Off Cycles UK
Did a SA and got an offer at a mid BB and was wondering if it makes sense to go for an OC at a top BB if I know I want to come back to the firm where I interned (got a free semester for an internship, so it would not be a problem in terms of timing)
Does it make sense or will I just burn bridges?
bump, in a similar position. I thought it would be a good way to make money/beef up my skills prior to FT. If I had the chance to travel that's what I'd do, but at this point, it's hard to say where my passport will let me into in the spring bc of corona. Also the conversion rate for off cycles is so much lower for some firms that I feel like if you were to explain it as you gaining more experience I don't think it would be seen as an issue. I actually reached out to HR to ask if they would be ok with me holding another internship prior to my FT start date to make more money and they said it was fine so long as I didn't sign a contract that prevented my ability to start on time (non compete clause, something like that).
Edit: I don't intend to bring it up to bankers unless specifically asked about it, as I have no intention of reneging on my SA offer in the slightest.
My big question here is what if I like more the group and the culture of the team, how should I move?
I think if you choose to do an off-cycle for the reasons listed in my post above^, then this wouldn't even be a question. Reneging is a huge risk and unless you're really unhappy where you are at, then you could just build more connections for a potential lateral move in the future. At least that's how I'm choosing to view it.
However, if your true intention for the off-cycle is to look for a better firm, the way that some of my classmates have gone about it is (after getting your offer at the OC firm) disclosing to HR that you have already signed a FT offer elsewhere and that you would like to renege in order to join their firm. In that situation, my classmates have just asked them point-blank if they were ok with this, and in many instances they accepted it (specifically know MS London has been ok with it). But the thing to be acknowledged is that this path will always be risky because what if for you they're not ok with it and tell the firm you're already signed at and they pull your offer? I personally would stick with the firm you're at regardless, especially given the fact that we're lucky to have jobs in the first place.
Another thing to consider is the fact that we potentially would be taking opportunities away from someone who has not broken into IB yet, just for a marginal increase in our own position. That's why I'm trying to look for internships that don't give return offers or are with smaller funds instead of at the large firms.
My point is I want to come back to my firm at the UK, but I was wondering to keep learning, and thought that an OC where I live (Paris / Frankfurt) could be a good opportunity to stay in touch with my friends. My main issue here is that Idk if I will get attached and may think of staying longer in my home town. That´s the main reason why I am "afraid" with this move, as I may prefer living back home whilst working IB.
So my big question is, should I try to move now to BB´s regional office? Or whats the best game plan here.
got it. you can definitely look into the possibility of transfer after a year or two if you can't get an internship in Paris/Frankfurt. That being said, you could also choose to do the off cycle and go through some of the steps I listed above^. Especially in Europe, from what I've personally seen attending a semi target in continental Europe, off cycles in your region are very very common and won't be frowned upon even if you are starting full time elsewhere, especially considering how low the return offer rates are compared to hubs like London. Given your background I'm assuming you go to a target like HEC, so I would suggest you reach out to people who are older than you and have also held off cycles after their summer stint. Off cycle could also be a good way to see if you do like banking in your home country, so that way you're more sure in a potential transfer down the line.
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