So, are we all screwed?
With the recession just around the corner, I have heard some grave stories from this years’ (2019) SA classes. Apparently, MS HK gave out 0 FT offers for S&T this year, there have been stories on here too about Summer Associates getting no offers at all at some BBs in the US.
Others are apparently reducing hiring to prepare for the crisis (JPM is a prime example) or have even put hiring freezes in place for FT positions.
However, no one seems to really be talking about this?
Those of us graduating in 2021 will be entering the workforce right during the next recession (at least that appears to be general consensus) so what do our chances look like for 2020 SA conversion and 2021 FT recruiting if shit is already hitting the fan this summer?
What do you guys think, are there any ways to prepare to mitigate this? Any group choices you’d recommend?
Restructuring, obviously
I think many people's POR is 2008. There's no reason to believe that the next downturn will be nearly as bad/prolonged.
Doubt SA classes will be severely impacted. If anything, VPs should be worried.
Good thing I'm graduating with money in my pocket (albeit shitty school), going to be fun watching everyone in student loan shackles while I travel the world after graduation.
id rather have the student loans.
weird non-target flex
The arrogance of Ivy league and the branding of a "shitty school"? Boy, you are going places!
just make sure you get a good SA position or offer for FT - as long as you come into recession with some work experience and not just an MBA you'll be fine
To add some more colour to your point here is some info about London for Summer Analysts: MS S&T: 13/50 interns converted JPM IBD: 50%~ conversion, some people were really good too but just didn't made the cut. Heard horrors at Jefferies, in S&T+ER heard one converted out of 15ish people I think. Barclays was also quite low in S&T although I do not have numbers.
What's your guess on the numbers for s&t in NYC?
MS Fixed Income S&T had pretty high conversion: 30/40. I believe equities S&T was similar but I don't know the exact number out of the 36.
Had a friend do Barclays S&T in NYC, said 56/80 converted, including the Quant program
seems like mostly S&T is being hit. Should those going into IBD be as concerned?
Heard most of Macquarie's S&T interns got a return offer this year - mainly bc they're killing it in commodities
if u can predict a recession, u dont have to worry about job security because u'd make a killing. stop speculating like a bitch and just work ur ass off
Facts
S&T has been struggling for a while. Low conversion doesn’t necessarily mean preparations for a recession.
The business is trying to become leaner and more cost-efficient, and has been for a while.
Maybe someone more experienced can chime in, but I don't see how IBD Interns converting to analysts would be in trouble as they are so cheap? Shouldn't VPs and above be more so concerned? Of course, I have also heard the same things about lower return offers so I may very well be wrong here as after all we are talking about intern conversions and not already trained analysts...?
my response is harsh but so is the real world
dont be stupid, everyone is fair game
JPM's lack of hiring isn't only because of the possibility of a market downturn.
They've cut hiring because they just don't have space in NYC. Recently emptied out one of the Park Ave offices and are generally pressed for space.
i'm actually surprised how stupid and inaccurate this response was. if this was not trolling; i'm genuinely impressed
This post aged well
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