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Return offers in Sales & Trading (S&T) have indeed been a challenging topic in recent years. Based on the most helpful WSO content, return rates for S&T summer analysts (SAs) have been notably low in some cases. For example, one user mentioned that at Morgan Stanley's S&T division in New York, out of approximately 30 interns, only 7 received full-time offers. This suggests a return rate of around 23%, which is significantly lower than the often-assumed 70% conversion rates at some firms.

Additionally, the competitive nature of full-time recruiting, coupled with fewer available positions, has made securing return offers even tougher. Interns are advised to focus on standing out by working hard, taking initiatives, and building strong relationships with decision-makers like Directors (Ds) and Managing Directors (MDs).

Sources: Getting an S&T Return Offer - A Survival Guide for Future Interns, Advice for summer and return offer rate?, SA S&T Return Offer Rate 2020, Return Offers Summer 2016

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