To maintain discretion, think of this hypothetical situation:
Have a FT offer at a LMM IB based in the UK.
Think Alantra / Peel Hunt / Panmure Gordon.
Also have a SA offer a much better MM, think Jefferies / RayJay / Harris Williams.
Is it worth taking the SA and hoping to convert straight away (I’m final year) - or is it both super shady and risky to a point it might all blow up in my face?
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Forgot to mention that ofc I wouldn’t be able to tell my FT offer’s HR that I would be doing this SA - making it risky
Not sure if the MM would let you start right away, might have to talk to them and see if that is even an option. But I would take the MM and see how it plays out.
I personally wouldn’t take the risk as if the FT bank finds out, your offer there is prob fked and may potentially even jeopardize the SA offer given that banks do talk often
Are Jeff, RJ, and HW really on the same level in the UK?
1. If you have to pick between both offers, then obviously accepting the LMM is the risk averse play, and considering the market we're in and the offer location, its honestly a pretty good situation.
2. If you were to go through with the SA then I think you would have to be extremely careful with your online socials and where you physically hang out. Only reason being that if you got a return offer from the MM, then you would be reneging with a couple weeks before your proposed start date with the LMM, and I'm sure that would be a shit show. If the LMM found out you were doing the SA than they would probably deduce this and wouldn't want to be bent over a barrel a week before you're supposed to start - and revoke your offer. In practice this means no posting or liking other interns stuff on linkedin and actively watch the people/companies you are following and connecting with. I'd also avoid the vecinity of the LMM office and where they hangout, if you can.
My only follow up question is how feasible is it to lateral after a year at the LMM? What are the typical exits from the firm?
Really good advice thank you.
It shouldn’t be too hard to lateral, and the analyst program is shorter than most banks so I can become associate after 2 years.
Kind of leaning towards lateraling after I make associate.
Seen on LinkedIn 50+ UK exits to Lazard, Roth, Houlihan… with only 2/3 BB’s so I’m thinking upper MM or EB lateral once the market is better and I’m an associate.
Can you contact the bank your FT offer is with and ask them if they’d have a problem with you doing an internship? Hard to imagine that asking would cause them to revoke the offer.
I could do yes - maybe it’s just me, but wouldn’t they almost certainly say no?
Wouldn't be too sure about that. I'm not sure about UK employment contracts, but they're obviously tighter than in the US where you can renege/be revoked at any point, so I'd look into contractual obligations in the event that you convert.
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