Received a Full-time Return Offer... Leap of Faith?
I recently received a FT return for a lower tier BB in NY. I enjoyed my summer experience, but I'm concerned I won't have the exit opps I'm interested in coming out of my analyst rotation. They've given me 2 weeks to accept; I have two first-round FT interviews lined up with Tier 1 BBs (and likely 1-2 more BBs or EBs) but both of them so far have said they wouldn't be able to get me a definitive answer before my deadline with the bank I summered at. So, I pose the question to WSO... how would you guys go about this? I'm against reneging, so I believe it will come down to taking my current offer and wondering what could have been or taking a leap of faith at the risk of not landing somewhere. Thanks in advance.
Looking at your previous posts, you had SA in GS or Wells s so you can afford to be patient.
Hey man, FT recruiting is a blood bath and there are much less spots available than SA. Having said that, if you enjoyed the people you work with and bank that you worked for the summer, I suggest accepting the offer. A lower tier BB is great in itself, and no matter if people tell you that the exit opps aren't that great, it is always what you make out of it. I'm a non-target, international and no banking background, but got a FT offer in banking because I worked hard and took all the odds in my favor. I'm sure it'll be the same for PE recruiting -- you can still get your foot in the door because you're at a BB and it'll all come down to your efforts moving forward. Even if you get those FT interviews lined up, the chances of turning those into offers are marginally low considering how tough the competition will be. If you can perform well on your first year, lateraling to a higher-tier bank could also be an option.
To me personally, the prestige of the bank should always come secondary when you are deciding for FT. I don't think forgoing an amazing opportunity from a BB is worth it just because you are aiming for a "more prestigious" bank. What matters more is the experience you get, the people you work with and the connections you've made as you start to build your career.
Spot on, made me tear a little tbh.
This is the right approach.
take the offer you have...and if its not what you want...in 6-9 months, look to lateral. Imagine the disaster if you don't accept...try elsewhere and get nothing, and then end up with no job for a year.
My analyst literally hinted that I should take the offer and look to interview elsewhere. If I get a better offer somewhere else, I can always decline the existing one. Signing bonus don't even get paid out until March. You have nothing to lose. It's just a little bit unethical. But, in his words your VP or MD may be upset about it for 30 sec and then they will be busy with moving on.
Reneging BB for another BB would be the most tricky. One call from MD to another MD and you lose both offers. Know someone who lateraled from UBS to JPM and ended up losing both so be wary of that too.
Yep, also a great point - don’t think this doesn’t happen! BB to BB is risky and not worth it at that level.
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Don't know how much you need the money but some banks will let you extend the deadline by forfeiting a percentage of your signing bonus if you do end up still accepting, may be worth looking into. If not, I would accept the offer. I was just in an extremely similar situation myself and chose to accept rather than risk coming up empty and the firms I was in the middle of interviews with agreed that I made the right decision given circumstances and are wanting to stay in touch as I go forward with my current firm if I decide to later lateral. Keep that in mind as well, interviewing with other firms, even if you do not have time to get an offer, will help you to see how you would fit there and make some relationships that will help make it a potential future landing spot. Sometimes it just has to be about the long game.
Best of luck
Take the offer and move in 8-12 months. This is very easy to do.
Take the offer or sink
If you enjoyed your group and the experience, you should go back. The other banks are likely to be using you to see where there analyst class is and then make the decision to reach out. A bird in the hand is always worth two in the bush. Especially since your attitude definitely determines your latitude in your working career. IF you are really unhappy, just leave after a year.
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