A lot of us will be wrapping up our SA stints in the next couple of weeks, and if you are like me, you're thinking about return offers. I know each bank is different, but overall, what percentage of SAs will be getting return offers this summer? It will almost certainly not be higher than normal, but will it be lower, and if so by how much? Thanks.
| +169 | How to stop feeling like shit for not making it in IB? | 63 | 4h | |
| +121 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 59 | 9h | |
| +85 | Updated LA Banking Scene (2024) | 61 | 8h | |
| +40 | Ranking banks that went under | 24 | 5h | |
| +39 | Burnt Out M&A ASO | 22 | 1s | |
| +36 | Relevance of A-Levels for U.K. London recruiting | 25 | 3h | |
| +33 | A strategy for SA applicants late to the game like myself | 17 | 4h | |
| +27 | Series 79 Help / Tips to Pass The First Attempt | 11 | 2d | |
| +27 | Intern Ettiquette | 4 | 1d | |
| +23 | What are hours like at BBs in London? | 47 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
We will see really soon
In the same boat as you. I heard a lot of BB banks overhired for their intern classes so I wouldn't be surprised if the offer rates are lower than usual
Absurd to see in the first week how many SAs were walking around the city with no idea where to go or what to do. I assume a good amount will be brought back
Traditionally FT positions have been filled 80-90% by SAs. While some banks did over-hire and others downsized departments, this has a lesser impact on SAs trying to win a return offer than those switching banks/breaking in.
CS return offer rate very high this year (as has historically been the case). Pretty much 100% across the board with a few people falling off, so probably 85-90% overall.
So, in other words, not 100% across the board.
It was 100% for about half the groups and then the other half dropped one each (11/12, 10/11, and 13/14 or something like that). There is like two groups that might have had lower offer rates (TMT and FIG) but I didn't know any summers in these groups
Any other news
FT offers coming in September?
Near 100% offer rate at my MM office so far from what I've heard.
Looks like 100% at my MM as well.
Put some feelers out in Houston (felt I owed it to myself to at least follow up, although I was 99% sure I was going to accept) it seemed to me like most banks were not looking for additional FT candidates, but maybe I just smell bad.
What's going to be interesting is hearing about stuff this Thursday / Friday since that is when most of the street gets back to its summer interns. I've heard rumors that certain firms will be a bloodbath even in IB, so I'm waiting to see what happens.
I have heard return offers everywhere are down this year compared to most.
BAML is ~50% for most groups (IB)
Is this confirmed (Have they given final reviews / are you at BAML)? Don't mean to be rude, but that would be absolutely horrible return rates
My group at BAML hasn't given offers yet (should be end of this week).
Offer rate for 4 groups at JP (%): 68,71,72,75. Tiny ones (
Which groups were sub-80%? Industrials, M&A, TMT, C&R?
FIG, DI and C&R, not sure about TMT
I hear BAML over hired and are targeting 50-60% offer rates
Confirm
I can confirm roughly 50% for HC
Is it true DB is not handing out any offers this year? Someone on WSO posted awhile ago that nobody interning there is expecting a return offer.
No way
Can't confirm, but I did hear the same from a source not on WSO. Apparently the London interns were told very quickly after Brexit that there will be next to no return offers.
they're doing those kids a favor
Can confirm this is absolutely not true
That's good to hear.
Yes some offers were communicated today.
Citi is giving out offers today
SunTrust offer rate is >~85% and they also under-hired the intern class so they're doing FT recruiting
Give me a few weeks and I'll post a "Why we didn't make you an FT offer" thread summarising my experience with our summer interns.
That bad huh? They just don't make them like they used to.
It's not all about the summer intern qualities.
The market has moved since we went through our summer intern recruiting cycle. That changes our staffing needs.
Really surprised by BAML's numbers. What is UBS expecting? 30-40%?
UBS is coming in at 60% roughly
~
Offers for MS coming out this morning, pretty much what was expected for the larger groups (75%-ish). Each group cut a decent number afaik
Heard that Goldman SF TMT has a low offer rate this year. RBC SF had a 50% offer rate. They over-hired. Flip side, JPM SF TMT gave all but 2 offers.
