Thoughts on how current interns will be affected by COVID-19 for FT offers
Hi all,
I am currently on a 6 month off-cycle IBD internship in the London. I worked 2 months in the office, and now spent 1 month WFH. We compete directly against summer interns, and last year the conversion rate for OC = 70%, summer = 80%.
My question: how are my FT offer odds affected? I would say I was performing well in the office and received good feedback from my VP I.e. "continue working as you do" as I was meeting expectations and work was good / accurate etc.
As places such as Citi/Moelis have converted their entire 2020 SA class, there is a chance my bank may do this, if they do, would the OCs all get converted too, it wouldn't seem fair since we are probably more accustomed to work / culture, and to convert all summers who have just done a 1 week spring intro program seems reckless.
The bank I'm at is smaller than Citi but larger than Moelis. Looking for any insights as don't feel comfortable bringing this up with anyone at my bank.
Thanks
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No one knows mate
fck this, everyday we have the same 2 threads from these shit interns:
What do you think will be the offer rate? Do you think all banks will give FT offers now?
And then all interns gather to post: yeah pretty sure that we will all get FT offers.
In fact, I would prefer if our bank didn't take on any SA/OC and re recruited entirely for FT. Rumours from associates floating around our bank that they will convert all SA and no OC which is unfair, hence the post.
Could you maybe give some colour on when did you hear those rumours start? After Citi/Moelis announcement last week or before? And could you give any hint at what kind of bank you are at (US/Euro, boutique/BB etc)? Thank you!
After Citi announcement, US BB, heard directly from 2 associates of different teams, no official decision yet but likely before the summers start
SAs are direct pipeline to FT so makes sense they're prioritized...
Just following up on this, 8/9 of us just received early full time offers for our OC, though only after call with HR, nothing officially written as of yet. Mega mega happy!
Unsure how this will affect SAs, though pretty much all of us have done a summer at a different bank / 6 month off cycle.
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