No Return Offer From Boutique
To preface, I am going to be going through full time recruiting come summer. However, I don't believe there is going to be an option for a return offer that I can speak to when recruiting. I am currently at a very lean boutique and have gotten some great experience/feedback running two deals due to an analyst leaving.
There is 4 analysts on our team with the most senior analyst having around 1.5 years of experience, who definitely has no plans to leave anytime soon. The next two closest analysts started at the same time as my internship, and my team just went through hiring another analyst to replace the one that left.
Basically I know there is going to be no return offer on the table unless one of the other analysts leave (which is unlikely given conversations with them).
Has else who has recruited for MM / BB from a small boutique ever gone through this and how did you spin your reason for having no offer?
I had interviews with other MM banks after I had accepted the boutique offer but declined to go out of respect, but now wishing I went through them (poorly thought out on my end, thinking some sense of loyalty they didn't even know about would be respected). Really seeking some advice.
Skill issue
Thank you for the helpful comment
I explained that I was informed before starting that there was a low probability of the firm needing additional FT Analysts and that therefore I should not expect an offer. I also mentioned that I was asked to stay on throughout the school year as an intern past the internships initial end date, which likely helped my case. Most bankers should understand that tiny boutiques often take on interns even though they cannot offer them a FT slot. I worked at 3 IBs like this.
Thanks for the comment, but I agree that sounds like the best way to spin it. Ideally this bank isn't in a location I see myself in long term either (Boston / Chicago) so even if I was recruiting for MM / smaller boutiques in New York do you think it would be good to spin the geographical preference as well?
I would omit that part. Make it clear you went into the internship knowing a FT slot wasnt available, but wanted the experience regardless. That way your interviewee will realize you were never eligible for a FT role and will not look at it as "Oh, this kid didnt get a FT offer", but as "Oh, this guy is hungry for experience and will do whatever he can to get some". That hustle mentality is valuable in IB, and this is how you take what could be perceived as a negative and turn it into a positive.
Damn I really like that and honestly it makes a ton of sense with the way my firm is set up. Thank you for the advice, I really appreciate it. Did you go through something similar then recruit for a MM / BB?
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