Comments (153)

Apr 17, 2020 - 7:44pm

Where did this narrative develop that GS/MS intentionally overhire and have low offer rates. The couple peers in my group this past summer who didn't get offers were borderline useless at best and did not deserve the opportunity to come back. But there were several total duds (both in terms of output and attitude) who got offers... not sure this is accurate today (if it ever was)

  • Prospect in IB-M&A
Apr 16, 2020 - 12:13pm

I told you. JP/MS/GS DON'T have the need to give everyone a FT offer. I also heard from a friend that there won't even be groups for the summer. Also an Associate friend of mine told me that it is going to look absolutely brutal with offers this year... I always told you!

Apr 23, 2020 - 1:19pm

More shockingly, going to college in 2020 using a 2012 Macbook. It would be like me going to college using Windows 98. Come on, bruh. Take 1 week's internship salary and buy a halfway decent computer...

Be excellent to each other, and party on, dudes.
  • Analyst 3+ in IB - Ind
Apr 16, 2020 - 12:30pm

I never understood why so many incoming interns were convinced that all the BBs will extend FT offerings just because Citi did so.

From the BB's perspective, they will try to opt for maximum flexibility. Which means they will try to hold off on giving FT offers as long as possible so they have a chance to assess the business situation a few months down and what headcount should be.

The truth is that one of two things will happen:
1. Near 100% retention rate all almost all of the interns get FT offers if the BBs think that business outlook is quickly become favorable again - in this case the virtual internship basically counted for nothing
2. Business outlook worsens and BBs expect long recovery; this case, retention rate is drastically lowered to maybe 50% FT (or less) offers given out

My BB has said they will try to accommodate interns who have difficulties with WFH. But it's starting to sound like automatic FT offers is not a possibility. Incoming interns at Citi are extremely lucky.

  • Incoming Analyst in IB - Gen
Apr 16, 2020 - 12:33pm

The lack of offers was foreseeable... I wrote multiple times that the top tier banks have like 50-60% offer rates- so it would be impossible for them to extend FT to everyone. I suspect this virtual program will end with a massive presentation in which the interns will get grilled on technicals and those that understand their role the best will get offers. I was an intern at JPM/GS/MS and they did this in person to weed out weak interns in the last couple weeks because they had all been performing well and needed something to differentiate them based on. Good luck- let the hunger games begin lmao

  • Incoming Analyst in IB - Gen
Apr 16, 2020 - 2:16pm

It's basically just like a case study. They will probably give you a certain deal to analyze, M&A, LBO, etc. depending on what group you're in. Then you will have to create a presentation that outlines various components of the deal process: whats involved, explanation of the business and its industry, create an operating model/merger model/LBO model. Then you will most likely present this to your intern manager and various members of the team (analysts, associates, etc.) At the end they will ask you questions which are probably extremely difficult in order to see who really knows their shit. Then after they deliberate, they will combine all of their info about your responsiveness, effectiveness taking notes, etc and once they are told how many analysts they are allowed to take for next year they will make a decision on who to extend an offer to.

Apr 16, 2020 - 3:09pm

My original official end date is end of July (for the office in my country). I can't extend beyond to mid August due to some mandatory school commitment (some program). Do you think they would be okay w my commitment of just 4 weeks? I really hope they don't drop me because of my inability to work till mid august

Apr 16, 2020 - 4:14pm

I bet Citi is kicking themselves in the foot thinking "F***, we didn't have to do that" now that other banks aren't following them

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  • Intern in IB-M&A
Apr 16, 2020 - 4:40pm

Citi was never competing with the likes of JP/GS/MS, most opinions from the get go pretty much agreed that these banks with larger SA classes and lower conversion rates would be the last to give auto offers. The pressure is being applied more so on the mid-tier BB's, and in all honesty regardless of whether the other banks copy or not, I know for sure that this whole fiasco has put Citi in a much better light to all current/incoming interns and speaks volumes about their culture. I know interns who picked their BAML offer over Citi this year, and you can bet that's not going to be the case next year so bravo to them. I can only imagine how grateful the incoming Citi SA's with auto-offers feel, and I think that's going to show in their work rate and loyalty towards the firm in the future.

Apr 17, 2020 - 3:01pm

Hey y'all, I'm one of the summer analysts in the GFBM program. It seems that we're doing the internship fully remote. Does this have an impact on FT offers they'll give out during the end of the summer? I'm a bit surprised JPM didn't follow through like Citi or other major banks. We're only working from early July to mid August, so time is of the essence. I'm a rising senior and hoping to land a FT offer, however, it seems tougher by the day. Lmk your thoughts or advice I can use to my advantage.

Apr 17, 2020 - 11:45pm

Hi, I am also an incoming summer analyst in the GFBM program. I don't believe I can offer advice nor PM you but I figured it's good to identify who's together (since we're in the same program).

I would imagine that being attentive, diligent, and really just trying your best given the circumstances will have some weight with the decision makers. Just my two cents.

Apr 21, 2020 - 10:53am

Look - make up your mind to see everything in a positive light. Stay in shape and you'll wear those nice new clothes. A second monitor is a very worthwhile, inexpensive investment...even a laptop is if need be. Think long-term. This position at this firm is going to be a huge boon to you, your resume, your career if you make it work for you. You are talking pennies compared to thousands long-term.
So many students who have hustled are going to miss out on opportunities because of this crisis - you are the lucky one. Best thing is to be super excited and motivated, and remove all the critical, negative, complaining thinking.
The fact that a top institution who's CEO almost died a few weeks ago and is down 59% is even worrying about "doing our best to give you a meaningful internship experience" is off-the-charts fortunate, amazing and fabulous. Be GRATEFUL! ; )
Good luck, knock em dead - get the monitor, you can even get second-hand from Craigslist -

  • Summer Associate in Research - Other
Apr 21, 2020 - 5:13pm

How were return offers for AI/ ML summer program last year? How would it be this year? Would data scientist full time conversion have any effect?

  • Intern in IB - Ind
Apr 24, 2020 - 2:51pm

It depends on your tax bracket and withholding status. You'll pay taxes on it next year most likely, and that amount will depend on your marginal rate after your earnings in 2020. Previous housing stipends I have received from internships were always the full amount, with no withholding, and I paid taxes on it the following year. On the other hand, some companies I know pay a bit extra to compensate for taxes (they guess what your marginal rate will be based on the internship earnings) or they issue it as part of the paycheck and you do not get a 1099. Either way, if it's a stipend, you don't have to pay Medicare taxes etc. on it -- just income taxes.

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