Wells Fargo S&T Conversion Rate

The conversion rate for S&T interns is between 60%-80%, depending on the year and the bank. This year was probably closer to 60% across the board. Some banks overhire and try to find who’s the best fit and is good, while others basically hire the entire class. 

On how to get a return offer. Banks usually run a rotational program where you rotate on 3~ desks for the summer, so I would first put your best foot forward to ensure you get placed on desks that excite you and vibe with. You can figure this out through the networking period and talking to people at the desks through calls. It sounds childish, but a common problem is interns find it hard to be engaged if they are bored by the product on the desk. Second, ensure you consistently perform consistently throughout your rotations because one negative review from one of your desks can sink your return. Typically, interns will find 1-2 desks they rotate on very interesting and have more robust performance on these desks and feel like they have the return in the bag because they will “just work for these desks.” But usually, these programs need multiple desks to indicate that the intern is desirable for them to qualify for a return. I think this is sort of a common system across banks, but each desk you rotate on will submit an evaluation of you, and basically, you can fall into one of three buckets: good fit for the desk and the bank, a good fit for the bank, and not a good fit for the bank. In a good year, you probably only need one good for the desk and the bank and two good fit for the bank or maybe even one, not a good fit. In a bad year like this, you probably need two suitable for the desk and bank, and the rest good for the bank. To ensure you get a return, the main thing here is to make sure at least one desk wants you to come back to work specifically for them, and none of your desks hate you. This is because HR needs to ensure that everyone they hire has a desk they can return to. In a generalist program where you come back to rotate again when you graduate, whether or not the desks you rotate on has headcount during your internship is not very important. But if it is one of those direct placement programs, headcount for particular teams is a factor. Another point here is each desk will probably hire 0-2 person a year just to make you understand the staffing needs of the S&T business here.

EQ is pretty important for this kind of internship, so make sure you are professional and understand that people will often ask you to do menial things for them (like picking up lunches and ordering coffee, etc.). Just do them without attitude and make sure to do them right; this goes a long way, and a sense of humility is highly valued in a junior at a bank.