For everything in general, but specifically S&T. I know LB is high, what about GS, MS, JPM, CS, DB, UBS, ML?
With this environment, part of me would rather take a summer with the place with the highest prob of getting a job, not most prestigious firm.
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I've heard from several people interviewing for FT jobs this year that the firms you mentioned above actually filled most of their hiring needs with SAs. Whether or not they hired a high % of SAs this year in the current market environment is a separate question but the % hired was obviously significantly higher than the % of non-SAs interviewing for FT jobs.
I know in past years the non-GS/MS ones could sometimes give out offers to close to 100% of their SA class (depending on performance of course). Now they're probably being more selective.
To be honest all those firms are prestigious and you will have great exit opps coming from any of them. With the way the market currently is, I would take a job at whichever one is doing the least amount of layoffs/has the least amount of write-down trouble...
BofA used to higher a lot of their interns, but I am sure that has probably changed a little.
My two cents: go with the firm you like the best. And that should include your idea of where you feel you fit in. Truth be told, it is likely there will be fewer and fewer FT spots open for non-SA candidates in the upcoming years. Go where you like it most; you'll perform there the best and that will increase your chances of a FT offer.
I think Goldman actually has the lowest offer rate, hovering at ~50%. Lehman hires a ton of its SAs, upwards of 85%
Goldman Sachs does NOT have offer rates around 50%. Over the past few years, they have had one of the highest offer rates (over 90% in IBD) and anyone that tells you otherwise is probably in the 10% that didn't get an offer.
Streetluck,
Do you work there in IBD? I had heard that in '06 they took a relatively low percentage of their SAs, which created some bad blood. Heard it second hand, so may just be a rumor among other BBs.
My friend interned for GS IBD over the summer (forget which group)... there were 8 interns in her group and 2 got offers.
The offer rate was 3/9 in my group. Don't know if there is any overall percentage they target at.
The trend could be going back towards 01-03 when the banks hired only interns and didn't even bother with full-time recruiting. If you think this is a tough market, it is nowhere near as tough as it was 01-03.
so it's not true in general that the upper tier of the BB's hire a smaller percentage of interns?
Not at all - they'd be idiots to hire a small percentage of interns. They make a significant investment in training and retaining these kids given that they perform well over the summer. This is why the summer analyst positions are as competitive as they are - because they usually turn into full-time offers.
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