Yeah everyone in the past has been saying just continue to re-recruit or whatever for all open FT slots however with offers coming out and some firms giving almost everyone offers like Lazard and BAML and most likely deciding not to have ft recruiting, is recruiting just fucked? What would be the ideal plan if you're not able to land something
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Yea most likely unless a major breakthrough with Covid comes about within the next year. Could be worse that 2008.
Is it just suggested to do grad schools, take a gap year to apply as a senior technically again, or to find work anywhere? Trying to be serious too. Ik a bunch of analysts on here will probably say just grind and even try to get some bs local boutique job but that just doesnt seem realistic especially given how many others will be in the same situation and with most boutique having almost no deal flow.
I'm gonna do a 5th year cause my current internship at a PE firm won't convert to FT. I think the option would be to stay in school until you have an offer. I would accept the first offer that comes my way instead of trying to leverage it.
Yeah. I think Recruiting if any won't begin till 2021. So keep trying and lets hope we get through this
fuck, imagine recruiting during your last semester before graduation
My bet is FT recruiting will happen eventually, but will be super tough. Hopefully by Q1 2021 we get a vaccine and the economic outlook improves a lot. Lots of banks have cut headcount this year (or plan to in the fall) due to the decline in M&A activity, so if things start looking up in the winter/spring, banks may scramble to make some hires.
That being said, lots of big banks (Citi, BAML, Moelis, etc) have taken the hit and given super high offer rates, so I think FT recruiting at nearly all BB/EB/topMM will be non-existent. It's the smaller boutiques that have gotten especially crushed during Covid, and they are the banks that will likely realize in the winter that they will be severely understaffed when deals do come back and make some last minute FT hires.
So I think there is hope, but it certainly won't be the standard end of the summer FT process and may take well into the year. Will be especially tough for people (like me) that have return offers to really shitty places and are forced to decide if we want to roll the dice on things improving later or just bite the bullet and take what is on the table now.
Sucks but depending on your risk-aversion you would be making a decision that could impact the rest of your life. I know the personally I would take any offer my way. Better to be employed than unemployed no matter how shitty the situation is.
Just one anecdote, but I had a friend not receive a return from a EB (Laz/PWP/GHL) a few years ago and he had a really difficult time recruiting for FT. Ended up in a non IB role.
Is he still in high finance?
Does he come from target or have good stats?
Continue to grind. Fortune Favors the Bold
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