Jefferies Class Size

Incoming intern at Jefferies and wanted to just provide the class size, group, and locations as a data point for WSO. Reward with an SB if you enjoyed it.
Jefferies Class 2021
Looks like there is a total of about 117 IB summer analyst + summer associates. 85 of those are in NY (63 summer analysts, 22 summer associates) with SF and Houston taking a lion's share of the rest of them. Gotta admit didn't expect Jefferies to have such a big class size. Anecdotally have heard that SA 2022 is going to be even larger than this. 

Interested in hearing your thoughts. 

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Comments (57)

  • Intern in IB-M&A
May 7, 2021 - 3:51pm

Well, this is for the upcoming summer so obviously don't have numbers but would expect to be in-line or above historical numbers. Historically it's been ~95% and if you get an offer from Jefferies you have a full-time offer with your name written on it so as long as you don't screw up you'll get an offer. J-Noble, if I recall correctly, is for sophomore summer so I would expect a near 100% conversion rate for that for the next summer given how low the bar usually is. 

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  • Analyst 1 in IB - Cov
May 7, 2021 - 4:25pm

Very hard to believe they took 80+ IB SAs in NYC. Thought it was more like 40-50 max across M&A/ Coverage/LevFin/Restructuring in NYC. Especially after what they did this summer, doesn't seem accurate.

  • Analyst 1 in IB - Cov
May 7, 2021 - 4:38pm

That makes much more sense. This was incredibly misleading. Jefferies recruits differently than a BB, smaller range of core schools (seems to mainly just be Penn, Georgetown, UVA, Michigan, BC) for NYC and a bunch from noncore. Smaller process

  • Intern in IB-M&A
May 7, 2021 - 4:35pm

Yeah, it's actually 63 summer analysts and 22 summer associates. If by "what they did this summer", you are referring to the perceived ~50% return offers, that's actually incorrect. The SA-FT rate for SA 20 was about 95%. They came back and gave an offer to almost everyone within a month but couldn't do this before because of an internal hiring freeze.

  • Business School in PE - LBOs
May 10, 2021 - 12:24pm

What are you smoking? I joined JEF FT in 2016 as an analyst. My FT class had 55 analysts in nyc. Not surprised at all by these numbers...

  • Analyst 1 in IB-M&A
May 7, 2021 - 7:50pm

its the 8th largest bank in the world by revenue and people in this thread are surprised that there are huge analyst classes. go figure LOL

  • Intern in IB-M&A
May 8, 2021 - 1:21am

I think it is the 8th largest by revenue in IB but yeah I agree with you completely. I think people just don't realize how fast Jefferies has grown over the past 5 years (even 2 years). They have added a new group in IB (PCA), their usual groups have continued to do extremely well, ECM has boomed from the increase in SPACs and this is being reflected in the league tables, and lev fin is killing it too and they are also building out their RX rather quickly. It's almost like the bank is on steroids or something. I would wager that Jefferies has been the fastest growing bank over the past 5 years (both in terms of headcount as well as financial performance). There's no denying JEF's performance. 

The problem is that the reputation takes time to catch up to the actual performance. People still think of Jefferies like what the bank was like in 2013. Give it time and I think Jefferies' reputation will catch on in the next couple of years. 

  • Associate 3 in IB - Gen
May 10, 2021 - 11:53am

I think it is the 8th largest by revenue in IB but yeah I agree with you completely. I think people just don't realize how fast Jefferies has grown over the past 5 years (even 2 years). They have added a new group in IB (PCA), their usual groups have continued to do extremely well, ECM has boomed from the increase in SPACs and this is being reflected in the league tables, and lev fin is killing it too and they are also building out their RX rather quickly. It's almost like the bank is on steroids or something. I would wager that Jefferies has been the fastest growing bank over the past 5 years (both in terms of headcount as well as financial performance). There's no denying JEF's performance. 

The problem is that the reputation takes time to catch up to the actual performance. People still think of Jefferies like what the bank was like in 2013. Give it time and I think Jefferies' reputation will catch on in the next couple of years. 

Jefferies is a good shop, but I have never met an employee who was happy to work there. Ask someone what they think of senior management and grab your popcorn

  • Analyst 2 in IB-M&A
May 13, 2021 - 12:13am

Eh.. i work there. I mean the work/life balance is terrible, but still pretty cool to be working at JEF during this time. We've basically got experience with every single transaction out there (sell side, buy side, IPO, follow-up, debt, SPAC, etc.). Also, just won a sell-side bake-off where we beat out GS, Evercore, BaML, UBS, Guggenheim, and more. 

  • Associate 3 in IB - Gen
May 13, 2021 - 11:15am

Eh.. i work there. I mean the work/life balance is terrible, but still pretty cool to be working at JEF during this time. We've basically got experience with every single transaction out there (sell side, buy side, IPO, follow-up, debt, SPAC, etc.). Also, just won a sell-side bake-off where we beat out GS, Evercore, BaML, UBS, Guggenheim, and more. 

You just described working at a big bank - that's not unique to Jefferies. They certainly punch above their weight and are respected (albeit the attitude of the firm is definitely "chip on the shoulder"). However, beating out EVR/UBS/GS, etc. is entirely group dependent at JEF. Working at Jefferies is about as "cool" as working at BofA or DB since everyone is doing the same exact types of deals.   

