Apr 27, 2017
Chances of switching banks following internship
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Comments (33)
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.
please enlighten us as to what a "borderline BB" is...
Wells Fargo. GAYYYYYYYYYYY
Whatever you say, "Kevin".
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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?
BB? I don't hear of much.
Anecdotally it seems like the big 4 firms do this a lot in their IB arms.
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.
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?
Aren't return rates around 50% so don't all banks over hire for SA?
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?
I was referring to NYC and HK.
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.
How long do firms usually give you to accept the offer? Heard some pressured you to accept on the spot.
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.
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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General lateraling advice: Current SA at regional boutique seeking to move locations, ideally to a different firm (Originally Posted: 07/22/2017)
Finish a SA gig with a boutique in two weeks and seek to lateral to a particular location with a different firm, no preference BB or boutique. Will very likely receive a return offer; that will be known for sure in two weeks. Seeking advice on the following:
What is the timeline to start networking with other firms? Even before having a return offer in hand?
With a return offer, how easy is it to lateral to a different location/firm?
What to tell my current firm, when (very likely) receiving a return offer and (ideally) when I have accepted an offer elsewhere?
Any other general lateraling advice would be much appreciated. Thanks
check out this guide by Sil https://www.wallstreetoasis.com/forums/lateraling-...
Why don't most summer analysts switch firms? (Originally Posted: 02/27/2007)
Seems like most people I know who work for BBs over summer take full time offers there. Why don't the guys at MS try to make it to GS for full time? Too much of a hassle to go through the process again?
Because they most likely liked the culture/people where they worked. When will you people learn it's not all about GS?
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.
If your satisfied with your offer what's the point?
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.
they want to enjoy every minute of senior year
also by the time FT recruiting rolls around there aren't that many spots left...especially this year...
Do some banks set their FT offers to expire before you even get a time to recruit during senior year?
they shouldn't...most schools have policies against that practice
Yeah, but what school would tell a BB that they can't come recruit on their campus. Let's be realistic
in general the BBs listen to the school career offices...if you are at a target...
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.
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?
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