I was recently given an offer for a summer analyst position in S&T. It's a great bank and I've been doing some research about it, and it would be one of my top choices, if not my top. I'm not sure whether I should just sign my contract now or whether I should continue with recruiting next semester. I'd love input from people here!
Here are the pros and cons I've come up in regards to continuing recruiting:
Pros:
-I could meet more people and expand my network which may be helpful for FT recruiting
-I could potentially end up with more options on the table to choose from (though if I'm going to take the offer I have now anyway, what's the point?)
-I could have more interviews which could be good practice for FT recruiting
Cons:
-It takes up a lot of time, and without recruiting next semester, I could take a more difficult course load, meaning that I could take a class on algorithm design, game theory or financial theory (which may be helpful for my internship)
-I'd have more time to actually relax at the beach over winter break instead of studying for interviews and writing cover letters and so on
-I could spend more time networking with people at the bank
Thoughts, anyone?
When does your offer expire?
At the same time as regular offers for SA, so I have quite some time.
It sounds silly to bother with recruiting further if this is one of your top choices and perhaps your top. Take the offer.
To address the pros:
1) there is no reason you can't continue meeting people and expanding your network. You could still go to networking events, and theoretically, if you're reaching out to people you don't already know, they may be more inclined to speak to you if you say you have accepted an offer but want to learn about the industry etc, because then they know you're genuine and aren't just trying to get a job through them.
2) Don't waste your time recruiting for more options if this is one of your top choices, and perhaps your top. Take this, and if you find out during the internship you'd rather be somewhere else then recruit again for FT. Since you don't have a clear preference over this one, take this one and enjoy not having to worry about recruiting anymore.
3) You can have mock interviews etc anyway. Shit, if you really want to you could accept this offer and then keep interviewing just for the practice, and turn down any other offers you may get. That's a little weird and I wouldn't do that, but it shows you don't have to hold off on this offer to practice interviewing. Finally, FT recruiting is ~9+ months away for you- you will need to practice interviewing before then anyway, and a few more interviews right now probably won't make a huge positive difference on your performance then.
Just take the offer, enjoy your winter break etc. My $0.02
Up to you man, it seems like you've outlined the pros and cons pretty well. What I always do in that situation is try and think to the future and decide whether or not I would regret it. Do you like the people there? What's the opportunity cost? You said you're already really happy with the offer, so is it worth it to be stressed and grinding away for the slight chance that you get an even better offer? Would you even take another offer and if so from where?
Personally, if I were you I would take it and spend some time relaxing and having some fun. You already have a top offer and some R&R would probably be good.
I'd say there's only about two other banks where I'd consider an offer (not 100% sure if I'd take it above this). A few friends have also suggested that I look into prop shops and quant hedge funds, but I think I'd rather try a large bank to get a broader experience and more name recognition if I decide I want to work outside finance. I do like the people there though, but I haven't met a huge number.
One thing I'm wondering is if some companies might reach out for accelerated FT recruiting if I interview with them this year (even if I don't intern with them). Not sure if that's worth the hassle of interviewing (and on the opposite side of the argument, there's a chance I wouldn't perform well and would hurt my chances at FT).
I would take it looking at your pros and cons.
What bank already gave out SA offers?
Messaged you.
I know a guy who got a BB S&T offer nearly 2 months ago...it happens.
If I were you, I would not immediately accept yet, just take your time and go through recruiting with your other targets. There's no stress because you're already happy with your position, and you can only go up from here. Congrats! You're in a great place.
This is fair advice also. Although there's nothing wrong with accepting your offer and moving on, it could be smart to keep recruiting- but instead of going through the hassle of recruiting with a bunch of banks etc, only recruit/interview with the banks you'd consider working at over your current offer. Don't bother recruiting elsewhere.
Very good advice indeed. The bank where I was accepted was my first choice at the beginning of the application process so I really don't know what I'd choose above it. For me, the biggest downside about not doing more recruiting would be having a smaller network and the impact on FT offers (if I didn't do well at the bank where I was interning or if I didn't think it was a good fit). Then again, part of me wants to get some closure from all of this and focus on other work/actually seeing my family for the first time in a year over winter break...
In that case, if the bank was your first choice, then definitely take the offer and relax. Enjoy winter break with your family! Now that you're off the recruiting grind, you can just network casually with people at other firms and perhaps just use them for FT recruiting. If they ask if you already have a summer offer, just say that you finished recruiting and you're still interested in learning more about their firm. It shouldn't matter too much.
OK, thanks! I think I'm going to think it over some more this week, but I'm leaning very strongly towards signing and moving on with my life. Thanks everyone for your help!
PS - does anyone have any advice about reaching out to contacts I already have from other firms if I take this offer?
Just take JPM and enjoy
Reach out and express interest in the industry and learning more from them..advice etc they could offer you to prep
Sorry, just another question if someone knows... I haven't received a desk yet, but I definitely have a preference for trading (and something not super high flow) or structuring (or even strats, but I don't know if they'd take undergrads there). I don't think sales would play to my strengths. How likely is it that my preference will be taken into account when I'm assigned a desk?
to answer that last question, many S&T summers are on rotational programs, so you'll have to fight your way onto different desks after your first placement.
I'd say if you don't have a guarantee about a desk, keep recruiting. Obviously nothing you have to stress, but I see two upsides that you didn't mention and I think the downside is minimal.
On the one hand, you need to put very little effort into further recruiting. Feel free to do so casually, and leverage your existing offer. It'll be much easier to get in the door to other shops with a top offer, and I doubt you'll need to do a ton more additional prep. Maybe a little less down time, but if you'd be happy at the bank you already have, you can spend as much or as little time as you want with no stress.
On the upside, you could a) get another offer and then use that to leverage a guarantee of at least one desk placement. Not the easiest thing in the world, but it could happen b) get another offer and realize that the people you met were just so damn awesome that you want to go to the other bank because you vibe with the culture much better.
Idk, my $0.02. Either way, you're in a good spot. Relax and have a beer.
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