Graduating with a 2.2 - IBD Analyst Offer London Reneged?
Hi All,
So my situation is that I currently attend a Tier 1 Target school in the UK, and have an offer to join a BB full-time as an Analyst come this Summer (after having been a Summer Analyst the previous year) in London.
However, after a difficult set of exams this month, I strongly believe (with a very heavy heart), that I will be graduating with a 2.2. I'm not looking for reassurance in my grade, as I'm pretty certain that I have not been able to get the 2.1.
Moreover, I'm looking for advice regarding my contract with the BB.
It states in black and white in my contract that I need a 2.1. Having said that, will the BB now renege my contract once my results come out and I inform them of my grade? Or, will they be lenient and still take me on, given I was a previous Summer Analyst, and my degree is regarded as being relatively difficult. I do also have some extenuating circumstances I can reference to them if needed.
It'd be great if anyone has been in this position before / know people who have, and what the outcome was.
Also, if people know the impact HR will have in the decision vs. the team I was in last Summer. Does HR have strict policy and will just say no? Or will they call up my team, state my circumstances, and let them decide?
Likewise with above, if any current I-Bankers have had to deal with new joiners in this situation where HR has contacted them, that'd be very useful.
Also, please be truthful with me, really don't want to give myself false hopes, just to be utterly crushed by it when the time comes.
Many thanks to all that responds, really do appreciate it.
Bump
Bump, anyone please?
The truth is that although it seems like they would, you never know because this isn't the only criteria they want. Best thing to do would be to say nothing until they say something and if that happens talk to them.
At first I thought you meant a 2.2 U.S, GPA lol.
IMO you’ll probably be fine especially as a prior summer. It wouldn’t make sense for them to have to hire somebody to fill your spot at this point. Don’t say anything but don’t lie if somebody brings it up.
bump
Tbh the HR in London are particularly cruel and picky so you never know what to expect. It would be a good idea to tell them about your extenuating circumstances asap and provide them with all the proof and details. This way you will minimise the chance of any nasty surprises coming up.
I suggest to get in touch informally with one of the analysts you worked with - if they really want you onboard the analyst can easily fix everything
Will you even have your results by the time you start? I suspect the odds will be in your favour unless they overfilled positions as business need declined. I know someone who got a 2.2 and was still allowed to stay at an IB just outside BB (e.g. RBC, Macquarie) despite contract saying otherwise. If you won't have results yet you might want to wait because once you have already started it will be less likely to have the offer rescinded. If you will have your results, then try and speak to HR and people you met from the internship to explain your situation as early as you can. They won't rescind until you get the results, so it gives you time to negotiate with them.
I know a incoming summer analyst who got his offer reneged three days ago because his GPA didn't make the cutoff (it was MS in NYC). circumstances could be different for you because
1) you're in London, 2) you're returning full-time, and 3) I don't think every bank will be so strict about the cutoff. If I were you I would try to explain to HR.
what's the cutoff?
For US firms generally 3.2. ####
Almost got into the same situation, but managed to somehow take home the extreme borderline 2.1 very last minute (killed my last exam to make up my previous shit grades). To answer your question, I think as long as someone in your SA team is willing to go to bat for you, you should be fine. Go talk to them.
Preface: I'm a London native who's four years out of university, who went to a main target university but then joined Big Four (foolishly) - so not calling myself perfect by any stretch
My advice is to sit and wait for the result. If you pre-empt and are wrong, it might raise alarms unnecessarily and indicate a lack of self-confidence. If, as and when you get the result, my advice is to plead your case. Be warned: if you don't have hard evidence of extenuating circumstances, don't go there in pleading your case. Just plead and explain what you did wrong and what you've learnt from it.
I know an Econ student from the said target I went to who got a 2.2 who still got his job at a BB in fixed income trading. He had excellent rapport with his colleagues from the internship he landed. He had made himself the "social" guy (i.e. drank himself silly for the summer) and was also an excellent fit for the team (because it was a working class wheeler dealer team and he was from that background). But he still had to plead his case.
Ultimately, we both know that a 2.2 is sub-par for the BB environment. To be frank, it's way low. So you're going to need to expect the worst if it happens and leverage as much goodwill as possible.
Slightly off topic but why do you say foolishly joined the big 4? I thought big 4 was better regarded in UK and i see so many IB job posts with ACA being highly desired.
Don't want to derail so happy to send a message elsewhere. I say foolishly because I didn't put much time or thought into my career at uni and regret that now, because I probably undersold myself (I joined an unattractive team at Big Four which has taken time to get out of - now in a Deal Advisory team so able to lateral, fortunately).
As you say, there are IB jobs which seek ACAs (I'm currently interviewing for them), but it's a roundabout way to get there. I wish I'd done my analyst years by now...
Just wanted to thank everyone for their responses. Even though I have not been replying, I have been reading all of them - so many thanks again to everyone for the help, really do appreciate it all.
What ended up happening here?
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