Over the month of August and beyond, summer season internship programs throughout the investment banking industry might be drawing to a near. After months – years, in some instances – of anticipation and guidance for this single 10-week period, someway it appears to have come and gone in an on the spot. But now it’s choice time – first for employers, then for the interns themselves.
In convention rooms from Midtown Manhattan to the City of London, Hong Kong, and past, roundtable meetings of hiring managers and recruiting leaders are being scheduled right now to check and vet the 2019 summertime interns. If records are any guide, some 70% or more of them will get hold of the coveted offer to go back full-time, as contributors of subsequent year’s analyst packages.
For many, they’ll get hold of an offer for their dream job. But for others, receiving the offer will present a one of a kind problem: what if this isn’t the job they really need?
If you ought to locate your self on this role, take into account the following:
Top companies appreciate that the first-rate applicants have alternatives. Always. They’ll respect your proper to have a look at distinct possibilities earlier than deciding on the provider you’ve got.
Your provide letter will nearly truly specify a date by way of that you are to make your selection. While the language won’t recommend it, this is commonly negotiable. If you have got an affordable basis to ask for extra time before committing, companies will commonly be organized to work with you. You ought to feel unfastened to be trustworthy approximately your concept process: “I’m enthusiastic about the provide, however, there are more than one other opportunities I’d like to explore to crowning glory first earlier than finalizing my decision. I want to make that selection with the aid of …”
No company that I’m aware of – or which you have to need to paintings at – makes gives to applicants lightly. And which means they don’t withdraw them lightly, either. If you’re professional, reasonable and respectful in the way you deal with this process, they’ll give you the flexibility you need (is reasonable).
Communication is key. If you are saying you’re going to provide a replace by means of a given date, ensure to comply with via. If someone reaches out to you to test in, respond. Going ‘darkish’ breeds distrust.
In a different vein, in case you are true of thoughts to have a look at alternative opportunities, make a factor of specifying to your CV which you received a return offer from your internship. For prospective employers who know how investment banking hiring works, that is a vital marker. Since the general public of interns take delivery of their return gives, different employers will generally anticipate you didn’t get one in case you’re out searching at other possibilities.
All the above stated, if there may be some possibility which you’re going to accept the provide you have, be careful about strolling the clock out on your choice. Contrary to what you could have heard, hiring managers are humans, too. They had been enthusiastic about you after they made you provide; they need you to be excited about them. Nothing will hose down the temper like going to a dance with a date who spent 3 months searching around for an opportunity they preferred better.
In the give up, that is a high-class hassle. If you navigate the choice thoughtfully, there aren’t any terrible consequences.
Jonathan Jones is the former head of funding talent improvement at Point72 Asset Management and a former head of recruiting at Blackrock and Goldman Sachs.