I've asked some of my contacts and they basically said FT recruiting will basically be nonexistent this year. Some of the BBs might not even hire at all. One guy even quantified it for me saying that 80-90% of the FT spots are filled by SAs.
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heard the same thing
Isn't that what basically happened last year? Straight off the recent waves of layoffs and a deal market that isn't exactly up a ton from the same time last year, I'm not surprised.
That's exactly what happened last year. Goldman didn't even bother coming to campus, and we're (supposedly) their top feeder.
Currently interning at BB, HR told us all their FT positions for IBD/S&T/AM are being filled by interns.
MS said this for the 09 class and yet I know people who got hired.
Yep grads are being recruited externally as well as internally
Your acting like this is something new. Even during the 05-07 peak 80% of spots was filled by interns. Just broaden your horizons and don't make I-banking your end game.
Thanks for the responses guys.
No it does not. You heard correctly, any FT positions will be filled by interns. If anything there will be more cuts.
Does anyone here even work at a BB? 50% of interns are below average and do not get offers.
Not necessarily true at all
well i saw one opening for a ft position in m/a at a top mm firm on my school's career website listed just a day or two ago so not all is lost!
A lot of boutiques are recruiting....Evercore, Lazard, Centerview to name a few.
Centerview? Other than SA-->FT, I doubt they would be taking more than 2 kids in FT recruiting
Why don't you clueless kids calm down. College students are in no position to speculate about FT recruiting. Even 08/09 had some FT recruiting. It was hard as fuck, but people still got good jobs. This year will be difficult as well, but there will be some hiring.
A lot more jobs being filled in MM and Boutiques this year. Especially outside NYC.
there's already postings for bb FT on ocr.
That doesn't necessarily mean they're actively hiring. Many firms do this to:
Maintain a relationship with the school.
Have backup candidates in case they don't actually fill out their classes with returning SA's.
Not saying this to discourage anyone, but rather to let them be aware of what's going on.
Maybe. OCR shows lots of info sessions already too along with the interview drops, so maybe not all glim.
and this is new because ....? There is FT recruiting going on, its just super hard. BB recruiting at my school was harsh last year, but its still going on.
I think regional BB offices often provide better FT recruiting ops since their recruiting is less structured.
Good luck guys. Cheers to another horrible season on wall street thanks to failed leadership and a horrendous & stagnant economy. Looks like ppl will hav to be goin thru the back office/big 4 route again.
I see FT IBD postings on OCR as well
People shouldn't be so simple minded and worry about what you get now. You should focus on what you can do for your career. Cast a wide net and open up as many opportunities as you can. If you think you are really capable of getting into BB you will figure out ways to get there even if it means working bo/mo for a few years. Working 50-60 hours by the way is not too bad, just means more time to talk to bankers who work until mid-night.
Gotta ask: anybody know if BB ER is expected to have any FT hiring?
Evercore, Lazard, GS and MS (and i'm sure others) are all doing early FT interviews last week through next week of people who finished internships at other banks, my guess is this year will be a repeat of last year: for any given bank, whatever spots are not filled by that bank's SA's and internal transfers will be filled up through the early interviews of people who interned at other banks. few if any spots will be left for new recruits, but there will likely be a few. for whatever few spots there are, banks will take referrals of candidates from top schools, interns from top banks who didnt do come through the early FT interview cycle, or have at most a resume drop at top schools.
note that elite boutiques like lazard, Evercore, Moelis, centerview and Greenhill tend to have a "IF youre good enough, we'll take you regardless of how many people we already have" policy and so they will be recruiting as per usual this fall.
Do you know around what time these interviews take place (assuming they will in fact happen)?
Early to Mid Sept? Early Oct?
Accelerated Interviews are taking place now-ish, through the next week or so. Regular full-time recruiting generally occurs around September/October. Most banks will have their FT classes finalized by the first week of November (which is when most summer offers expire and banks know how many total commits they have).
This is wrong man. Banks just started taking resumes for accelerated. I heard interviews will be run either last week of August or first week of September
Definitely not the case for many banks. Citi already had some last week, GS has been having them for at least the last two, and Evercore/Lazard are doing some this week.
