SA scenario
If you think you could (best-case scenario) swing offers from GS IBD, JPM IBD, or BlackRock PE, which would you choose? I go to a target and have a strong CV, including two summers of financial work, although not in banking, one of which being in asia. Luckily, I have some key contacts at the firms. These would all be SA opportunities. Obviously I want to focus on the best opportunity for a FT offer, but say I'm fortunate enough to be a SA but get no FT offer at the end of the summer. Would it be wise to hold off on using my network at one of these firms for backup FT recruiting in the fall. I guess my question is which is the most desirable position and why? Also, is it a good idea to reserve a good connection in case I don't get a FT offer at the end of the summer?
Am I the only one confused? Just get the SA and get the offer from them. If you're such a strong candidate then there's no reason why you shouldn't be able to work hard and get the FT offer at the end.
Keep in mind, lets say you get an SA at one of those firms but don't get an offer. Do you really think even with your contacts you will be able to swing an interview/offer from that company afterall? Probably not, so you might as well use em to help you get the SA. At that point, it's all on you.
I'm just beginning to strategize. My SA but no FT offer scenario, in my mind, rules out that firm all together. The reason i suggested withholding a resource was in case I don't get an offer from the firm I intern at, I could enter the fall FT recruiting and call in my unused contact for leverage.
I understand what you're saying as far as if I'm a strong candidate, work hard, and just get the offer. However, I'm guessing, for example, the GS IBD SA class has some of the smartest and most ambitious kids my age in the country. If I'm not mistaken, GS is known to give less than 1/2 it's class FT offers. Would I fall in that percentage...hopefully...I'm willing to work myself into the ground for it...but I want to be prepared should it not work out.
I appreciate your response. You didn't answer my question though, do you have any input on the positions in comparison to one another. I'm most concerned about how people would rate a PE post-undergrad offer vs. the traditional IBD offer.
where I say I could enter the fall recruiting process, I mean for other firms (not where I was a SA), for one of which I would have an untapped resource. Just wanted to clarify...
Just tap one or two of your sources for SA and save one as a back up for FT I suppose. As far as choice, I'm not one to say as I'm in S&T and don't know much about those options for IBD.
Is your resource an oil well? If its really a "contact" then they should be willing to help you as often as possible and to the greatest extent possible. If your first choice isnt at the bank where you contact is then simply keep him in your back pocket.
BlackRock PE is not well-regarded relative to Goldman IBD or JPM IBD, especially since most of it would be fund-of-funds work. If this was Blackstone PE, Silver Lake, etc. the answer could be different.
GS IBD is the best-regarded, and in this economy you should just go for the best internship op
Bulge-brackets will all lay off people and rescind offers in my opinion as the economy gets worse, so I don't really see a point to trying to "game" the internship offer percentages since they'll be low regardless in my opinion. Just try to work at a place where you'll like it most if you get the FT offer
Of course BlackRock PE isn't well regarded compared to GS IBD or JPM IBD! Especially among undergrads lol
You realise BR PE is tiny, they only have 3 offices and the London office is like 7 ppl or something.
I know an intern at BR PE right now and it sounds like one of the best internships around in terms of what he is getting involved in and the calibre of ppl he is meeting - so don't rule it out just because people on WSO are obsessed with bulge bracket IBD
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