SA Recruiting Timelines are R*tarded
Each year it is the same thing: Bank A wants to be the first to open their applications so they launch their apps ~2-3 weeks earlier than the prior year. As a result, Banks B,C,D,E... panic and follow suit to "not miss out on top talent".
This all snowballed into what we have today with SA 2027 Applications opening at the beginning of December.
The system is ridiculous and having people apply then interview for jobs that are ~18 months away is idiotic for many reasons. No one can predict where they'll be at 18 months from now (personally, professionally, interest wise, etc.) and with all the changes in technology, AI, etc. banks have zero grasp of headcount requirements for 2027.
Not going to make this a long rant but just think inherently the increased timelines have more negatives than positives. Would just be curious on what others on the banking side of the world (not prospects / interns) think about this.
Best of luck to all the prospects playing lottery right now with applications and having to prep for / potentially have interviews during the holidays.
What’s the fix? Will this just keep getting worse? 5 years from now? Tbh I’m not sure how this could change
Likely schools would have to get involved
I think it stops at Junior year SA apps targeting freshmen. As a non-target student, it's honestly amazing at how much some of these schools lag behind targets and semi-targets when it comes to any sort of prep for high finance, whether that be IB, PE, HF, S&T, ER.
Currently, there are way more applicants than there are open seats. My guess is that it won't change.
Based on the most insightful WSO threads, your frustration with the accelerated SA recruiting timelines is a sentiment shared by many in the industry. The "race to the bottom" dynamic, where banks push their timelines earlier each year to secure top talent, has indeed created a system that feels rushed and inefficient for both candidates and firms. Here are some key points to consider:
Timeline Creep: The trend of applications opening earlier each year is driven by competition among banks. No one wants to be late to the party and risk losing top candidates, but this has led to a system where students are forced to make career decisions far too early, often before they've had time to explore their interests or develop relevant skills.
Uncertainty for Candidates: As you pointed out, applying for roles 18 months in advance is challenging. Students may not know their long-term goals, and their interests or circumstances could change significantly during that time. This creates unnecessary stress and forces premature decision-making.
Bank Challenges: From the banks' perspective, predicting headcount needs so far in advance is equally problematic. Economic conditions, market trends, and internal changes can all impact hiring needs, making it difficult to plan effectively.
Impact on Diversity and Inclusion: Accelerated timelines can disproportionately disadvantage candidates from non-traditional backgrounds or those without early access to resources and networks. These candidates may not be as prepared to navigate the process on such a tight schedule.
Holiday Stress: The overlap of recruiting with the holiday season adds another layer of pressure for candidates, who must balance family time, academic responsibilities, and interview preparation.
While the system has its flaws, it's unlikely to change without a collective effort from banks to standardize timelines. Until then, candidates should focus on early preparation, networking, and leveraging resources like WSO's guides and mock interviews to stay competitive.
For prospects navigating this chaotic process, remember: preparation and persistence are key. And for those on the banking side, perhaps it's time to advocate for a more balanced and thoughtful approach to recruiting.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/will-2020-recruiting-ft-and-sa-be-accelerated-or-be-more-relaxed?customgpt=1, SA and Full Time Recruiting 2020 thread, How to Approach 2020 SA Recruiting as a Junior Transfer to a Target, SA Recruiting and Game Theory
Banks are opening in December now?
Even earlier. Pretty sure JPM and GS both opened theirs in November. Same as Deutsche Bank.
Damn really? Insane, I was told they hadn’t opened yet
RBC (first bank to open) actually opened earlier last year, most banks that open Sep-Dec don't start interviewing until Jan 1st onwards
Still believe timelines are insanely ridiculous and should be pushed back as it breeds more socially inept hardos that don't have time to actual socialize before drowing themselves on excel every night
It's just dumbass game theory where companies think they're getting better talent. There will probably be a correction like PE on-cycle recruiting, it's idiotic to be taking networking calls and spam refreshing Trackr 20x a day to land an internship in 2 year's time.
Wholeheartedly agree - I actually see more benefits to doing it like MBA recruiting where you're interviewing in November / December for internships that start the next summer (not ~2 years out).
Similarly to On-Cycle PE recruiting happening before people actually have real FT experience, I think you'd be able to better gauge who is most qualified. Going back to the PE example - you'd be able to tell who has the real skills & experience vs those faking it until they make it (i.e. if On-Cycle took the same approach as MBA recruiting, the "strong" or best applicants would have true deal experience & strong reviews to back them vs just memorizing technicals & LBO templates).
Just my 2 cents.
Totally agree. Also sweating this hard for an internship this early absolutely sucks for new kids, especially when they have to grind so hard for a fucking internship that they might realize they don't want after having to wait almost two years to begin it. Do you know how much can change in two fucking years??? I feel so sorry for the next generation of finance and they're only a couple years younger than I am. Can't wait to see 2029 SA positions open up in january lololol
for the econ majors out there, this is market unraveling on full display, same with on-cycle. the only real way that this has been stopped in the past (ex. residency matching) is through a centralized system that sets the timeline. probably, schools will have to get involved, but then you would need complete participation because any school not regulating would cause all schools to stop (or those that care about banking). or banks have to realize that the quality of kids their getting is meaningfully lower, but again that’s not gonna happen likely because pretty much anyone can do an IB internship since there’s little knowledge barrier unlike engineering fields.
This comes up every year, but at least looking at it from a student life perspective, I disagree with the sentiment here.
The benefit of early finance recruiting for students is that once they’re done, they’re free. No stressing about employment for the rest of their time in college. My years as a college upperclassmen were some of the best of my life, in no small part because I could be totally carefree. I had no (professional) worries, problems, or stress at all.
Comparing that to some of my friends who were in other fields, their latter years were far more stressful as they had to think about employment or further education.
Finance kids get the better side of the trade.
Also, re: “changing your mind” in the intervening 18 months, it’s not like recruiting for finance closes any doors. If kids want to withdraw from internships they can … the majority don’t. It’s not a significant issue.
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