MM IB --> NYC IB?
Am currently a junior at a semi-target. Finally got an MM IB offer, but it's located in a (compared to NYC) not-so-great city (e.g., Denver, Tampa, Raleigh, Jacksonville, Nashville, Phoenix, etc.). I'm from the NYC area, so I would definitely want to return to NYC for full-time. How feasible would it be to recruit for NYC full-time after/during my junior summer internship in the South? I'm obviously going to take the MM offer b/c I'd rather have something than nothing (have a FoF AM offer in NYC, but I didn't like AM when I interned in it), but I want to know what the roadmap is from here
Not all those cities are the same. If its Denver, Raleigh or hell maybe even Nashville, might be a cool place to do your analyst stint in. Could always lateral to NYC at the associate level, if you want to do IBD long term.
What about at analyst level? (1 yr in to banking)
I mean its possible, just hard to do.
Denver is a shithole now...bad homeless issue, ~40% office vacancy rate, like a third of ground floor retail is vacant, and high crime. The city has not recovered since the pandemic.
MM IB down in Jacksonville offered u $15, $10, $5 million but u have to work for dis decade
issa big band down dere
Turned it down had to grind for the lax career
I'm also choosing between MIT, Duke, Notre Dame
You really finna turn it down
Went through something similar - started in IB after school in a tier 3 market and wanted to move back to NY area where I’m from.
Was able to get lateral analyst interviews fairly easily by cold applying once I had 6 months of experience. Ended up getting an offer at an EB and moved back to NY a few weeks later.
Definitely possible to move back, just a question of how much you like/dislike the MM geo and what your goals are. Eg, if you want NY MM PE and your group is able to place, may be better off just sticking out the analyst stint in the geo and trying to get a NY PE offer.
Very helpful, thanks
Would a lot of lateral hiring consider those with only 6 months? And did you have to restart as AN1 and forgo bonus
6 months is the bear minimum before you should even consider applying to lateral. By the time I actually got the offer and left it was closer to 9 months.
I negotiated staying with my current class at the time (so got An2 promote 3 months later along with everyone else) and also since I was walking away from a bonus 3 months later negotiated one from the new bank too.
I would not be surprised if nowadays they knock you back to An1 level for another year but should 100% make them pay you a bonus either way.
For the internship level I could see you (if true) making a good argument that you worked hard, got great experience and wasn’t distracted by NYC summer social life - hence maybe you are more qualified than some NYC MM IBer in terms of day 1 ability to be productive and such. That said obviously networking and such. Getting in front of people. Finding out who has FT hiring needs and then making your case you’re the best hire. Obviously pitching and committing to a long term relationship or at least offering / expressing your willingness to do IB long term or move to a client of the group and support the team also helps. Doesn’t seem so far fetched but a lot could be market dependent as there is volatility in hiring. Hopefully MM IB in the south isn’t a bad option and I figure eventually spots open up in NYC if you really do want and need to make the move. Good luck
Was in your exact position and rerecruited to NYC-BB. It’s very possible, you’re just gonna have to network in the mornings while working your ass off to get the return offer (even if you’re not going to end up accepting it)
If it's your only offer take it. You can leverage the return offer to level up and get a FT offer in NYC for sure, it's been done many times before. I'd peruse LinkedIn for people who've gone down this route and hit them up to learn about their experience.
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