How much should return rates be a consideration for choosing offers?
Received offers from a solid MM and an EB in London. MM has historically had 80-90% conversion rates whilst the EB is around 60%. Given how average intern quality is likely worse in MM, assuming that will also make it easier to convert. Obviously I've seen how trash FT recruiting was this year so I'm inclined to take the MM but was curious of other people's perspectives on this. From reading WSO it makes it seem like firm prestige is the number 1 priority. What have people done who struck out in FT this year?
For context of my career goals I'm thinking of career banking or PE
Ah, the age-old question of prestige versus security. It's a tough one, but let's break it down.
Firstly, it's important to remember that return rates can be a good indicator of the culture of a firm and how they treat their interns. A high return rate, like the 80-90% at the MM you mentioned, suggests that they invest in their interns and are keen to bring them on full-time. This could mean a more supportive environment where you're set up to succeed.
On the other hand, the EB with a 60% return rate might be a bit more cutthroat, but it also might offer more prestige and potentially better exit opportunities. It's a riskier choice, but the payoff could be greater.
In terms of your career goals, both career banking and PE are achievable from either a MM or an EB. It might be slightly easier to transition to PE from an EB due to the prestige factor, but it's certainly not impossible from a MM.
Ultimately, the decision should come down to where you think you'll be happiest and most successful. Consider factors like the culture of the firm, the people you'll be working with, and the type of work you'll be doing.
And remember, no decision is final. Many people have navigated from MM to EB or vice versa, or struck out in FT and still ended up in great positions. The most important thing is to keep learning, keep networking, and keep pushing towards your goals.
Hope this helps, and best of luck with your decision!
Sources: How to Navigate FT Recruiting: Learn from My Successes/Failures, 2020 FT IB Recruiting Thoughts, Intern Return Offer Rate, Advice for summer and return offer rate?
What stage of undergrad are you at? If you are 2nd year I'd take the EB with scope to re-recruit if you fail to convert. If you are 3rd year and come from a semi target I'd take the MM and try and lateral at the An2 mark.
Really comes down to backing yourself, you are clearly competent otherwise 2 banks would not have given offers in this climate.
I'm a penultimate year at semi target.
“Penultimate year” 👆🤓
Bro just say you’re a junior lol
I'm in UK where junior year isn't a thing and people say penultimate year. Thought I should clarify since I wasn't sure if original commenter was commenting from a US perspective as 3 year degrees are standard here.
+SB
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