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GUEST COMMENT: I have a graduate offer from RBS and am now feeling extremely concerned

Worried student

When I agreed to spend last summer as an intern in RBS’s fixed income business, I thought I was under no illusions. I knew that RBS didn’t have the strongest investment banking platform on the street. However, I also knew it was a strong fixed income house and had heard that it had a more relaxed culture than the ‘bulge bracket’ firms and a great intern conversion rate.

During my internship, my love for RBS flourished. I loved the people and I loved the culture. I was less enamored of the fact that as markets weakened, the intern conversion rate plummeted from around 60% to (what appeared to be) around 30%. However, as I received an offer, I was able to overlook this. Secure in the knowledge that I would be working for RBS when I graduated, I gave up shopping around and spent the past six months looking forward to my new life post-graduation.

Now, however, I am feeling very troubled. Ever since the news before Christmas that RBS may be obliged by the British government to cut its investment banking business in half, I have felt my future to be uncertain. Today, it is claimed that RBS has appointed Lazard to sell parts of the bank.

In these circumstances, I would like reassurance. So far, however, there have been no reassuring messages from RBS. Nor are there any other markets graduate jobs available at other banks. If my offer from RBS falls through, I may be obliged to go through the whole process of interning somewhere else simply to get a new offer. Is this really worth it when I’m not even guaranteed a conversion? Some banks insist you’re studying a masters if you want to do an internship when you’ve graduated. Do I really want to spend another £20k for what may be nothing?

If my offer is rescinded, I do have a plan.  I will consider going traveling and upon my return, I will apply to work at accountancy firms – ideally, the Big Four. I will also apply to smaller trading houses.

Is this the right course of action? I would appreciate some feedback from informed individuals reading this article. If my offer is not rescinded, should I still be joining RBS anyway? Many of their most talented bankers have already left and many others are predicted to leave after this year’s bonus round. I am concerned that it will no longer be a notable investment bank. Is this a good first employer to have on my CV?

Comments (3)

  1. This isn’t Wall Stree Oasis. Who lets this drivel on here? Sarah, oh yea, go figure.

  2. Why is everyone on here so pedantic. There are never any replies to questions posted as people are to busy scrutinising trivial things or dont like to hear the truth.

    To the OP, you can’t do anything but wait. The reason RBS are not able to give you concrete info is because they themselves do not know what is going to happen. Ride it out and start looking for alternatives at the same time.

    As for plan B, there is no harm taking a year out travelling but do you really want to apply to the big 4? Do you really want to do accounting? If you are thinking about their advisory business then don’t. If you want to work in banking then try for that role even if it means trying for 2 or 3 years after graduation. Do not settle for a back office, middle office, accounting position until you have exhausted all your options. Once in back office, accounting roles you wont be able to get out of them and if they aren’t what you want to do then you will eventually become unhappy in your career and life. It is better not to settle for something at the start. Do an MSc if need be as the £20K or so investment may end up beeing the best investment you make if it means a role you want to do. Forget about cost at this stage in your life.

  3. So, how about if one has already done his/her masters? I graduated 2009, took a year out and went to work abroad the next (2010). Now, I’m looking to start applying for internships. What does this mean for me?lol

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