FT Offer Question
I had a question for how FT offers are determined after you have your SA.
My Manager told me that he looks forward to seeing me next year and that it's now up to HR to give their nod of approval, implying he's already recommended me for hire.
But so many firms are posting really really bad return offers. What's causing this, HR or the groups saying no?
As I understand it, I'll now be compared to all other interns by HR and see how I rank. Can there be a scenario where I am unlucky here and cut despite my Manager's recommendation to extend an offer?
EMEA BB btw
bumpers
This depends by bank, so there's no general rule. However, my understanding is that there could be an "unlucky" scenario. That said, if you were recommended by your team, the likelihood of being unlucky is rather low, especially if (and I highlight the word "if" here - it sounds like your manager was careful with words) it was a strong "clear offer" sort of recommendation.
HR will have headcount projections for the coming year and try to stick closely to that. That said, good luck!
Thanks. To my understanding my bank has changed the process this year where the Manager/Staffer could only give "clear offer" recommendations, not any sort of "this person is good, but should go to another team" type recommendation (which in previous years would have still resulted in an offer).
But sounds promising! I'll be crossing my fingers as my Manager is a pretty straight talking guy, he said from hereon out there's nothing more he knows, and it's just up to HR now - but he suspects that they'll be supportive. So sounds like he did recommend me.
Let's see how it goes!
Also wanted to ask how the recommendations worked? What if every team liked their interns and recommend everyone? Or does that not happen and they need to be selective?
Just so I can frame things mentally going forward.
Also, there were 3 interns in my group incl. myself. One intern was bad and im pretty sure not recommended, but the other one who was good there's a big risk they don't accept a return (they told the manager as well - some personal stuff).
HR can't then just return no one to my group and just tell them to poach someone from a different group in the pool?
Just to repeat, this differs by bank and there's no "rule". From my understanding, at most banks, including my own, in theory it is possible that every team recommends a clear offer for every intern. In practice this is unlikely, because the teams will be signalling that they are happy for that intern to re-join their own team, and we rarely have every intern hit that benchmark. However, and again, per my understanding, HR typically recruits the same number of interns as their projected headcount needs for the following year, factoring in anticipated Analyst attrition and interns who renege on offers. Now, assumptions change over the course of 2 years, but that's the approach typically taken.
Is your second question (phrased differently) trying to get a sense of how likely you are to be a slam dunk return offer because one intern was bad and the other is a definite renege? I wouldn't count on that. Your team can and will recruit from the pool of interns who were given clear offers from other teams if it had no good interns itself. Although it's usually the case that interns return to the teams they Interned in, that's not a rule, and there's often "trading" between teams.
That said, if you were good and your team likes you then hopefully you'll get a return offer regardless. Remember that if banks can't fill their headcount needs from tried and tested interns, they need to go to the graduate recruitment market, which is less predictable. Would you rather hire a definite 7/10 who Interned so you're pretty confident on your assessment, or roll the dice on someone who could be an 8/10 based on interview performance but could also be a 4/10 because she / he hasn't hit the desk and you just don't know?
Thanks! Can relax a bit now. Main worry was the HR component, because they obviously sees everyones Project Presentations and stuff and ranks people in the end - so was afraid from that angle I might be unlucky, but perhaps that's just a case of me being overcritical of myself.
Are you at Citi? Im in the exact same position
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