Group placement before offer decisions?
From looking at past recruiting/analyst threads, I've seen a lot of "there's no way I would have gone to [fill BB here] if I had gotten a coverage group"-type statements. At the same time, I know most places (at least where I've talked to people so far) don't recruit directly into a group and don't hold placement events/interviews until offer acceptance.
Bottom line: what are the prominent examples (or any examples, really), where accepted candidates know their group placement before having to make a yes/no statement on their offers? Would really like to avoid crapshoots if at all possible
Edit: this is really focused on NY btw
As for London it depends on whether you are talking about an internship or FT. As an intern you usually get a generalist offer and the group dance starts a few months towards your internship. For FT the story is very different. For FT, the group you intern in will make you an offer (at least this holds for GS/MS/JPM). Some of these firms may allow you some leeway if you accept, but in 95% of cases you get a group offer.
Interested too...
I was in this exact situation this semester.
For me I did a lot of networking with the group I wanted to go to prior to interviews so I felt I had some good relationships. I was able to, based on the feedback I was getting in interviews, have a good sense that I would at least be competitive for most any group. Right after I received the platform offer I set up office visits with my target group. Met with them and had my offer changed from platform to group specific the next day.
Most people won't start the process until closer to the sell day. I didn't want to leave it to chance.
Bump. What banks have an MO of giving out group offers? (Or one step below, "strongly hinting at it" or allowing plenty of time for networking into one before offer decision time)
Do you have a 4.0 from HYSW with previous BB IBD experience and letters of rec from several CEOs?
If not, your main focus should just be on getting any offers before you start stressing about the "crapshoot" of group placement.
Get a seat at the table before you start worrying about how far you are from the thanksgiving turkey.
Absolutely agree in spirit, but knowing how placement works is probably going to affect not only where I apply, but also who I reach out to and how strongly I betray a preference/prior interest in a group or industry during interviews.
Just be careful with this... I know a guy at a BB who turned down a solid product group offer after SA for the promise of another BB's product group.
He ended up getting a really shitty coverage group at the 2nd BB and isn't too happy
Guaranteed SA group placement happens, but you typically need to be one of the top candidates. And if promised a specific group, I think it would be fair to request it in writing if your decision depends on that group.
For full time, it is more common for people to recruit for specific groups.
Great info, thanks for this. Any banks where "pre-placement" is more/less common?
Anecdotally, the times I've seen it have been when places are trying to steal rockstars from other banks. So think like BAML or Citi trying to steal kids from GS/MS/JPM.
Also anecdotally, the "big 3" have a lot more pride (even at the risk of being stupid), and it's much more rare to see it coming from them. One of my friends had a BX offer, told GS he'd take their offer if they gave him TMT, and GS essentially told him to go fuck himself.
At GS, if you're a returning sophomore SA, you're given significant preference for group placement if you return for junior SA. FIG and TMT in particular take a lot of returning sophomores.
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