No Offer - Recruiting implications
I was a summer intern in M&A at a BB investment bank in London this summer. Surprisingly I did not get an offer. I say it was surprising, because I had tons of staffing during the whole summer, senior people told me they would put in a good word for me and one ED would staff me on all these projects because he thought i was the "best intern".
Anyway I did not get an offer, I think there was no fit and a couple of people disliked me. People tend to think I am an asshole, I guess that happened too, they just did not tell me and came up with other reasons instead.
Going forward, what would be the best recruiting strategy? I guess FT M&A is virtually nonexistent. Also, would they consider someone with no FTO?
What about if I want to do consulting - is not getting an offer a problem? Basically I would just tell them that I just wanted to try banking and that it is not for me. In case they ask - would they actually check if I got an offer, are they even allowed to do so?
How does the macro story come into play. Offer rates at my bank were only c. 40% (even though my group was a healthy 60%). Do people take this into consideration?
You'll be fine. Just make sure you have a clear and understandable story as to why you didn't get an offer. Given you had an BB IBD summer gig, I imagine most banks will at least give you an interview and from there it's just about showing them that you had a good experience over the summer and the return offer problem was not a function of your ability to do the job.
I think the real thing you need to worry about is that people tend to think you're an asshole. That will do far more long term damage to you than not getting a return offer as an intern. Work on that instead.
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FT M&A recruiting will still be going on. It's FT S&T recruiting that's dead.
So the "best intern" gets no offer. How does that work?
pissed off the wrong person? people get dinged for much less.
That what I was insinuating, something obvious happened.
The thing is that I had great support from the senior people, but one associate really hated me. I just did one little thing for him and I fucked up the formatting. In the review we were mainly talking about stuff this guy said. He exaggerated everything and made me look like an useless idiot. He was a very influential associate, everybody, including the seniors loved him, so I guess that is what decided the thing.
In the final review the staffer told me that the difference between the review sheets and the outcome of the round table were interesting. I guess the review sheets were good, but when they sat down, some people spoke out against me. Another problem was that some of my best work was done for people in other related teams not present at the meeting.
By the way, there was a lot of assholes in my bank. Sure I will try to come across as nicer, but I think that in banking it is not necessarily a dealbreaker.
to echo a comment above, try to not come across as an asshole.
that might be a good place to start...
Nearly half the bankers I've met are assholes. Saying that the guy should give up any white collar job because of that is hilarious. Dick Fuld was an asshole and although that didn't work out for Lehman, it worked out well for him.
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