I'm very lucky in the fact that everyone told me to recruit for IB first then consulting because internships are more competitive for the latter. I have no desire to do IB fulltime. But hearing my friends' start dates get continually pushed back from January to july of 2024 is worrying. People who actually work in the industry— what is going on? What is it going to take for someone to land a full-time role this next cycle?
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Very tough. One of the largest MBB offices is planning to only return 5 of the 20 interns interning for 2024 summer. This is after they took like 50 kids consistently and gave out nearly 100% return offers in past years
Any idea if this return offer rate is also across T2 and B4 for Summer 2024?
Not sure about the other ones, as I was told by a friend who is helping with recruiting at one of the MBB offices. BCG NYC and Chi were both bloodbaths this year. EYP was around 70% I believe for NYC and Chi, but I heard a few interns got cut after vomiting at a sponsored social event.
Ah, the rollercoaster ride of recruitment, right? It's like a jungle out there, but don't worry, I'm here to help you navigate it.
Firstly, it's important to understand that the finance industry, including Investment Banking (IB) and consulting, is highly competitive and cyclical. The current situation could be due to a variety of factors such as economic conditions, changes in the industry, or even the specific strategies of individual firms.
As for what it takes to land a full-time role in the next cycle, here are a few tips based on the most helpful WSO content:
Relevant Experience: Even summer interns are expected to have relevant experience these days. So, try to gain experience in the industry you're interested in, even if it's through internships or part-time roles.
Networking: Cold calling and networking can still open doors. Reach out to professionals in the industry, attend events, and make connections.
Preparation: Make sure you're well-prepared for interviews. WSO has a wealth of resources, including interview questions for Investment Banking, Private Equity, Hedge Funds, and more.
Skills: Brush up on your financial modeling skills. WSO offers resources on financial statement modeling, DCF, M&A, LBO, Comps, and Excel Modeling.
Patience and Persistence: The process can be long and challenging, but don't lose hope. Keep applying, keep preparing, and stay positive.
Remember, every monkey has to start somewhere. Keep swinging through those trees, and you'll find the right branch eventually!
Sources: Why is banking becoming more competitive?, What are the most competitive internships for sophomore winter/summer?, How competitive are spring weeks?
My wife is a recruiter for a big 4 and they are shutting down recruiting altogether for enterprise risk and technology risk. The verticals that are continuing to recruit are giving 10-15% return offers.
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