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As far as I'm aware, the program dosen't convert, only fast track you through the interview process. I believe only 1 oxbridge girl out of around 30 people who did the spring got an offer through the spring program.
Offer for SA yes?
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yes lol I know that, I was asking if he was talking about the conversion rate from spring to SA. Honestly don't really know what's in it for firms like BX to create these huge laborious spring programs tbh when they don't plan on converting a lot of people to SA, especially for BX when FT hiring is thru poaching IB analysts. Don't know how the analysts which they poach directly outta uni would align with the experienced hires from banking - do they join the same analyst class or what?
Ig its also because degrees in the UK are only 3 years so firms have to create more recruiting programs like springs
The spring doesn't convert but rather fast-tracks you through the process, they don't Fastrack for coprorate PE roles but rather sub-divisions such as REDS (for which 1 gets the offer). To summarise, only 1 person usually comes out with a summer offer and that is usually within REDS (never PE).
This is a big misconception since a lot of kids go into the spring thinking they have a chance to get a PE role from it, which is completely not true, I have been there!
that's interesting. Isn't REDS just one particular fund/ strategy within BX tho? What's wrong, is it 'less prestigious' than PE?
And don't they state the role in the spring week job description? So you apply for a generalist spring program, and then successful spring interns are fast-tracked to sub-division such as REDS which they didn't explicitly ask for?
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yep. Seeing a trend towards this. KKR London also rolled out their first grad program ever last year too, I think
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yea, echoing what I said earlier.
But then personally, I suspect spring programs to mostly be a marketing ploy for diversity purposes - they have no technical interviews and thus focus on bringing in some personalities. Other than some firms, notably Lazard which amazingly filled up its ENTIRE SA class with spring interns, lots of firms barely intend on retaining the spring folk. The Spring program could be a useful vehicle to load up on as much diversity candidates as possible which they can display as stats, and then on their serious hiring they revert to standard hiring practices
Also, lots of stories that the Spring students are lazy and less sharp when they do their SA, more than a year after they've relaxed after converting their spring
A guess to whether a company focuses on retaining spring talent is via how hard their interview to get that spring is, Lazard's usually have a few rounds whereas BX was one of the easiest springs I got just via the interview being little to no technicality. BX do the spring as a diversity and inclusion ploy rather than to fast track students to PE summer internship roles. Connect with people who have done the spring prior and they will reiterate my points - BX usually at the end of the spring will thank you, there will usually be a student who asks if it leads to a fasttrack and they usually say "Some students will be recommended for certain roles" not explicitly stating which roles but these roles are always REDS etc., never PE which is understandable given all those in the spring never had a min.8 week IB internship let alone several off-cycles you need to even interview for a MF PE. Last year, the only person who got into BX PE was via the analyst program and she spent 1 and a half years completing off-cycles
This isn't true, BX have had this Spring program for a few years now (I was part of the 2020 cohort) - naturally, you wouldn't expect companies such as BX to fast-track university students with little IB/PE experience into a very qualified industry hence it won't change by time. BX always take 1/2 people through their PE Analyst program and usually one of those is through the off-cycle. A quick Linkedin search can show this...hope this helps!
The spring doesn't convert but rather fast-tracks you through the process, they don't Fastrack for coprorate PE roles but rather sub-divisions such as REDS (for which 1 gets the offer). To summarise, only 1 person usually comes out with a summer offer and that is usually within REDS (never PE).
This is a big misconception since a lot of kids go into the spring thinking they have a chance to get a PE role from it, which is completely not true, I have been there!
Are apps for this programme open yet? Can’t find it online anywhere
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