Summer Internship Stats - UK Report
Not seen a thread on this already but a summer internship report was posted this week. Some of the highlights:
- 75 applications per offer, but only 32 applications per offer for black students
- Women got 76% more interviews per application
- Having past internships didn't help get interviews
- Top 10% of candidates received 44% of all offers
- Overall rate of interviews was 7.2% per application, down from 9.3% last year
- 51% of applicants received 0 offers
Curious to see what the results would look like in US - interesting stats
Interesting. I know the hiring process in the UK for IB is random but having past internship experience surely should help with the entire process unless it’s actually that random?
Tbf previous internship is pretty general and could range a lot in terms of quality and relevancy
thats a great point. to add on, loads of spring week converts that have no relevant experience get prestigious summers so perhaps that may also skew the results.
If people are just counting Forage 'virtual experience internships' then obviously it's not as relevant as a legit summer
How do you define/quantify the "top 10%" of candidates?
As in 10% of candidates took 44% of all offers. Its like Hypergamy but for finance recruiting.
They are defined as top 10% because they are the ones with the offers. In reality, those "top 10%" may not be the best 10% in terms of technical knowledge or competency - but they are the ones pulling offers
That doesn't really answer my question. What makes those candidates the "top 10%"? If you define them as the ones who get the offers, then why isn't it that the "top 10% got 100% of the offers"? Why only 44%? This doesn't make sense.
Good point, I mean overall offer rates are way less than 10%, so I guess you can frame it even like 1% of all applicants got 100% of offers.
But the way I read it was "Of all people who got offers (excluding the 51% who didn't), 10% of that population received 44% of offers"
Basically the takeaway is that there is a small concentration of people who receive multiple offers and the rest are struggling for even one
Your point makes absolutely no sense, the top 10% didn't get 100% of the offers because the offers were spread out, so if you tally the total number of offers for the 10% of candidates that got the most offers, then this amount adds up to 44% of all offers given. I don't understand how you can be in this field and not comprehend simple statistics
so 51% with no internships at all ?
super competitive with very high number of candidates from all across the world, applying for a small number of spaces left at firms after they give half of their summer offers to spring converts and in some cases all (Lazard London before this year).
Super useful report. In the UK the importance of the university you attend is clearly a huge factor in conversion rate success across each stage of the process. Do you think this is emphasised in the US or the opposite?
I think it's even worse in the US because of how much networking counts - if you go to a non-target you'll have almost no alumni to contact
This is straight up wrong. Having recruited in both places I can confirm that recruiting in the US is so much easier and I got multiple interviews and offers without a single networking compared to London where I barely got any. Yes networking plays a part since US kids have basically the same CV(same ECs, type of work experiences) so nothing really stands out. So if you have solid experiences, then networking is not needed at all. Also the market is so much better in the US as well
For London, recruiting is so much more random and you literally had to compete against European hardos who got 4-5 internships under their belt so you really had to inflate your CV.
one thing to keep in mind is all of the data is self reported so a decent amount of survivorship bias and variance
What?
Look, they're students who put this together. Sample size is self-reported. They probably don't know how to draw sound conclusions yet.
Of course past internships gets you interviews lol
It's probably skewed by the kids doing 1 week remote at some student-led fund and calling it a "Summer Analyst" role
Well, with London recruiting being random as shit, I guess my internships wont help at all. Time to recruit in Germany and move to London internally, as Associate or Senior Analyst.
Surprising Semi-Targets did best on CV screening? Any explanation??
UK hiring is so random lol, also the diversity candidates at semi-targetw usually score the interviews.
Target school students are too hardo lmao
Data taken from c300 applicants not sure how representative this would be of the 324,000 who actually applied got rejected etc.
is there like a uni wise breakdown of the stats?
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