Some numbers need verified but this is what I heard so far
CS SF: 100% BAML TMT: 80% JPM SF: 80% Guggenheim: close to 100%
Guggenheim is closer to 85-90%, I believe
Evercore is at 80-85%
Both due to incompetence or general assholery and they are hiring FT
CS number is correct, by BAML TMT do you mean NY TMT? Think it's much lower. Gugg was like 85%
BAML TMT Palo Alto 6 out of 8 AS and 8 out of 11 AN got return offer. BAML TMT NY 5 out of 7 AS got return offers. Not sure about BAML TMT NY AN.
I think TMT conversion rate is higher than other group due to deal flow (strongest among all groups, No.3 across street).
.
.
So is there ANYONE out there who is actually hiring right now?
From what I've heard S&T return rates are lower than usual most places this year. I've heard rates were sub 50% at UBS from sources I think are pretty reliable. Have heard numbers were unusually low elsewhere, but not from people with first hand knowledge.
UBS was 60-75%. Confirmed.
Are you sure the 60-75% rate was for S&T. I'd believe that for IB, but the guy who told me it was under 50% would definitely know the S&T rate.
would be great if anybody could share what banks are still doing full-time recruiting.
How about some MM firms? Any info on Jefferies, Harris Williams, HL? Would really appreciate insight.
Jefferies was around 90% in New York and 75-85% in regional offices. It does not sound like they will be doing FT recruiting this year.
Got it, thank you. I've been networking pretty heavily for a SA role (rising junior). Curious, why is their offer rate so high (relatively speaking)?
I heard SF office (foster city) is ~30% but could be wrong
So are there actually any banks that are actively still recruiting?
~
Was awesome how there was monkey shit flying at the beginning of the summer when people were saying offer rates would be down....
How's Citi looking at? It's been pretty quiet this summer
Very high offer rate - probably around 80% - 90% or so.
Actually heard IBD offer rates were around 70%. It was most brutal in Capital Markets and S&T (60% or so in both) but could be wrong.
Anyone know anything about GS this summer? Offer rates or if FT recruiting started?
Ft has begun
Offer rates rumored to be low. My friend summered there and said they find out officially this weekend.
What is the % range he/she thinks offers will come in at?
Has GS started to call people on who got offers yet?
Offer rates for associates have been all over the place. I have heard 100% offer rates at some bulges such as CS but 60-70% at other bulges (esp GS and BAML)
Research in London looks though 30 to 40% probably...
Is it usually that low for ER in London or is this Brexit induced?
In line with last year I would say, but I don't think it is to be related with Brexit. They just take too many interns for the grad positions they have, I suspect they also reserve some spots for external candidates
Et hic veniam sit eaque accusantium ut. Alias in et sit. Odio et eligendi sit sapiente. Voluptate eum quo eos quaerat quibusdam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Doloremque et aut quasi corrupti nam delectus. Ut minus aperiam iure iusto molestiae veritatis.
Ratione sapiente aliquam in ut sunt. Eaque ad eligendi iusto qui voluptatibus. Enim aut sed molestias aut.
Cumque ea enim ducimus et qui. Magnam vero ut vitae sed aut. Consequatur consectetur ullam eos et. Reiciendis omnis delectus autem exercitationem facere accusantium.
Sint impedit qui consequuntur. Totam et dolorem iure molestiae. Ut quam quidem vitae repellendus suscipit facere velit.
Sed et voluptatum reiciendis quasi. Officiis vel aut quisquam debitis quasi earum provident delectus. Consequatur est similique laudantium blanditiis aperiam esse repellendus. Aut expedita ullam autem quae. Ipsa ut corporis aliquam vero molestiae non.
Enim labore beatae corporis enim sed. Sint quaerat deleniti nulla iusto ex provident laboriosam. Voluptatem ut eaque dolorum sunt a sint. Voluptatibus qui error sit. Quod numquam perspiciatis optio sed amet dignissimos.
Rerum et omnis amet sit. Sint non veniam quam eos non. Odio et dignissimos incidunt sapiente dolores. Aliquid molestiae numquam deleniti explicabo est error repudiandae ab. Odio est labore eos et distinctio.
Magni dolores ratione eaque repellendus. Voluptatem quas ex necessitatibus deserunt voluptatem error qui.