I don't work in a BB so I'm not that familiar with their hiring practices from an internal prospective. Can people that do work in BBs explain to me why they typically ding half of their summer analysts. I've had numerous friends work as summer analysts at BB with some getting offers and other not, but all of which told me about half of the summers get the ax. In almost any other summer type job, be it accounting at a big 4, engineering, general corporate they seem to hire back almost 100% of the summer interns. Does anyone know why banking is so cold blooded in this regard. I can understand when a kid blows it so doesn't get an offer, but having a policy of axing kids that give there summer to the bank while working there asses off doesn't make that much sense to me. Albeit totally fucked up, I do find it to be a hilarious microcosm of the industry. Any insight to the matter would be appreciated.
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b/c they know the demand will still be there for the full times. they only hire the best for full time after summer. if you are not the best, there are plenty of others who want the job.
If you're looking to get hired FT, Merrill's policy is to try and hire as many from their summers as possible. They consider it a recruiting failure if 95% of their summers don't return.
This I know at the associate level, at least, and I assume it applies to the analyst level as well. If you think about it, saves time and money on FT recruiting if you just do it right the first time.
that + they probably axe people who they can see aren't that sincere in working in IB.
GameTheory I completely agree but I've had friends at GS/MS ect. that say only half their summer analyst class got offers.
As to Dan, I don't agree with your statement. One, the only people with banking experience to be hired in the fall would be people who got axed at another bank, so they aren't the "best". Two, the bank could then hire someone without banking experience.
So why would a bank want to hire someone that got axed from another bank and/or has no banking experience over someone that has already worked for them.
Does anyone have a better explanation? I
I think banks beforehand decide they are only offering half the class FT offers, regardless of how good they are (UBS is notorious for being bad about this). This acheives two things: 1) increases level of productivity, competitiveness, and production of the summer class and 2) allows the bank room to search for other viable candidates in the fall knowing full well there will be qualified people looking to switch banks, etc.
Yea thats what I'm talking about, the predetermined yield. I think its totally fucked up.
they will rape you and make you work your ass off for the first part of the summer program...
then once they know you can do the work they rush/wine and dine you to get you to come back
From what I have seen, a lot of the people who get cut suck. In my bank, I would say about 70% get asked back. The ones that I know who got cut sucked big time and didn't deserve the opportunity.
salam shpekov... good to see fellow bg's :) dobur izbor za ime, btw (:
So you would pretty much get invited back if you don't fuck up REALLY badly or you hate it there....how comforting.
Banks WANT to hire all of their interns. Fall recruiting is a huge pain for them.
Then why did three people I know, all at different top 5 BB banks, only have half of their summer ananlyst class hired back (LA offices)
If the banks decide they dont need the full class then it's just a business decision. They could base this on market outlook, company outlook, what have you. They could also base it on if the summers would be a positive NPV, if you will, asset for the firm. I see nothing fucked up about the the whole thing...the summers got paid well (probably better than any of their friends doing other internships) and they did the job they signed up for, for the specified period of time. If the bank decides they only need 10 out of a summer class of 20 to meet needs, for example, then at the end they pick the best 10 and move on. Those other 10 get to leave with great experience to put on their resume and get hired at another bank full time. It's business, nothing more.
"Those other 10 get to leave with great experience to put on their resume and get hired at another bank full time."
By "great experience," you mean a black mark that makes him/her look like a major fuck up right?
By "another bank," you mean stooping to a lesser firm right?
In a bad market do they hire less summers and no full time?
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