Let’s say I get an offer for a lateral role at another bank but I’m also in a process for PE. I want to do PE but if I don’t get the PE offer then I’ll just lateral banks. Do you think I can use the banking offer as leverage for the PE one? I know that this can show that I don’t know what I want but my situation is more circumstantial.
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No, no leverage either financially or to force a PE offer. Apples and oranges, and PE is unfortunately competitive enough that you need them more than they specifically need you (hence they’ll only offer you if they want you and comp is typically non-negotiable).
It wouldn’t be for a pay / title bump. It would be more for an “expedited” offer
Oh I see, my bad. Hmm, I think it may muddy your PE story then, unless this is truly a one-off off-cycle PE opportunity. Is it for near-term start or no? Like would you still actually join the other bank in the meantime pre-PE?
This would have zero impact on pushing me to further review an associate candidate and frankly viewed negatively - need to externally communicate that you are all in on PE.
Agree with this. It's a huge red flag to be recruiting for something that is not in PE. Makes you look uncommitted.
Also, in the situation of an analyst looking to get to PE, the PE firm knows their offer is much better than lateraling to IB and delaying your PE move for at least another year, so non-starter. I'd tell the HH you have an offer but don't want to disclose who it's with, I don't expect they will accelerate for that though.
I think other replies here are a bit too anecdotal. I will provide an anecdote and give you my perspective on possible strategy in the hopes that it's helpful.
First, I have seen a banking offer used as leverage for a PE role (at a top shop BX / KKR/ etc. if that matters). Second, your goal is likely to maximize your career growth and build your human capital. Folks mentioning that you are demonstrating uncertainty in career path, I think are correct from a messaging perspective, but are not actually being realistic. You are an intern, it is both reasonable and expected that (i) you do not have a clear idea of what you want to do for a living and (ii) you do not fully appreciate the pros and cons of an IB vs PE career.
You may find success in advertising the fact that you have a competing offer and although you are very interested in this current role, you need to move quickly. There is no need to disclose what role the offer is at. I am not advocating you be disingenuous, but realistically a first year role at BX vs GS is more similar than people on this forum would like to admit (I can attest to this from direct experience).
Just another view....
Thanks for the response! Sorry for not clarifying but I’m an associate in banking. My title is wrong. The PE role would be for a MM and the banking role is at a growing boutique. They both cover different industries.
Can’t you just say you have a competing offer without getting into specifics, including the offer being IB?
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