How common is it to go from BB/Top boutique ER (2 years) to Top HFs these days; Summer Intern conversion %?

"kmkmkmoo"

"stormy54"

"kmkmkmoo" Is BB/Top boutique ER just not competitive anymore with IB for Top HF these days?

Most topics on this on WSO are from years ago.

Also, I read ER associates get hired on as-needed basis. So if you do a summer intern stint and perform well, it just comes down to spots? IE, nobody gets hired from the summer intern class is a possible scenario at BB's?

Thanks, monkeys.

I think it's definitely still competitive but it really depends on the team/subsector you get into at your firm. If you are an associate for a highly ranked II analyst you can still place into great buyside shops. Team I interned for at my BB last summer had people going to top hedge funds like Surveyor, etc.

And as far as getting hired on an as needed basis: from what I saw at my BB, about 60-70% of summer analysts got return offers (obviously varies firm to firm and year to year). But if you don't go through the summer intern program you're somewhat fucked. It's way harder to break in if you didn't do the summer program as firms prefer hire from summer analyst pools (they dump a ton of money into them). In this case it would be similar to what you're saying where there is only hiring on an as needed basis.

Great, great info. Thanks.

Slightly off topic: How will MiFID II affect 2018 and beyond hiring?

Hard to say at this point since I don't start at my BB until July 10. But I would think US ER will do relatively okay since the regulation is for Europe in particular. And a poster on a different thread was saying they are a recruiter and that that ER hiring has been up recently, especially at the associate level.

I would imagine that elite boutiques + BB ER are large enough to weather the storm for MiFID II (at the end of the day these large institutions have tons of resources and talent will inevitably be attracted to these firms for the brand name on the resume + bounce to greener pastures after 2-3 years). I think middle market might have a hard time and I could see niche specialist research shops taking market share from middle market shops.