Can’t do this FT
Doing a summer analyst role at an IB. Honestly I don’t see myself doing this FT. Nothing wrong with the firm, people are great, culture is good too but I just can’t survive this in FT and imagining myself doing this work for 2-3 years is not possible for me. it’s just me I don’t have the physical/mental capacity to stay late everyday doing logos and all of that so I take the blame on myself. But I’m worried because how do i explain this to my firm at the end( IF I get a return offer) because they will be offended I’m assuming? The firm will really be mad at me for wasting their time. I’m so worried as to how i will convey them at the end
Get the return offer, accept the return offer, leverage it for what you want. Do NOT reject the offer. An IB FT offer is extremely valuable, and should get you interviews pretty much anywhere (as long as your offer is from a good bank)
Do it for a year full time. Then you have exit options. Wasting the opportunity now for the sake of sacking up for a year is criminal.
You need to be a bit more Stoic, a year is a very short time to setup your career trajectory.
Asking genuinely, what other exits outside of PE/Corp Dev? As someone who has 3+ years experience I haven't been able to find anything for many months now. It may just be the current market, but frankly this is not what I expected after all the people touted IB on this site like it's the key to open any corporate-level door.
From the junior perspective, things are horrible right now and I honestly wish I had never gone into this field in the first place. Think it's a bad idea to just push people into IB, unless they want to do PE/Corp Dev long-term, the exits aren't really that broad as it seems nor do I feel like some desirable candidate who has their "career trajectory set up" despite all my work
The market is in one of the worst places its been globally. That will change. You can't take the current market situation and apply some sweeping statement to it around IB exits. I'm sorry to hear that you get struggled to find a new role genuinely.
My first point is somewhat reflective of that. In the toughest job market in years OP is going to turn down a return offer potentially to just take their chances as a freshly minted graduate? Lunacy.
Some ideas for you to think on career wise:
- Startups (lower salaries but equity). Series B and C is where you want to aim. Could be an operations role or a commercial manager type role. Not just strategy.
- Sales - I don't mean cold calling or 2nd hard car dealing. Think about Fintech and Software. Can be superb comp and WLB if you like building relationships.
- Consulting
- Venture Capital.
- Asset Management
- Private Credit (Huge growth area)
- Investor Relations and fundraising (at the senior levels this can be a very cushy gig)
- Equity Research
What kind of bank are you at? Tier 1 city BB or EB? Coverage or M&A? Have you successfully closed deals or have you only worked on financing / coverage?
Would be helpful context here. A JPM M&A banker who closed mutliple deals versus a MM Richmond Virgina ECM analyst who hasn't touched M&A is very different. So generalizing doesn't help anyone.
As you mentioned - it would be helpful for future prospects. Especially if you fit in the first bucket and are still finding it difficult.
If you are offered a FT job offer after the internship, I would highly recommend accepting it. In this job market, it is better to have a good job offer in hand during your presumably last year of college than to graduate with no job lined up. That said, I would also recommend looking for another job before next year when you would start that IB job. You'll hear plenty of people say to suck it up for 1-2 years and work in IB, but if you want a corporate finance job or consulting job you can interview for those jobs and if you get one of those, then you can decline the IB job before you start it next summer.
I would definitely consider all those roles. Im not the person who’s like its IB or nothing. My question is can you accept the offer and then reject/terminate the offee if you find something else before the FT?
Of course, at will employment baby. I would just be careful to not let word get back to your bank that you’re interviewing.
For the love of God do not decline a return offer unless your SA is at like ThinkEquity bucket shop lol
Try to go for MBB. A lot of ppl who hated their IB SA tend to do that FT
This is what I did, def is a possibility, but wouldn’t take anything besides MBB if you were going to switch to strategy consulting.
If I were you I would decline the offer and let me know which bank the opening is at
This is the best advice
As others have said, accept the return offer and then go shop for the job you want with it in hand. However, I'm curious why you're worried about "offending" the bank. The bank is not going to lose sleep because an intern didn't accept the return offer. You also in general should not worry about things like that; the company you work for is never your friend, and if the shoe were on the other foot they wouldn't think twice about cutting you.
Makes sense! Can you accept the offer, recruit somewhere else( different industry as well) and then dont go back? How does that work bcz you already accepted an offer so how do you end the FT offer contract after accepting?
I would delay accepting as long as you can. I don't remember from my intern days, but I think it's usually a 30 day offer. In those 30 days try to recruit for a new job. If you haven't found a job by then, accept the FT offer and continue to search. Once you've landed a new role, call the bank's HR and say that you've done some soul searching and realized that banking is not for you. It's not great to reneg, but if it has to be done it is what it is.
Think carefully though that this is something you want to do. As others have mentioned, just 1 year in banking can set up many great exit opportunities. The job market is not great either right now. But, if you're completely set on not working in finance, then this is a moot point. Best of luck!
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