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Career Resources
It depends on the bank, the group and the year. Some groups take almost all of their interns, some take very few. JPM traditionally has a high offer rate, where as GS is lower. But it changes from year to year. If you work hard and network, you'll probably end up with a job, even if it's not in your group.
Everyone always touts that BBs take 80+% of interns full-time, but in my experience as a summer analyst at a top BB, that's bullshit. Obviously, as mentioned above, there is great variation between bank return offer rates. But, I think the biggest factor is group. Some groups took every intern, while others literally took none.
During my summer, during a stable market year, I would estimate 60% got offers, so it's certainly far from a guarantee. That not withstanding, doing a summer internship at a BB exponentially increases your odds during FT recruitment, even if you don't get the return offer.
What about lower bb? Like DB CS UBS
BAML, DB, GS are low around 40-50%. Others are 60%+
delete
What are BB S&T Intern Offer Rates? (Originally Posted: 03/02/2015)
While doing some reading on offer rates, I've recognized that it appears that the consensus is that S&T offer rates are typically lower than those within IB. I was curious just how much lower do they tend to be at the bulge bracket firms?
Hey man. Actually most s&t and IB offers are equal at the BB's. Where the pay differs is end of year bonuses.
FYI- most BB's jumped first year analyst (IB and S&T) pay to: base: 85k sign on bonus: 10k
I could be wrong .__. But I think he meant the percent of interns that receive a FT offer at the end of the summer. I'm not entirely sure of the numbers, but I know it varies greatly by firm. I hear JPM, BAML, and Barclays S&T are around 70-85%, whereas other places like Goldman are around 50%. Hope that helps!
Between 60-70% generally
Yea I think GS was around mid 60s this year from what I heard but I am not 100% definitely well above 50% though.
GS conversion for S&T was above 90% this summer.
It also depends on the group. I had friends in certain groups at JPM that took only 30% for front-office roles and gave MO roles out such that the total offers added to around 75%.
Edit: Specifically I've heard equities are pretty cutthroat. Equity derivs because they're somewhat complicated and they want smart kids that will work 16 hours a day and cash equities because of the business climate for that space.
.
Honestly trying to take anything away from conversion rates is useless. Its a statistic that provides very little information. As an intern, your hiring chances boil down to: -your skill level -did you impress the right people -do the people that you impressed have space on their desk -did you impress them enough so that mngt will find a space for you
An S&T intern class can be something like 30 people, so the difference between a 50% and 75% conversion rate is like 7 people. Thats within a sigma of the average amount of useless kids that are hired as interns each year. When i hear 75% vs 50% conversion rates, first thing i think is that the intern quality was different, not that pre internship an individual with hindsight should have chosen the higher conversion rate bank because they had a higher chance of getting offer.
DB used to be around 75-85% until a few years ago, not sure if that's changed in the past year or two
Anyone have any projections for this summer?
Based on my experience with S&T rotational programs, as long as you don't do something really idiotic repeatedly or rub someone influential the wrong way you'll get an offer...
Being a stand out is something else, but it's pretty hard to not receive an offer at most places. Surprisingly, there will always be a number of interns that do the above and they end up being the ones who don't receive an offer more often than not. You'll hear about them too.
What is the FT offer rate for S&T? (Originally Posted: 12/10/2015)
Hi everyone,
I have done some searching on the forum but have not seen anyone post this in a few years; specifically for S&T. What are the current return rates for FT offers after SA stint? I know it varies by bank but in the current environment, I am just curious what the ballpark range is?
Thanks,
'bout tree fiddy
Truly depends on the firm. I heard some were at 10%, others at 50%, and some closer to 60%... Really can't bank on anything being concrete as headcount can swiftly change in the middle of the summer.
Is it that much lower than IBD? 80-90%+ is the norm there for most firms.
It also varies a lot from group to group. The group I'm in is notorious for taking way more interns than they need (like 12+) and only giving offers to 30% or so.
It's good for a firm to take more interns than they need. At least they are giving them trainings and these interns will have greater opportunities to land a full time job than those who even don't have a chance to work at a BB.
