2024 FT recruiting outlook London
I am currently a final-year student at a target uni in Europe (think HEC / Bocconi) with prior internship experience in IB and PE. I did my last internship at one of the top US BBs (GS/MS) and received an offer from one of their strongest teams. However, for various reasons, I really do not want to go back there. Hours are the most brutal in the industry (weeks pretty much never below 100h), culture is horrible and I am not very interested in the industry.
As such, I figured I would be in a good spot to recruit for FT at other banks in London and leverage my existing FT offer. It then turned out that almost no banks at all recruited for FT 2024 during this fall. As a result, I am hoping that some of the banks will instead do some FT 2024 recruiting during the first half of 2024. What's the outlook on 2024 FT positions recruiting for London during the first half of 2024?
Based on the most helpful WSO content, the outlook for 2024 FT recruiting in London during the first half of the year can be somewhat unpredictable. However, historically, there have been instances where banks have opened up FT recruiting in the first half of the year, often depending on their needs post-bonus season and the outcomes of their intern conversion rates. Here are a few points to consider:
Bonus Season Impact: Banks may reassess their hiring needs after bonus season when they have a clearer picture of team headcounts and attrition rates.
Intern Conversion Rates: If the conversion rates from summer analyst programs to full-time offers are lower than expected, banks might look to fill those gaps with new full-time hires.
Networking: It's crucial to maintain your network and stay in the loop with contacts at various banks. Sometimes, FT recruiting opportunities are not widely advertised and are filled through internal referrals or networking.
Leverage Your Offer: Having a standing offer from a top US BB is a strong leverage point. Make it known to potential employers that you have this offer, as it demonstrates your desirability as a candidate.
Stay Informed: Keep an eye on the WSO job board, company career pages, and reach out to recruiters early in the year to inquire about potential openings.
Be Flexible: Consider expanding your search beyond the most prestigious banks or roles if the market is tight. Boutique banks, regional firms, or different financial sectors might offer valuable opportunities.
Remember, the market can be fluid, and while there's no guarantee of FT recruiting in the first half of 2024, being proactive and well-prepared can increase your chances of landing a position that aligns with your career goals and personal preferences. Keep hustling, and good luck!
Sources: London (Dutch) FT recruiting, FT recruiting timeline London, Full Time Recruiting outlook for 2021, 2019 FT Analyst Recruiting Timeline, London FT 2023: Any success stories?
I would definitely take the offer and try to lateral after one year.
The chance of you getting an FT offer for next summer in an unrelated bank, especially when you did your internship in France (GS Paris/HEC if I understand this right), is low.
If you take the offer and do 1 year you will literally be able to go almost anywhere, and if GS you can easily lateral to London.
Thanks for the advice! Is there a reason why a FT offer from a bank like GS in Paris would not yield good chances when recruiting in London? In the vast majority of cases, French internships are longer, more technical, and more difficult to convert vs. London internships.
I'm referring more to the very tight timeline and the current job market, but of course you can value it
I would just take the offer man, unless you've had some genuine horror stories, there's no guarantee that the grass will be greener at any other group you find yourself in. Can always lateral
Agree with others, would stick it out for a bit and then move. At my bank (and I suspect other banks), we typically over-recruit FT/interns by 10% to allow for reneges / people changing their minds so chances that banks re-open recruitment for FT 2024 in early 2024 is slim. Although activity is picking up so requirements could change and there may be selective additional hires.
Would take the offer or try to lev the offer for other banks in Paris - have a few buddies who did tier 1 masters in France and have 3 Paris off-cycle internships from top EBs and PEs - cannot even get an interview for an OC in London
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