Had IB Fall internship interview, now what?
So heres the deal. Looking to get a fall internship at an IB. Spoke on the phone with an MD, went well, a week later (today) had another call from an MD at that bank due to the first ones recommendation. Had some technical questions asked and he basically said i fared well enough to be considered for the internship.
It was kind of left unclear about next steps so I'm not sure what to do. Do i wait for someone to reach out or contact one of the MD's tomorrow about next steps?
Also the first MD i had spoken to was the one that handles the hiring for the bank.
I understand what you're feeling. I interned at a small boutique IB directly with an MD. Let it sit for a bit - A couple of days, maybe even a week or two. Since you're not interning until the fall and this is most likely an unstructured process at a smaller bank, you have a good amount of waiting time
If you haven't sent a thank you email yet, add your question in at the end, basically asking either what the next steps in the process are or asking for his advice on how to best position yourself moving forward in this process. One is a bit more direct than the other so handle the ask based on how well you think your rapport is with the MD and how well you did.
If you already sent a thank you email, I would consider waiting 3-5 days before reaching out again if no one contacts you in the meantime. Any sooner and you might come off as pushy. Best of luck!
I literally just had the call about an hour ago so I feel like a thank you email is too soon right now. But with the first MD i spoke to I did what you suggested and wrote a thank you email a few days later and said I look forward to hearing from you in regards to the next steps. So maybe ill do the same with the MD i spoke to today. He said if i had anymore questions i could ask him. That included next steps I believe.
Thanks for the advice. I know when I had spoken to the first MD he had said they didnt even really start the fall process yet so I think I was one of the first for them to consider. I am trying to get a response before the end of August because the valuation firm im at right now wants me to come on fulltime so I want to get the IB situation figured out asap.
Make sure you let them know about that too. It sounds like you're in a good position to get an offer from the IB for the fall and leveraging offers is both pretty common and a good way to push up the process without sounding too demanding.
What's the ideal way to communicate that situation? This past summer Company A gave me an offer and told me I have til Thursday to decide. Company B was still in the process, so I needed them to tell me if I got the offer or not by Thursday.
I told Company B "if there was any way he could expedite the process as I am currently considering another offer" through email, he later then told me on the phone "i don't get mad about these things personally, but just a word of advice to in the future you shouldn't tell your employers about other offers, some dates may not line up so just take it or leave it" (It was a boutique investment management firm.)
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