S&T 2024 Bank SA Offer Rates: Need Color on What's Going On
Currently wrapping up internship in FICC S&T at MS. This has been a really strange summer and curious to hear thoughts as to what's going on and experiences at other firms.
My understanding going into the internship was that the job market was obviously somewhat competitive, but the offer rate would be around 70% and if I didn't massively screw up, networked, and did well, they would do their best to find a space for me. We have somewhat of a strange rotational program with 3 desks, where you in theory are supposed to place on one of the desks that you rotate on. We have to participate in a complicated ranking process to get these desks, and I have consistently been placed on extremely random desks that I never ranked highly. My desks have all pulled out at the last minute and told me they are not hiring. I have had multiple desks that I loved and they ranked me high, but was not placed there for whatever reason. My feedback has been quite good but have not found a desk that is a perfect fit. The party line has consistently been that every desk is hiring, and if overall feedback is positive, they will find a place for you.
I have asked multiple teams for side projects and have continued networking with MDs and others. Everyone is telling me they are not hiring or at capacity. It's actually quite weird. Most desks on the floor are taking 1-2 interns at most. Multiple desks are pulling out at the last minute and my fellow interns are realizing they are screwed left and right. HR is not allowed to discuss headcount or feedback (it is against firm policy). They are refusing to take any meetings this week. The rumor going around is that the offer rate will be less than 50%. I have asked HR about chatting with other divisions and any side projects on desks I am overlooking. Everyone is repeatedly telling me they are at capacity and are not hiring.
Am I missing something here? I do think I had some bad luck and was randomly placed. However, it seems like nobody is being flexible this year. The overall vibes seem quite strange and I am wondering if this is representative of some sort of business decision trickling down from management. Would love to hear about others' S&T experiences this summer...
Based on previous WSO threads, here's what you need to know about the current situation in S&T internships:
Competitive Job Market: The job market remains highly competitive, and the expected offer rate of around 70% might not hold true this year.
Rotational Program Issues: The rotational program you described, where interns are supposed to place on one of the desks they rotate on, seems to be facing significant challenges. Desks are pulling out last minute, and interns are not being placed on their preferred desks despite good feedback.
Hiring Freeze or Capacity Issues: Multiple desks are reporting that they are at capacity and not hiring, which is unusual. This could indicate a broader business decision from management affecting hiring across the board.
HR Communication: HR's refusal to discuss headcount or feedback and their unavailability for meetings is adding to the uncertainty. This lack of transparency is contributing to the anxiety among interns.
Offer Rate Rumors: The rumor that the offer rate will be less than 50% is concerning and suggests that many interns might not receive offers despite their efforts and good performance.
Networking and Side Projects: Despite your proactive approach in asking for side projects and networking with MDs, the consistent feedback that teams are not hiring indicates a systemic issue rather than individual performance problems.
Overall Vibes: The strange and inflexible vibes this year could be a result of broader strategic decisions by the firm, possibly due to market conditions or internal restructuring.
In summary, it appears that the challenges you're facing are not unique to you but are part of a larger trend affecting many interns this summer. It might be beneficial to continue networking and exploring opportunities both within and outside your current firm to maximize your chances of securing a position.
Sources: AM I MISSING SOMETHING?, Business School Case Books, Is anyone else struggling to comprehend the fucked up state IB has brought you to?, Help. Feeling Lost, F*&King Analysts
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Hey, im an S&T intern in a similarly ranked firm - your story sounds exactly like mine. I think it’s really fucked they took in more interns than they would hire for FT. The headcount reduction is massive, around half is I’ve heard from credible sources. HR is also not helpful at all - they can’t discuss headcount for whatever reason. Networked with other desks, did projects for them, had good feedback on the desks I rotated on but nothing seems to close. I think it always used to be the case that if you have good feedback overall, then they would find a place for you in the firm but in the context of this huge headcount reduction, the internship was like one big superday imo. Feel free to dm if you’d like since it looks like we have similar interests and a similar recruiting path coming up
same experience
50% at my firm
same here
lmaoooo s&t?? cant even get ib?????
Imagine having work life balance and getting paid more per hour…
imagine 0 exit opps into mfpe
S&T is the exit opp. The whole point is that unlike IB, the job is actually interesting, and sustainable. This means people don’t want to kill themselves after 2 years on the job!
I had the exact same experience, but 2/3 desks that I rotated around listed me as the intern they wanted to hire, but the firm didn't end up giving both desks spots to hire. The head of my desk in one of my rotations fought hard for me to land an offer in a different line of business so that once they got a spot, they could place me on their desk (not sure how legit this is). I was lucky to have gotten an offer at all tbh, HR was not helpful at all. There was a lot of miscommunication, and it made the process 100x more complicated. I feel like the interns who got an offer were the ones lucky enough to have rotated around a desk that ended up getting space.
r u also at MS FICC? Can I pm?
No sorry I was in a different bank
Heard Rates Vol and FX Vol took MIT kids. End of the day there are spots, just given to the most capable ones. In terms of intern quality MS is def the top so it's a hard battle if ur not from target.
FICC literally had all the target kids this year bro
Your info is wrong FX didn't hire anyone lmao. And rates vol doesn't take interns. And also I'm from a target...
interned in S&T in 2019: this isn't new, 50% offer rate is street standard. They always say there are more spots than there are.
Hint: If a desk takes two interns, the only way it goes is that 1 person gets an offer.
Now that I have a few years of hindsight, I'd say don't beat yourself up if you don't get an offer. People ended up ok, just keep at it. Might require a masters or something but you're life is not over.
.
Pray that you’re at Barclays or Goldman
Any chance you know the conversion rates at those firms?
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