IB Undergrad Dilemma
First I will start off by saying this is purely hypothetical and does not personally apply to me, but it is something I thought of while viewing the forums.
So here is the dilemma. Person A secures a sophomore IB internship, lets say at the MM/BB level. Now that internship may or may not convert to another internship for junior year. Now on the other hand other MM/BB investment banks are extending junior internships offers over a year in advance. Now assume this person applies to such an internship and gets an offer. To play it safe he/she signs with another bank for junior year. (rather than waiting to see if that sophomore internship converts or not). As it turns out Person A is in fact given a return offer at the sophomore bank. What would you do if you were Person A?
The safest option is to accept the junior offer and tell the sophomore bank you will not be returning to them. However, if you think the sophomore bank is a better fit, then it would be risky to rescind the junior offer because they might have contacts in the sophomore bank
Would the sophomore bank get upset if a return offer is not accepted (since they put all the money to train the candidate)?
They might but who cares because it is your choice and there's nothing wrong with that. I would think it is also common. For example, I am sure some sophomore interns at DB are interviewing and would take a GS or JPM offer if given
take the junior offer at the other bank....and inform the sophmore bank that you have already accepted a junior offer at another bank.
internships are designed to do a few things a) summer long interview for a fulltime offer when you graduate b) give the intern a wide swath of experience, to help the intern decide the best career for them
if the sophmore bank liked you, they will both understand that you are not available for the following summer...and if after your junior internship you decide that you want to return to the sophmore bank after you graduate, they should still be happy to do so.
experience at multiple firms is better for you...so do that while you can.
if/when you get an offer from the sophmore bank for the following junior summer, just inform them that you are not available to intern the next junior summer...but that you would intend to interview for full time when you are a senior in college.
remember...internships are supposed to "primarily" benefit the intern...not the firm
the IB doesn't really gain any direct benefit from you being an intern...its a mostly just a summer long interview.
if you were a tech intern writing software code, then you might actually create some value...but IB interns? practically zero.
Yeah generally that's how it is but after reading all the IB intern stories on WSO I wasn't so sure if that applied for banking.
Don't IB interns get at least job training (which would make them to complete work for the company) ? How else would a company know if an intern is competent or not (since most recruiting is junior intern -> FT)
yeah...interns eventually help the analysts...but you start off knowing nothing...so you have to be taught by the analyst. The time the analyst takes to teach you is time they are not doing work themselves. net/net....interns don't add direct value...they only exist because internships are summer long interviews for the hiring process
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