I am almost certain to convert my SA at a mid BB. I like the environment, people are nice in general however there is no certainty on group allocation yet.
Is it worth applying for FT MS/GS/JPM? I have an internship at a MF lined up (doesn’t convert) + the return offer could make me a candidate they would consider? What are the risks if any? (E.g. my bank finds out I am applying elsewhere). What would you do in my situation and how would you approach it?
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There isn't much downside in the sense of your bank finding out, etc. The likelihood of them finding out that you apply elsewhere is extremely low, but it doesn't matter. We all get the joke and know that it happens, and HR even factor the probability of reneges into their decision on headcount and intern hiring. Finding good candidates is really hard, and HR do not want to give themselves more work by rescinding an offer they gave. But:
(1) I would line up a really good answer to the question GS / JPM / MS will ask about your decision to re-apply. Because you do sound a like a bit of a mercenary jumping from a good offer (you say BB; if it were a Tier 2 / 3 type of shop, it wouldn't be as much of a question mark).
(2) It's your life and if you want to eat sand, go eat sand, but recruiting isn't all holding hands and singing kum ba yah. It sucks, especially when you're doing an internship at a MF (and / or travelling and / or spending time with people you love).
Some people told me that if I were to secure an offer, all the strong groups will no longer have headcount as their summer interns will have priority… Do you think I might be worse off than at my current bank?
Usually that's the case (including at my bank), but in your original post you implied you have no certainty on team yet anyway.
Honestly I get the "always want more" mentality but (in case I didn't make it clear with the sand thing) I really don't understand why you're so keen to re-recruit?
I am trying to understand how you are doing a MF internship after whilst currently being at a penultimate year summer.
Are you doing an off-cycle during a placement year?
I am doing a master in Europe and there is some flexibility on how we complete our credits
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