Hey guys,
I know a lot of people going through something similar right now - with the accelerated recruiting this year, many banks have different timelines... what can we do if we receive an exploding offer from a BB that expires in 2 weeks but haven't been able to interview with any other bank yet?? My worst nightmare is not taking an offer but then getting rejected by other firms and ending up with nothing... but isn't it also fucked up to accept an offer but renege on it if I can get a better one?
It's a really shitty situation we've been forced into this year. What do you guys think we should do?
if it's a group that you're interested in just take the BB offer and stick with it bro.
Agree man, but the problem is that in many cases (pretty much all BBs) the programs accept you as a generalist and don't place you into a group until after another phase of networking the year after. So no guarantees on a group either...
I get that you’re stressed. It’s a shitty situation. But it’s actually been a chaotic timeline for a few years now. Contact HR and people you know at the firms you really want to interview at. Most places will accelerate on an individual basis, and two weeks is a pretty big window.
You can always ask for an extension from the firm that gave you an offer. Check your school's website to see if they have an official policy regarding minimum time that a student has to consider.
Additionally, you can use the first offer as leverage to expedite recruiting processes at other banks. This is easier/more realistic if you are a competitive candidate and the bank that gave you an offer is of equal or higher caliber than the bank at which you are trying to interview.
With the idea of leveraging in mind, this means that you (OP) need to have networked very well and be considered a top candidate by all the banks that you might want to contact if you get an exploding offer. So make sure that is the case for you at as many places as possible.
Keep networking like a fiend and don't worry about this until it is actually a problem.
This is the very important piece of knowledge that is missing from most of the threads on this forum. Leveraging an offer requires that you're very involved with the bank already. You need to put in the work ahead of time or people won't really care.
Never renege, that being said if it’s a bank you’d be happy working for then take the offer and be excited to work for them. Never renege though, if you want to keep recruiting then ask for an extension, try to expedite processes, or decline.
Help SA offers!!!! Exploding this week (Originally Posted: 02/20/2013)
I have connections at some of the firms (father is a client to some of the MDs) so dont ask how I got these offers so late in the process, just explained it.
I've thrown in 1-2 other banks just to keep myself anonymous. Thank you. I have until Friday end of work day to make a decision
How would you rank in terms of best for exit-ops, pay and prestige:
Imperial Capital (LA- generalist) Wells Fargo (SF- tech) Guggenheim Partners (NY- generalist) Houlihan Lokey (LA- corp fin, not RX) UBS (LA- yes they do still have an office lol)
I dont have a preference for industry or location. Thanks for the comments in advance dawgz.
exit opps, UBS, HLHZ, Imp, WF, Gugg
UBS as a BB still opens more doors HLHZ is a sweatshop and people will give you brownie points for that Imp tends to place well for credit HF, DD PE if you fight for it WF i've heard has weak placement though I've see plenty end up in good but not amazing places on linkedin Gugg is too young to comment on exit opps.
Just for fun here's what I would choose:
wouldn't even consider the other 2 if you want M&A
I guess i shouldnt have put too much on exit-opps, i WOULD also consider staying long term in banking if its a firm with a good growing future ahead of itself.
i know might seem like i dont know what i want, but im a junior, so i guess i wont know what i really want until after the summer or after 6 months as a FT analyst.
Do UBS LA, get an offer, then rerecruit for a better BB
If you are trying to re-recruit for a "better" bank, go to UBS.
If you are looking for your first job, I would say either Guggenheim or HL. I would make the choice based on whether I wanted to be in NYC or LA. HL probably is slightly more prestigious, but don't let that dictate your life.
Dude, your dad is rich. Take a corporate finance gig, or something that pays well but gives enough time to actually LIVE (i.e. party, skydive and all the other stuff you can do with your parents' money).
Investment Banking is for people like me to get to where you already are.
LOL this does sound nice in practice, but i cnt go through life knowing that i did the easy way out. As dumb as that sounds, i really would not be happy with myself in my mid 30s and realized i did nothing to create my own wealth or career. But thts just me....plus i went skydiving during winter break ;-)
Echoing what others are saying, HL or UBS. The more recognizable names will open more doors if you decide to do something other than banking after the summer.
HLHZ personally. prob gugg next
Why is UBS LA even a thought? LOL The office dropped 50% in headcount the past year...whos to say it wont be completely gone in the next 1-2 years even?
HL- solid middle market and HQ in LA (always working in HQ is a plus). very large office in LA will geometrically give you large network and living in LA definitely has its benefits.
Guggenheim- expanding boutique that plays in both in upper tier MM and BB territory sized deals (also HQ in NY). Unique opportunity to join on board the potentially next big thing being lead by a veteran guy like Schwartz. I know people through recruitment in NY that took them over lower tier BB offers...
I'd personally take the one that you fit in better based on culture and if you like NY or LA more. Only edge i'd give Guggenheim is the fact that they've done all that they have done in only 3 years standing- crazy potential for future. Could be a good play if you want to be a career banker since Schwartz is trying to make them the new Bear Sterns, or if you are interested in Media specifically.
All else equal, would you rather be in NY or LA? This is a wonderful dilemma to be in and congrats on your offers!
Thanks for expanding on your thought process for each firm in each location. This does give a good perspective...
what are the SA to FT conversion rates for these places?
I'd take Guggenheim.
Care to elaborate please? Would love to see your reasoning here.
goldman
Well duh
Do you have a preference for LA or NY?
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