Does anyone know how hard/rare it is to get asked to begin working the fall immediately after your summer analyst internship ends (i.e.: forgo your senior year)? I have two friends who had this happen to them, though both turned it down, and I was just wondering how common/uncommon this practice is.
Also, does anyone know if there are firms which do this more often then others.
FYI: One worked for Moody's while they other was at BoA pre Merrill.
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Thanks in advance for any incite you guys might have.
I'm a bit confused, are you saying they got offers that asked them not to finish their UG degree?
findingmyway: insight*
is it in banking? and for full time not just senior year part time internships?
its not common and i havent seen it happen.
For clarification:
In both situations they were normal summer interns, meaning both rising seniors. The Moody's was obviously a rating/research position and in that situation they had an analyst bail at the end of the summer and had not planned on hiring any new full-times and offered him the position essentially a year early. With the guy at BoA (their GCM division), during the course of the summer he had set up a platform for organizing the group's weekly tasks and end-result projects on the BoA Ethernet network and though it was blatantly self-explanatory to control, the MD's didn't want to learn and offered him a position. H/e subsequently turned it down and works at another BB.
Never heard of it before and I have friends who did summer internships at all the BB banks. Even if it was offered, given the lack of job security in the industry it wouldnt be worth it to me at all... getting a degree is pretty damn important :)
This happened to a girl at my school a couple of years ago...
She went through her SA time at a top tier BB and was offered the gig FT. In the last week on of the MDs asked if it was possible that she could just stay; get a place in NYC and just not go back to school. In the end, she worked through January forgoing her senior fall semester and then returned to school for her senior spring semester.
How she was able to miss a semester at my school and still graduate on time at my school is beyond me. But she must have been a top SA and analyst which is why she's at a top PE firm now i guess..
^^Woah. I'm very curious about that. Did the BB know she was going to leave at the end of the year to go back to school? If not, wouldn't she have had to quit or take a leave of absence, and wouldn't that have pissed them off? What'd she end up doing after graduation?
She discussed the terms of her extension beforehand. It was agreed that she would skip one semester as opposed to the year and then graduate and then come back.
She ended up going back to the group FT, after her spring semester. Finished up her two year stint earlier this year and has moved on to top tier PE.
I've heard of it happening with two kids at my school in the past ten years, both at top-tier BB firms. One took it, summered in trading and was willing to stay full-time with a bigger signing bonus than usual. The other summered at a PE firm and got an offer, chose not to take it apparently.
I can't say I wouldn't be tempted, but I don't think I'd be willing to take the risk.
A friend of mine got the same offer this past summer. He interned in M&A at a MM in LA and his MD asked him to just skip his senior year. I believe they offered him a VERY large signing bonus. He didn't take it, I think not having the degree can hurt come b-school/PE time.
From what I've seen at BB's, it isn't likely to happen unless the firm underhired the prior analyst class
Ok, thanks guys
This happened because she was working on a deal that no one else knew anything about, just her and an MD
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