S&T Summer Analyst: Having bad luck or is it me?
I’m an intern in S&T at a BB firm. My firm has recently cut return offers, so this year has been pretty competitive. I’m having a tough time finding a desk. I really enjoyed my first rotation, but knew pretty quickly that my second/third rotations were not a good fit. I continued talking with and completing projects for the first desk throughout my other two desks. I had transparent conversations with my second/third line managers, who were happy about my honesty and recommended other desks I should reach out to.
I was being seriously considered (top 2) for a return offer on my first desk. When I spoke to my director, he told me it was a tough decision because the team liked me, but they ultimately decided to go in a different direction. I asked for more critical feedback but he had nothing bad to say, only that while I would’ve been a “good fit,” the other intern was just a slightly better fit. Director 1 told me that he would give positive feedback to any other desks I was interested in pursuing, and recommended me to reach out to another desk (SP).
I reached out to the SP intern manager and had a great conversation with the director, who gave me a project. SP director was impressed with my previous work product and said I would be a good fit for the desk. I met the team and seemed to connect with them really well.
The next day, another position opened up on a banking desk that recruits from the S&T intern pool. Banking desk sent out a project to be completed over the weekend. SP director pulled me for a chat and told me I’d have a great shot at banking desk. He said that based on our convo, he believes I’d love the work and the product. SP director messages banking MD personally to tell him I’d be a great candidate. SP director said I am still being considered as a top choice for his desk, but I should try the banking project and see how I like it. I ended up completing the project and really enjoying the workflow and product.
Today I submitted my project to the banking desk. I spent a lot of time and put my best effort into it, and was very proud of the end result. Almost immediately, members of the banking desk reached out to me to schedule chats and meet with me. They were extremely impressed with my project and said that it was the best out of the submitted work. I did ask for criticism, but they said it was exactly what they were looking for and something they would realistically use for a deal. I sound like I’m lying to make myself look good, but this is all verbatim. I connected with the team members seemingly well since we had a lot of shared interests. They told me to expect a decision tomorrow and to keep meeting with the desk in the meantime. I still had 3 chats scheduled for tomorrow with pretty important people. Tomorrow is Tuesday and final decisions about return offers are due Wednesday. They told me I was a top choice and asked about where their desk was in my prefs, so I told them they were my top choice.
When I got home, I received a message from the banking team member I had been in close contact with. They filled the spot with another intern. Devastation is pretty dramatic but I am seriously disappointed. I thanked him for the opportunity to work on the project and the opportunity to meet with the team. I asked for critical feedback, but he told me that it was a super close call and the team collectively felt positive about my conversations with them and was impressed with my work. He said they would be happy to give positive feedback to any other groups I was interested in.
Since my feedback has been good throughout my experience, I’m just not sure what small discrepancies are setting me lower than other interns. I just wish I knew what I could precisely improve upon. Am I missing something or is it just minuscule personality discrepancies? I want to become a stronger candidate but I’m not receiving any hard criticisms on my work or professionalism or anything else. Any advice?
Edit: I’m not sure if this is relevant but I am a minority woman from a semi-target
TLDR: I’m getting very positive feedback from my directors and no criticism, but always end up second choice for a return offer
Only mistake is telling desks what you didn’t like. Everyone will always tell you to be honest about not liking a particular desk or liking something else better but I would say if you don’t like a desk just be normal enthusiastic and if you actually want a desk be honest with them that they are a top choice in your mind. If anyone asks for a numbered ranking say you can’t hard rank them yet but you would love a project to help out and/or get to know their desk better. Other than that you just got unlucky if you truly can’t think of anything else
Thank you! Will definitely use this advice moving forward
Based on previous WSO threads, here are some insights and advice for your situation:
Key Points:
Advice:
Seek Specific Feedback:
Network Strategically:
Showcase Adaptability:
Leverage Positive Feedback:
Consider Broader Opportunities:
Reflect on Soft Skills:
Conclusion:
It's clear that you have the skills and professionalism needed for a return offer. The competition is fierce, and sometimes the decision comes down to very small differences. Keep pushing forward, seek specific feedback, and continue to network strategically. Your persistence and adaptability will pay off in the long run. Good luck!
