I've noticed people generally on this forum pick the group/bank that is perceived as "better" yet may have a significantly lower offer rate. Why?
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Behaviorally: because for most people, from the time they were born until now they have been conditioned to believe they are above average, therefore they'll surpass any statistical disadvantage.
Rationally: if you go to a good group and end up on the wrong side of the cut, you can leverage that to get a good job.
It's still incredibly hard to recover after getting cut. The people I know who've been cut from "top groups" either ended up at lower end BB/MM or went to consulting or took another year and redid recruiting.
Agreed. FT recruiting is very risky nowadays and doesn't look very good for the future. Some people consider you damaged goods if you don't get an offer.
That's a good point
Has conversion rates really gone down that much due to fewer FT positions available? In the past, if a SA didn't get an offer it was because he/she didn't perform up to standard, not because there were significantly fewer FT positions available relative to SA hires. Basically, a FT offer was his/her's to lose.
Considering the fact that offer rates are 50% at some groups I wouldn't exactly say the offer is necessarily theirs for the taking. i think firms just figure that it is easier to hire more interns and then weedout as needed. Not going to necessarily agree with them doing this but it is the nature of many banks.
A lot of groups overhired for this summer and cut 40-50% of interns.
I think a lot of people who go through recruiting spend a lot of time worrying about placing better than their peers with the assumption that once they have the internship they basically have the full-time offer. As one of the commenters pointed out, many of these people have always been the best at what they do, so the thought that they may be average or slightly below average in their intern class may not even occur to them. With lots of BB's only offering ~50-60% of interns back, and hearing about how difficult the full-time recruiting is, it should at least be a consideration.
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the thing is where would you know about conversion rates ? they change yoy that's why it's useless to worry about :(
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