No return offer due to head count
A bit of a ramble…
I just finished my final year of my undergraduate from a non target, I managed to get a summer internship at a massive IB in tech. I completed my internship and received tremendous feedback with both my manager and director backing me to stay on at the bank. After completing my internship a couple weeks later I was told I couldn’t be taken on due to headcount, but they’ve said if anything changes they’ll be in contact. My division had a 0% return offer rate this year.
Is it likely they’ll contact me?
no they won't - apply else where
It's highly unlikely they will reach out.
More importantly though:
(1) Assume that they will not reach out for the pursposes of every practical decision you make. That means apply like nuts.
(2) Get proper feedback. "No return offer due to head count" most likely will be interpreted as "they weren't as good as the people who did get offers". In future interviews, you'll need to explain what you did wrong, what you have learnt, and what you're doing differently. If you can't get proper feedback make up something plausible (messed up intern presentation or something)
Don't get your hopes up. This happened to me for my summer internship last year as an MBA candidate. Company was struggling but I really enjoyed working under my manager directly and for the most part, liked my department. Sucked because the day-to-day of what I would have been doing full-time was exactly what I was looking to do post MBA.
Had a verbal confirmation that I would have gotten an offer if headcount was available right after my internship. Summer manager didn't want to get my hopes up but told me to reach back out to him after New Years. He, unfortunately, got laid off and although, I did email the Head of HR directly a few times to see if we could work something out (she knew me personally from my internship) - nothing came to fruition.
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