Intern offer rates

What are the offer rates for all the BB for ibd interns?

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Comments (153)

Feb 14, 2016

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.

Feb 14, 2016

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.

Feb 14, 2016

What about lower bb? Like DB CS UBS

Feb 15, 2016

BAML, DB, GS are low around 40-50%. Others are 60%+

Feb 27, 2016

delete

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Feb 27, 2016

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

Feb 27, 2016

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!

Feb 27, 2016
failureoflife:

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!

Goldman's FT conversion is much higher this past year. In the past the internship was somewhat 'cutthroat' to weed out weaker candidates. However, Goldman's new policy is retain young talented employees versus see top IB and S&T guys jump to the buyside. Although I still agree the other firms you mention still have a noticeably higher conversion rate than Goldman.

From friends at JPM, Citi, Barclays and a few others the average is in the 70%-85% range.

Robert Clayton Dean: What is happening?
Brill: I blew up the building.
Robert Clayton Dean: Why?
Brill: Because you made a phone call.

Feb 27, 2016
goodL1fe:
failureoflife:

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!

Goldman's FT conversion is much higher this past year. In the past the internship was somewhat 'cutthroat' to weed out weaker candidates. However, Goldman's new policy is retain young talented employees versus see top IB and S&T guys jump to the buyside. Although I still agree the other firms you mention still have a noticeably higher conversion rate than Goldman.

From friends at JPM, Citi, Barclays and a few others the average is in the 70%-85% range.

That is good to hear that they are giving more offers. I did always think the 50% thing was really harsh

Feb 27, 2016

Between 60-70% generally

Feb 27, 2016

Yea I think GS was around mid 60s this year from what I heard but I am not 100% definitely well above 50% though.

"Those who dare to fail miserably can achieve greatly"

Feb 27, 2016

GS conversion for S&T was above 90% this summer.

Feb 27, 2016

It was that high?!

Feb 27, 2016

I was told closer to 70%

"Those who dare to fail miserably can achieve greatly"

Feb 27, 2016

Also if you don't get an offer at one shop you do have a chance at others. I know someone who didn't get an offer at JPM that called GS and got an interview that day. Banks love poaching.

Feb 27, 2016

Was told by the recruiter (A.M.) who manages the program that it was 90-95%.

Ironically, right after she said that, she said "Why can't every year be that high?!"

Feb 27, 2016
azzyyyyy:

Was told by the recruiter (A.M.) who manages the program that it was 90-95%.

Ironically, right after she said that, she said "Why can't every year be that high?!"

Are you sure the recruiter wasn't referring to yield (i.e. % of those who are offered spots that accept)? I've heard from both an analyst and someone who is returning FT that GS S&T conversion this past year was 60-70%.

Feb 27, 2016

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.

Feb 27, 2016

.

Feb 27, 2016

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.

Feb 27, 2016
derivstrading:

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.

I agree with this.

Feb 27, 2016

DB used to be around 75-85% until a few years ago, not sure if that's changed in the past year or two

Feb 27, 2016

Anyone have any projections for this summer?

Feb 27, 2016

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.

Feb 27, 2016

'bout tree fiddy

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Feb 27, 2016

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.

Feb 27, 2016

Is it that much lower than IBD? 80-90%+ is the norm there for most firms.

Feb 27, 2016

Unfortunately, with the leaning of the business, yes - it's much more competitive during the internship process... IBD is 70% at lowest, but I was specifically told about a large firm this last summer literally taking 10% of its SA class.

Don't let it necessarily scare you away. If you want it bad enough and have what it takes, these numbers won't matter as much.

Feb 27, 2016

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.

Feb 27, 2016

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.

Feb 27, 2016

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.

Feb 27, 2016

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

Feb 27, 2016

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.

Feb 27, 2016

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.

Feb 27, 2016

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).

Feb 27, 2016

anyone know how Citi/DB/BofA hiring will be this fall?

Feb 27, 2016

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.

Feb 27, 2016

Lazard won't find until october, stop commenting on what you nothing about

Feb 27, 2016

CS fixed income NY

5 out of 22 received offers today

Feb 27, 2016
pchawl2:

CS fixed income NY

5 out of 22 received offers today

Holy shit...

Feb 27, 2016

joefish just tell us how everything is since you, the lowly summer analyst, know so much

Feb 27, 2016

really constructive, well done

Feb 27, 2016

and you have a track record of being constructive right? go ahead, enlighten us oh great summer analyst.

Feb 27, 2016

I do indeed :)

Feb 27, 2016

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.

Feb 27, 2016

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

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Feb 27, 2016

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....

Best Response
Feb 27, 2016
westcoaster:

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....

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Feb 27, 2016

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

Feb 27, 2016

.

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Feb 27, 2016

just finished my internship but firm is waiting 2 weeks to notify

IVY for Life

Feb 27, 2016

Hoping that some needs come up on desks during the fall...

Feb 27, 2016

Been very bad at Barcap in S&T-- 3/16 of who I've heard from

Feb 27, 2016

Citi took ~80%

Feb 27, 2016
GutShot:

Citi took ~80%

In IBD or markets?

Feb 27, 2016

RBS ~50%

GutShot is correct with Citi, JPM was low.. GS always overhires so they were low as well.

