URGENT ADVICE NEEDED!
Hey Guys, You guys have been very helpful to other people so I would be grateful if you guys solve my dilemma. I am a Rising Senior who majors in Economic and Mathematics. I do not know whether to describe my school as a target school but basically everyone with a 3.4 and above gets a job at an investment bank(Both Bulge and Boutique). We currently have like 8-10 banks having on campus interviews. So here is my problem. I am currently two weeks into an internship at a Big 4. Sadly I got screwed. I wanted Advisory/T & R but they made me go to audit/tax( I am an Econ Major). From what I know, an internship in audit/tax will hurt my chances of getting a full time investment banking job. Thankfully my family has connections with the CEO of one of the top 10 investment banks in my country(which is a subsidiary of a boutique I Bank in America). So I have three options : 1) Stick it out in audit/tax and go beg the T & R tax team( not T & R advisory) to let me join their group. I would then do a short 4 week stint with the I-bank when I am done 2) Go ask the HR to change me to Fin Advisory/T & R. If they accept, I stay. If they don't I will leave midway and resume at the I-Bank. I currently favor 2 but I was wondering what are the consequences of leaving your internship midway especially at a Big 4? Has anyone ever done it? Should I stick it out and do a four week stint? Please give me your inputs
An internship in audit/tax will not hurt your chances of getting a full time investment banking job. It just won't help all that much either, if that makes any sense.
I'm not sure I understand your situation completely though. How exactly did the big 4 firm "make you" go into audit/tax? If you had wanted an investment banking position all along, why go accept a big 4 position to begin with?
That being said, at this point, your only option is to stick it out and do your best to get a return offer, even if you have no intention of coming back. Do you apply for fin advisory. This will look very bad ( basically the equivalent of telling the people in your group that you hate working for them so much that you can't bear spending 8 more weeks with them).
If you have a connection with a CEO of a bank and a finance background (close enough), why worry?
I accepted the Big 4 because it was advisory/T & R. They then told me a few weeks later that the Partner for the advisory unit was unwilling to take on more interns so I had to move to Tax. Is it bad to quit the internship midway? I could explain to them my reasons.
@bumbleb Because the CEO is the CEO of the bank in my country but I want to work in the United States. I-Banking is not that great in my country.
Look for an ibanking internship at a boutique and if you can find one, quit your internship. They screwed you so you have a right to leave
He has a right to leave even if they hadn't screwed him...just sayin'
Not every country is employment at will. Depending on where he is and what his contract says, he might not actually legally have the right to leave.
Does your offer letter specify a position or describe your role at all? Did they tell you you had to switch before or after you signed your formal offer?
If there's not more to the story, it 2 is probably the better option. Also, it's sort of irrelevant at this point, but why did you wait until 2 weeks into the internship to raise this issue? Is the investment banking thing a recent opportunity or had that been there all along?
Well they screwed you so I would do 2 since then they get their just desserts if they don't give you what they offered...
I've made the jump before from audit during the summer to IB full-time. Like what people have said, TS obviously looks better than audit. However, having a solid accounting background will give you an advantage over straight finance people.
My advice is this: do well this summer, impress your employers and get a job offer. Then, during the fall, interview for investment banks and show that you've done well enough to get a job offer, but explain why you want to move into banking.
You're in a good place, just play your cards right and you'll be fine.
IB interviewer: "so why did you quit this internship 2 weeks in?"
OP: "because I didnt get the group I wanted and didnt feel like it positioned me well enough for a full-time investment banking job"
would be hard to salvage an interview after an answer like that, you will get rejected. Dont quit, it would be a red flag for attitude and who knows maybe you might learn something this summer.
If you do have something else lined up then maybe you can make the switch, however don't quit without something else in the bag first as at least in the united states it will be near impossible to find an internship at this time, however in your country it might be a diff situation.
I doubt an interviewer would ask me because I will never mention it. Yes, I also realized that I will have to wait until the other offer is definite.
Thank you all so much for the advice. Right now, I will wait and make the other offer concrete before I make any decision. What do you guys think about doing a short stint with the I-Bank after the Big 4? Useful or useless?
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