MBA: S&O Summer Internship >>> Re-recruit for MBB 2Y?
I was somewhat surprised not to find more info on this already, so wanted to ask the question: what is the general consensus / advice for re-recruiting with MBB as a 2Y?
Assume the following:
* Current 1Y MBA student at program in 10-20 range
* Interning with Deloitte S&O this summer
* Had first round interviews @ 2/3 MBB as 1Y (0 final rounds)
* Already have a pretty big "brand name" on resume pre-b school
Based on my conversations with 2Y's who interned at Deloitte, it certainly sounds like the compensation is tough to turn down for returning Summer Associates. But if the only monetary cost of re-recruiting in the fall is the early sign-on bonus, seems like another chance at MBB could be worth it.
Any insights and/or experience (first hand or otherwise), would be greatly appreciated!
Bump. Also interested...
Bump---not heading to S&O over summer but also curious.
Unless something has changed, Deloitte reimburses you for your 2nd year tuition as well if you come on FT. If you decide to go w/MBB, ultimately, that would also be foregone.
bump
Heard basically everyone re-recruits for MBB
Speaking from experience: Very few of my classmates re-interviewed for MBB during 2Y because they would've lost out on the early signing bonus, which requires you sign your offer before the 2Y recruiting season. It's a gamble and MBA's heading into consulting tend to be pretty risk-averse. You get the 2nd-year tuition when you sign with Deloitte full-time regardless, so that's not a factor in the decision to re-interview.
Those who decided to forgo the early signing bonus and re-interview with MBB seemed to have a decent shot. I know a few who got offers.
So the question is really "what is the opportunity cost of re-recruiting for MBB, and what do you get when you pay that cost?"
The cost of re-recruiting if you're at S&O over the summer is the early signing bonus -- I didn't get it but I think it's something like $20K. You still get to keep the regular signing bonus + 2nd year tuition reimbursement if you re-recruit then still sign with S&O.
What do you get when you pay that cost? The opportunity to interview with MBB -- it depends on how many interviews MBB gives you, but let's assume for the sake of argument that you get two (as you had two this past year). But what are these worth? They're basically worth whatever the expected value of two MBB interviews are, which we can say is:
(probability of converting interview to offer -- call this p*) x (incremental NPV of future earnings for working at MBB post-MBA instead of S&O -- call this IV) x (2 interviews -- 2)
So the question is, do you believe (p* x IV x 2) > $20K? If yes, re-recruit. If not, sign your summer offer.
tl;dr version: Is a chance at landing MBB worth 20k? Choose dependent your personal circumstances based on, for instance, how much you need the money, better exit opps, better and more interesting engagements, street cred and what not, and the probability of actually landing at least one of the three offers.
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