Advice Needed - No return offer as summer associate in IB, what are my options?
Been following this forum throughout my recruiting journey and always aprpeciated all the insights. Hope to get some advice as I make one of the biggest decisions in my career so far.
Background/context
- Native non-diversity candidate, first gen state college grad + top 20 masters program followed by 8 years in marketing/operational role in corporate America.
- Doing my MBA at a non-HSW M7. Had a decent recruiting journey and went to superdays with many top firms (GS/MS/PJT etc.). Landed summer internship at a BB in a coverage group regarded as top 3 on the street. Did not get return offer despite having good performance review (b/c headcount/fit reasons).
- Have been recruting for FT role and now have two cards on the table - one at a reputable MM firm (WB/HW/HL) and one at a non-BB balance sheet bank (which may not have strong deal flow and may does more financing than others).
My goal:
Want to stay in IB long-term and want to work at a top firm, particularly feeling that I made a huge commitment to pivot and was so close to getting it.
My options:
- Take one of the offers I have, given current market condition, and then lateral in a few years. I'm very grateful to have these offers and may want to stay with the firm/team long-term, but if I were to lateral from these shops to top BB/EB, feels like my chances are pretty slim.
- Delay graduation so that I can do a second IB internship, and hopefully convert to a FT offer after that. I know this may work better for undergrads than for MBA's, and my concerns are (1) I'm already 30 years old (2) what if I don't get a return offer for the second time (3) recruiting one more time feels kinda werid.
Any advice is appreciated... Thanks guys
Take the MM. You'll get valuable experience and can always lateral up — or you may find that you enjoy MM banking and business model.
Thank you - And yes, I'm leaning towards MM because of the M&A focus, but it's in a regional office. The B/S bank offered me a spot in NYC. Which one do you think provides better lateral opportunities down the road?
I'm over in the UK, so admittedly not the person to ask on this. On a personal level, however, I'd prioritise wherever you'd actually like to live!
Not sure why you think a second mba internship is even an option. You should thank your lucky stars you even got an offer from another bank without getting a return offer and take what you can get
I'm grateful for the offers I have rn... I was thinking about a 2nd internship mainly because part of me cares a lot about prestige and wants to land at a top shop right off the bat. But understood it comes with more uncertainties, particularly in the current macro.
Take the MM without a second thought
Agree with above, second MBA internship is 100% not an option. And even if it was, it's clear what you are doing - top shops will not hire you as an "unconventional" three-year MBA with a BB internship on your resume that clearly didn't give you a return offer; most undergrad "gap years" are for extra time to recruit for SA, vs taking extra time after you don't get a return offer.
Prestige isn't everything. You are very lucky to have the MM, start looking at it that way.
Take the MM. Is the non-BB balance sheet bank Wells Fargo?
MM shops will also typically give you more direct M&A experience.
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