EB Return Offer Rates
Interested in intern return offer rates from EB’s think Lazard, Evercore, Moelis, PWP, PJT, and Rothschild. Any information would be very helpful!
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Congrats on Rothschild
Quite high. Pretty sure most people get return offers as long as they dont screw up. I think CVP gave 40/41 returns and Evercore only didn’t give two.
Makes sense so just don’t screw up
Why tf is the London market so much more cooked than the us
How so? Other than lower pay, worse exits, less interesting work, more Euros who post cringe garbage on LinkedIn
London EB return rates are much worse. Think 50-60% for Laz/Roths/EVR/PWP and 70-80% for PJT/CVP/Moelis
This is probably due to the average quality of summer interns here in London being much lower than what they are in the States. A huge chunk of them are through spring programmes (technically much weaker in general than someone who went through actual SA recruiting). A lot who can't hack it end up with summers, which they obviously don't end up converting, driving the return rates down. But as long as you are remotely aware and decent at the job, you shouldn't have a problem with converting. This is just my .02 though, from what I've seen with the intern quality.
Why do people typically not hack summers? What do they do wrong?
I mean this is an anecdote and I'm sure it's different at other banks, but I'm at a bank where the majority of our summer analyst class comes through our spring insight programmes. If you're American, a spring week is like a 2-3 day insight you do at a bank that fast tracks you to their respective SA programme. Recruiting for these usually just consists of online tests and a phone interview (Completely non-technical). So when these guys get fast-tracked, they usually aren't as technically proficient or understand the job as well as let's say an NYC kid who was sweating technicals all day.
So when they start their summers, I've noticed these guys don't know what is going on half the time (I don't mind that since they're just interns and they're not supposed to know everything), but a lot lack basic knowledge of how things even work and keep making the same mistakes over and over again. Anecdotally, I'm an AN2 now but last year I had a couple of interns who would just leave the office at like 6-7pm and not come back.
ofc a lot who have 0 work ethic won't get offers.
Think because doing multiple internships is more common here. I.e. you can do internships in final year and a lot of candidates are European who do multi year masters with more opportunities for internships, and FT hiring is a lot smaller here. Off cycles are a lot more common as well if you dont convert after graduating. Also why not getting a return offer isn't as bad as the US.
What could I screw up? Any examples on what to avoid? As an intern at my place I’ve heard it’s mostly making small edits to the model if that, or getting staffed on some random distressed carve-out thing that’s going nowhere…..
Do you think someone could suss out who you are by your name "babyblueocean" and the bank you will be interning at?
Why don't you just say the bank for a meaningful answer?
Roths was around 20% last year
It was roughly 50%
Source: I was part of the class
Looks like my friend was coping
Expect most ppl in an intern class to receive FT offers. Most EBs recruit interns to hire - the offer is yours to lose, just don't mess up in a major way.
PWP London last year was 50-60%. The conversion varied across teams, can recall a team having 0% conversion while other had 100%
I heard PWP is generalist. Are you referring to the NYC office?
My bad, this was the London office
Saw last year that evercore nyc was 90%+. Anyone have a sense for what it would look like this year?
evercores has historically always been high to very high. probably wont change this year
How's the conversion rate at Lazard?
following
From what I heard, Laz plans to take the majority of their intern class. There’s typically 2-4 that are clueless the entire summer and get cut.
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