Hey fellow Monkeys,
I am seeking advice regarding the choice that I have to make concerning my Summer Internship. I am a final year student recruiting for London banks.
I have managed to secure an Off-Cycle with GS/MS/JPM and it is a bank of my first choice. If I will secure a FT offer I am sure that I would like to stick around, although the group/team that I will end up with is somewhat uncertain (as always with BBs).
Currently, I am still interviewing for summer and I received an offer from Jefferies/HL/Macquarie London which explodes next week. However, I have an incoming Assessment Centre with one of the European BBs. Since the offer explodes before the AC, I have to make my decision.
Given that I will be doing an Off-Cycle, what would you recommend me?
Sign the Jefferies/HL/Macquarie offer, or decline and facing a risk of jobless summer, do my best to secure the European BB?
Do you think that doing Jefferies/HL/Macquarie vs European BB in summer makes a huge difference in my case?
Thank you for your contributions!
In a similar situation so also interested
Firstly, congrats on the offers. I would take the MM offer. It will be useful in preparing you for the off-cycle which is your main priority, and I think the name won't make a difference seeing as you have an off-cycle secured.
Alternatively, you could take the MM offer then renege if you get the European BB.
Take the MM and renege if you get the BB. People on this forum will tell that this is the last thing that you should do - this may be true in the US, but in LDN no one will remember or care that you reneged by the time you start your internship.
That's true - would do this
Regarding MM vs BB the difference is actually major when it comes to PE recruiting down the line. Even a lower tier BB (UBS/DB/BarCap are the three weakest in Ldn) will give you better visibility for PE recruiting (you will still get calls for processes for megafunds), while from a Jefferies or the like you will have trouble getting traction with the majority of headhunters (and you really only have 4-5 credible HH shops in London)
If you get the offer from the american BB it does not make a difference anyways; If you don't think you want to do PE, the difference again is not major
I would not like to start my professional career by reneging an offer, but from your comments it seems like it is not the end of the world (contrary to some other posts on WSO).
Thank you very much for your contributions!
Hey, just came across your post and wondering if you'd mind sharing how the process was for your off cycle internship and if it's been changed due to covid? Am in a similar position (ish) as I'm planning to apply for OC once they open late summer and would be really interested in hearing whether you have previous IB experience. PM me if you'd rather not message here
What’s HL’s compensation like in London? Any difference for the corp fin and RX groups?
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