I'm a big old softy
I have two offers. One at a BB with the group I like, with the people I like, with an MD whose an alum of my school, with excellent exit ops to PE. The global head of inv banking is also an alum of my school, personally reached out to me, etc., etc., etc. I am 100% sure I am going to take it.
I have another offer. With a random MM boutique. never heard of them, but I went to their presentation bc they called me out of the blue (they got my resume from the school resume book) and bc I had no other prospects early on in the process. They went all out -- flew me to NYC to meet their partners, etc. Just gave me an offer and want me to fly out to NYC AGAIN to go over my offer letter in person, have lunch with their Chairman, have some more conversations about their growth platform, and then go out for a nice dinner with the entire group.
Really not sure what to do. I'm going with the BB, but I'm a big ol' softy. The MM boutique folks were really, really, really really nice guys and really went out of their way to be nice to me. I know they've spent a lot of money on me, what with airfares to NYC and hotels and all that. Would it be worse to cut them off now, and not let them at least attempt to make the sale? Or would it be worse to keep stringing them along?
PS. I know the MM is not doing well in terms of recruiting. apparently, 0 of the 4 summer analysts they had accepted their offers to go back. they sound a bit desperate. they even bumped the relocation bonus to $20K from $10k.
If you don't want to work at the MM, don't lead them on.
Cut them off now, don't waste any more of their time and money.
Vet someone on WSO to take your spot at the MM. Have them pay you with 100 silver bananas.
Call up the most important person who you made a good connection with ( would assume it's not the Chariman, but someone who you got to know really well) and kindly turn down the offer. Make sure you tell them how appreciative you are, the whole works. They should understand about you going to a BB. If you want, during the call you can suggest that they look at one of your friend's resum and see if they are interested in speaking with him, but only do it if this friend is 100% qualified. We all have friends that we like, but lets face it some of them don't deserve a job in banking, while some friends can be the most qualified and just can't catch a break....I don't know if that suggest a friend thing has ever been done I just sort of thought of it since the bank seems to be desperate for analysts.
What's your Father's name? I can't for one minute imagine a Global Head personally reaching out to a New fucking Analyst.
Join the BB. Do you really think that the MM is going to maintain their schmoozing of you after you sign? I could understand if you had been an SA there and they'd treated you like a fucking Prince all Summer, but to develop the opinion of them that you have straight off the bat is incredibly myopic.
You don't want to be kicking yourself for going with the no-name when PE shops won't even give you the time of day.
There's no room for sentiment when your fucking future is on the line.
Actually, you would be surprised after meeting Global Heads. They are just like normal people. Some are very friendly and you would never know they were a Global Head just by speaking with them and some are complete assholes who you know must be the boss of something because no normal person has that many dicks shoved up their ass
It's not surprising at all that the global head of a bank would take a few minutes out of his day to lure a top candidate for new analyst. That's just good business. 10 minutes of your time for 2-3 years (and potentially an entire career) of slave labor from an excellent slave instead of a decent slave...
Pretty common actually, I know lots of guys who were contacted by very senior people during analyst recruiting, up to and including BB CEOs.
I can second this, I know a guy who got an interview at Lehman a couple years ago after being sought out...he was related to a Partner MD though...so I dont know how random the "reaching out" was.
You're right, the global head also knows my uncle thru school
Check your private messages. I sent you one, with some advice and a request :). I will give one snippit that I have learned over the past few months of doing informational interviews with PE recruiting, and local boutiques...big names on your resume for an analyst position grab attention, might not want to pass it up just for the sake of branding yourself.
Hedge fund managers I have talked to don't seem to give a shit about brand names though, if you are smart you are in, if they don't like you, you're out.
Can you elaborate more on your last comment? I'd think it makes sense that they don't care much about brand names as we monkeys would like to think about it, but what are the other things that HFs care? Perhaps the "making money" part, but how can they tell?
Well, it could just be my sample set, but I have talked to 4 different fund managers in the past six months. All 4 were pretty explicit about having "their way" of doing things at their fund/firm..and it would be something you would learn after working there for a while. Their recruiting was based more on finding competent people who were actually interested in the market they traded, able and willing to learn. Most of the top partners in the firms were obviously MBA and career finance guys...but a good deal of the younger analysts I met were from varying backgrounds, accounting, IB, wealth mgmt, PR even..none straight out of undergrad though. I was actually told at two places that I probably learned nothing of their business and how they operated from my undergrad degree..both were fixed income funds.
I get a sense fund managers, have (or at least think they have) some type of proprietary way of doing things, and will teach incoming analysts the ropes.
I don't know if that helps, its kind of rambling..and also only based off of my observations. Any one in the industry back me up?
i have a big ole softy right now, but it's getting harder and harder
BB CEO's? You're tellin me Lloyd, Jamie, and Vikram are out there calling college students? cut me a break - IBD analysts are commodities. they are tons waiting to fill our seats that will do just as good of a job.
BB CEO's? You're tellin me Lloyd, Jamie, and Vikram are out there calling college students? cut me a break - IBD analysts are commodities. they are tons waiting to fill our seats that will do just as good of a job.
You ever meet Jamie, I wouldn't be surprised if he sent flowers to an analysts dying grandmother in the hospital. The man is like Jesus on Wall Street.
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