Off-cycle or SA? UK
Would very much appreciate anyone willing to be a sounding board on the below. Thanks in advance. :)
Background:
Going into final year of target UK uni (will graduate June 24). Did IBD SA at BB in a v strong coverage team. Received positive feedback but no return offer. Staffer blamed headcount - other intern on my team 2+ prior internships, academic background in finance.
Remain focused on IBD, with view to PE/growth/etc exit. Am strategising best route.
Options:
Apply for 24 SAs in IBD.
Apply for Aug/Sep OCs in IBD.
Apply for Aug/Sep OCs in PE/ growth/ etc.
Am also applying for a few non-IBD grad schemes (eg. GIC, Schroders, BX)
Questions:
Would I have a relatively stronger profile than other applicants for SA? How much of a red flag is not having a return offer?
Would SA recruiting be less competitive than OC? Or vice versa?
Would SA conversion be better than OC? Appreciate that there is a degree of uncertainty to this.
What’s the recruiting timeline for August/ September OC?
Would my profile make for a decent PE etc OC application? Am thinking of full range of MF - LMM. Have contacts at a few MM - LMM funds. Understand that conversion historically v poor and that recruiting v competitive.
…
As mentioned, any and all advice/ guidance massively appreciated!
Not having a return offer would probably look equally bad for both SA and off cycle tbh. Would recommend applying everywhere and seeing what you end up with and then reevaluating. All else equal would pick a summer (though this is still very firm dependant) - but generally summers are more structured and firms are therefore more likely to have headcount for at least 55-60% of interns they take in even on bad years. But get to that only if you have competing offers - for now just apply to everything you can find (but would say SA if you can only apply to one at the firm)
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