Terrified of not converting
I'm a final year student who's going to be interning at a bank within a products team in IB (not M&A or levfin) at a bank that historically has had high conversion rates. But the bank is now apparently going to be having lay-offs. So I don't know what return rates are going to be.
I'm terrified of not converting. This is my "last chance saloon", if I don't convert this in my final year I'm afraid it'll be a death blow, especially since I've already done an SA last year too.
Is there any way to rationalize what I'm feeling right now, or anything I should be doing to ensure I get the return? ...
Thanks:(
We 2 are in the exact same position haha, I think I know what bank you are referring to…
Anyways, yeah it sucks. Do you have any hedges (e.g. a FT position somewhere else or an off-cycle internship IN CASE you dont get the return)?
Last year was brutal, this year they cut back by half on the internship class, so gutted if the returns are going to be bad this year too. Like taking 6 or 7 FT for an entire division would be 🤢💀
I dont have any hedges atm, constantly applying to wherever looks appropriate, but positions are so few and far between. Haven't heard anything back from anywhere... You?
Putting everything into trying to make this FT
I have a PE off-cycle but thats about it… if I dont secure the FT this year, IM SCREWED.
Have you considered opportunities in the MM space? I know that Gugg is recruiting atm in Ldn
The first think you have to do is relax. Work hard and make friends with people that work there. Leave a good impression on people you meet. You got this bro
Get the return offer! You’re right, re-recruiting in this environment would suck and be absolutely horrible. Big things to get the return offer are to be at the office lots, always ask your deal team what else you can support on, be personable w your deal team and the office in general, ask questions when you’re unsure of stuff (you should have lots of questions and everybody expects it from interns)! It’s a ten week internship so just go as hard as you can for ten weeks and get the return offer
Thanks, will do! I suppose the anxiety comes from this being from graduating in the summer and doing this internship (common in the UK and Europe), so I really have no wiggleroom. Will just give it my 100% like I did last year and hopefully things work out! Feel a lot better now.
Dude you’re fine
A1 here (ignore title)
You’re in the UK, there’s pleeenty of off cycles at top banks that open in august/September. I’m at a top bank now and it’s the route I followed because the bank I interned at initially didn’t have any headcount. Took a me year from graduation to secure the FT but who cares? Do your best during the summer but relax, things are gonna work out for the best
This forum is US centric, not everything you read can be applied everywhere
Thank you! 100%, going to try my absolute hardest, hopefully the worrying is unnecessary and I'll be able to convert the internship.
To add, I got 5 off cycles offers 2 of which at top banks. No need to stress there’s plenty of opportunities. Even if things don’t go as planned I hope the market is gonna eventually rebound and you’ll be in a better market when it’s time to convert
take it easy and give it 100% in the internship. Make friends and give it everything for the 10 weeks
At least you're lucky – I didn't get a return in 2023 & still didn't even get an internship this year!
Thanks, I hope things are looking up.
I actually ended up getting a return offer in the end, starting in July!
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