Would it be stupid to...

I currently have a grad with none other than RBS in trading, at one of the bank's better desks (this year at least).

Comparative (to the rest of the street) remuneration for the first few years is almost irrelevant to me, however fundamentally the mass exodus of those I enjoyed working with is a real issue.

Am I completely stupid to even be contemplating turning down a year of financial security in favour of spending another summer interning elsewhere?

Your thoughts would be appreciated guys.

 

In this market, you should take your offer...Jobs in finance probably won't come back until around 2012. Even then, firms on the Street won't be hiring at the rate that they have in years past.

 
Best Response
yankeesfan2009:
Even then, firms on the Street won't be hiring at the rate that they have in years past.

I'm in school and the BBs have been coming in right and left with summer analyst info sessions and interview dates. Even FT recruitment this year was not bad. Not up to '06 or '07 levels, but much better than '08.

OP, does your FT offer start in July? If so, attend the summer analyst interviews this winter, and if you find something you really like then consider going for it. If not then stick with your offer You may burn a few bridges if you renege, however. Also you have to consider what you'd do if the bank you interned at decided to take you FT, but not until summer 2011.

 

Hiring has generically been fairly 'decent' this summer (in London at least). Naturally it is the worse hit banks which have required graduate numbers to prop up the headcount.

My offer commences early August, so there is of course scope in the way of time. For those already at the larger institutions, am I limiting my opportunity in the future by starting at RBS, or is there room for a lot of maneuverability later on?

Cheers.

 

Just stick to what you have at the moment if you haven't got other offers - I think that's straightforward enough.

Going by your nick, the rates desk at RBS is indeed one of the better ones at the firm. That said, as someone else has mentioned, it's pointless talking about considering alternatives until you actually have one.

What would you rather do? Turn down RBS now and pray that something better comes along? What harm could it do for you to stick to your current offer and only decide to renege later on if and when you land a better offer? After all, there's nothing stopping you applying to other firms in the meantime.

 

rbs rates and rates vol is very good. regarded highly enough that you should probably be able to go elsewhere.

i don't know about mass exoduses, but call me naive -- i imagine the hate cannot continue, especially if recovery happens in 2010. it's a race, elections/legislation-wise.

hiring is up though, banks overfired and did not expect such a quick recovery -- you'll probably be able to jump firms with an actual job if you can stick it out one year. you should very much take your offer, learn everything you possible can so you sound polished in interviews, have an actual job, and then see where you can go. it's much much harder on the outside looking in, i imagine.

 

its definitely a risk. but you're young and probably don't have a family depending on your income. (if you do, i think the decision is pretty clear)

i was in the same situation and i decided to gamble -- turn down the offer and recruit. i ended up with 3 offers of similar but slightly better options. so i will have a job but not quite up to par with what i was going for. but i think if i settled and stayed with the safe bet i always would have questioned "what if" and would always have been discontent. but theres always the chance of coming out the other end with nothing

 

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