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 - Ind
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.

  • Prospect in IB - Gen
May 7, 2021 - 4:30pm

Also incoming SA at JEFF, this includes Summer Associates as well, so it's about 50 SA, 30 SummerAssociates

  • Analyst 1 in IB - Ind
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.

  • 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

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.

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Total Avg Compensation

June 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (202) $234
  • 2nd Year Analyst (114) $151
  • Intern/Summer Associate (97) $145
  • 3rd+ Year Analyst (27) $145
  • 1st Year Analyst (419) $131
  • Intern/Summer Analyst (337) $82