Any interns sense they're not getting return offer? If so, why?
With SA season coming to an end, anyone out there concerned things aren't looking good for them regarding FT?
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No way to stand out unless you flood people with questions, since I'm not doing any actual work. Being less outgoing than average doesn't help.
No actual work? That's not great. Are you in IB or S&T? Or something else?
I feel like the people who are spamming people in their team for networking calls during the internship or asking tons of useless questions are the kinds of people that would be insufferable to work with, but I'm sure HR won't see it that way.
HR doesn’t make the decisions
HR makes the de facto decision based off the feedback they get from the various people you've worked with over the summer but that can, of course, be upturned if someone really likes/hates you, at least that's how it is at most banks I know
That depends on the firm.
Everywhere I’ve worked, HR does not make the decision. At my current firm, I make the decision, HR works with me to get the right communication, contracts, etc. But they don’t make the decision.
I doubt that. Most firms have a certain budget for payroll to allocate towards hiring. Mostly top HR is concerned with making those decisions. I don't think you can make the call that they will x number of full-time hires.
Again, firm dependent but HR isn’t making that decision (at least at my firm).
The budget set for my group is mostly set by me, the only “say” HR has (which isn’t even really HR but more of the corporate team) is the aggregation of the full budget and whether the firm as a whole is within the right range.
The way it works is: group heads meet to discuss what work will look like at the firm, what areas we think there are growth opportunities, etc. With that we map the work to what a budget would have to look like by groups, generally it is roughly the same with a little growth, outside of major changes (cutting entire depts etc). So I’ll look at that and what I think my group needs to in order to do that, how much attrition there is, etc and what I think that means for number of new hires. HR will help with any analysis.
After that I usually have X number of roles and Y dollars. With that hiring/firing decisions are made my the group heads/MD (with consultation from HR to make sure we aren’t screwing things up - I.e. risk to the firm because we are missing something about the case). HR doesn’t decide who gets hired, they have very little view into who is really great, I work with the senior people at my team and firm to make sure we normalize the feedback based on knowing the work that needs to be done.
Goya beans is 100% wrong don’t listen to him/her
I interned at BB, currently work at EB HR has no say
HR has ZERO say. Unless you made a racist or sexist comment, showed up to work naked, etc., HR has no say. When it comes time to determine who gets a return offer, its the bankers who determine who to bring back. Analysts and associates have some say, but unless one of them flat-out says "I cannot work with this person" the VPs and MDs are making the decisions.
In my team, they told me to keep reaching out and setting up calls with everyone and that it's the only way to get noticed.
I honestly have no idea and am pretty worried. Wouldn't be shocked if I got an offer and wouldn't be shocked if I didn't get an offer.
What makes you worried? Is it lack of communication? Has one of the FT'ers you did work for indicated he's been unhappy with you, or stopped communicating with you?
We don't have any real work to do. I just don't feel like I've been able to stand out or differentiate myself in anyway. But, I don't think the other interns have been able to either. All the FTers I've spoken to seem to like me but I'm still worried.
While I think I'm in an alright position (good feedback from analysts and doing some impactful work) I'm still a little anxious since the bank hired one of their largest classes this summer and corona so yeah... expecting a bloodbath
You don't think your bank, because of shortened season, is going to give out more offers than they usually would?
And do you know when your bank is letting you know? Is it last day, or at some point after internship is already over?
my bb gives out offers within a few weeks to a month after last day, so august
I’d like to think I’ve done well (only positive feedback for mid term review and felt the final presentation and case study went well). I’m just anxious because there’s so much uncertainty around the strength of the other interns on my team.
S&T intern here, but otherwise I feel exactly the same as you do.
When I was in banking, I did a lot of our intern/analyst recruiting / filtering. I can tell you that our joke of a HR department had 0 input on who got offer vs not. It was mostly up to the junior team since they are working directly with the intern but if senior people had meaningful interaction with interns, then they would also get a say. Of course, if a senior partner has a weird issue with someone, they can use the trump card but I haven't seen this happen.
Entirely true in my experience as well. HR sets up recruiting events and sends out the paperwork.
Honestly have no idea what to expect in general. My internship started quite late compared to even other banks so there's just that much less to go off of. On top of being more difficult to stand out, theres also how will the division decide to possibly adjust class sizes because of Covid. Wouldn't be surprised if I got a return or not, since for example I wouldn't be surprised if I dont get an offer if they decide to only take 50% of their interns. Wouldn't be surprised if I got it if they take 95-100% of interns(this is historically the return rate).
HR doesn't have a say unless there is a scandal.
Honestly the junior team probably has the most say.
VPs and up are rarely interacting directly with interns and that has been further exacerbated by WFH. So unless you do something to piss off more senior people, make sure juniors like you and you should be fine.
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