Moelis SA 2020
Moelis has made their summer internship program a 4 week program and also given all interns guaranteed full time offers.
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This is true. Interns will be paid for the 4 weeks, but not for the weeks that were cut.
Wow that's amazing. Wonder where all the disgruntled folks are who were slinging MS at kids for just saying direct FT conversions were even possibility. I remember explicitly saying that certain EBs are most likely to do this due to their already 85%+ return rates and relatively small class sizes and I was told by all these so-called experts that there was "100% no chance" of this happening.
Wow, lets go!!! Hopefully this starts a trend
Wow congrats to those going to Moelis. I think it's far likely for boutiques with strong RX platforms to do this - wouldn't expect BB to do this at all.
moelis is the best brand
Best brand for being a HUGE sweat shop with miserable juniors that can't wait to leave, having employees commit suicide, and having staffers do bed checks on the floor at 3am. Best brand by far!
Sounds like someone got rejected from Moelis lmaoo
Hoping other EBs follow suit! Congrats to all the Moelis SAs.
So does that mean I have no chance at FT Moelis offer?
Most people think they want to do banking until they actually experience it. Hence why most banks usually have offer rates lower than 100%
This is awesome. Props to Moelis to being bold and a first mover. Hopefully other EBs follow suit soon.
I wonder how much of this was driven by their somewhat poor reputation for junior treatment and using this as an opportunity to try and change that narrative. Pure speculation. Props to them for being proactive and congrats to those who got FT offers!
Hard to accurately judge interns in 4 weeks, so they're giving them the benefit of the doubt and extending FT offers. The global pandemic wasn't the interns' fault. EBs also tend to have high conversion rates (~80%+), so this really isn't that much more of an expense for them, compared to what it would be for, say, a BB
It's also good PR / avoids bad PR, since it shows they care about their people, etc. Like someone above mentioned, it's very possible they chose to act first out of their EB competitors to offset some of the negative publicity they received last year from that staffer email. Others feel free to add, just my $0.02
Very good friends with some guys at Moelis, and from hearing their stories, I have a feeling this isn't going to be 100% conversion rate. Moelis loves to throw the kitchen sink at people, and I can see the "virtual 4 weeks" as just an onslaught of modeling tests and mock pitch presentations.
Last year they hit them with an intern case assignment in one of the busiest weeks of the summer, and were not lenient at all with the grading, giving Ds and Fs on the models and pitchbooks the interns put together.
If you read the email (posted on Litquidity IG), it says "successful completion" of intern program. I have a feeling they are going to try and weed a few people out - not as many as normal - but I think a few will get dinged.
Agree with this. Have heard similar things from those I know already at Moelis and two incoming FTs. Best of luck to the incoming SAs who think this means they get a cakewalk to an offer lol
False, it just says "completion" not successful completion. More importantly...the first sentence is literally "we are pleased to extend a full-time offer to you". There was no sneaky wording. They all got offers.
Guess we'll find out come August - obviously this is pure conjecture - the summer was such a god damn slog for those poor bastards last year. Legit had it worse than every other group on the street, prob only tied with JPM M&A. I just can't reconcile that experience with this University of Phoenix online class that is getting pitched.
Who tf knows what the deal is.
Could other EBs follow? Couldn't really see BBs as conversions are never even close to 100%, but maybe for EB
I wouldn’t be surprised if other EBs followed. Low risk given the high offer rates and potentially huge reward to differentiate themselves from BBs + good PR for future recruiting classes. I think if at least one more does this the rest will follow suit... can’t be the only one not doing it when you’re competing for talent.
Congrats to the Moelis SA's - a move like this will also paint the bank in a very good light for their SA's and any future incoming SA classes. Great PR all around and even better to be the first to do this