Moelis SA 2020

Prospect in Other

Moelis has made their summer internship program a 4 week program and also given all interns guaranteed full time offers.

Comments (93)

Apr 9, 2020
nontarget2021:

can confirm!

  • Intern in IB-M&A
Apr 7, 2020

This is true. Interns will be paid for the 4 weeks, but not for the weeks that were cut.

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Most Helpful
  • Intern in IB - Ind
Apr 7, 2020

Wow that's amazing. Wonder where all the disgruntled folks are who were slinging MS at kids for just saying direct FT conversions were even possibility. I remember explicitly saying that certain EBs are most likely to do this due to their already 85%+ return rates and relatively small class sizes and I was told by all these so-called experts that there was "100% no chance" of this happening.

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  • Prospect in IB - DCM
Apr 7, 2020

Moelis has historically had bigger class sizes compared to other EBs, no? Regardless, this is an unexpected but amazing move by the firm.

  • Analyst 2 in IB-M&A
Apr 7, 2020

No they are usually around 30 I think

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  • Intern in IB - Gen
Apr 7, 2020

I don't think so. The 2020 SA class for NY had a class size of 32.

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  • Associate 1 in IB - Gen
Apr 7, 2020

Nope, that's Evercore. Moelis, IMO, seems the most "safe" place to be, at least as an Associate given that they do both M&A and Rx out of their generalist pool (IDK about Analysts). Rx has a ton of deal flow so there will definitely be work to do for the interns to justify keeping the summer program, especially when 2nd year Analysts leave for PE

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Apr 7, 2020

HAHAHAHA they're hiding

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Apr 7, 2020

Analyst only or associates too?

  • Prospect in 
Apr 7, 2020

MBA student here - I believe it's for both

  • Intern in IB - Gen
Apr 7, 2020

Can confirm it's for analyst and associates across all US offices

  • Intern in IB - Gen
Apr 7, 2020

Can confirm.

  • Intern in IB - Gen
Apr 7, 2020

Wow, lets go!!! Hopefully this starts a trend

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  • Incoming Analyst in IB-M&A
Apr 7, 2020

Moelis was 80% return offer rate last year. NYC has 32 analysts starting FT this summer. Any of you interns know the intern class size? Would be interesting to see how much they are sizing up their analyst class for 2021.

  • Prospect in Other
Apr 7, 2020

Are they trying to expand their analyst class?

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  • Prospect in IB - Gen
Apr 7, 2020

They're aiming for ~36 for summer 21

Apr 7, 2020

What's your new start and end date? Is entire internship virtual, in-person or combo?

  • Intern in IB-M&A
Apr 7, 2020

Internship will commence July 6 and end July 31. Virtual for now with the potential for the 4th week to be at the intern's respective regional office.

  • Incoming Analyst in IB - Ind
Apr 7, 2020

Wow congrats to those going to Moelis. I think it's far likely for boutiques with strong RX platforms to do this - wouldn't expect BB to do this at all.

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  • Business School in IB - Gen
Apr 7, 2020

R.I.P. '21 Summer Analyst/Associate recruiting

  • Business School in IB - Gen
Apr 7, 2020

Really tho? I mean, if Moelis takes ~20 summer associates and traditionally has an 80% FT offer rate, it's really only given out 4 more associate offers than it normally would have. Would that really entail them to cut summer'21 recruiting entirely? I can understand if it's decreases slightly, but not an 'RIP Summer'21' situation, unless I'm missing something?

Not disagreeing, genuinely curious...

  • Business School in IB - Gen
Apr 7, 2020

I was definitely being overly dramatic. Think that recruiting will be down for MBAs next year anyway due to the current downturn (my base case is that the economy won't be back up to speed by the time MBA offers are given out in early-January). So if banks were going to have a small class due to the economic situation and they are also carrying a larger than normal class from the year prior, I think it's looking pretty lean. Tons of flawed assumptions in there but that's just how I'm thinking of it.

  • Intern in IB-M&A
Apr 7, 2020

moelis is the best brand

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Apr 7, 2020

Best brand for being a HUGE sweat shop with miserable juniors that can't wait to leave, having employees commit suicide, and having staffers do bed checks on the floor at 3am. Best brand by far!

Array

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  • Intern in IB-M&A
Apr 7, 2020

don't be jelly

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  • Intern in IB - Gen
Apr 7, 2020

Sounds like someone got rejected from Moelis lmaoo

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  • Prospect in IB-M&A
Apr 7, 2020

Hoping other EBs follow suit! Congrats to all the Moelis SAs.

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Funniest
  • Intern in IB-M&A
Apr 7, 2020

So does that mean I have no chance at FT Moelis offer?

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Apr 7, 2020

basically yea it's an L

Array

Apr 7, 2020

F

  • Intern in IB - Gen
Apr 7, 2020

Does this mean that Moelis won't do any 2021 FT recruiting?

Apr 7, 2020

pretty much

Array

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Apr 7, 2020

I can guarantee that there will be a lot of early departures from that class

Apr 7, 2020

Why?

  • Analyst 1 in IB - Ind
Apr 7, 2020

Most people think they want to do banking until they actually experience it. Hence why most banks usually have offer rates lower than 100%

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  • Intern in IB - Gen
Apr 7, 2020

This is awesome. Props to Moelis to being bold and a first mover. Hopefully other EBs follow suit soon.

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Apr 7, 2020

How about their EMEA & APAC intern class?

