I spoke with a very reliable source at a BB bank today about 2010 summer analyst positions. A lot of you may have heard of him as he was high up at his BB bank. I asked him about how recruiting is going to be looking for IB this year and, in particular, at his old firm (he retired recently). He said, in NYC, his old office was currently looking to hire between 10-15 summer analysts for the entire IB. A few weeks ago, I spoke with another recruiter at another BB bank and she told me a similar story. Obviously there are a few more than 10-15 applicants to each of these banks. Basically, this is going to be one rough recruiting season.
He also said that it is going to be close to impossible for non-targets to break in. Non-targets would be better off trying to break in somewhere and trying to lateral into a BB when the market picks up.
So I assume FT recruiting is going to be the same huh?
I didn't really ask because that wasn't relevant to me. But, if that is what firms are projecting for summer analysts I can't imagine FT being any better.
this dude doesnt know what hes talking about
aces high is making stuff up. this is the exact opposite of what i've been hearing from equally high up people
Why would I make this up? I don't think I have met a single person who has said this will be an easy recruiting season. Anyone who tells you differently is probably a little overly optimistic. This could all change of course as nothing is set in stone. Most recruiters will tell you that they will have a better idea of needs right before summer analyst recruiting starts. The contact I was referring to told me where his particular firm was at right now.
10-15 would be like, one fifth of summer 2009's numbers. worst case, things are the same, best case they get a little better. either you're lying or you misinterpreted something, because numbers are not going to be 1/5th or what they were.
Hearing good things elsewhere
Your number is way off base unless you are discussing UBS or DB. Boutiques will be hiring that many, BBs will go many times higher. And I would be very surprised if anyone very senior at a BB is concerned with the size of next year's intern class; he may have a good guess, but I don't think most banks will have made the decision as to size this early.
Maybe I am completely clueless but despite not "hearing" things from executive level BB personnel, I am getting the vibe that hiring will be up. It has been said to me, and my impression via posts here on WSO are, that banks are going to be much more busy than they have been and they are running exceptionally lean right now. This would lead me to believe that banks are going to have to bring people on or risk losing business.
Again, I don't work in the industry but with that said, it does give me a fair amount of time to read different publications and the majority of posts here, and time to think through it all.
Maybe some current 1st, 2nd, or 3rd year analysts can comment on their workload right now. It has been my impression that they are still pulling a significant amount of hours despite the market being down and the economy in the crapper, etc.
Maybe I am completely clueless but despite not "hearing" things from executive level BB personnel, I am getting the vibe that hiring will be up. It has been said to me, and my impression via posts here on WSO are, that banks are going to be much more busy than they have been and they are running exceptionally lean right now. This would lead me to believe that banks are going to have to bring people on or risk losing business.
Again, I don't work in the industry but with that said, it does give me a fair amount of time to read different publications and the majority of posts here, and time to think through it all.
Maybe some current 1st, 2nd, or 3rd year analysts can comment on their workload right now. It has been my impression that they are still pulling a significant amount of hours despite the market being down and the economy in the crapper, etc.
Regards
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