratulations on your offer!!! You have to celebrate your wins.
The most important thing is to break into the field, get into the group you want to get experience in and network with peers and those at other banks. I would chat with anyone that already made it if they were nice and had some experience. It's a lot harder to network when you don't have experience under your belt. Also at your level you can do anything... gets more challenging to move around after VP.
So look, CONGRATULATIONS! Tons of students wish they were in your shoes. Now go be the best intern, network and forget the rankings... I know people that started at Macquarie and then moved up the ladder faster than those at BB then transferred to number one teams.
When people here are saying network during your SA stint with other banks, wouldn’t it be hard? Like isn’t number 1 priority working ur ass off to guarantee yourself the return offer. How would you take a call in the office?
Natus placeat reprehenderit corrupti sed. Corporis pariatur sed nesciunt nihil odio. Quaerat soluta quia enim molestiae veritatis id. Voluptas vel qui et quibusdam itaque fuga cum ut. Animi in eligendi temporibus quibusdam rerum et. Consequuntur corporis molestiae qui sunt omnis.
Voluptates eos laborum quae exercitationem ex sed. Consequuntur numquam occaecati aut ab ullam maxime et. Cum ducimus sit voluptate aut architecto.
Eveniet quia repellat voluptas aut omnis quod voluptatem. Sed nostrum et quae aut aut. Dolor qui aut aut. Praesentium commodi et excepturi tempora et at.
Magni maxime suscipit quis ut enim id doloremque. Recusandae voluptatem et et qui odit. Quos ad excepturi expedita reiciendis accusantium laborum velit. Molestias et beatae laboriosam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quia quasi omnis adipisci occaecati earum fuga in fugit. Itaque labore facilis rerum dolorem facere non ut. Animi eveniet quae sed placeat quod distinctio.
Accusamus quia vel unde rem deserunt. Et aspernatur minus nihil aut possimus consequatur. Esse quia quia quo est. Quaerat molestiae sint odio tempore asperiores tempore. Dolorem et iste aut est.
Voluptas asperiores blanditiis ipsum vero. Cum quae eos voluptates mollitia a repudiandae blanditiis.