Chances of switching banks following internship

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Comments (33)

Apr 27, 2017

Most of the FT recruiting won't actually go on in the Fall but will go on towards the end of summer. You should look to get in touch with the other banks you're interested in during June so you can be looped into the recruiting events that will be going on.

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Apr 27, 2017

please enlighten us as to what a "borderline BB" is...

    • 1
Apr 27, 2017

Wells Fargo. GAYYYYYYYYYYY

    • 3
Apr 30, 2017

Whatever you say, "Kevin".

Apr 30, 2017
<span itemprop=name>Attack_Chihuaha</span>:

getting laid in college is somewhat overrated

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Apr 29, 2017

Interested in this as well. Are there any firms that are known to take a decent amount of analysts lateraling from their summer analyst position? Do they just to keep you focused on the same industry group?

Apr 30, 2017

BB? I don't hear of much.

Anecdotally it seems like the big 4 firms do this a lot in their IB arms.

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Apr 30, 2017

EBs will take (proportionally) more FT candidates than BBs, also EBs tend to have more open recruiting while BBs will fill spots with people they already "know" (from previous applicants, from banker recommendations). This is more of a recent development as BBs have started to fill mostly from their summer classes, with a few even having to cut summers due to SA overhiring.

Apr 30, 2017

Haven't heard of SA's being cut due to over hiring for a while, have gotten the usual spiel "we only hire as much as we intend to give offers to". Any insight as to firms that have been over hiring?

Apr 30, 2017

Aren't return rates around 50% so don't all banks over hire for SA?

Apr 30, 2017

Thought this was the norm for a while several years back but were a lot higher now?

Edit: My data points are from Houston so perhaps different than NY?

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Apr 30, 2017

I was referring to NYC and HK.

Apr 30, 2017

Last summer specifically, BAML, UBS, DB, JPM, didn't have great offer rates (meaning 50-70%). CS and Citi normally have close to 100%, and GS and MS are usually a bit over 70%. Barclays somewhere in the middle I think.

Apr 30, 2017

How long do firms usually give you to accept the offer? Heard some pressured you to accept on the spot.

May 1, 2017

Banks have gotten back to old habits of over-hiring. Know that my bank gave out summer internships with the intention of only retaining 75%. Anecdotally, also noticed that a lot more students I knew had not received return offers than in years past and found the full-time recruiting market for BB/EB's to be incredibly thin (and the few spots that existed filled up almost immediately).

Most banks will try to get you to accept return offers with a few weeks, but target school OCR systems generally protect students with another month or two of runway. You'll get pressured throughout, though, so that's simultaneously annoying and flattering.

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May 1, 2017

There's a lot of variance between banks and schools. Schools with OCR will have later deadlines sometimes, at some banks as Binders said. Generally you get around a month to two months to accept. Banks do like it when you accept earlier rather than later as they know they have you locked down and it shows you really want to go back. Honestly they give you more than enough time to consider other offers as these days FT recruiting is done a few weeks after you learn about your return offer.

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May 1, 2017
    • 1
May 1, 2017

Because they most likely liked the culture/people where they worked. When will you people learn it's not all about GS?

May 1, 2017
gqbanker15:

Because they most likely liked the culture/people where they worked.

And on the other side of that coin, laziness. It's tempting to just sail through your last year of college knowing you have a job when you graduate, so that you're stress-free when other seniors are drafting their cover letters and brainstorming answers to interview questions.

May 1, 2017

If your satisfied with your offer what's the point?

May 1, 2017

There is something to be said for the political capital that is built up by working your ass off over the summer and then showing your dedication to the firm by accepting their offer, and knowing the lay of the land can't hurt in the transition from college senior to FT employee.

May 1, 2017

they want to enjoy every minute of senior year

May 1, 2017

also by the time FT recruiting rolls around there aren't that many spots left...especially this year...

May 1, 2017

Do some banks set their FT offers to expire before you even get a time to recruit during senior year?

May 1, 2017

they shouldn't...most schools have policies against that practice

May 1, 2017

Yeah, but what school would tell a BB that they can't come recruit on their campus. Let's be realistic

May 1, 2017

in general the BBs listen to the school career offices...if you are at a target...

May 1, 2017

Most BBs listen to the school's career services. I'd argue that a top rank at a LEH Telecom Group is better than a bottom rank at GS. The political capital is huge.

Also, after working for a summer you realize that fit is more important than you first thought. The argument for switching to GS from MS i think is stupid - at some point you have to realize the benefit (if any) is purely marginal.

May 1, 2017

If you are at MS you are already in the tier 1 of banking, no reason changing banks really (correct me if i am wrong here), the prestige difference is inconsequential.

If you are at UBS/JP/Citi...would you to apply to GS/MS for a grad scheme?

May 1, 2017
May 1, 2017