How hard is it to get into banking full time without the Summer Internship? Given the COVID-19 circumstance currently, is this something that is feasible?
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What year are you finishing up right now in college?
No one can really answer this because it’s such a crazy unique time.
That said, it’s my own opinion that offer rates will be lower this summer because banks obviously didn’t foresee a global pandemic occurring when they set these class sizes and extended offers. That means that there will be both a lower supply (won’t be as many lateral opportunities) and higher demand (more people without FT offers) and more competition (people without FT offers but with internship experience).
Hi, I truly like the way you analyzed the situation. Wanted to know, what do you think about companies such as Moelis or Citi who gave out FT? Do you think they made a mistake, if so, why is there such discrepancy between your opinion and what they have been doing? I think we can't move from 100% FT to low offer rate from one BB to the other. Pretty weird right, since usually they are facing the same issues.
I got a FT offer and my program went online. When I asked about the growth of the office they mentioned how they had only 1 analyst working for them at the moment and had a other lateral hire coming in. That’s why they made so many intern offers before COVID and are converting them FT still. Analysts aren’t expensive, it’s higher level employees like VPs and Directors who are very expensive for the value they add imo. Realistically you could run a deal with an experienced analyst and an MD.
So to answer your question, I would say it’s bank/group dependent. Not all banks are getting hurt, some industries are doing quite well and they still need analysts to work for them after their current analysts finish the program.
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