SA offer rates? (Originally Posted: 07/26/2008)
Know it's early, but i've been hearing about Lehman's first wave offer rate- a little higher than 50%? Can anyone verify? CS, Merrill, and first wave GS comes out this friday i believe. To those who have the power (i.e. 1st years and up) what do you think the rates will be? Obviously different per bank, but will most of the BBs go closer to that 50% rate that Lehman (or rather it's terrible condition) has set?
I am not definite on the exact percentage for Lehman Term 1; however, I do know that a good number of SAs were put on hold, something not common at the bank in past years.
I would not be surprised to see Term 2 have an even lower offer rate.
Are you sure GS SAs will find out Friday? If memory serves me correctly, they have waited until September to inform SAs in the past.
Anyway, I had a conversation with an SVP at my bank, and he believes many banks will have 50% offer rates this year; however, this is not confirmed, as we were merely sharing our views.
I'm almost positive GS is waiting until after labor day to inform summer analysts of their decision; they started doing that last year and are continuing. I think JPM is following suit.
Lehman's wave 1 numbers are indeed out. My friend got an offer and said the rates were a little lower than normal, but a lot of people still got offers
lehman was not 50%.. that wouldnt be enough analyst to cover their incoming class if they only went with 50% per term.
the numbers were more like 80% with the majority of the rest of the summers being placed on hold
plus there is no preference to term 1/term 2 summers. the firms idea was to take enough summers to replace the analyst class above them that will be leaving a year from now.
however, it is likely that recruiting for full time will be not be done.
80% is a pretty good number. It's a little more competitive at my bank even they we're on a hiring binge right now for asia at least.
JPM offers won't be given to SA's until September? I've heard otherwise...can anyone confirm either way?
I thought typically it's the second to last or last week of the internship when offers are given (early August).
anyone know how Citi/DB/BofA hiring will be this fall?
DB IBD - delaying offer communication. "interns will be notified of the offer status BY Sept 12th". it's gonna be rolling exploding offers i think.
Lazard - wont find out til Sept.
My bank is giving out offers next Friday. Things are not looking as good as they used to.
Lazard won't find until october, stop commenting on what you nothing about
CS fixed income NY
5 out of 22 received offers today
Holy shit...
joefish just tell us how everything is since you, the lowly summer analyst, know so much
really constructive, well done
and you have a track record of being constructive right? go ahead, enlighten us oh great summer analyst.
I do indeed :)
joefish is quite possibly the most useless guy and biggest laughingstock on WSO... pretty sure that every real banker has called out his bullshit at least once.
haha, if we're talking about ppl getting 'called out', look no further than b2 and his various BS stories, he's good for a laugh tho, i will give him that
SA FT Offer Rates Way Down (Originally Posted: 08/07/2011)
Last year, firms over hired and every kid who was half decent got an offer. Some small desks at my BB have 3 4 summers starting FT. This summer, the economy gradually drifted down and there is a lot of uncertainty surrounding everything so a lot of the desks at my BB who took summer analysts decided not to hire. I'm thinking the offer rate is going to be somewhere in the 50s compared to the usual 80s. Anyone else experience this?
At one BB known for having very high offer rates, the number of desks that are hiring is significantly less than were expected to be before this summer. Doubt it will be a summer where as long as you don't screw up you get an offer, although that is what they told us before we started....
JPM offers already came out... seems like they were scrambling to get some of the more talented onto desks that weren't exactly looking to hire. Also heard about some talented kids not getting offers
.
just finished my internship but firm is waiting 2 weeks to notify
Hoping that some needs come up on desks during the fall...
Been very bad at Barcap in S&T-- 3/16 of who I've heard from
Citi took ~80%
In IBD or markets?
RBS ~50%
GutShot is correct with Citi, JPM was low.. GS always overhires so they were low as well.
all the S&T interns this year are fucked!!
How so
just got my offer, babe.
anyone got any idea about London FT conversion rates? I'm interning with Citi - expecting to hear on Friday
MS 40%, GS is rumored to be pretty decent even though they haven't officially announced offers, barcap about 60%
I didnt think it was possible but i now hate threads like this even more now than i did when I was not in the business yet.
