Trying to land a 2021 full time is impossible. Every firm isn't hiring or taking all their interns. Then add the virus on top of that, its all fucked
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At PJT / EVR, confirmed no FT hiring will be done this year.
really blows
Fuck. Was really banking on the rx places having openings
I have a feeling a lot of people in the field will be done with finance and will switch industries. Imagine knowing you're working your butt off with the understanding the firm won't pay a good bonus next year.. It helps puts things into perspective and as such I think many people will leave in droves as soon as opportunities open up in different industries/firms.
Yeah but the difference between $30/hr to $20 is not a big deal. People are super long term at the junior level so I wouldn’t imagine changes would be really different. Especially because this is industry agnostic tbh for most junior people
Where will they likely go though? Places like tech have high technical requirements in their interviews and the technical toolkit is completely different from IB. I guess consulting's an option.
Yep, was just thinking about this. Basically if you don't get a return offer you can kiss IB goodbye. What little FT spots there are will certainly be going to people who have return offers.
I see a lot of people talking about this. I mean what's stopping people from lying about return offers. This may be a stupid question, but is there a way for other firms to verify it?
It's my understanding that IB is a super small world. Especially if you're in the same city. For instance, I've had people in coffee chats ask me who else I'm meeting with later that week and often they know someone at least in the same group in the bank or know someone who knows people in the group. Very easy for a MD (or junior for that matter) to shoot his buddy a text to ask about you
Lol they can ask to see your offer letter but in case you wanna forge it... I'll let this link do the talking https://www.wallstreetoasis.com/forums/jeffrey-chiang-you-will-never-in…
Hello Jeff 2.0
I am a leader at a mid sized shop that gives me a view into the activity level at PE in the MM and lower MM space, we have a leading recovery and reorg group, valuation practice, transaction advisory, and we have one of the larger energy IBanking platforms.
Recovery and reorg will begin to take off 4th Q+ in US, has been busy in UK and EU for months.
Sell side prep work in the US is off the charts [always a great indicator] and buy side has been active since late April.
the world is chomping at the bit for the US to pass infrastructure legislation.
The activity I have seen is in several distinct markets where we are very strong and primarily middle market/lower middle market...medical practices and other healthcare, cannabis, energy/storage, affordable housing, mining (rare earth) and hospitality/entertainment.
There will be lots of demand in cities like Raleigh, Minneapolis, Baltimore, Philly at smaller shops - sub 30 people. Many of these shops did not have enough head count last year and are dying for help. They have seen the work build over the last 60 days. Many do not have an internship process. There are a number of positions in secondary (or even tertiary) markets if you are interested. The work will be varied but it is their and overwhelming those in this market. There will also be smaller PEs in need of help - more than the past few years. Students with strong IBanking and valuation experience should reach out to them.
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