Reneging CS SA '23
Hey guys, as of now CS has not pulled incoming intern offers. I've started recruiting for some other firms like middle market investment banks. I was wondering 2 things. Should I accept another offer with another firm, even though CS hasn't canceled the internship? What if CS keeps my internship, should I renege the MM offer? Also should I be mentioning it to different firms that I'm incoming at CS but that the internship is up in the air, and leverage that to get offers?
All great questions. I'm wishing you best of luck in these circumstances, it's so unfortunate that talent is having to go through this
Are there even any banks still recruiting for 2023 SA?
Highly recommend reaching out to HR. That's literally what they're there for.
yeah some small regional boutiques
Would 100% renege CS if you get another offer. No point taking the risk for a slightly better name on your resume
Would def renege on CS if I were you as it’s likely that either the internship is cancelled or shit return offer rates for FT or you get a return offers and then it is rescinded.
Best bet is to aim for a solid boutique / MM. that way, you at least have a guaranteed job as opposed to a “maybe job”
pretty shit advice because there are no solid IB SA 23 positions left
The whole point of doing an SA is to get a FT return offer as banks fill almost all their FT classes through the SA program. If you do an SA at CS, you won't get a return offer or, if you do, it will be rescinded anyways. Then you would have to recruit for FT in a recession / shitty job market where all banks are cutting.
If the OP recruits for other banks and rescinds CS, at least, he/she will have a fair shot at a return offer and a guaranteed FT IB job (assuming solid performance). BTW, there are still some solid banks with 2023 SAs, not a lot but some. If OP was good enough for CS IB, he/she would have a solid chance for those other opps as well.
Would you advice this for UBS interns with guaranteed SA but potentially dicey return offer rates?
I also agree that OP should renege on CS if you get another decent offer. Don't want to be on a sinking ship that will have like 0% FT conversion and then have to fight tooth and nail to get a FT job afterwards. I've had to recruit for FT before and trust me full time banking recruiting in a recession is a fking nightmare
Apply to consulting, you have shot at MBB or tier 2 since recruiting hasn’t started yet, better than a nonexistent bank or potential for an MM
No chance. Are you talking about 2023 Summer?
Sorry, I meant applying to MBB full-time in the Fall, much higher changes of landing MBB full time than IB full time in recession (speaking from experience, recruited both IB and MBB full time with a past BB internship with no return offer, and got two MBB offers and no FT BB offers)
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