2024 FT Graduate recruitment IB - London
Obviously market is very difficult right now and it's challenging to apply for graduate positions, but was wondering if all banks that are hiring for 2024 have already posted their vacancies, or is there still a chance that more will open up? Has anyone noticed in previous years that full-time positions open up in late winter or spring? If not, should we assume that the limited number of grad IB positions in London currently advertised for 2024 is all there will be?
I think it's safe to say that the few FT roles have already closed. Bear in mind that the SA class across the street was actually smaller this year and FT conversion rates for the summer were somewhat lower on average than 2022. the few positions that were open were open at EBs, MMs and LMMs, closed back in mid to late October.
Well I’ve seen ppl get AC’s after Christmas & apps opening at some firms in prior years so there may be a chance & some ppl seem to think so this time but even then it’s not any easier to break in than the first round of hiring I mean this cycle & the last one were both hard. There just weren’t that many places open for FT or OC in London & it’s hit/miss at best. For IB I saw FT open at JPM, Barclays, DB, Evercore, Moelis, HL, Macquarie, Standard Chartered, MUFG, Santander, BNP. Citi opened markets. UBS has AM. HSBC had AM/Markets I believe. GS is a black box. OC’s were at MS/GS/JPM, UBS, & William Blair, FTP, Canaccord, Rothschild, PWP. And for some of those they only hired a few ppl like canaccord only needed 1-2 & Evercore RX FT 1 or 2 max unsure on their other groups etc so even if you had a stellar profile it’s just really hard this time & London is totally random like I got rejected from places I thought I’d get traction from & ironically only getting hits from places where I thought I stood no chance. So I’d say plan for them not opening or if they do or hire more from places you weren’t rejected at just have backup plans sometimes you’ll get rejected after a great interview (speaking from experience lmao) that’d be my advice. So just don’t totally bet on IB b/c even in perfect hiring conditions it’s a hard job to land
When do you think these conditions will get better? Ofcourse no one has a crystal ball, but say we have rate cuts in 2024, do you think more positions might open up as the economic environment improves in mid/late 2024 (if that happens).
When conditions improve, do firms tend to scramble to hire OCs or do they hold back and open up more SA positions in the coming summer?
Ahaha, my brother in Christ, pay no attention to the market nor the speculators you see on BBG. The Fed, BoE or the ECB will not be cutting rates anytime soon. Higher for longer means just that. In my honest opinion, don't expect the industry to go back to the high flying days of 2021 in the next 5-10 years. I expect the industry will stabilise their current rate of hiring and stick with it in the short-medium term
I see. Do you see the market stabilizing though and deal activity picking up? I understand these are impossible questions to answer but I kinda delayed going to a Masters program by a year because I thought 2023 would be a bad idea.
The rates will be cut for political reasons due to the elections in November it isn’t really related to the markets. We won’t be back to 2021 but it won’t be as frozen either.
I’d be on the look out for OC/FT postings from January onwards b/c they’d rather have ppl in place before they expect an immediate need. Don’t think it’ll be like 2021 but it’ll at least get things moving again. Summer interns would likely get higher return rates. Frankly deal activity doesn’t need to skyrocket for there to be demand for new hires due to many deal terms being extremely lean lately but if deal activity trends upwards (it has been in a number of vertical) and rates get cut ~4 times prior to the US elections in November (also likely imo) there would at least be some form of hiring going on. For immediate start there is obviously a lot of supply of laid off ppl or ex-CS etc but for grad hiring or OC you’re generally not competing w/ all of those so it depends.
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