Sources: Disappointed and heartbroken, Minorities in PEVC - ask me anything, Disappointed and heartbroken, You're not polished enough, Took an Associate job at a tiny firm, how screwed am I?
Hi. I'm a VP in S&T at a BB investment bank - and in my spare time I mentor interns and try to help them convert. My two cents:
1) acing your project is great but is never ever enough. The emphasis needs to be put on networking. Have you met the key people on the desk? Caught up multiple times with the recruiting managers? Have you made it clear that you wanted their desk? Remember that a project is never impressive to the desk because they know 10,000x more than you do. So what will set you apart is your personality.
2) if you've had great feedback through out your internship, make sure you communicate that to your mentors (hopefully you've clicked with a few MDs over the summer who can help you find a desk) and to your HR representative and ensure they understand how keen you are to get a job. Firms hate to see talented interns get jobs at competitors, hence they will try their hardest to find you a seat, even if in a different division (e.g. IB, Private Wealth).
3) over the next few days, focus on catching up with as many "strategic" people as possible (i.e. MDs, Partners, teams with headcount) to put all chances on your side. In case you get assigned projects, work on them in the early mornings and late evenings so your day can be filled with coffee catch-ups.
4) do not give up. Every year, I see interns getting offers on the final day of the internship - sometimes even after the internship is over. The moment you look sad and defeated, the lesser your chances of securing a last minute offer. Keep showing people that you are motivated and eager to work there. People will feed off your energy and want to invest in you.
I appreciate your advice and thank you for taking the time to read this post and write a helpful response! Definitely throughout the internship my priority was speaking with people and trying to make/maintain connections, which is why I was trying to meet with the whole team on the banking desk.
I will definitely use your advice in these next few days. Just spoke with HR and they said they have received good feedback about me from my directors, so they are keeping my info circulating post-internship. They were very candid and told me not to expect an offer at this stage, but I do believe things work out for a reason and my hard work will not be wasted.
Also, banking desk reached out and said they really wanted a spot for me but it’s a tough time right now for the bank. They are keeping me on their radar and said that they will reach out if anything changes. In the meantime, I guess I have fall recruiting to look forward to but I’m excited that I have more perspective about what I’m interested in pursuing!
Great - looks like you have the right attitude, you’ve worked hard and networked a lot. So it’s all about finding you the right seat now. Don’t forget that some interns might not take some offers, might go for another one or may decide to go pursue a master next year. Who knows, some spots might free up last minute.
I'm at MS and this has been an insane summer. It's looking like the offer rate is going to be less than 50%. Wondering what is going on as well. In similar situation.
HR told me it was a tough year for markets in general, which I think is reflected in recent economic data. My bank saw a bunch of layoffs earlier in the year and I know that the same thing happened at a few other firms. Seems to be a difficult time for the industry and the job market more generally. Feel free to PM me if you want to vent. I hope everything works out for you - best of luck
Are you at Citi or BofA op? If so, it’s a bad year for them.
At Citi, hearing 50% returns as well
What happened eventually? Here we have less than 50
Hey, maybe a weird question considering the content here, but would you be open to chatting about the Citi S&T recruitment process/ interviews?
Hey just wanted to ask which region for MS you're hearing this about, or if it's just globally? Feel free to PM please would be very useful thanks
Its a tough year all over, seems like you are doing most of the right things but sometimes it just does not work out.
Most firms will always look to fill junior roles that pop up from previous intern classes, its just much easier than going through the full formal process. The biggest thing I can recommend is to stay in touch with people from your internship, and if you can't find a S&T seat at another bank find a role that is markets based and ideally client facing (where you can get fully licensed). Cast a wide net here (buyside, fintech, private banking, etc) and talk to anybody you can, the job market is not great but if you get your name out there you will land something. Not getting your ideal first job is not the end of the world but if you know where you want to be you can try to find another job that will allow you to gain the skills and the network to get there. There is no shortage of turnover in this business and opportunities seem to always pop up for junior people with a bit of experience who can be plugged into a junior role and ramp quickly.
In a similar situation at GS, best of luck
Heard GS has 66%? That’s pretty good
It was around 85%
How did things work out for you?
Is every BB fucked this year in terms of S&T return rates?
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