It depends on the bank, the group and the year. Some groups take almost all of their interns, some take very few. JPM traditionally has a high offer rate, where as GS is lower. But it changes from year to year. If you work hard and network, you'll probably end up with a job, even if it's not in your group.

 
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Everyone always touts that BBs take 80+% of interns full-time, but in my experience as a summer analyst at a top BB, that's bullshit. Obviously, as mentioned above, there is great variation between bank return offer rates. But, I think the biggest factor is group. Some groups took every intern, while others literally took none.

During my summer, during a stable market year, I would estimate 60% got offers, so it's certainly far from a guarantee. That not withstanding, doing a summer internship at a BB exponentially increases your odds during FT recruitment, even if you don't get the return offer.

 

It also depends on the group. I had friends in certain groups at JPM that took only 30% for front-office roles and gave MO roles out such that the total offers added to around 75%.

Edit: Specifically I've heard equities are pretty cutthroat. Equity derivs because they're somewhat complicated and they want smart kids that will work 16 hours a day and cash equities because of the business climate for that space.

 

Honestly trying to take anything away from conversion rates is useless. Its a statistic that provides very little information. As an intern, your hiring chances boil down to: -your skill level -did you impress the right people -do the people that you impressed have space on their desk -did you impress them enough so that mngt will find a space for you

An S&T intern class can be something like 30 people, so the difference between a 50% and 75% conversion rate is like 7 people. Thats within a sigma of the average amount of useless kids that are hired as interns each year. When i hear 75% vs 50% conversion rates, first thing i think is that the intern quality was different, not that pre internship an individual with hindsight should have chosen the higher conversion rate bank because they had a higher chance of getting offer.

 
derivstrading:

Honestly trying to take anything away from conversion rates is useless. Its a statistic that provides very little information. As an intern, your hiring chances boil down to:
-your skill level
-did you impress the right people
-do the people that you impressed have space on their desk
-did you impress them enough so that mngt will find a space for you

An S&T intern class can be something like 30 people, so the difference between a 50% and 75% conversion rate is like 7 people. Thats within a sigma of the average amount of useless kids that are hired as interns each year. When i hear 75% vs 50% conversion rates, first thing i think is that the intern quality was different, not that pre internship an individual with hindsight should have chosen the higher conversion rate bank because they had a higher chance of getting offer.

I agree with this.
 

Based on my experience with S&T rotational programs, as long as you don't do something really idiotic repeatedly or rub someone influential the wrong way you'll get an offer...

Being a stand out is something else, but it's pretty hard to not receive an offer at most places. Surprisingly, there will always be a number of interns that do the above and they end up being the ones who don't receive an offer more often than not. You'll hear about them too.

 

Truly depends on the firm. I heard some were at 10%, others at 50%, and some closer to 60%... Really can't bank on anything being concrete as headcount can swiftly change in the middle of the summer.

 

It's good for a firm to take more interns than they need. At least they are giving them trainings and these interns will have greater opportunities to land a full time job than those who even don't have a chance to work at a BB.

 

I am not definite on the exact percentage for Lehman Term 1; however, I do know that a good number of SAs were put on hold, something not common at the bank in past years.

I would not be surprised to see Term 2 have an even lower offer rate.

Are you sure GS SAs will find out Friday? If memory serves me correctly, they have waited until September to inform SAs in the past.

Anyway, I had a conversation with an SVP at my bank, and he believes many banks will have 50% offer rates this year; however, this is not confirmed, as we were merely sharing our views.

 

lehman was not 50%.. that wouldnt be enough analyst to cover their incoming class if they only went with 50% per term.

the numbers were more like 80% with the majority of the rest of the summers being placed on hold

plus there is no preference to term 1/term 2 summers. the firms idea was to take enough summers to replace the analyst class above them that will be leaving a year from now.

however, it is likely that recruiting for full time will be not be done.

 

JPM offers already came out... seems like they were scrambling to get some of the more talented onto desks that weren't exactly looking to hire. Also heard about some talented kids not getting offers

 

I didnt think it was possible but i now hate threads like this even more now than i did when I was not in the business yet.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
 

I'm surprised MS is recruiting at all, giving the low conversion rate for interns this year...

No one's mentioned CS yet? Anyone hear?

Any ideas on where else to look? That covers pretty much all of the BBs... Too much risk to start at a prop shop.....

I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.
 

Not that I really have any great basis for this, but it would seem that as long as the banks are posting huge profits, particularly in FI, they will continue hiring. Goldman is still making a ton of money through the Securities division. Blankfein acknowledged during his testimony that financial regulation overhaul could be troublesome (although at one point he made it out to be a good thing, making the markets "safer"), it remains to be seen exactly what its consequences will be. My (educated?) guess is that as long as they're making money and Congress doesn't do anything to drastically change that, they will continue hiring.

 

for summer associates was 85% last summer. I'd imagine that analysts would be just as high if not higher. DB, CS and UBS offer rates were between 80-85%.

Show a good attitude, willingess to work hard and ability to learn, and show initiative. You'll get an offer.

 

How does it work for people doing autumn or spring internships? Are they still considered for the same intake as the summer analysts, i.e. Summer Analyst 2012 is considered for 2013 intake. Would a autumn or winter analyst be considered for the same intake?

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

I am not too familiar with Trading, but what are the chances for someone looking to get into Trading to start his/her career at a place like Glencore or Trafigura? With new regulations in place shouldn't this also be more interesting, given that you can potentially earn more money than one can at a BB for example?

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

Some banks over hire in their intern class so it is expected that their offer rate is lower than the norm. On the other hand, there are other banks that don't overhire and thus they have a higher offer rate. Lot of factors that need to need to be looked at. As a whole, I think FT recruiting will be a mess. For those looking for FT, good luck- grind it out.

 

Trading is not like banking. Every MD is given a set budget, they need spend this budget accordingly. So they will never overhire, why hire some dunce kid who ain't adding profits. They will never underhire, if some kid can bring you bank and more, why not pay him the analyst minimum?

Bottom line prove you can make the desk your salary and more, and you will receive a job, prove you will not and just bleed the desk and you will not.

It's not like banking, where you always need to hire "X" people. It's about if the talent is there or not.

 

If I'm not mistaken, I'm pretty sure most firms have rotation programs where you spend time on different desks until one decides to pick you up. Getting accepted into the rotation has nothing to do with an MDs budget

 

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