How long to wait for after an interview and when to move on (BB analyst)
I've been interviewing with a BB for an analyst role (lateral hire). Before the winter holidays, I had 5-7 interviews; one was technical and the others were behavioral. I followed up in early January to ask about the status of my application; there'd been no updates since my interviews before the holidays.
I was asked if I was available for a catch up call and provided my availability, but have not heard back (this includes already following up once). Rationally, i would think that I am not moving forward.
However, there are some team changes occurring at the end of the month which I was made aware of early in the process, so I understand there could be delays.
I am expecting a written offer from another firm and am therefore wondering if I should keep waiting on this BB if I will have a superday-type interview (maybe they will get back to me early next month), or if I should move on and accept the other firm who is ready to give me an offer.
Once I receive the written offer, I could possibly push back a response for 1 week, but I would need to know asap from the BB if I have any additional/final interviews; this would require following up again which may irritate them.
Based on the most helpful WSO content, here's what you need to consider:
Timeline for Follow-Up: Generally, waiting 10 days or 7 business days after your last follow-up is reasonable. Given the holidays and team changes you mentioned, delays are plausible, but it's important to balance patience with practicality.
Backup Plan: Always prioritize having a strong backup plan. If you have a written offer from another firm, it's wise to consider it seriously. Banks, including BBs, can have unpredictable timelines, and waiting indefinitely could be risky.
Follow-Up Strategy: If you decide to follow up with the BB again, frame your message professionally and concisely. For example, mention that you have another offer with a deadline and would appreciate an update on your status. This approach is unlikely to irritate them, as it shows you're being transparent and proactive.
Decision-Making: If the BB doesn't respond promptly or provide clarity, it may be best to move forward with the firm offering you a written offer. Accepting a solid opportunity is often better than waiting for an uncertain one.
Remember, timing and communication are key in these situations. If you need to push back the response deadline for the written offer, most firms are understanding if you communicate early and professionally.
Sources: Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, How to Navigate FT Recruiting: Learn from My Successes/Failures, Q&A: 2nd Year IB Analyst at a Bulge Bracket, David and Goliath: The Boutique and The Bulge Bracket, Lateraling Guide for Investment Banking
I have had friends in similar situations, albeit, lateraling at associate/vp positions and it took one of them 6 months end to end process with a huge BB. Others have also been on the other side of the coin where they experienced a very quick process. Therefore, not sure.
If they are not providing you with clear information, they might still be considering whether they will actually hire or not. As FYE2024 just ended, there are a lot of on-going hiring decisions in various departments being made.
That being said, consider which role/ bank you prefer. If you have already secured another offer and are happy with it, might be worth moving forward. On the other hand, if you are not happy with that offer and think the other place is better suited for your needs, then try chasing up anyone you know that works there and see if they can get a sense of how things are progressing internally.
I would say informing the BB that you have an offer on hold, however, you never know how they might react to this information (some people react negatively to this news)
Thanks for sharing. I'm approaching 6 months now so hopefully won't be much longer.
My plan is that once I receive a written offer, I'll follow up one final time with the BB and can try to buy an extra week. Beyond that, I can't risk having 0 offers.
From the FT interviews I've done, I generally moved on if I hadn't heard anything back in 2 weeks.
Unrelated but how did you manage to do that many interviews while working full-time? I am beginning a few lateral interview processes and am trying to plan how I will find time / keep it under wraps that I am interviewing.
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