https://www.wsj.com/articles/goldman-jpmorgan-hit…
"Goldman Sachs and JP Morgan won't interview or extend summer internship offers to college sophomores this year and will go back to recruiting students in the fall of their junior year"
WSJ article this morning on this absurdly early recruiting process. Finally some recognition. Are the banks finally starting to see some of the negative effects of recruiting way too early? Going to be interesting to see how things play out and how they adjust over the next few recruiting cycles. Would be great to see if GS and JP actually decide to go back to Junior yr recruiting. Maybe the other banks will follow suit?
Definitely hopeful that they are doing it for those reasons. However, I take a more pessimistic view that they are scaling back on recruiting and looking for fewer analysts. Will just need to wait and see what happens the next few cycles.
I think this is a good move, and hope other banks follow suit. Recruiting with 2-2.5 years of college performance gives you a lot more data points than 1-1.5 years. One more year of grades (which don't just include the blowoff intro level classes everyone has to take), at least one year of an internship that the student can actually speak to, more time spent in student organizations, etc. I think recognizing talent in junior year is easier than sophomore year, and with more relevant experience in internships and classes, I think interviewers can dig further on actual understanding of financial concepts. Also helps top kids from non-targets.
Agreed, evens the playing field for people that weren't set on finance since high school, which is good. Quality of interns was going down IMO since there was so much more "guessing" at play. Good change and definitely a change in the right direction.
I hope this happens for the sake of the 2020 analyst class - as a junior who just went through the process last spring, it's incredibly inefficient/ineffective to be interviewing sophomore who just finished their first accounting class and hardly even know what banking is.
So if you're a current Sophomore, does this mean recruiting for 2020 SA will start Junior Fall?
Yes
Yes, but other programs will still be recruiting earlier.
One can hope
nice!
Unfortunately, no other banks seem to be following suit. The 2020 SA process has already begun at most targets. There is another thread on that confirming what I’m saying from multiple students.
Here’s a quote for anyone intereste
“Goldman Sachs will continue to have an active presence on campuses throughout the year. We will run exploratory programs and meet with as many students from as many backgrounds as possible to share the many different opportunities that exist in our industry and at our firm. And when it comes to the interview process, we will open summer intern applications in July and host the majority of our interviews during August, September and October. It sounds like others may follow our lead, which of course is their decision to make, but that would be great news for students.”
I agree it’s a great look, and I do think the majority of the other banks will shift back.
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