2 Summer IB internships. Unprecedented? Weird? Please Advise.

Sorel's picture
Rank: Monkey | 32

Hey WSO,

I just want to thank you for all the help you've given me so far and ask another question about Summer Analyst positions. Here's my situation:

-I've already signed with an "elite boutique" (Greenhill/Moelis/BX/Evrcr) for the summer and am very happy with my offer. My bank said I have to work an 8 week program, but that I can work more as a function of my own availability and their deal flow. (Let's call this Bank A.)

-Upon signing, I let all the other banks I was still talking to know that I appreciated their time and consideration, but had become unavailable for this summer.

-I recently received a call from one of the banks (Bank B) I had said no to after signing [a solid 25-30 man boutique that's still young, up-and-coming, high deal-flow, strong senior bankers, great pedigrees, etc.] regarding my summer plans AFTER my SA at Bank A. Because I go to a school that's not on the semester calendar, I would have a decent 5-6 week break after my SA at Bank A. Knowing this, Bank B asked if I would be willing to sign a 2-4 week contract with them after my completion at Bank A, and seemed to suggest they'd make it worth my while. Strangely, I haven't been to their office or even met the guys face-to-face yet. This mini-offer is based entirely on a pretty extensive networking attack I sent to the Senior Bankers, my resume/experience, and two in-depth phone conversations I had with some Junior Bankers before I signed at Bank A. That being said, I have absolutely no reason to doubt the legitimacy of this bank and have a lot of respect for their practice.

Of course my priority is with Bank A, not only because it's the unambiguous superior offer, but also because I'm contractually obligated to make sure I don't have any conflicts with them. Having not experienced the culture at either bank yet, Bank A is definitely where I'm leaning as far as FT is concerned. That being said, I could extend my SA stint at Bank A by 2 weeks (10 instead of 8 to help with my chances of a FT offer) and still have the time for at least a 3 week program at Bank B. Is this weird to do? To what extent should I disclose these plans with Bank A? I'm obviously not going to hesitate to talk to HR of Bank A about this, but I want to know the extent to which that's necessary. If my Summer contract at Bank A is finished, is it necessary to tell them where I'll be immediately afterwards? Will the knowledge that I'm finishing the summer at Bank B affect my chances of an FT offer at Bank A?

Comments (14)

Mar 24, 2011

can i take the offer from bank B>?

Mar 24, 2011
the_rainmaker:

can i take the offer from bank B>?

Is there a way for people to hook this kind of thing up? I've been on both ends, ie: having two offers at once, or needing one and knowing someone who has two. Can I scalp an internship?

Mar 28, 2011
the_rainmaker:

can i take the offer from bank B>?

haha, sorry I can't help in that department. If I could, I would sell the offer to the highest bidder like an asset, but I don't really think Bank B would allow/appreciate that. Good luck all the same, just keep networking and you'll find something!

"The shepherd always tries to persuade the sheep that their interests and his own are the same." -Stendhal

Mar 24, 2011

Here are is my pros&cons list:

PROS:
-Doubles my chance of getting at least one FT offer for after I graduate.
-Both groups are in my preferred industry coverage, but Bank A does Mega-Deals while Bank B works with Mid-Market and growth-companies, so I'll get fuller exposure to the space.
-As a non-target student, the extra experience could be very helpful if I apply to additional banks for FT and/or if I decide to recruit for PE down the road.
-I was flattered by the fact that Bank B still wanted me even if it's just for a few weeks. It's definitely a great feeling to be sought after.
-I can get some pretty heavy-hitting Senior Bankers at Bank B in my rolodex.

CONS:
-Bank A might not be okay with this, even if they say they are. Could this affect my FT offer chances?
-I'll have less "me time" this summer. I wasn't planning a summer trip and even if Bank B feels like a cake walk after Bank A, I won't have the option of doing much at the end of summer.

"The shepherd always tries to persuade the sheep that their interests and his own are the same." -Stendhal

Mar 24, 2011

This is not uncommon. There are a few banks that actually have programs specifically designed for this exact situation. I know for a fact that RW Baird has an internship for S&T that's only 1 or 2 weeks long at the end of the summer. I also know that there are a few IB internships that follow the same program. So no, this is neither unprecedented or weird, and it won't affect your chances of getting a full-time offer. If you rock at your internship, then you'll get an offer.

II don't think it'll matter how much you disclose about the second internship -- 1-4 weeks is such a short time commitment. Bank A will probably just ask who it's with, note it, and move on.

