Is the Age of Spring Weeks Over?
It feels like Spring Weeks just are not what they used to be. Back in the day, 7 to 10 years ago, if you were smart, knew what IB was early, and went to a target or even a semi-target, you would likely land at least one, if not multiple, Spring Weeks. They were an easy way to get your foot in the door early if you had a head on your shoulders and got into the game before most people.
Fast forward to today and the process has become more competitive than ever, but somehow the average Spring Week candidate seems to be getting worse. The rise of IB TikTok and Trackr has completely removed any need for actual research or effort, meaning applications are flooded with people who just go through the motions. On top of that, DEI initiatives have massively changed the game. More programmes than ever are either women or Black only or have strict quotas. BNP, for example, has a 50 percent quota for women. I personally know guys at top targets who scored 25+ on the Switch game and did not even get interviews, while women scoring 11 are getting through.
Then there is how random the process has become. This is not me being salty, I have a Spring Week, but just from my own experience this year and from talking to people who got them over the past few cycles. GS has actually discontinued their programme, most programmes are not even directly convertible anymore, and I have seen some truly bizarre cases. Two girls from non-targets in Africa, not Black, literally African African, who do not have visas or the right to work, got interviews for a BB and a respectable MM. One of them would not even be able to get a visa in time for the programme. How does that make sense?
I also would not be surprised if the average Spring Week applicant these days does not even know what a DCF is. I know of at least one person who spent most of their interview talking about something totally unrelated to finance and still got a Spring Week at a BB.
Even the joke Spring Weeks like L'Oréal, American Express, and the FCA, where in the past if you had a pulse you would get in, have become surprisingly competitive.
So, are Spring Weeks just a way to meet DEI goals these days? I always see people on here complaining about how their Summer Intern classes are full of drain dead Spring converts. If that is the case, have FT bankers noticed a drop in quality among Spring converts and even regular Summer Interns in recent years? Curious to hear others' thoughts.
This post is so LSE-coded.
I mean whilst I think DEI is part of the problem (definitely a big part, especially at some banks), I think that it's not the only factor that has caused this.
Spring Weeks have undeniably evolved over the years, and the changes you've highlighted reflect broader shifts in the recruitment landscape. Based on the most helpful WSO content, here are some key insights:
Increased Competition and Accessibility:
Spring Weeks have become significantly more competitive, with a surge in applications driven by platforms like IB TikTok and Trackr. These tools have made the process more accessible, but they’ve also led to a flood of applicants who may lack genuine interest or preparation. This has diluted the quality of the applicant pool, as you mentioned.
Impact of DEI Initiatives:
Diversity, Equity, and Inclusion (DEI) initiatives have reshaped the recruitment process. Many programs now have quotas or are exclusively for underrepresented groups, such as women or Black candidates. While these initiatives aim to level the playing field, they have also introduced new dynamics that some perceive as making the process less meritocratic.
Shift in Program Structure:
Some banks, like Goldman Sachs, have discontinued their Spring Week programs, and others have made them less directly convertible to Summer Analyst roles. This shift reduces the traditional advantage of Spring Weeks as a direct pipeline to internships and full-time roles.
Randomness in Selection:
The selection process has become less predictable, with cases of non-target candidates or those with seemingly weaker profiles securing spots. This randomness can be attributed to banks prioritizing diversity or other non-traditional criteria over conventional metrics like academic performance or technical knowledge.
Perceived Decline in Candidate Quality:
Anecdotal evidence suggests that the average Spring Week candidate today may lack the technical knowledge or genuine interest in finance that was more common in the past. This could be a result of the broader applicant pool and the emphasis on non-traditional criteria.
Broader Implications for Summer Interns and Full-Time Bankers:
If Spring Weeks are producing less-prepared candidates, this could trickle down to Summer Intern classes and even full-time hires. However, it’s worth noting that strong mentorship and training during internships can still help bridge these gaps.
In summary, while Spring Weeks remain a valuable opportunity, their role and structure have shifted significantly. They now serve as a tool for banks to achieve broader goals, such as increasing diversity, rather than solely identifying the most technically prepared candidates. This evolution reflects the changing priorities of the industry and the challenges of balancing inclusivity with maintaining high standards.
Sources: Intern Return Offer Rate, My Issues with Diversity Recruiting in Finance, Banks should take this as a lesson to stop recruiting so early, To all CS interns, Bank with Best Summer Internship Experience (Socially)
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