How Bad Was This Year’s Recruiting Cycle Really?
Hey everyone,
I wanted to get a sense of just how tough this year's recruiting cycle was. I had a coffee chat with a banker recently, and when I mentioned that I had turned down an offer from a very small healthcare-focused bank, he told me I was "crazy" for doing so. His point was that in this climate, any IB offer should have been considered a win.
From a personal perspective, I really struggled. Being international, non-diversity, and without a passport, but still at a target school like H/W/P, I worked my ass off for 5 months, just to end up with something average. I averaged 4 networking calls per week, knew most to all technicals, had a 3.7+ GPA, and still had a hard time. I had first rounds at 4 banks and final rounds at 2, but ultimately, I didn’t land anything exceptional. I have experiences directly linked to IB and have never had issues socially, so I was surprised at how tough it was to break through this year.
Speaking with my friends at H/W/P, a lot of people struggled to land any IB or consulting offers. Was the market really that rough? I’ve heard from a few people that it was more challenging than in previous years, but I’d love to hear more perspectives.
Also, was it more impressive to land offers at lower-tier banks this year, given the market conditions? Would love to know what others experienced.
Thanks!
real bad
I'm a non target but with significant experience. Getting the interview wasn't the hard part it was getting the offer. Headed to a LMM IB shop. I aced all technicals I make friends easy. I know plenty of Wharton kids who went MM just because that's what they could get. Horrible cycle.
Thanks for your insight man. Fully agree. I also now several Wharton kids who had to settle for lower-tier or even jobless. Pretty crazy.
JOBLESS is wild... granted all my wharton friends are hardos but still that's horrible
Is it really that bad across the pond?
For what it’s worth don’t think things were that rough in the UK this year banks seem to be hiring as usual
EDIT: editing so I stop get MS'd by all the kids who ended up at MMs lol
fr?
Yh anyone decently competitive seems to have got an offer, ik plenty of non targets too
Uk?
What precise tiers of banks are these non-targets getting into? Are they all spring weeks' converts?
Not as bad as last year in the UK but it is still becoming more and more competitive as supply of jobs is barely increasing while the number of applications is through the roof (notably due to trackers)
Are trackers really going to affect the average candidate recruitment process? I am doing some right now and aside from masters' students with 4 OC's, I still think (and see) the target students being selected over non-targets. All it does imho is increase the volume of non-target applicants without any relevant experience or extracurriculars.
Hot take, happy to be corrected.
Might be a hot take but I don’t think this years recruiting class is done. With 4 more expected rate cuts I think we have a semi 2021 event happen and see a lot more positions open in the next 7-8 months. Who knows, just my person thoughts so far, unless a recession happens, which I think is still a fair chance looking at the history of rate cuts and what they signal.
Do banks reopen hiring for incoming analyst classes?
Wouldn’t say “reopen” lol, I just call it opening
If you're struggling from H/W/P, I can't imagine what people from worse schools would be like.
Same here I can’t imagine
I go to one of ND/Georgetown/Amherst, and from what I have heard from my career advisor, we placed pretty well for SA 2025. Pretty much anyone who put the effort in are able to get an IB offer. There are a few who took alternative paths like consulting and Big 4. BB/EB is tough, especially in this market, but MM/boutiques are more doable if you did the preps. I don't know your situation, but H/W/P should have a huge boost on your resume. If you're struggling with a 3.7+, just imagine the ones who goes to a semi/non-target.
at a semi-target, and we had a pretty solid recruiting cycle. most kids who worked hard placed (a lot of BB's, but EB numbers were a bit down). even as a pretty average student, I placed at a MF PE in NYC. we're overtaking wharton I guess...
at a target, non diverse, 3.5 gpa, IB/PE/Buyside experience and very good technically. Was able to rerecruit from MM to EB. People really misunderstand networking, capacity, and how to time the cycle. I think that obviously markets are doing great, but these jobs arent going to just come to your feet you have to grind
That's pretty impressive. Would you mind sharing how you went from MM to EB? I assume this is SA to FT.
Same - hoping to do so next year as well
What do you mean by misunderstand networking, capacity and how to time the cycle? Would really appreciate if you'd go a little more in depth on this
.
Anecdotally, seems like my semi-target and friends at other similar schools have been placing very well at levels comparable to targets. Could be somewhat of a hiring shift towards more schools at an HR level on top of a relatively slower market. Should be better this cycle from what I hear. Could also be just the fact that more and more kids every year are grinding for a similar amount of spots.
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