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Mar 24, 2011

Personally, I wouldn't rock the boat. Stick with Bank A and plan to continue to work after the 8-week program if you're given the opportunity to do so.

Mar 24, 2011

Work hard, Play Harder.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Mar 24, 2011

If you truly want to get a FT offer at Bank A, then I would work there as long as possible. If you think that you would want to pursue FT recruiting at other banks after this summer, do both.

Best Response
Mar 25, 2011

As yourdream mentioned, this is not wholly uncommon to see. There are banks that do this as it gives them a chance to sway a strong candidate from another firm that may be more highly sought after by its SA's. The way they look at it is this "We're taking a stab at this kid with no real risk. He probably has an offer at his firm, but best case we get him on for a month and get some relief/fresh set of eyes for our overworked Analysts. We take this kid out a few times, show him a good time and spin the group as being more fun and just as heavy on deal flow, and maybe we snag him. Worst case we get 350+ hours of work out of him and he picks his bank anyway." You sir, are sitting fairly pretty. Crush it at the elite boutique and then try Bank B on for size. Since it is an internship you shouldn't have to worry about non-competes, and as you mentioned you get a bit more experience and a chance to evaluate another group of guys. Worst case for you, you make an extra $5K pre-tax and you get a few laughs and stories because you find out for sure that you're going with Bank A for sure. Best case, you wind up with an FT offer from both and you get to pick your favorite. This my friend is called having your cake, eating it, and being met with a second, larger, surprise birthday cake, from which a luxuriously busty blonde protrudes, flashing you a pair of "Do me" eyes and whispering ever so seductively "Happy Birthday Big Boy"... Seriously though, this is a good predicament to be in, make like Bruce Pearl in this situation.. take full advantage...

Mar 25, 2011
rufiolove:

...This my friend is called having your cake, eating it, and being met with a second, larger, surprise birthday cake, from which a luxuriously busty blonde protrudes, flashing you a pair of "Do me" eyes and whispering ever so seductively "Happy Birthday Big Boy"... Seriously though, this is a good predicament to be in, make like Bruce Pearl in this situation.. take full advantage...

Epic advice analogy is epic.
+1 SB!

Apr 7, 2011

Thanks for all the great advice here so far. I've been talking to a few people about this again lately and have heard similarly mixed opinions.

Sorry for the self-promoting bump, but I'd be keen to revisit this thread if anyone else has insight. Thanks in advance!

"The shepherd always tries to persuade the sheep that their interests and his own are the same." -Stendhal

Apr 8, 2011

congrats again, this is quite an accomplishment

Sep 13, 2011

Hey guys, I totally hate it when people post topics pertaining to unique situations and don't come back to tell the outcome, so please forgive the self-promoting bump. I thought it might be good to give a quick update as to what happened, just in case someone else finds him/herself in this situation down the road. Here's what went down:

-Last spring, after exchanging a few more emails with bank B, I completely left them hanging. I realize it was probably unprofessional, but I didn't want to take the risk of upsetting bank A. My gamble was that if things turned south midway through my summer at bank A, I could sweet talk bank B into taking me back despite the months of radio silence.

-I spent my summer at bank A , busted my ass, and got more baller deal experience than I could have ever hoped for (literally, the most important deal my BANK (not just group) has done in the past 5+ years). I made great inroads with the junior and senior bankers, as well as the HR staff. In my exit interview, they didn't give me (or anybody else) an official offer, but said they really appreciated my hard work and then flirted with the idea of bringing me back.

-A couple really insecure weeks of silence followed and I considered calling bank B just to try to set-up a backup plan. Then at the last moment, I got the call and committed on the spot.

In hindsight, this is exactly the way I would have handled things if confronted with the situation again. I may have burned bridges with bank B, my valuation of the impact I made, relationships I built, and skills I learned at bank A leave me at a huge net positive. Also, as if it weren't ironic enough, right before the summer started, the major rainmaker from bank B got poached by a BB and took a a couple bankers at each level with him. Unfortunately, bank B is sort of fucked now.

I apologize if this post seems overtly egotistical or self-serving, just want to give back a bit. I really appreciated all the help I got going into recruiting last year and hope to pay-it forward down the road.

Cheers,
Julien

"The shepherd always tries to persuade the sheep that their interests and his own are the same." -Stendhal

Sep 13, 2011
Comment

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.