If previous years are any indication of this year's schedule, then I'm afraid your schedule is a bit delayed. Banks don't "take resumes" for accelerated, rather they pull kids already on their radar (either because they interviewed previously or otherwise have some sort of connection- alums, family, whatever.)
The schedule might be different for non-BB banks, but if you think about it, interviews finishing this week makes sense; most kids won't be in NYC much longer, and almost all programs have finished by now.
My bank, think Evercore, Greenhill, centerview, Moelis type gave 70% summers offers and is now recruting for very few spots.... its a rough market out there
Oh shit, I really hope this won't be the case for all banks.
I just checked OCR website at my school (an Ivy) and there seems to be many banks recruiting for full time this year. Most of BB, lots of reputable boutiques, and I see decent amounts of prop trading firms/ consulting firms taking resume drops for OCR.
Wouldn't this be a healthy sign that the banks are still planning to hire a decent chunk of seniors from FT OCR this year? Why would banks waste their time and resources to come interview at OCR if they're planning to hire like 1 person at my school
FT is so limited this year, it's unbelievably scary for those of us looking for BB/MM jobs. I've been told personally that GS, MS, BAML, DB, HSBC, won't be looking to hire.
How do you get an accelerated interview? I was waitlisted for SA at two places, and was hoping to get an interview out of that. Is it too edgy to ask? Really don't mind being a backup to someone looking to trade up...
I don't even go to a target and we already have Greenhill, Lazard, Citi, MS, GS, and even UBS. I'm sure recruiting will be the same, just more difficult to get offers.
The number of spots for FT is significantly less than SA.
How do you get an accelerated interview? I interned at a BB this summer and only 20% of the class got offers, including sophomores.
lol i guess the question is which BBs are going to be hiring then?
Very confused as my school (Ivy) does not a single FT post up for BBs or any notable MMs...
Also, if someone didn't work for a BB, but a notable shop, should I have heard about accelerated interviews and such? Or am I supposed to find them...
Depends on who you target and where you came from. Yes, for the most-part, BB's have recruited nearly all, if not all, of their F/T classes. Boutiques may not have. Could be the same for regional offices. I summered at a BB in NY, and am interviewing with GHL/LAZ/EVR next week. So if you have the offer, and know why you want to move, and know of a place that is accepting, go for it. If you don't have an offer, it will be very, very tough. No one has vetted for you.
This happened last year too so it's nothing new. Most banks filled their FT classes w/ their interns and then with only a handful of spots turned and cast a fucking huge net and did the usual OCR shit. Don't freak out!
I'm not on any recruiting teams at my bank, but I know we just handed out a couple of FT offers to guys that didn't intern here but were still on the radar somehow (either through networking or because they were on our interview schedule last summer? Pure speculation on my part but that seems logical).
Wanted to bump this topic and get a sense for what FT recruiting activity you all might have seen in the last few weeks, if any
FT jobs are being filled before you even know they exist... I was a SA at a top BB in london. Around mid august, Several summer interns started getting invites from random GS/baml guys to go attend a dinner or interview with senior MDs for accelerated FT interviewing. i know that 3 FT spots (1 swaps trading, 1 CVA trading and at GS + some fx stuff at baml) already got filled this way... Nobody waits until the huge crowd applies online...
It's actually so unfair it's unbelievable.
But you still have a shot, because what happens is that : You have a big circus with some summer interns with offers at bank Z calling bank Y,X and W telling them that they prefer them, often they get offers on the spot or after a quick interview if bank Z is of same caliber or higher. Sometimes it's true that they want to change boat sometimes it's just for ego. So you end up with a crowd of summers interns having 2-3 FT offers. Then when the dust settles banks eventually find out that they have a few vacant spots and hire.
Oh and by the way, London job market is HORRENDOUS, offer rate was around 15-20% at UBS and Baml. (compared with 50-60%+ last year)
Well, I have not heard any numbers for my NYC BB firm's hiring target, but we are already having recruiting meetings for my target MBA program.
From what I see, the associate classes are pretty strong and IBD is looking to get ready to hire in case deal flow accelerates (Read: If Romney wins the election).
Companies have a ton of cash on their balance sheets and are waiting to see what the macro environment looks like post-election.
My advice, network with alumni and stay in touch with your contacts on the Street. If deal flow picks up suddenly, we are going to be in a huge rush to hire junior bankers.
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