Summer '09 Hiring Outlook
What does everyone think about this year's job prospects for the '09 IB Analyst class. Worse, better or same as last year?
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Wall street is extremly backwards looking...so unless banking fees hockey stick between now and August (about the time numbers are being for classes), it should be much worse than last year.
yes, summer hiring was down a significant amount this year compared to last year.
In the NY area, I imagine it will be similar to this year's recruiting season. Not impossible to get a position, but you have to be a very good candidate to get a spot (unlike in previous years). Certainly though, a lot can change. The subprime crisis of last summer weakened the economy, causing FT hiring to be virtually non-existent, and SA hiring to slow considerably. I don't see any change in the FT recruiting, but there is some time for confidence to brew up and possibly increase the hires in SA recruiting.
Off of the street, at boutiques and MM shops alike, I wouldn't expect any change. These types of places, while they may have some slow in business, are more immune to the general markets than the larger banks.
Not necessarily true to the MM's. RBS, Thomas Weisel, etc. all have cut their FT hiring as well as done layoffs so I'd expect to see some impact on summer hiring.
Hiring was down bigtime. FT classes in 09 are over a year away, add 6 weeks of training in, you are looking at 14 months until new classes will begin full time. Then, factor in that new hires dont add value right away, it will be another 18-19 months away before you have 09 analysts that the banks expect to do work. I may be way off, but I think 19 months is a very long time and banks will factor that in. What happens if things get hot and they don't have enough emplyees?
09 SA's are 100% going to be more hires than this year as you are looking at over 2 years away before they would start full time.
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