I’m wondering when return offers are given out to Summer Analysts. Is it on the last day of the internship? This is my junior summer so the return offer would be for a FT role.
Also, how many days/weeks do you typically get to sign your FT offer? I’m at a BB this summer and am thinking about recruiting for MBB so I want to see if I can manage timelines.
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Yes, unless things have changed it’s the last day. Your last week you kind of hand over any work that you were doing (or just roll off projects) and then your final day is usually a meeting with your manager / staffer at scheduled times slots (you only come in for this purpose, you don’t work that day). It is decided 1-2 weeks earlier, though, so a lot of times people have a sense or are given an idea by the FT Analyst they are working with in advance, this is what happened to me and it alleviated a lot of stress.
I briefly looked at recruiting before signing — can’t remember exactly how long you have but I think it is around a month — someone who has recently gone through the process might have a more exact idea of that though. It definitely isn’t exploding or even 2 weeks, you have a fair amount of time.
Edit — above information is for BB internships, smaller firms may do things differently
Do all BBs give a month or does it vary by the bank (European/American/etc)?
Usually they do expect (or like) to get a sort of verbal commitment from you then and there. I’m surprised to see below post suggesting an exploding offer — that sounds like just pressure being put to sign not actually exploding in the sense that the candidate only had a few days to decide and sign a written offer.
In case you don’t accept it isn’t as though they go and make an offer to an intern they had earlier rejected, so the notion of exploding offer doesn’t really make much sense. For summer analyst roles they usually keep people on hold / all the recruiting happens around the same time, so they give short timed offers because they have an existing pipeline of people to choose from if you don’t accept.
Was similar for me as well (BB). However, instead of having a month to sign, the team I would be returning to FT started chasing me after 2 days to sign the contract
In your situation, would it have been impossible to ask for some extended period of time (a month or so) to think about signing? Or do you think they might even pulled your offer if you went for this? In my experience for the summer offer they were extremely strict on their exploding offer.
A few banks in London actually give you your FT offer a week or two after you finish. Next level anxiety whilst you're waiting for that phone call.
Contract sign-by date tends to be somewhere in October as far as I've seen
What's the purpose of that lmao
My bank gives them on the last day and you have 2 weeks to sign.
But OP - should you want to leave banking - you could reneg on your FT offer. Not like people would be annoyed that you just wanted to go to another bank.
Thanks for the advice. I was a bit hesitant on this considering that even reneging for SA roles is such a big deal, I would imagine that they take reneging FT even more seriously
What about reneging on a MM return offer for a BB, both on NYC?
I’ve heard my BB gives 2 weeks exploding to return to your group, and if you don’t have sign by then you have 2 additional weeks of a general offer where they don’t guarantee a return to your group
Bank of America?
No but maybe they do this too
We got our returns on the last Thursday morning. So everyone that didn’t get a return literally just left the office, while the ones that did left at 3pm that day to get drunk and half didn’t come in on Friday.
Around a month to accept, but depends on school (targets / super targets had longer, some until November)
NYC BB IB
Was nothing assigned on Friday. Why were the ones that didn't an offer not forced to come back the next day to at least wrap up the program, say goodbye, etc...? Also same with the people that went to get drunk lol. Did they explicitly say Friday was optional?
How / why are you gonna force those with no offers to come back? There’s literally no more reason for them to be in the office, and goodbyes would be so awkward...”great working with you! sorry you weren’t good enough!”
No of course they didn’t say Friday was optional (we still got paid). This is where being socially competent comes in. I personally just handed off my work to a first-year analyst I was tight with (they just hit the desk that week and were looking for things to do), said my goodbyes (made it pretty clear I had no intention of coming back), and left the bank for good Thursday 2pm-ish with half the other interns on my desk, offer in hand.
Mine had two weeks- got it around mid August, expired around beginning of September. Makes it nearly impossible to shop around for FT because you would essentially need to get through a hiring process in only two weeks because most places won't look at you until you have the return offer.
In the past we usually give offers around the last few days of the internship, but I've heard that since the internship is much shorter this year, we're not giving return offers until a week after the internship is over to give the team more time to deliberate.
That’s going to blow. Any ideas on how you’re going to differentiate interns and decide who gets return offers, especially if there is limited headcount this summer?
Unfortunately don't have too much insight on how the team is thinking about this. Hopefully others can chime in.
Also, if banks are going to give themselves 2 weeks to deliberate, how exactly are they going to remember the stuff that interns did especially since they're not going to be doing anything substantial in the first place with 4-6 weeks worth of an internship and maybe 3-5 of those being actual work. If headcount is already going to be limited. What is a 2 week difference going to make lmao
Would you mind disclosing if you are at a BB or EB?
Also, this setup will cripple anyone who wants to recruit FT since that happens almost immediately after internships end, and you need a return offer for that...
I'm at an EB. And I agree, unfortunately we don't have a say in the structure of the timeline.
Dumbest idea ever. Going to waste a lot of people's time. For sure going to waste interns and other companies' time if they want to apply for FT elsewhere. Wouldn't be surprised if a bunch of interns apply for FT and start doing first round interviews and then have to pull out of the whole process because they finally got an offer that they'd like to accept.
My SA to FT offer came after 3 weeks the internship ended. I had to step out of a class for the call. The call went like this.
"Hi x this is recruiter calling to confirm that you are a student at x and are graduating in x"
"Yea"
"Are you a US citizen?"
"Yes"
"We are pleased to offer you x..."
Which region? UK?
BAML US NYC
wait do they not give FT offers to international students ( they seem to be most supportive of visa sponsorship etc from what I have heard)
Anybody got information on BAML?
They are giving them on the last day of the internship to SAs, no clue about OCs finishing this month
what are OCs?
Acc to HR that’s not true I think. They said that they’re going to have to confirm numbers etc and they’ll communicate as soon as possible, but couldn’t give a firm date.
Anyone know what the deal is with Barclays or other european BBs?
anybody knows about HK?
anyone know when WF summer interns find out?
Last day
Funny story I heard. Apparently a few years ago at Wells, an intern got mad about a delay in the offer, so he sent an angry email to HR about it. He was supposedly going to get the offer but had it pulled because of that.
Any knowledge on when GS/JPM/MS offer?
For the UK:
GS I believe is the day before last day of internship
JPM last day, you either get shown the door or an offer
MS gives after a few weeks
So JPM just says pack your things and go before the other interns get their offer and get to celebrate?
What about CS US? for ib/s&t
Can anybody share how it works for S&T?
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