Intern Return Offer Rate

I am an incoming Full Time Analyst, but I just wanted to write this because I sympathize with all of the interns coming into this mess. I think this summer might possibly have the lowest return rates ever given due to the drop in economic activity and the sheer size of the intern classes that were selected based off of the strongest economy the US has ever had. I know you guys all worked hard to get to this point and I hope it works out. Be sure to be extra prepared during the virtual internships- ask a lot of intelligent questions, take great notes, and try to get on calls with every analyst/associate/VP etc on your team so they can all vouch for you when it comes time for making decisions on the offer. Also, do lots of self studying on technical questions/scenarios in case they ask you to put together a presentation quickly so you arent caught off guard.

Anyway, I think competition will be extremely tough this year for the interns given the virtual program- PLUS the deterioration in the economy will make it difficult for group heads to sign on many analysts for next year. Good luck everyone!

Comments (37)

Apr 16, 2020 - 4:06pm
1827P, what's your opinion? Comment below:

Did banks hire large SA classes this year? My EB SA class decreased in size YoY.

  • Incoming Analyst in IB - Gen
Apr 16, 2020 - 4:12pm

Im mainly referring to the bigger banks like GS/MS/JPM/BAML etc.- they tend to overhire interns and give low offer rates (especially for the "top-tier" banks)

  • Intern in S&T - Other
Apr 16, 2020 - 4:20pm

Not true. MS, Citi, JPM, and BAML all do not "intentionally overhire", can confirm through friends/me interning at one or all of those banks. Some kids don't get offers because they self-select out, others don't fit in, and others are morons. Some absolute BRICKS got offers, so the bar is pretty fucking low to get a FT offer as long as you work hard, ask questions, and make an effort to get to know people. They want to hire you.

  • Prospect in S&T - Equities
Apr 16, 2020 - 5:12pm

Baml isn't top tier. Its on the same level as CS, Citi, BarCap. That being said: CS and BarCap will have higher return rates most likely due to smaller SA classes and that the American banks due to overhire. Traditionally, the return rates are also higher for these European banks.

Controversial
  • Intern in IB - Cov
Apr 16, 2020 - 5:17pm

False. BAML is stronger than all those banks and would in it's own separate tier below GS/JPM/MS. Citi is also stronger than both BarCap and CS that's pretty obvious.

Most Helpful
  • Prospect in IB-M&A
Apr 16, 2020 - 6:02pm

Incoming summer analyst here. I am not claiming to know anything but neither should you. With all due respect to your speculations on "sharp drop in economic activity" you have not gone through a recession, none of us have gone through a pandemic and your comments are honestly not appreciated. There is no point worrying as we have absolutely NO CONTROL over what happens to the economy, and getting people stressed out in the middle of these unprecedented times is honestly the worst thing you could do. Yes, everyone should be prepared, brush up on technicals and make an effort, but overstressing right now will make no difference. From an economic point of view, the downturn in the economy will force lots of companies to consolidate (M&A activity up), the banks are busy doing liquidity tests and cap raises. There is always work to be done. These banks have been making so much money the past couple of years that I highly doubt a couple extra analysts are gonna make them go broke, if anyone should be worried it's the senior bankers. Again, no one knows, but freaking everyone out when you have no concrete proof and we are already having a horrible time is just cruel. Sorry, had to get this off my chest.

Apr 18, 2020 - 2:34pm
Dr. Rahma Dikhinmahas, what's your opinion? Comment below:

For everyone worried about competitiveness this summer, it's important to understand the outcomes aren't even close to binary. If you don't get an offer, it will matter whether you missed by a little or a lot. If you were pretty good and just missed the cut, you'll be well-positioned to recruit for FT bc you'll be able to line up folks who can vouch for you.

There will be bankers who feel bad you didn't get the offer and they will know people at other banks, and will be inclined to give you recs and even fight for you. This isn't a small consideration, it probably makes all the difference. I have personally stood on the table to get college seniors and 2nd year MBAs jobs at other banks because I was unhappy that the summer didn't break their way.

IB world is so much smaller than it looks. If you focus on doing your best and create goodwill with those you work with, your odds of eventually landing are very high and competition isn't a relevant concern.

Apr 18, 2020 - 3:47pm
anabananaboat, what's your opinion? Comment below:

How does this vouching even work? I assume you apply at another firm for FT but it's not like an intern is going to ask the analyst on their desk at the firm that they didnt get an offer from to help them out? Do recruiters look at your previous firm and ask around and see if anyone will vouch?

Array

Apr 18, 2020 - 5:58pm
Dr. Rahma Dikhinmahas, what's your opinion? Comment below:

You get FT interviews and in the first round, FT bank asks if you got an offer from summer. You say I unfortunately didn't quite make the cut on the offer, but I enjoyed the experience and was glad to hear that the full-timers enjoyed working with me. They were clear that they would've liked to have me but it just didn't work out in a competitive year, and have graciously offered to vouch for my work with any other employer. So if and when y'all are ready, I have a list of ppl I worked with.

Interviewer maybe not sold yet, but is already half sold because everyone knows there's some randomness in summer offers (especially after remote internship in a tough economy) and you're backing your answer up with a pretty bold statement: I have people you can call. Believe me, not many will have that teed up. So that's enough to get you to superday, assuming the rest of your interview was separately good enough enough to get to superday.

When back for superday, if you interview well then someone is likely to check in with your old bank. It could be formal like HR calls you for a reference, or informal like one of your interviewers texts a few friends who can find out about you.

Probably other ways it can play out. But big picture, there's more meritocracy in the process than people think. Each step has a fair amount of luck, but cumulatively over the course of the entire process, odds heavily favor someone who did good work over the summer and was a pleasant intern to have around.

  • Analyst 1 in IB-M&A
Apr 18, 2020 - 3:36pm

. . . I'm not sure I would go and make that call. Especially with a lot of banks giving 100% of the intern class return offers already

  • Prospect in IB-M&A
Apr 22, 2020 - 10:28pm

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