Does anyone know if there's any difference at all between Term 1 (May-July) and Term 2 (July-August) for Lehman summer IBD (i.e. in terms of offer rate because they already took a bunch of people)? I ask because I was accepted into Term 1, but they sent an email out saying if we want to switch into Term 2 we can since it's smaller right now. Term 2 may work out better for me but I don't want to be penalized for it. Thanks!
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I would do term 1. We had two terms at GS while I was a full time and here is what made term 1 stand out.
1) Everyone couldn't wait to have summers so they were really thankful when the first class got there. Much less so for the 2nd class.
2) The first class got staffed up full on day 1 and the 2nd class ended up showing up and waiting for 2-3 weeks of the 10 weeks before getting even 50-75% staffed up b/c the first class took so many teams/projects.
3) There was a honeymoon phase or novelty period with having the 1st class of summers, so the full time analysts spent more time getting to know them than the 2nd class. By the time the 2nd class came, we already had a bunch of friends in the 1st class.
4) We spent more time and were more patient with the first class b/c they were new. When the 2nd class started, even though it was unfair, some people expected them to be on the level of the 1st class (which was 3-4 weeks in) and didn't have the patience to teach them as much. It was easier to grab a term 1 who knew 20% of what you did than to grab a term 2 who knew 2%.
If you have the choice and it will work for you, I recommend term 1. We definitely took people out of term 2 and some of them were fantastic. But at the margin, I think term 1 has advantages...
Well, that sucks to hear.. I can't start in term 1 because school won't be out for another 2-3 weeks. Guess I'll just have to suck it up and make the best of it.
If you intern at GS or LEH, you'll get an offer if you work hard and have a good attitude. It might have mattered a few years ago when a smaller fraction of the SA's got full time offers. But now with the current system, everyone is given a good look.
I agree. if you're good you'll be fine. But if you're marginal, being 1st class may help a bit.
And everyone worries they're marginal, right? If you're an A student from a target, bust your ass and you'll be fine. You type A's (like me) shouldn't be overly worried...
That stuff no longer matters, its a whole new ball game, just how well you perform and whether people in your group like you or not.
Agreed. My point is that I know that the people who tend to worry most are the 4.0ish people from target schools. and I'm saying if you work as hard as you can, 99% of the time you'll be fine.
What are the percentages like for summers getting offers in IBD and S&T. It seems like the hard part is really getting the internship, and obviously no offer is gaurenteed, but if you work your butt off, you will get taken care of. But is there much cold competition between the summers to get offers? I have heard that at Lehman in particular they offer at almost an 80% rate to their summers.
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