Acceptance Rates
Hello all,
I was wondering what everyone's estimate would be for the acceptance rate for individuals who have been flown out to an on-site interview. I know this may vary from firm to firm etc. I would just like to know what your estimate would be, given only the information that an individual was elected to be flown to an on-site interview.
It's definitely a smaller pool of candidates since you made it to the next round. Also, it'll be tougher because all of the weak applicants have been eliminated. I wouldn't assume that since they were willing to spend alot of money on you that the position is yours. You'll have to work really hard and know your shit!
I'm taking the leap of faith that you're talking about a superday. ~15-40% depending on firm, division, position.
Do you really think that they are more likely to hire you because they flew you to their office?
Not really. I would assume that my performance was sufficiently superior than other candidates if they are willing to spend money to interview me. I may be mistaken, however.
They aren't going to fly you out unless they think you are talented, but don't think that because they flew you out means your odds are better. A grand means nothing to these banks. Don't kid yourself. Just keep working at it and preparing.
Actually there is a little bit of truth to this. (A little, not a lot.)
I have heard HR people say that they were setting the bar a little bit higher for candidates with expensive transcontinental flights. Phrases like "When we fly someone in from Berkeley, we're not exactly reimbursing a 5 mile cab ride here." "We're paying $1000 in travel expenses for someone who has a good shot at getting hired, not just a decent shot." have been used.
You're going to get treated the same as other candidates, but you survived a bigger hurdle to get there and may do a little better in the interviews. So if someone quotes superday yield numbers to you, conditioned on the fact that they flew you there, add maybe something like five percent, maybe more if it's a long distance or if they're providing overnight accommodation. In reality, there is so much noise and so many other effects going on that this will get drowned out by networking effects and what kind of day you are having when you interview. So count on it for no more than a very mild boost and the fact that some of the competition will give weaker interviews than you will.
On-cycle vs. off-cycle will likely make a difference too.
I'd be surprised if 2nd round yields were as low as 15%, but it really does depend.
I'd call 30-50% pretty typical for a superday. Things may be different in IBD.
That sounds like middle / back office recruiting. S&T and IBD superdays were closer to 10-20% where I interviewed from OCR.
One HF (>$10B AUM, 12 people on the investment team) I visited told me they had invited 84 to superday for just one offer (but that's obviously an exception)
Net yield from first round interview to offer was probably 2-5%, but final round implied a good shot (not necessarily a likelihood) of an offer.
Hedge fund yields are also similar for final rounds. At least that has been my experience on campus.
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