Current SA here. Just looking for a clarification on how return offers are determined. Who exactly do the decisions come down to? Is it mainly the analysts that discuss and decide, or is it more of the more senior people? Would be really helpful to get some insight! Thanks.
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Can only speak for my bank but the decision is made by the people on the deal team(s) you worked with; staffer and program lead can also provide some input.
Thanks! I guess I should have specified I meant in this virtual environment where we’re working on any deals.
*not working on any deals
just ask.
My summer mentor told me that it's mostly the associates on the team and senior analysts.
That's really helpful, thanks! So MDs don't really weigh in?
They're busy with other shit
You have 3 reviews. 1 at the beginning. 1 at the middle. 1 at the end. At the beginning you set goals, talk to your manager, talk about the future , etc. Your middle review is either good or bad. If it is good, you are most likely getting an offer. If it is bad, you will not get an offer. Before your last review even happens you will get the vibe of whether you're coming back or not
Most internships right now aren't even really setup like that with a bunch of reviews with your manager or HR
Your manager rates you. HR sees it. HR makes decision. Manager and co-workers can say "we like this kid and want him to come back" but HR can say "Nope, someone has a better review or we are lateral hiring"
The lesson here is always be nice to your HR partner
Agree for the most part. However, with shortened internship programs. I think it will be hard to gauge how good an intern is doing only 2.5-3 weeks into the internship. Especially with things starting to slow down during the late summer months.
For most large banking groups:
Last week of your internship the rest of the group meets. Meeting invite generally sent to entire group, but attendance likely includes only analysts, associates, handful of VPs who are particularly involved in the group (staffer, etc) and the 1-2 Directors or MDs who again are quite involved in the group / more sociable.
Go through each candidate and whoever has had experience working with them speaks about them, people point out good things and bad things, with the discussion driven by the intern staffer most likely. There are always 1-2 interns who have gotten their placement through a senior MD, which everyone knows / recognizes.
Then go through a ranking of the interns on the basis of the discussion (if not exact ranking then at least saying ok Intern x and Intern y are our 2 strongest). Before this point the group has been made aware of how many full time spots are available, so by the time you get to the bottom of the ranking list, it becomes a clear discussion of “should we give this guy an offer or this other guy.”
Anyways, that’s how I’ve seen it happen. Takes around 45 minutes and can get fairly heated, with analysts / associates fighting for interns they like / trying to push them ahead of others. As an individual intern you are likely discussed for about 5 minutes at the most.
As far as I’m aware, HR has literally no role in the process apart from the paper work. Prior to the above discussion, HR may be involved in letting the team know how many spots are available (though this also seems unlikely), but I’ve never heard of a case where the group says they want to make an offer and HR comes and says no.
For this summer I would imagine the same though more driven by analysts / associates, and likely a conversation on any red flags that may have been observed. If no red flags then I think should be good to go.
Wow, thanks for the detailed answer.
Thanks for the well put out answer. What is the dialogue like when they talk about an intern for those 5 min? What are some common reasons why interns don't get an offer? Any memorable moments you have from these discussions?
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