F500 Intern Conversion Rate?
Hi all.
This summer I will be interning at a large, Fortune 500 oil and gas company. Since I will be graduating next spring, I am curious of what the conversion rate/likelihood of an intern receiving a full-time offer at these types of firms is. Does anybody who works in CF have any idea how many interns HR likes to retain? When do they usually issue the offers? Is the position/salary at all negotiable? Thanks in advance.
I know this sounds idealistic and difficult for someone in the "need a job" position, but I think the best mindset is to not worry about the FT offer. If you go into the internship willing to learn everything about all that the company does, put in extra work/time, seek out feedback, be a normal dude/shedude then you'll get an offer.
This is going to vary from firm to firm, season to season, position to position (you get the idea). You may be able to get a sense by asking some of the "younger" folks that work in a similar position to what you're aiming for. Likely, they were recently in your shoes and can sympathize with your position. Also, they have the least information so take what they say with a grain of salt.I'd assume that they have a structured internship program. During the first days of the internship, you'll sit through a bunch of presentations and welcome aboard speeches - you should find out here when they typically extend offers. In my experience, it's usually the second to last week (ie: week 7 of an 8 week internship or week 9 of a 10 week internship, etc)
If you browse the internet, you'll find that this is somewhat up for debate. My thinking is that when you're just starting out in a field, whether it's just out of college or a mid-career shift, you have the least amount of leverage you'll ever have. You definitely need them more than they need you. I'd advise you to get a feel for the environment of the company, to include HR and direct management, during your internship and make the call when it gets closer to offer time. Also, be aware that you're likely negotiating from the $60k base for an extra $5k/year. The numbers are just for example but the idea is scalable - it's not like the negotiating room you have here is going to be life changing. Across this board, there are a few stories of people who have had their offers pulled for trying to negotiate the FT offer.The position/salary won't be negotiable at all if it's an FLDP that you'd be hired into full-time.
Like was said above, don't worry about it. Just try to knock it out and do a good job, do some networking, and be a normal and friendly guy. A good life lesson: don't worry about shit you can't control.
I work for one of the larger IOCs and just completed my first year within the role. I can say the following.
The likelihood of a return offer is pretty high. I know internally we strive to achieve a 100% retention on the interns (granted they dont F*** anything up). So just go in trying your hardest and you should be okay.
As far as numbers, historically we used to bring in around 10-12 FT hires. Most of the roles being filled by interns. I say historically because there has been a HUGE shift in how finance is staffed. Lots of offshoring has been happening, and you see this across the industry. In America, the targets are now around 6-8 FT hires. That is usually around the number of interns we have, so in order to get a FT offer it is highly advantageous to be an intern.
They usually give the offers out towards the end of your stint and is a topic of discussion in your close out review. Salary is 100% non negotiable. You take what you are given. They have salary bands based off your education and work experience. Expect around 65-70k with additional sign on and relocation added.
Feel free to ask more questions.
Thank you (and both John Pierpont and thexfactor336) for your help. At your firm, what responsibilities/tasks are usually given to interns? From my knowledge, the one I will interning at has ~5 interns who do a sort of rotational program through the different teams and usually have an overarching project to do over the summer. Does this sound about right to you?
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