How will COVID-19 impact the 2021 SA class?

Current sophomore recruiting for 2021 SA positions right now. The economy isn't doing great and I'm wondering how people think it will impact the size of the intern class next summer? Has anyone heard if there are plans on downsizing? Most bulge brackets and other banks don't recruit until later in the summer and I think it's going to get even more competitive.

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Comments (12)

  • Intern in IB - Cov
May 23, 2020 - 3:56am

They might take the same number of SAs but adjust down the road when they give out return offers

  • Intern in IB - Gen
Jun 12, 2020 - 4:26pm

While they could do that, it would be cheaper to not have to recruit and bring them in for the summer. 99% of places would rather just take a smaller SA class.

  • Prospect in IB-M&A
May 23, 2020 - 4:48am

At my non/semi-target school, there's a program where kids get pushed by certain alumni at a variety of banks every year, which usually guarantees at least one to two kids get placed at the alumni's banks every year. So far for SA21 recruiting, alumni at three different banks have said they can't push anyone this year as there aren't enough allocated non-target spots anymore. One of the few major banks that does OCR and has historically considered my school a target has said that they aren't sure if they're going to continue recruiting here in the fall. And another major bank that does OCR completed non-diversity first rounds at the end of March, notified everyone who got a superday, but has now held off any scheduling any of their superdays till June.

Purely anecdotal, but seems to me that class sizes may be smaller, banks are pushing off recruitment and determining class sizes until they see how things pan out, and non-target and non-diversity kids may find things a little bit more difficult this year.

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  • Prospect in IB-M&A
May 23, 2020 - 12:33pm

I got a superday, and then they froze hiring and cancelled it. So intern classes are going down and there are hiring freezes :(

  • Intern in IB - Cov
Jun 12, 2020 - 12:13pm

Current summer analyst at a MM that's fully expecting to downsize their 2021 summer class. Have also been talking to alum at other banks (was considering FT recruiting which doesn't seem like a real possibility anymore), and I've heard pretty much across the board that there will be less spots for 2021 interns.

Jun 12, 2020 - 12:46pm

FWIW, we've hired our entire SA 2021 class already (regional BB) and it is the same size as in past years. This will likely be bank and group specific.

Be excellent to each other, and party on, dudes.
  • 1
  • Intern in IB - Gen
Jun 12, 2020 - 4:25pm

It really depends firm to firm. Some firms only offer the number of spots they would be willing to convert, others are more competitive. I know 100% that some of those places that offer same # SA as FT have decreased class sizes.

For the most part, non-targets are gonna get killed this year. Which is a shame, because I think Non-Targets have some of the strongest applicants.

  • Intern in IB - Cov
Jun 12, 2020 - 4:36pm

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