  • Intern in IB-M&A
May 13, 2021 - 12:42pm

BofA, yeah. DB, no. DB barely has an ECM with a pulse, and has become more or less a bank that uses the balance sheet to win business. At Jefferies all of the product groups are super strong and you can also work at on RX deals. That's not something you can say about a lot of banks. Some have a BS and also M&A, others have M&A and RX but no BS. Jefferies has a BS and M&A and RX. There's only a couple of banks like that that come to my mind.

  • Associate 3 in IB - Gen
May 13, 2021 - 1:08pm

Jefferies does not really have a "balance sheet". They have a JV with Mass Mutual that they call Jefferies Finance, which actively loses money on revolvers, etc to try and win capital markets business. Don't get me wrong, it is a good bank - but this is the "chip on the shoulder" mentality I am talking about...it's not nearly as bad as RBC analysts on here trying to call themselves a "BB" even though RBC is most definitely a MM. JEF is for sure a tier above RBC though, as RBC isn't trying to achieve BB status like JEF is.

Most Helpful
  • Analyst 1 in IB-M&A
May 13, 2021 - 1:46pm

Going to have to disagree with you on a few points.

1) "JFIN actively losing money on revolvers" is a misleading although somewhat true statement. JEF engages in very few investment grade issuances and the DCM team really only does IG bonds and revolvers at low dollar amounts, typically around $500m. JEF IG Finance isn't really a huge part of the business model like it is for debt powerhouse like JPM. The vast majority of what JFIN does is CLO management and buying/being the guarantor for LevFin's extremely leveraged underwritings. This is VERY different than what you described as losing money on revolvers as JFIN does very little of this (at the IG level) and is primarily investing in highly levered leveraged loans off the Mass Mutual balance sheet. 

2) "Exact same type of deals at BofA or DB" is also a very inaccurate statement. On average, buy-side and sell-side M&A deals are going to be significantly smaller at Jefferies vs BofA, although this is group depending. ECM work at the two will be similar. Those on the coverage side at JEF will see very, very little work in IG debt vs BofA. On the M&A side you can expect BofA's deals to have more strategics vs JEF as well as larger deal sizes on average. LevFin is probably the closest when comparing the two as they are top competitors along with CS, however Jefferies is going to be doing far less HY-bonds than BofA and far more US sponsor backed leveraged loans at higher ratios. Additionally sponsor deals are going to make up a MUCH higher % of transactions across groups for Jefferies than typical BBs. The biggest point here is that the types of deals that Jefferies does can often be much more complicated or "hairy" compared to other banks as they tend to far supersede traditional leverage levels that most BBs are willing to go (typically >6.5x). This is what the JEF business model is all about and how they win deals from sponsors that say a more conservative levfin team like JPM wont be able to touch per their CC guidelines. Jefferies as a non-bank institution can easily surpass this and it's what has won them deals over the past few years. These levfin deals also create opportunities for the M&A team that can in turn sell the portfolio companies they just LBO'd 5-10 years ago. This is why Jefferies has seen explosive growth over the past few years as sponsors are now starting to exit their investments that were financed by Jefferies LevFin ~2013 when bank lending guidelines got more stringent and non-bank arrangers exploded onto the scene. Look into the 11.0x Revlon deal that was done last year. What other bank is going to do something like that?

3) In terms of the "chip on the shoulder" mentality, I'm not going to say that's entirely inaccurate. I think that attitude will change as Jefferies starts to get more recognition for its place in the industry. Jefferies looks very different today than it did 5-10 years ago and opinions/reputation tend to stick around a little longer than when results are recorded. 

  • Intern in IB-M&A
May 9, 2021 - 2:20pm

At the internship level the NY intern class is generalist across all groups (except those listed separately here). So, don't have a specific number sorry.

  • Prospect in IB-M&A
May 9, 2021 - 7:57pm

Hey can anyone provide insight on what their target schools are or how the JEF class is divided by schools (if you have that info), thanks

May 12, 2021 - 5:26pm

Thanks for doing this! Do you have any data available on Associates by chance?

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
  • Intern in IB-M&A
May 12, 2021 - 5:37pm

OttoReadmore

Thanks for doing this! Do you have any data available on Associates by chance?

Here you go: 

IB Associates split

May 12, 2021 - 10:57pm

Thanks for uploading!

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
  • Prospect in IB-M&A
May 12, 2021 - 5:46pm

I wish someone would do this for the other banks. I kinda screwed myself by applying to regional offices thinking it would be easier than NY.

  • Analyst 1 in IB-M&A
May 12, 2021 - 5:53pm

I am also part of this class at Jefferies at a regional office and just fyi everyone in my class is from a school that office recruits at. I am about 80% sure there aren't any non-targets in the SA 22 batch either. I have first-hand seen people (specially those from the usual targets) have the misconception that it'll be easier to apply to a regional office. If anything I think it is more difficult. That's because the spots are much fewer (so you have fewer apps but also fewer spots). Given the OCR relationships that the bank has with universities, they'll try to get at least 1 from the uni and that really fills up all the spots. 

  • Prospect in IB-M&A
May 12, 2021 - 6:11pm

Yeah, it's very misleading but you only learn. I thought NYC would be swamped with applications and it would be easier to get into a regional office; however, really not the case.

  • Intern in IB-M&A
May 13, 2021 - 11:28pm

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