Is the return offer rate looking horrible for SA ‘23?

With the layoffs and recent events are return offer rates looking bad for SA 2023? I'm guessing it is group dependent. I will be in ECM and am very worried.

Comments (35)

  • Intern in CorpFin

I think it could be division dependant.

You are correct that in ECM things could slow down, along with IBD.

Areas Commercial Banking may not though, especially given the rates changes.

Back office I'd imagine to be fairly safe too, JPM kept their BO grad program open through covid.


  • Intern in IB - DCM

I dont see why return offers would be down? Don't most banks (unless you're at shitty, shitty GS) account for anticipated lower headcount anyway when recruiting, so they're still going to aim to take most interns FT? I know Citi does this.

Worst case ECM desk don't hire you, but you get a generalist return offer and you go to another desk FT

bb483, what's your opinion? Comment below:

Keep in mind with how accelerated recruiting has become, a lot of kids who are interning summer 23 received offers during spring of 2022 with a much rosier/optimistic economic picture/narrative .

  • Intern in IB - DCM

Sucks to be American, because in the UK recruiting runs September-December (mostly)

  • Intern in IB - Gen

Does anyone know which groups may be safer? About to go through placement lol

  • Intern in IB - DCM

A Director in DCM said that it doesn't really matter what happens to rates, companies are always going to need their services so he wasn't worried about the rising rates on DCM. Loans probably is safer too. Structured Products tends to be fairly recession proof, they did well during the Covid uncertainty. 

  • Intern in IB-M&A

Good to know. How have things been on your internship for DCM?

  • Intern in IB - Gen

Depends on what the markets and deal activity looks like in 23/24.

Also depends on if you have the misfortune of doing your SA at one of the few crappy banks that make it a habit to overhire SAs and make you fight for limited spots (e.g. JPM, GS).

  • Intern in IB - Gen

I thought JPM didn't overhire

  • Analyst 1 in IB - Gen

Hahaha… JPM over hires SA 100%

  • Intern in IB - Gen

Knew a few SAs from ECM this past summer from my top BB and they told me that their group had pretty shit return offer rates (~40). ECM was laying off ft an/as so not much room for intern offers.

  • Analyst 1 in IB-M&A

Looking through your comments, you got fired from both GS and Citadel and pretend you built Citadel natural gas franchise. But you tell everyone you worked at Citadel and GS.

  • 3
G6K, what's your opinion? Comment below:

Should be fine, think about it. The down turn year will be 2023, you'll be graduating in ~May 2024 and starting full time in June 2024. That's exactly when the market will be hot and they'll need analysts.

The only people who are screwed right now are people trying to lateral or break in as a FT when they graduate in May 2023 and would start in June 2023.

  • 2
  • Assistant PM in AM - Other


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  • Associate 2 in IB - Cov

Completely different situation than what happened to SA2022s, as that hiring process was completed during mid 2021 when many banks were forecasting 2022 to be a "record year for M&A." Thus they hired too many interns last summer.

During the recent SA2023 hiring cycle, banks were already anticipating a recession in 2023 when they decided how many internships spots to offer. So you'll be fine unless the market outlook for 2024 becomes worse than that for 2023, which seems unlikely at the moment.

  • Analyst 1 in IB-M&A

This is not completely true. Most hiring was done in early Q2 2022 before the wheels fell off. Everyone thought it was a minor blip due to the Ukraine war

  • Intern in IB - DCM

Do you like to lie? Is this something you do, lie on forums to give people anxiety? Did your mother raise a liar?

Almost all offers for SA (in London) were out BEFORE Christmas 2021. 

jacrispy, what's your opinion? Comment below:

How are things looking for pubfin across the board ?

  • Analyst 1 in IB - Cov

Summer 2023 interns will not be receiving full time salaries until like July 2024 and wont receive bonuses until like August 2025, so as an expense, interns aren't so much of a concern. People who have offers now got them in one of the hardest recruiting yeas, so like the associate above said, it's likely they underhired and offer rates should be fine unless thing take a real turn south. CPI had decently good news today, and I personally think a soft landing is most likely. 

  • 4
UhtredSonOfUhtred, what's your opinion? Comment below:

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Corporate Raider, what's your opinion? Comment below:

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