Internship and FT dates colliding
For some reason, the off-cycle (OC) place decided to change the internship end dates. The issue is that it will now collide with the start date of my FT place (around 2-week overlap). The two firms do not know about each other (I got the OC offer after I had already accepted the FT).
What should I do? Change the start date for the FT? If yes, what should be my strategy? I obviously want to keep both, but also don't want to raise any warning signs that I am going to renege in case I get a return offer - I really want to keep both offers and just use the OC place as some extra "training", but on the other hand, I want to maintain a good relationship with the OC bank. They are both competitors
There isn’t much you can do in my opinion
You can start the OC, see if you like it and if there’s any chance of getting a return and then decide whether to resign based on that. It’s a tough market environment and I’m sure people will understand that you’re picking a FT over them
I was in a similar situation - had signed two OC offers back to back, and also had a FT offer from a place I interned at. I told the FT bank that I wasn’t interested, OC #1 was delayed and I took the risk of starting OC #1 and see if I liked it. I loved the people and the place but everyone was saying there wasn’t any headcount at all. Despite that I decided to stick with it and at the end of the day they fought for me and got me the offer
I called OC #2 a couple of weeks before and told them another opportunity came up and I couldn’t pass it up. No hard feelings
I don’t think you can negotiate anything with bank #1 as telling them that you have a FT offer overlapping means that you got that a long time ago
I would check your OC contract and look at the notice period. If that means you have to resign after a month then you might as well just renege now. If the OC is 6 months long then it’s another story and I would just go for it.
In terms of negotiating the FT start date it could definitely be possible but it depends on the bank the people the programme et. I postponed my start date by a couple of weeks but was quite blunt and said it was because I wanted a longer break to travel. But I was close with everyone in the team and wasn’t going to join with the rest of the analyst class anyway. For structured programmes joiners this might harder so maybe someone else can chime in
At the end of the day it’s going to be a leap of faith but between the two I would take the security of the FT contract over the internship, unless the internship is at a top bank and the FT at a shit one. But it looks like they’re competitors
Thank you, I really like your advice. To follow up: the FT place is shit and the OC bank is very good (major difference betweeen the both in terms of exits/prestige/work/ employee profiles etc.). So they are competitors because they are both M&A advisors, but they play in different markets. Hope that makes sense. FYI, the internship is around 4-5 mths.
Would this change your view on the situation?
I'm leaning much more towards doing the internship now - have you check the notice period? And how long exactly, 4 or 5 months? A 1 or 2 weeks notice for the internship makes the decision a no brainer. You could be doing at least 3 full months before deciding
Obviously not the best to tell the FT place with such an early notice but it's your life and you gotta do what you gotta do. People will understand at the end of the day, especially in the current market. Maybe don't update your LinkedIn just in case but I wouldn't worry too much especially if you just interviewed and got the FT and never interned there (i.e. people barely know you, it's not like you made any friends during the process)
It looks like you're in a similar situation I was in at the time, sticking with the top bank paid off for me (FT place was shit too). If you decide to go for the internship I would recommend giving it all and very early on starting to ask for feedback when you work with someone. Don't wait until the mid programme review. Try to understand very early on who are the most respected and influential juniors and make sure to become indispensable for them. Email PAs and get coffee with every MDs. They will remember you when the time comes. During one of said coffees at the beginning of the internship one MD gave me a piece of advice that really struck with me and proved vital: "build a fanbase of people. Work with as many people as you can because when a decision will be made everyone will root for you"
I decided not to take OC #2 exactly because I got very close with a top analyst and I kind of became his right-hand man. He told me I was killing it and everyone else thought the same so I decided to just stay there and hope that headcount issues would get resolved at some point (and they did)
So yeah bottom line from what you've said I would start the internship and see how it goes. Stick there for a bite , if you see that you don't like the place or people don't like you then you can always resign and have a parachute. But at least you've shot your shot
The internship is 18 weeks. I will check the notice period later but I guess that it follows the industry standard (its a well-recognized BB).
Thanks, I think that you have solid advice considering that you experienced a similar situation in the past. If I choose to still contact the FT place and re-negotiate the start date, what would be my best strategy? Should I keep quit about the OC bank’s name?
Just got for it then man, working at a top bank will be also extremely beneficial for your learning experience and if you perform you can really be proud of yourself. Nothing against the shit bank but obviously standards are a bit different between the two.Yes I wouldn't say anything about the OC to the FT and don't update LinkedIn until you tell them you're not going or possibly until you get the return offer (it's what I also did). Don't let your ego and LinkedIn likes get in the way of your career. If I were them I would end up thinking that you just want to buy time and then renege. I don't see any upside in bringing it up.
Not sure I can give the best advice in terms of renegotiation as again I literally texted my staffer and said "can I take two more weeks off to travel?". Can you disclose whether it's a boutique / how big would the analyst class be (if any) and if you're joining a structured analyst programme with training and all the rest or just getting thrown on the desk?
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