This is s&t, not ibd. That's why there's a discrepancy.
So Citi took 80% in s&t? Seems high.
lol this thread is hilarious. LOSERS!
I don't think these dismal offer rates are very funny. Not a very good sign for someone already in the industry as well
as someone who didn't get a ft offer from my SA BB it is a particularly terrifying time. There are only 4-5 S&T positions on OCR at my target as opposed to something like 40 IBD postings... bad news
Are there even any BB's really recruiting for S&T besides Citi? Since offers have been so low this year are most people looking into prop firms?
I know MS, C and Nomura are at my school. Those are the big ones, a boutique that is noted for IB is also recruiting.
I'm surprised MS is recruiting at all, giving the low conversion rate for interns this year...
No one's mentioned CS yet? Anyone hear?
Any ideas on where else to look? That covers pretty much all of the BBs... Too much risk to start at a prop shop.....
CS about 60 percent
MS doesn't look like they are interviewing anyone even though they posted
westcoaster: what do you mean?
Companies have a resume drop period then they typically give interview slots, in this case online it just went to resume collect, no signups afaik.
so have people on here that interned in S+T at banks and didn't get offers been successful yet in landing s+T ft roles, where are you guys looking for alternatives?
who's still left in terms of hiring at this point?
.
I know JPM off-cycle internships conversion rate for IBD in London figures are around 20-25%.
Intern Offer Rate (Originally Posted: 08/05/2011)
Any word on what % of interns have gotten offers so far? I know at least a couple banks announced.
19.2351452% across the board
Oh, just a specific number for all industries across all divisions across all banks across all regions?
Theres an excel function for that.
FT Offer Rates at GS (Originally Posted: 01/21/2014)
Does it differ by region?
What are the return offer rates for GS SF and GS LA compared to GS NYC?
not sure, but if you access the WSO Company Database - in the Company reviews we ask what % of the interns were offered FT positions. Haven't checked for GS, but it is one of the companies with the most data, so there may be some helpful data points in there.
good luck! Patrick
Offer Rates This Summer (Originally Posted: 04/29/2010)
I know a lot of people were expecting S&T FT offers to SAs to be higher than years past.
There has been a lot of talk of the Goldman hearings but not in relation to hiring summer analysts full time. With that said, the hearings made me seriously wonder if banks would reconsider their hiring bullishness - especially in S&T.
Your thoughts?
Not that I really have any great basis for this, but it would seem that as long as the banks are posting huge profits, particularly in FI, they will continue hiring. Goldman is still making a ton of money through the Securities division. Blankfein acknowledged during his testimony that financial regulation overhaul could be troublesome (although at one point he made it out to be a good thing, making the markets "safer"), it remains to be seen exactly what its consequences will be. My (educated?) guess is that as long as they're making money and Congress doesn't do anything to drastically change that, they will continue hiring.
Citi SA to FT offer rate (Originally Posted: 03/21/2007)
Does anyone know what the offer rates are like for Citi IBD SA? Are the chances better/worse by group?
At the sell day, they said very high, above 70%.
I'd agree. I'd say between 70-80%. Chances do not differ by group. Chances differ by performance/attitude.
Same here, my HR rep claimed they have the highest offer rate, and it's above 90%. I would tend to believe futureibanker's number more the one my HR rep gave though. 90%+ just seems way too high.
70% sounds about right
i have a good friend who is a vp at Citi and he said that they have one of the highest rates on the street and take around 90%.
what is the bank with the lowest rate on the street?
i would think that some where between 70 and 85 would be pretty realistic across the Street.
my guess is higher than 75%, but definitely less than 85%
for summer associates was 85% last summer. I'd imagine that analysts would be just as high if not higher. DB, CS and UBS offer rates were between 80-85%.
Show a good attitude, willingess to work hard and ability to learn, and show initiative. You'll get an offer.
JPM IBD FT Offer Rate (Originally Posted: 01/31/2012)
Anyone know the full time offer rate for JPM's summer IBD class last year?
Thanks guys
Also interested.
Not sure if it was just HC or the whole office in SF, but it was 7/7 from what I heard
Double Post
Triple Post
anyone else?
