Getting the Return Offer

Overview

Most importantly, the goal for all investment banking summer internships is to secure a return offer. The easiest way to get a return offer is to:

• Be Reliable, Proactive, and Productive – always be on time and meet deadlines. Ask to support full-time employees with tasks. Work diligently regardless of the task
• Triple-Check Work – double-checking is not good enough (even full- time bankers print and check work!). Make sure work product is perfect before submitting
• Ask Smart Questions – do not ask Google-able questions and reserve your questions for colleagues after exhausting other resources
• Be Likeable and Professional – bankers work together for 12+ hours a day and want to work with people they get along with, not the smartest people. Be humble and build relationships with junior and senior members of the team via coffees / lunches
• Ask For Feedback – you will only know how well you are performing if you ask. Usually, groups provide formal mid-summer feedback, but it does not hurt to ask for informal feedback to get a sense for your performance relative to expectations
• Stay Late With Purpose – most groups have some element of “face time” expectations in the office. Stay late, but do not just stay late for the sake of it; make sure to get work done during late hours and provide support to full-time employees

Why is Getting the Return Offer Important?

Overview

Return offers give you the security of a full-time role before senior year begins, while also opening the door to explore other full-time opportunities if you choose

Getting the Return Offer – this should be your #1 priority

• Depending on the year, over 90% of interns can receive full-time analyst offers, making this your strongest opportunity to secure a full-time role
• Second, receiving a return offer signals strong performance and credibility — those without one are often overlooked during full- time recruiting
• Third, a return offer can serve as leverage in discussions with other firms, helping you accelerate timelines and strengthen your position with recruiting

What About Other Full-Time Opportunities?

Overview

If your summer internship is not the right long-term fit and you plan to explore other opportunities, make sure to complete the following steps during the summer to prepare for full-time recruiting:

Network Relentlessly – networking is the BEST way to know about other full-time job opportunities and to be seriously considered for them

• Set up coffee chats or zooms with people at other firms on your dialogue, let them know you are interested in other full- time roles
• They know you have a current internship, but making genuine connections early will enable access to full-time opportunities if and when they arise
• Your goal should be to speak with 1-2 groups per week so that your network spans across 10-20+ different organizations before full-time recruiting starts
• On all calls, ask “Is your team planning to hire full-time laterals or grads?”

Keep a Record of Your Work (if possible) – do not go beyond company policy or save any private information, but keep work that demonstrates your skills gained over the summer if public and if the company allows it

• Full-time hiring processes will not require you to present prior work, but some may include case studies where referencing prior work can be valuable

Stay Current on Interview Prep – full-time job opportunities come with challenging interview processes with higher expectations compared to internship interviews

• Behaviorals – craft a story for your full-time search process
• Technicals – ensure understanding of challenging technical concepts

Networking Details

Sign Up for Any / All Job Boards – expand your visibility into full- time opportunities that may not be directly shared through your existing network via:

• LinkedIn
• Litquidity
• GoBuyside (more PE-oriented)
• Other recruiting agencies

Is it Difficult to Land a Full-Time Job at Another Firm?

Overview

It is about as challenging to get a full-time role in investment banking as it is to get an internship. That said, if strategic, it is possible to move banks for full-time

Hiring Process – While most investment banks aim to convert over most of their summer interns to full-time analysts, hiring decisions are performance-based — meaning not all interns receive offers, and some banks may fall short of hiring needs

• It will be CRITICAL to stay in touch with individuals and groups that are networked with – they will be the ones to directly contact you if spots open
• After the summer, banks will know what their full-time class looks like and capacity for full-time hiring
• Full-time recruiting usually begins at the end of July or early August

Have a Plan B – not everyone gets a job in IB… it is not possible. But there are great alternatives that facilitate lateral hiring into investment banking within 6-12 months

• Corporate Banking
• Transaction Advisory (usually at a consulting firm)
• Valuation Advisory / Audit
• Big 4 M&A
• Consulting

Summary and Key Takeaways

Congratulations – you have an internship! But you should be planning for what is to come after your internship regardless of what your full-time career aspirations entail

• Focus on Securing a Full-Time Offer: #1 priority
• Return Offer Significant: it strengthens your resume and gives you time to prepare for other full-time opportunities
• Prepare For Other Opportunities: full-time recruiting starts now – even before your internship begins – and your success will heavily depend on the strength and reach of your network
• Navigating Full-Time Recruiting: the hiring process is similar to internship recruitment and begins with your network
• “Plan B”s: consider “Plan B” opportunities that can serve as stepping stones to a career in investment banking