Feb 27, 2016

all the S&T interns this year are fucked!!

Feb 27, 2016
Spectro:

all the S&T interns this year are fucked!!

How so

Feb 27, 2016
Spectro:

all the S&T interns this year are fucked!!

just got my offer, babe.

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Feb 27, 2016
leveRAGE.:
Spectro:

all the S&T interns this year are fucked!!

just got my offer, babe.

You with BarCap?

Feb 27, 2016
DatGreyPoupon:
leveRAGE.:
Spectro:

all the S&T interns this year are fucked!!

just got my offer, babe.

You with BarCap?

Nope

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Feb 27, 2016

anyone got any idea about London FT conversion rates? I'm interning with Citi - expecting to hear on Friday

Feb 27, 2016

MS 40%, GS is rumored to be pretty decent even though they haven't officially announced offers, barcap about 60%

Feb 27, 2016

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.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Feb 27, 2016

yea are u guys talking IBD or other divisions in this post?

there was another thread regarding FT offer rates, and over there someone posted that the offer rates at Citi, Barcap, JPM were high in the 90s. whats this discrepancy about?

Feb 27, 2016
Feb 27, 2016

This is s&t, not ibd. That's why there's a discrepancy.

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Feb 27, 2016

So Citi took 80% in s&t? Seems high.

Feb 27, 2016

lol this thread is hilarious. LOSERS!

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Feb 27, 2016

I don't think these dismal offer rates are very funny. Not a very good sign for someone already in the industry as well

Feb 27, 2016

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

Feb 27, 2016

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?

Feb 27, 2016

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.

Feb 27, 2016

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.....

I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.

Feb 27, 2016

CS about 60 percent

Feb 27, 2016

MS doesn't look like they are interviewing anyone even though they posted

Feb 27, 2016

westcoaster: what do you mean?

Feb 27, 2016

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.

Feb 27, 2016

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?

IVY for Life

Feb 27, 2016

.

Feb 27, 2016

I know JPM off-cycle internships conversion rate for IBD in London figures are around 20-25%.

Feb 27, 2016

19.2351452% across the board

I didn't say it was your fault, I said I was blaming you.

Feb 27, 2016

Oh, just a specific number for all industries across all divisions across all banks across all regions?

Theres an excel function for that.

Feb 27, 2016

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

Feb 27, 2016

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.

Feb 27, 2016

At the sell day, they said very high, above 70%.

Feb 27, 2016

I'd agree. I'd say between 70-80%. Chances do not differ by group. Chances differ by performance/attitude.

Feb 27, 2016

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.

Feb 27, 2016

70% sounds about right

Feb 27, 2016

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%.

Feb 27, 2016

what is the bank with the lowest rate on the street?

Feb 27, 2016

i would think that some where between 70 and 85 would be pretty realistic across the Street.

Feb 27, 2016

my guess is higher than 75%, but definitely less than 85%

Feb 27, 2016

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.

Feb 27, 2016

Also interested.

Feb 27, 2016

Not sure if it was just HC or the whole office in SF, but it was 7/7 from what I heard

Feb 27, 2016

Double Post

Feb 27, 2016

Triple Post

Feb 27, 2016

anyone else?

Feb 27, 2016

From what I've heard, 75%-100% NYC depending on the group.

Feb 27, 2016

In EMEA it should be 1 offer every 2.2 interns

Feb 27, 2016

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

Feb 27, 2016

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.

Feb 27, 2016

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?

Feb 27, 2016

as far as i know for IBD was very good across the board

Feb 27, 2016

80+ across the board at my BB... 50% in some groups though, 100% in others

Feb 27, 2016
ibhopeful532:

80+ across the board at my BB... 50% in some groups though, 100% in others

makes absolutely no sense

Feb 27, 2016

Are the offer rates in BB usually this high?

Feb 27, 2016

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...

Feb 27, 2016
James07:

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...

Think about it moron

Feb 27, 2016
SirBankalot:
James07:

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...

Think about it moron

haha this was rather amusing

Feb 27, 2016

hahaha chances he works in IB?

Feb 27, 2016

bump

Feb 27, 2016

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.

Feb 27, 2016

full time recruting is going to suck

Feb 27, 2016

That 1/12 figure seems isolated from what I've seen

Feb 27, 2016

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?

Feb 27, 2016

ok its 3/15 now; this is for sale, trading and structuring roles.

Feb 27, 2016

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?

Feb 27, 2016

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.

Feb 27, 2016

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.

Feb 27, 2016

what's the offer rate?

Born in hell, forged from suffering, hardened by pain.

Feb 27, 2016

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...

Feb 27, 2016

Is this Goldman....?

I know a few BB's definitely had pretty high offer rates this summer (80%+)

Feb 27, 2016

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

Feb 27, 2016

bump

Feb 27, 2016

it depends on if you suck or not

Feb 27, 2016

your not going to be at one so who cares

Feb 27, 2016

Actually, I am. I thought you decided to leave WSO permanently. Why the change of heart oldtimer?

Feb 27, 2016

Also interested, seems like they're hiring fewer SAs but that might also mean fewer full time positions.

Feb 27, 2016

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.

Feb 27, 2016

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.

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