I read on this site (cant find the thread) that JP Morgan have stopped hiring MBA students for its London office. Also looking at the LBS employment report, JP Morgan dont take on any students.
Why is this? Are banks starting to move away from associate hires?
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From what i've heard through presentations and networking and such, many banks are looking to make internal hires for their upper level positions considering the fact that their current employees already have the relevant experience and are familiar with their group and it's more efficient than getting an MBA who did something totally unrelated
This. JPM just decided that it would strongly push A2A promotion rather than kicking almost everyone out and hiring MBAs. So far, they have had great success retaining people so they haven't needed to hire MBAs for a couple years.
Could other banks follow? Could this be a long term trend where mba would not provide a feasible entry point into investment banking?
This has always been a trend. No bank has ever hired more MBAs into associate roles than A2A promotions given (I think). Think about it from management's perspective, would you rather hire people internally that already "fit in" and you know can do the work required or hire new kids with little to no experience who maybe didn't even work in this industry before going to get their MBA?
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