From what I've heard, 75%-100% NYC depending on the group.
In EMEA it should be 1 offer every 2.2 interns
JPM is known across the street for having a near 100% offer rate, which is why they consistently do next to zero FT recruiting every year
They do next to zero FT recruiting not because they convert 100% of they interns but because they take a huge amount of interns having Autumn, Spring, Summer and Winter internships.
How does it work for people doing autumn or spring internships? Are they still considered for the same intake as the summer analysts, i.e. Summer Analyst 2012 is considered for 2013 intake. Would a autumn or winter analyst be considered for the same intake?
Offer rates (Originally Posted: 08/15/2010)
What are the offer rates this year for summers?
as far as i know for IBD was very good across the board
80+ across the board at my BB... 50% in some groups though, 100% in others
makes absolutely no sense
Are the offer rates in BB usually this high?
why not? I mean I don't know which bank, but at my BB for example, some groups gave out offers to everyone, whereas some groups only gave 60% offers...
hahaha chances he works in IB?
bump
Low offer rate for S&T BB (Originally Posted: 08/12/2011)
So numbers are rolling in-- at at least one BB in S&T the offer rate has been very very low. 1/12 people that I've talked to so far-- all from major feeder schools. What is going on?
Is this for sales, trading or both combined? If its just for trading then Im not too surprised. Hiring was going to be low and trading has a fairly low offer rate as it is.
full time recruting is going to suck
That 1/12 figure seems isolated from what I've seen
I am not too familiar with Trading, but what are the chances for someone looking to get into Trading to start his/her career at a place like Glencore or Trafigura? With new regulations in place shouldn't this also be more interesting, given that you can potentially earn more money than one can at a BB for example?
ok its 3/15 now; this is for sale, trading and structuring roles.
Does the low offer rate for trading mean that there will be more openings for full-time recruiting or that they are not hiring at all?
I would assume it means no hiring at all. Only 4 postings for S&T vs 12 for IBD for OCR so far at my school to illustrate further. I fear for those of us interested in markets.
Some banks over hire in their intern class so it is expected that their offer rate is lower than the norm. On the other hand, there are other banks that don't overhire and thus they have a higher offer rate. Lot of factors that need to need to be looked at. As a whole, I think FT recruiting will be a mess. For those looking for FT, good luck- grind it out.
what's the offer rate?
Heard now it was about 55%-- not sure if this is true. Strange thing is nobody from a few schools got offers, my target school was 0 for 7...
Is this Goldman....?
I know a few BB's definitely had pretty high offer rates this summer (80%+)
Not goldman. Another bb. I've heard around 50% as well. Although there were a few put on hold from what I understand and 1 generalist offer given as well
Barclays/Citi/DB 2012 S&T Conversion Rate? (Originally Posted: 04/15/2013)
Hey guys, I was wondering if anyone had any idea about the conversion rate for Barclays/Citi/DB S&T this past summer (or prior to that). Thanks.
bump
it depends on if you suck or not
S&T Conversion Rates (Originally Posted: 03/18/2009)
What are the typical rates for a S&T SA to receive a FT offer across the BBs? What about rates specifically for energy/commodities S&T? What will the conversion rates look like for Summer 2009?
your not going to be at one so who cares
Actually, I am. I thought you decided to leave WSO permanently. Why the change of heart oldtimer?
Also interested, seems like they're hiring fewer SAs but that might also mean fewer full time positions.
now, your lucky they even give a Swingline stapler and scotch tape. Seriously, i heard that companies are beginning to cut down on office supplies.
Trading is not like banking. Every MD is given a set budget, they need spend this budget accordingly. So they will never overhire, why hire some dunce kid who ain't adding profits. They will never underhire, if some kid can bring you bank and more, why not pay him the analyst minimum?
Bottom line prove you can make the desk your salary and more, and you will receive a job, prove you will not and just bleed the desk and you will not.
It's not like banking, where you always need to hire "X" people. It's about if the talent is there or not.
If I'm not mistaken, I'm pretty sure most firms have rotation programs where you spend time on different desks until one decides to pick you up. Getting accepted into the rotation has nothing to do with an MDs budget
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