When a bank calls you to extend a summer analyst offer, what is the typical protocol? How do you ask for more time until you make your decision? Can you ask for a written offer letter? Is it usually HR or a banker calling? How does the conversation typically go? Anyone who has been through this, your input is appreciated.
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for me it was also one of your interviewers (MD or VP) that will make the initial call. they will usually say something about your performance during the interview (obviously u performed well) and congratulate you on the offer. then the other interviewers who met you will subsequently make congratulatory calls later or the day after. those calls are very friendly (ie no pressure for you to accept the offer on the spot) and they will usually open up to questions regarding the position. Feel free to ask them any questions regarding the internship that you haven't already during the interview.
then the HR calls. they will call with the contract info (it's probably being mailed to you as you speak), compensation info, internship date info, and maybe gather some needed info (like bday, SSN, citizenship, etc). Usually an e-mail from the HR will also follow with more information. the most important thing they will tell you is the deadline for accepting the offer. the HR will try to push you to accept the offer sooner of course. usually by asking you where you are in the process with other banks, have you made a decision yet, what do you feel about the offer, drop me an e-mail or call once u've made the decision. don't feel pressured to accept before the deadline, they can't take the offer away from you.
Thanks for the great feedback Ranger. The firm cannot reneg an offer i.e. Bank of America... I heard they were renegging.
Nitpick:
Bank taking an offer away from a candidate = rescinding an offer
Candidate receiving an offer but not accepting it = not accepting an offer
Candidate receiving an offer, accepting it, and then subsequently backing out = reneging an offer
The fact of the matter is that they can absolutely rescind their offer.
You are employed "at will", which means they can fire you whenever they want, without reason. So basically, if you've already accepted your offer, they can just fire you before you even show up.
That said, banks don't often cutback on analysts until they've also cut a lot of upper people too. Analysts are relatively cheap, and provide the grunt labor the bank will need to have on hand when deal flow picks back up.
Let's assume the firm has multiple office nationally and globally and you have an interest in working from one of those cities in the future. Is it best to bring it up during the final interview when asked "do u have any questions" or during the offer call nonchalantly?
Probably neither. If you bring it up in the interview I can see you getting dinged based on the fact you evidently do not want to work in THEIR office, and during the offer call it would just be out-of-place and silly.
Once you accept the job and show you can perform I would ask about transferring to the office at a later date (if you are currently a FT analyst) or if you can apply for the analyst program in X country (if SA). From what I understand it's become increasingly harder to obtain work Visas in other countries, so unless you are with the firm for awhile I doubt they would sponsor someone brand new to leave the country. A buddy of mine actually got hired out of school to go work for Citigroup in Poland and was supposed to have his training program in New York, and then transfer over. I don't know the details but I know Citi ended up making him stay in NY.
Thanks for the pointer. The firm is actually a consulting firm with 4 offices around the world, two in the country I am in right now. I am interviewing at the head office in city B but would much rather be in city A. My thoughts were exactly as yours - if receive an offer, take it, kick ass and then bring it up in the future. I also feel its too risky to bring up right now, considering I am in the final stages of the interview process with the final interview being with the president. I figured I could ask b/c 50% of the work involves travel but as an analyst, best to keep u're head down and work.
Thanks again.
question about offer process (Originally Posted: 08/10/2012)
Hi guys!!! Amazing news, I was given a verbal offer at a bank for a first year junior associate position in ER!
I just wanted to ask about the process. What are the steps following the verbal offer(over phone) I was too excited to ask the person.. I should have..
I'm assuming background check/drug test and all that? But what's the exact process. I think they are sending a written offer to my address soon..
any insight would be amazing!! I'm going to write a success story soon here on WSO, so look out for it!!
say goodbye to your loved one
Drug test? I'm at a BB and only background check.
yeah they dont wanna invest all this effort/time/money in you and then have to fire you because you took a puff of weed. they usuallly don't drug test
They will mail you the offer, sign it and call HR to verbally acceptor offer an say that the contract is on the way. Email your team saying you are forward to seeing them next year for FT if you want. During the school year HR will be in contact for the onboarding process. Spend the next 10 months ballin out knowing you have a kick ass job in a shit economy.
Hey Bearing, thanks so much for the reply.
I actually graduated 3 months ago and have been searching for a job for a while...
Okay, so I should wait for the written offer in the mail before I accept?
