Should I accept MBB Internship Return Offer 1.5 Years Ahead?
The title says it all. I got a MBB internship from a semi-target school, but I'm not sure if I should take it or not.
Things I'm unsure about:
I'm not 100% set on consulting, so I would like to recruit for finance, but how much better could I do than MBB? Or should I be more focused on getting exposure to new areas so that I'll have more certainty of what I want to do?
If I decline the return offer, won't it be really challenging to get back into the firm for FT?
I have to sign or decline my return offer BEFORE I start the internship. I won't even start the internship till then, so it could be a gamble if I sign and hope that I enjoy the lifestyle, don't want to pursue finance, and would be happy to return and intern again with intentions to go FT.
I'd really appreciate your honst inputs (if you're a troll, I'd love a good laugh as well)
Edit: To clarify, this return offer is to come back for a summer 2021 internship
First off - congrats. My 2 cents is that in this economy, take what you can and run with it. You are not gonna be a failure if you graduate into MBB for a year then try to switch to IB.
Wow- thanks for the fast reply. Good point on that. Do you have any knowledge about % of interns that get return offers? Also, do you think I could negotiate to have my return offer deadline extended? Or is that a firm deadline set for all interns?
Imma be honest with you bruv I wouldn't try to mess around. I'd just sign the damn offer if I were you by the deadline. IDK about the return offer % and I am an "incoming" (LinkedIn cringe) IBSA so that's my perspective and take it with a grain of salt.
yea take it, and try to recruit for Finance. you can always renege. just don’t be obvious that you are looking for other stuff
Curious, is this McK or BCG? Is this an exploding offer? I think you should take it because finance FT jobs are quite hard to come by, especially given a lot of firms will be distressed following COVID-19 and usually they do not hire FT (thinking of banking here). It will be unlikely you come out with an offer after FT recruiting for finance that is better than MBB.
It's a BCG pressure tactic. McKinsey has given their interns full-time offers but without an exploding deadline. McKinsey interns have as long as they need, and the firm is using the summer to give them the opportunity to see if consulting is something they actually want to do.
BCG FT offers also don't have an exploding deadline. You just have to sign if you want to skip the internship and opt to work for a non-profit or start-up of your choosing while still getting comp from BCG. If you do the internship, not an exploding offer as far as I know.
I think the offer is pretty good, but keep in mind that this is for another internship, not FT (which adds an extra layer of complexity)
I'd take it. It's more than likely IB is going to be a bloodbath this year. Even if it's not, interns are going to be working their asses off under the assumption that it will be. There will be almost 0, if any, full time spots available for recruiting.
Take BCG -- it's an offer from a top firm in an economy where your classmates are going to be struggling to find jobs as they near graduation. You got lucky your firm was willing to make that kind of commitment, so PLEASE don't let it go to waste.
Got it man. Good points. However, this is a return offer for another internship, not for FT- would you still have the same feelings?
So you're a sophomore? Still... seems like a pretty good gig to me. You could still use the time before the internship to network with people and do case studies and insight days at banks.
If your alternative to consulting is IB and you're a sophomore, I would still take the BCG offer. Most IB recruiting is well under way at this point, and most top EB's and some BB's (other than GS/MS I think) will start superdays soon if they haven't already had them.
If you don't enter banking through an internship, you have almost no chance of getting an offer, and that process plus the networking are already well underway. So even if you think there's a small chance you might want to explore banking, consulting is both the only choice and the best choice.
Does that make sense? Not sure how well I explained it
Sign the offer! Sign the offer! You can also say duces later if you get something better....
Whether or not you want to get into finance later, taking this offer is ideal. McKinsey has one of the strongest financial institution portfolios, you could get put on some great strategy projects for Fortune 500 companies, and some large banks within the US. In comparison, Bain has one of the strongest alumnni base into Private Equity, and some analysts move onto private equity after a few years at Bain.
If in a few weeks on the job, you realize consulting isn't for you, you could think of it as a 2yr IB stint before PE. There are plenty of initiatives you can take in the firm especially, such as opt for local clients, opt for certain assignments, and network internally with those who came from Finance.
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