Return Offer for Off-Cycle??
Hey all, I could really use your advice. I previously interned at a MM boutique last fall and am not at a target school (Queens/Ivey). I am looking for off cycle internships for Fall 2023, and I know most banks hire directly out of their summer analyst class for returns. So my question is what is the likelihood that Big 5 banks or other boutiques give out return FT offers for off-cycle internships?
Yes I know I should focus on getting an offer first before worrying about a return offer but I am trying to figure out if it would be even worth it to recruit for internships to get my foot in the door or just go straight for FT recruiting.
Any advice helps, thanks !
Know TD for a fact recruits their Fall analyst into their summer class. If your god enough to return for summer, you are prob good for ft. From a conversation with a VP.
That makes sense, do you know the reasoning that they only hire from their summer class? Is it just because they can have all of the "best talent" and choose from there?
They dont. They just hire most of it from their summer class. They do it because its easier to hire someone who already performed at the job than to go through with a whole process.
But if you do an internship off cycle you'd also be doing the process no? What would be the point in hiring someone for an off-cycle then?
BMO has a strict no return offer policy for off cyle interns.
What is the rationale behind that?
Idk I didn't make the rules
My friend got one, so Idk if it's as strict as this commenter says it is.
Is this confirmed
I know TD give return offers to fall analysts for next summer which could be converted full-time. Most off-cycle analysts are not part of the process. Off-cycle internships are just cheap labour and getting young people experiences.
Interesting, I didn't know that is how most banks viewed off cycle. So really just being able to leverage that experience and recruit for FT would be best then?
Just try to leverage that for summer 2024, which is essentially pseudo ft at this point since the conversion rate is so high. Spend all your energy on recruiting for SA 2024 right now and worry about off cycle later
Anyone know if RBC/CIBC offer full time returns to off cycles in corporate banking or investment banking? I would assume it depends on return headcount from the previous summer but can anyone chime in?
RBC does but it's not guaranteed. RBC is infamous for having low return offer rate. You really need to earn it, summer or off cycle.
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