Need Advice: Citi/Barclays Offer vs. Recruiting for GS/MS/JPM
Current sophomore with an offer from one of Citi/Barclays for SA 2021. Seems like none of the Top 3 BBs are going to accelerate recruiting, so I'll have to make a decision now. I don't want to miss out on any additional value-add that a top BB would provide over a mid-tier BB.
The most important thing to me is exit opportunities (PE in the short-term, and general prestige in the long-term). Secondly, I value culture and my ability to succeed, for which I'd give Citi/Barclays the edge. I know the IB experience will be similar at all BBs and are more so group dependent. That said, would a stronger group at a mid-tier BB be better than a weaker group at a top BB?
Note, I am already leaning towards taking the offer because I am risk-adverse and I know I would love to work at the firm. I just wanted to get some more thoughts.
congrats on Barclays
I would take it. A bird in the hand...
Once you get yourself a return offer, you can always try and shop that for something better.
This my thinking as well. Any insight on the FT process?
I was in your shoes last year and ended up taking the offer at Barclays/Citi. Take it, nothing assures you that you'll have a shot at GS/MS and as already mentioned, you can always lateral.
Thanks for the input. Do you have any thoughts or advice about laterally and FT recruiting in general?
Going to hop off your question and ask when you all think the best time to start networking for FT is? (spring before SA, after SA starts, etc.) Concerned starting to network in May before the internship even starts indicates a lack of commitment towards the internship to whoever you're networking with
I was faced with the same choice a few weeks ago and I chose to go with Citi/Barclays. It was a very difficult decision but I'm glad I did what I did because when you look at the numbers the chances are relatively slim to get a top BB (and I had first round at MS/GS). It's simply not worth playing that game if you can work at a strong firm that can recruit well into PE, especially if you're in a strong group at either Citi/Barclays.
Agreed. Hoping to land a top group.
It is not worth it. I was in your shoes the last recruiting cycle, rejected a mid-tier BB offer to recruit higher up, and almost burned myself badly. In the end I managed to land an EB, but it could've ended poorly. The reason is because GS and JPM now move straight from Hirevue to Supeday. No actual first-round interviews so it doesn't matter how hard you actually prepare, it comes down to luck. For GS, networking helps to get that hirevue, but their hirevue behavioral questions are so retarded and odd that there's no guarantee who's getting the superday invite. For JPM, it's all handled by HR and networking won't help, so again comes down to luck. For MS, at a given superday (they run many), 2 or 3 out of 13 candidates are given offers.
True, the fact that I can just be done with recruiting right now is relieving.
JPM doesn't care if you renege a bank for them. It's somewhere on their careers page.
They leave it ambiguous, but that wouldn't stop a pissed off senior banker who recruited you from calling his buddies at JPM and getting your offer rescinded. Not just that but if you renege I know it's some banks policies to call your school which will usually lead to an honor code violation and getting blackballed from school recruiting.
Good point, but first I think the bad stories of reneging are amplified on this site, and second, no need for me to worry about a bank calling my career center...#NonTargetLife hahaha
Yes, I heard something similar about JPM. Regardless, reneging is off the table for me. Thanks for the advice.
Deleted.
As someone who was in a similar situation long ago, I just want to provide some perspective.
I went with the offer in the hand regardless of potential interviews down the line at MS/JPM/BAML, due to a lack of risk tolerance. But on the other hand - I found it nearly impossible to move full time - the spots are limited and if they are open, they prob wouldn't be in good groups or super hard to even hear about them in general.
On the other hand, banks will always accelerate, they'll just tell you they won't but will end up accelerating certain kids that they deem high priority on the back end. Buddy of mine got a SD two months before they said they planned on interviewing other candidates at GS. When he turned up, handful of other kids w/top tier offers were there as well (think MS/PJT/etc). Little out of sync w/recruiting now, but if you can get someone with some weight to pull for you, you might be able to accelerate.
OR if you know you will get several more offers at the Barclays level (IE Citi, CS, Baml) and are confident you will get a GS/MS SD, then you could take the risk.
I've reached out to my network/HR at GS/MS and seems like accelerated recruiting is not going to happen (for me at least). I don't know if the COVID crisis has anything to do with it or if it's just because I'm not considered a top candidate. Interested to know if anyone has been able to do it for 2021 SA.
Not me but a friend: Had a Citi offer and MS/top EBs wouldn't accelerate for him. I haven't heard of anyone who has been able to get the timelines pushed up
I would definitely take the offer. I did, and I was in the same scenario and I don’t regret it. But it totally depends on the context. I’m from a semi-target so there’s no guarantees I would have had interviews at the top BBs. If you’re a diversity candidate from a target then that’s a different story. But, at the end of the day I would take the offer. You’re very lucky to have received the offer from a strong mid tier BB. Plenty of people who land top BBs get rejected by mid/low tiers and vice versa. There’s so much luck involved, I wouldn’t risk it
Agree with this, and even diversity from target guarantees nothing, seen these kids end up empty handed as well despite popular wso sentiment.
Barclays/Citi are still global players with great platforms/exit ops, would sign this and not look back unless some firms want to accelerate.
Is being risk adverse the same as being risk averse?
Kidding. Congrats :)
I get that this forum is focused on "preftige", but FFS we're still talking about a BB! You've managed to make it into a handful of the best possible options for students in finance. Don't have a "grass is always greener" approach to this. Take Barclays/Citi and don't look back. You haven't considered numerous factors that may make you want to stay long term such as culture, colleagues and other non-quantifiable or rankable factors. If you really hate it when you get there, move after 12 months. Don't be greedy, be thankful. You could have ended up with an offer from Tobin & Co.
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