I haven't met anyone who got hired into any BB's graduate programmes / analyst class without having done a BB internship or an internship at the same BB. Do they even hire analysts off the street?
Only asking because I have only interned at an boutique and had a stint at Big four TS.
Thanks.
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Yes they sometimes do. However if you talk about analyst classes an internship is always required (likely they havent extended the offer to the summer intern or he rejected, and thus they go for another one from another bank - clearly BB interns have more appeal to other BB, it's a circle). Another story is the off-cycle hiring (i.e. outside the graduate class) which may happen anytime during the year depending on flow/exits, it's limited though. In this case they can hire people full time off the street but need to have the relevant experience. I have had direct experience of this, feel free to ping me
Was it just BBs that said they require internship experiences or MM/EB as well?
Well, the general consideration is that competition is still huge - despite stagnant salaries and increased attractiveness of Fintech, Tech etc..- if you don't have any internship in your CV, this will look bad and will harm your chances (especially if you do a 3+2 or 3+1 bachelor's+ master's). You can still have a shot (mainly at smaller shops) if you tick the right boxes (languages, target uni etc). Regarding EBs, EBs now tend to have more and more structured programs like the BBs, therefore the same reasoning apply. For me would be hard to see a new A1 joining Centerview or Evercore with no prior internship experience. I have friends who did internships at BBs, rejected the FT offers from the BBs and went to EBs. Not an expert on MMs but, as I mentioned above, if you tick the right boxes, you can have chances to join straight away especially in those places which don't have structured programs. Another final point, some of the top candidates have two or more internships. Saw guys doing two summer internships plus a spring internship and another gig in the winter. Analyst classes are getting smaller and these are the people you compete with.
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