So I will: 1. Receive the written offer. 2. Call my to-be senior analyst and accept (he is the one who extended the offer to me). 3. Call HR and discuss/negotiate? 4. Sign offer. (Do I meet someone for this?) 5. HR will conduct background check/drug test. 6. Call other banks I have applications out to and let them know?
Is this a fair assessment of the process?
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It will tell you who to call in your offer letter. Negotiating salary is hard if you are straight out of undergrad and have no other competing offers. I would focus on the sign on if you want to negotiate. If you call to accept before negotiating then you have no leverage and you are accepting the offer at face value. Standard offer for the past few years has been 70k base with 10k relocation with a few exceptions for 1st years. Don't know when your start date is or your bonus scheme but that should be in you offer package.
So what is the standard pay package? Sorry if I sound totally noob..
Base Salary + Bonus Relocation incentive Signing Bonus?
Is Relocation and Signing Bonus the same thing? Or would I be able to get money for both. I live in Long Island and my new job would be in NYC..
Am I understanding this incorrectly? Appreciate the help..
You can thank me by throwing an SB. Your relocation and sign on is the same. They won't explicitly say your bonus number in your contract only that you are eligible for their bonus scheme. Usually when your are notified of your offer HR will give you an expected number for next year but never in writing. Just ask one of the analysts at your firm what were their numbers when they were signed. Your an off cycle hire if you start in September so you might be eligible for full year bonus instead of stub if your firm pays analyst bonuses in summer. This is all spelled out when you receive your contract.
any other insights?
Received offer. Have not signed. Recruiting protocol? (Originally Posted: 10/20/2013)
I received a full-time offer from a BB. They are under the impression that I will sign (+75%). However, I also have some other BB opportunities that have not concluded and I was wondering what recruiting protocol is after receiving an offer.
was offered super day for another BB, but schedule hasn't been finalized.
went to information sessions for a few BB's and had great discussions with the team and was considering following up. Now wondering if this is worth my effort and if i should be asking for a expedited process.
Basically, I want to finish exploring all opportunities (reasonable), but not sure if pursuing completely new opportunities is a little bit rude.
What do you all think?
If you received an offer, you should receive an electronic or physical contract shortly, it should include the signing deadline.
Pursuing new opportunities might be tough because there's scheduling. You can try and expedite it, but if you haven't even had initial interviews, it could be difficult. All depends on what deadline you're given with the offer.
For the other BB with the superday, you can probably expedite that. But it'd be easier if you had an actual date to tell the other BB you need to make a decision by.
Thanks. Sounds like there are no ethical qualms here, and I can proceed as planned, and logistics would be the only real issue.
Yup. No ethical gray areas since you haven't signed anything.
Good luck and 'grats on the offer.
You're afraid of coming off as a little rude? Dude. You think said bank would give two shits about you if your higher ups were told they had to fire an X amount of people? Do what is best for yourself. That is #1.
Offer Call Question (Originally Posted: 02/19/2009)
Yesterday, I was an extended a SA offer at one of my top ibank choices. During the call I basically said I was extremely interested, and am probably going to accept, but just wanted some time to think about the offer a little more. They said i would have 2 weeks to decide and that they would send a letter in the mail.
Can I get screwed for not accepting an offer immediately over the phone, or is what I said ok?
Also, I have another superday scheduled at a firm that I would not work at knowing I have this other offer. Should I still go to the superday since the official offer letter hasn't been mailed yet? Is it really bad etiquette to cancel a superday within 3 days of the scheduled time if all of the travel arrangements have already been arranged?
Thanks.
The letter is standard, barely anyone accepts immediately on the phone.
Cancel your superday and thank them for the opportunity
If you really want to work at the bank that made you an offer, just call and accept. They don't care that you said you wanted some time to think about it, but I wouldn't wait too long.
I would also go to the Superday, unless you're 100% sure you wouldn't work there full-time. I've been told that canceling a Superday is not something the bank enjoys; they'd rather you fulfilled your obligation and if the offer presents itself, say thanks but no thanks.
you-down-with-SEC is likely correct - he knows more than I do.
My advice comes from my own experience. I was scheduled to attend two Superdays during FT recruiting in the fall when I heard from my top choice that I got an offer. I accepted right away, and contacted the alums that basically got me interviews which led to the Superdays. They asked that I still fulfill my obligation to the Superday because pulling out at the last minute makes them look bad. This may only be because it was an alum pulling strings, not OCR, but I thought it might apply here.
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