Hi all, I am an incoming research intern, and I was wondering what typically return offer rates look like for equity/credit research in a given year? Do research return offers have some insulation from the macro environment because it is not as revenue driven like IB and S&T are? What does the overall process for evaluating research interns look like? Thanks!
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Definitely not insulated especially since it does not drive revenue.
I think it very much depends on the firm and the specific team. Your odds of a return offer are highest if the firm has already right sized and your team is not overstaffed.
I think ER would have higher returning offer rate given the intern class is much smaller than IB. Over the past several years, we gave returning offers to all interns unless they were super bad (but some of them ended up going elsewhere or asked us to move them to IB instead )
I think return offer rates in ER are quite high. ER interns don’t add much value, so ER departments can’t just hire a large intern class. Each intern is likely on track for an offer unless proven otherwise during the internship.
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