Do Full-Time Analysts Inquire about Potential Summer Analysts?

So I'm a sophomore at a Target for most IB and buy-side firms. I have a sophomore buy-side summer internship and have that role listed as "incoming summer analyst" on my resume. I will be applying to junior summer internships soon and was wondering if the analysts at the firms I'll be recruiting at for my junior summer will talk to the analysts at the buy-side firm I'll be working at this coming summer. I ask this because the sophomore summer buy-side firm expects to extend a return offer for the junior summer and then full-time. I'm worried that if the buy-side firm finds out that I'm re-recruiting, then they'll yank my offer. My questions are as follows. First, do analysts/associates for junior summer roles ask around about incoming summer analysts at firms they have not yet worked at? Second, what's the etiquette on re-recruiting for junior summer when you have a sophomore summer offer which has an implicit junior summer offer embedded in it? Third, have firms yanked signed offers in such a situation? I'd appreciate any insight. I'm not a diversity hire btw in case that makes a difference. 

Comments (4)

Jan 12, 2022 - 12:38am

Only answering the first question, No, no one from the banking team would reach out to the firm you interned at to seek out info on you. The only time I'd ask about what someone outside the bank knows about a prospective candidate would be if it was a friend I knew had likely interacted with the candidate, be it a classmate or someone who works at that firm. But, that's rare and not something people seek, just a random chance occurrence. Evaluation is almost entirely done through formal recruiting process and when candidates reach out for coffee chats.

Most Helpful
Jan 12, 2022 - 12:46am

You are under no obligation to change the way you go about recruiting simply because your soph place may be offering you a return for the next summer. Regardless of whether or not you get a return offer at that place, do not bring it up while you are doing IBD recruiting. There really is no upside in saying that you got a return because then the bankers may be more interrogative about why are not accepting it, questioning more about how passionate you are for IB instead of the buy-side. Conversely and obviously, you have no upside in bringing up that you didn't get a return offer. 

Second the post above, no bankers are going to reach out to the buy-side place unless they have a close contact like an immediate friend. And even if you don't get the return offer, no one is going to ask. 

Worst case scenario they do ask and you didn't get an offer- just say that they were downsizing or not offering junior year returns. No one is gonna give a shit

  • Analyst 1 in PE - LBOs
Jan 13, 2022 - 12:21am

Agree with most of this, except not mentioning you received the return offer. Receiving a buy-side return offer is a sign of good performance, especially for firms that historically have lower return offer rates vs the sell-side. If anything, makes your story more convincing, as why would you be interviewing for sell-side if you would just accept the buy-side offer. 

  • Analyst 1 in IB - Restr
Jan 13, 2022 - 12:22am

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