Top Bank worth 1 more year?
Got a FT offer as a senior from a decent MM shop like R.W. Baird/Harris William/HLHZ but I also have made a strong contact at a tier 1 BB like GS/MS this year and I was wondering if it's worth it to stay an extra year and turn down my fulltime offer in order to pursue GS/MS IBD summer internship again. I am probably 80% sure I can get the internship but only 60% sure I can get the fulltime offer from GS/MS once I do the summer internship.
Best case scenario is, I lose a year and work at GS/MS fulltime in 2 years but also worst case scenario is I don't get GS/MS fulltime so then I wasted a year for nothing and I probably won't be able to get my MM shop offer back since they'll probably hate me for rejecting after verbally accepting.
What should I do? Should I stay with the good MM shop? Should I take the huge 50/50 risk and go for GS/MS IBD?
Definitely accept the offer. The downside potential is far too great to warrant a potential jump from a strong MM to GS/MS. It could mean the difference of not having a job in banking at all, which is a pretty substantial blow to your career if you want to be doing transaction work long term. Unless your sole intention is to go work at a megafund, I'd recommend you take the MM offer.
Agreed with CompBanker - you would be a fool to turn down that offer. If you want to gamble, go to Vegas.
If you were qualified enough to get that MM job in the first place you should have no problem getting a solid internship even if the GS/MS falls through
If you get the GS/MS internship and dont get an offer you still have an outstanding name on your resume which will get you FT jobs
Unless the price of staying in school another year is a big concern (and for many people it is) I would take the internship
Ideally.. if u can confirm that u get the internship before your MM deadline arrives then I think there are two courses of action dependent on which firm in particular.
I can vouch for the fact that MS IBD SA retention rate is upward of 80%.... GS i cannot say with certainty but I've heard it can be much lower.
That said.. if u find out in early February (before the MM deadline) that you have the internship and its for MS.... take it because ur odds of FT are 80%+
If you cant find out if u'll get the internship before ur MM needs a response.. take the MM
Thanks for the advice, if it helps the bank is GS IBD and I know that is not as certain as MS.
If this were a lower tier BB I'm guessing I should just take the MM? Hard to pass up a shot at GS though.
I can understand some of the logic above but to me it sounds very risky. Haven't you already accepted the MM offer? If not, that would be the latest deadline I've ever heard of. Also rescinding an offer could come with multiple repercussions... or not. depends on who talks to who.
Why don't you attempt a lateral after a great first year?
Piper Jaffray/Jefferies/HLHZ don't exist in the eyes of real bankers (ie. BB bankers).
Constructive and relevant advice SirBankalot! Now fembotma can move forward equipped with the best information to make his decision! Keep up the great work! You are an asset to all of us here at WSO!!
On second thought, if you can secure the internship before starting full time, you could renig on the MM offer (assuming that you are very sure the two won't talk. if both the mm and the gs groups are in the same city or industry group, DO NOT do it). Having GS on your resume, even if you don't get an offer, you will at least be able to pull some kind of shop as good as the one you're at - if not better. This is especially true if the economy rebounds even more by the time you start FT recruiting again. If this is the case, I say go for it.
Though SirBankalot is right about the dynamics of the deal space, I worked at THE SHITTIEST boutique IB for my summer internship and my boss would regularly go to lunches with guys from GS and other bulges. Banking is a small world.
^^ haha i wish it was that good. let's just say, given my summer experience, it's a good thing physician assisted suicide isn't legal in my state.
dude its the other way around. even if you have a good contact at ms/gs, you're still gonna have to go through the general superday to get an offer, which can be a crap shoot.
however once you get past that hurdle, it's an 80% chance you get the ft job.
stick with the mm bank for ft. there's a chance your contact may be able to get you a lateral interview after 1 or 2 years
Stick to your offer. Finance is a very small world. It's not worth sticking around another year in the attempt of getting GS/MS. It would be better to try lateraling after your first year.
bullmarket is incorrect in saying GS on your resume will get you a top shop if you don't get an offer. There is a kid at my school who got the GS IBD rotational as a sophomore and went back junior summer in one of their top 3 groups. He didn't get a return offer and was subsequently shot down by every BB and boutique for full-time.
He's now going into a MM IB. Name isn't everything. Focus on working hard and being successful wherever you are and the rest will come.
Agree, probably safer to stick to your bank. Unless your only goal is megafund, which isn't even guaranteed, you shouldn't worry so much. Exit ops are around the same at most nameworthy places (that people know). Like my friend who goes to a lower BB like UBS/Barcap/WF/CS is now at a PE where the other 2 were from MS/GS and even a kid from a well known MM.
Plus, even the no-name boutique 5-10 man shops can give valuable experience.
If you aren't graduating this year, I don't think the MM would be that pissed off at you for reneging.
You could just explain that there are personal/family reasons why you want to remain in school for another year, and say you hope they will consider you next year FT.
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