S&T 25SA return assumption

Based on the most helpful WSO content, here are some insights regarding S&T return offers and desk selection:

1. Return Offer Rates:

   • Historically, return offer rates for S&T summer analysts (SAs) can vary significantly depending on the firm, market conditions, and individual performance. For example, during challenging economic periods or recessions, return rates tend to drop as firms tighten headcount.
   • In 2020, discussions on WSO highlighted concerns about return rates due to the pandemic and economic downturn. While no specific numbers for 2025 are available, the current market's volatility and economic uncertainty could lead to more selective return offers.

2. Desk Recommendations:

   • Rates vs. High-Yield Corporates: If you're concerned about market conditions, rates desks might be more resilient during recessions as they often benefit from increased trading activity in government bonds and interest rate products. High-yield corporates, on the other hand, could face challenges if credit spreads widen and defaults increase.
   • Equities: While equities have seen strong performance in recent years, automation and technology have reduced the need for human traders in cash equities roles. However, equity derivatives or structured products desks might offer more technical and less commoditized opportunities.
   • Fixed Income: Fixed income desks have faced headcount cuts in the past due to weaker bond-trading revenues, but they remain a core area for many firms. Consider desks with less liquid assets, as they are generally safer from automation pressures.

3. General Advice:

   • Focus on desks where you find the product interesting and the team supportive. Your performance and ability to build relationships will play a significant role in securing a return offer.
   • Be proactive in learning about the desk's products and market trends. Demonstrating a strong understanding of the desk's focus area can set you apart.

If you're still unsure, consider reaching out to current or former S&T professionals on WSO for more tailored advice. Good luck with your internship!

Sources: HELP: The Future of the S&T Job Market and Selecting the Right Desk, Getting an S&T Return Offer - A Survival Guide for Future Interns, Asian S&T 2020SA return offer rate, Getting an S&T Return Offer - A Survival Guide for Future Interns, The Efficient Career Hypothesis: Almost All Jobs Are Priced In