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  • Analyst 1 in IB-M&A
Apr 7, 2020

Ya very interested in hearing about the London class

Apr 7, 2020

also interested in london

  • Intern in IB-M&A
Apr 7, 2020

Sadly their EMEA operations are not performing as well ... I doubt the same happens to their EMEA cohort

  • Analyst 1 in IB-M&A
Apr 7, 2020

Could they afford reputationally to only do this for some regions though? just curious. It feels as if they do it for one region they must do it for the others as well. Have there been instances thus far where banks, that have already announced certain policies for the summers, have decided on different policies for different regions? genuine question bc I don't know

Apr 7, 2020

I wonder how much of this was driven by their somewhat poor reputation for junior treatment and using this as an opportunity to try and change that narrative. Pure speculation. Props to them for being proactive and congrats to those who got FT offers!

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Apr 7, 2020

Somebody please explain:

What's the rationale behind Moelis's move to extend FT offers, and why would this be the trend?

Thanks

  • Business School in IB - Gen
Apr 7, 2020

Hard to accurately judge interns in 4 weeks, so they're giving them the benefit of the doubt and extending FT offers. The global pandemic wasn't the interns' fault. EBs also tend to have high conversion rates (~80%+), so this really isn't that much more of an expense for them, compared to what it would be for, say, a BB

It's also good PR / avoids bad PR, since it shows they care about their people, etc. Like someone above mentioned, it's very possible they chose to act first out of their EB competitors to offset some of the negative publicity they received last year from that staffer email. Others feel free to add, just my $0.02

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Controversial
  • Associate 1 in IB-M&A
Apr 7, 2020

Very good friends with some guys at Moelis, and from hearing their stories, I have a feeling this isn't going to be 100% conversion rate. Moelis loves to throw the kitchen sink at people, and I can see the "virtual 4 weeks" as just an onslaught of modeling tests and mock pitch presentations.

Last year they hit them with an intern case assignment in one of the busiest weeks of the summer, and were not lenient at all with the grading, giving Ds and Fs on the models and pitchbooks the interns put together.

If you read the email (posted on Litquidity IG), it says "successful completion" of intern program. I have a feeling they are going to try and weed a few people out - not as many as normal - but I think a few will get dinged.

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  • Incoming Analyst in IB - Ind
Apr 7, 2020

Agree with this. Have heard similar things from those I know already at Moelis and two incoming FTs. Best of luck to the incoming SAs who think this means they get a cakewalk to an offer lol

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  • Analyst 1 in Other
Apr 7, 2020

False, it just says "completion" not successful completion. More importantly...the first sentence is literally "we are pleased to extend a full-time offer to you". There was no sneaky wording. They all got offers.

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  • Associate 1 in IB-M&A
Apr 7, 2020

Guess we'll find out come August - obviously this is pure conjecture - the summer was such a god damn slog for those poor bastards last year. Legit had it worse than every other group on the street, prob only tied with JPM M&A. I just can't reconcile that experience with this University of Phoenix online class that is getting pitched.

Who tf knows what the deal is.

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  • Prospect in IB-M&A
Apr 7, 2020

While I agree it's likely the virtual program will be intense, I'm fairly sure these kids have already received the offers, contingent on basic completion.

  • Intern in IB - Gen
Apr 7, 2020

I'm an incoming intern at Moelis and can confirm everyone got explicit full-time offers, regardless of performance on any "case studies" given during the virtual internship. Offer is just contingent on completing the internship a.ka. not doing something stupid to get you fired mid-way.

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  • Incoming Analyst in IB-M&A
Apr 8, 2020

I interned there last year and this isn't true. Case assignment was due after week of 4th of July which was a dead week. The grading was rough for the case, but they gave out offers to 80% of interns including many who got Ds and Fs.

Apr 7, 2020

Did they give you guys a deadline for deciding? Curious about these actual and potential FT offers -- will SAs still have ability/desire to explore other options?

  • Intern in IB - Gen
Apr 7, 2020

All the interns are having individual calls with HR next week and I'm assuming we'll find out the deadline then

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  • Intern in IB - Ind
Apr 8, 2020

.

Apr 7, 2020

Didn't the kids sign a summer contract? If so, then will the contract be revised? If new or addendum to contract, my guess is that there will probably be some contingencies to the FT offer.

  • Prospect in S&T - Other
Apr 7, 2020

Could other EBs follow? Couldn't really see BBs as conversions are never even close to 100%, but maybe for EB

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  • Associate 1 in IB - Gen
Apr 7, 2020

I wouldn't be surprised if other EBs followed. Low risk given the high offer rates and potentially huge reward to differentiate themselves from BBs + good PR for future recruiting classes. I think if at least one more does this the rest will follow suit... can't be the only one not doing it when you're competing for talent.

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  • Intern in IB - Ind
Apr 8, 2020

Could this happen at BBs too? My hunch is no but curious what your take is.

  • Analyst 1 in IB-M&A
Apr 8, 2020

How likely do y'all think MM banks with similar sized SA classes (Blair, Baird, Lincoln) would do this too?

  • Intern in IB - Gen
Apr 8, 2020

jefferies has 90% return rate. wouldn't be surprised if they do it.

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  • Prospect in IB - Gen
Apr 8, 2020

Congratulations to Moelis 2020 SA class!
Really sorry to all Moelis FT candidates.

  • Prospect in IB-M&A
Apr 8, 2020

i guess from the firm's perspective it's also great that they can retain talent by signing them on early! this pretty much prevents ppl from trying to lateral into competitors / buyside for ft

  • Analyst 1 in IB-M&A
Apr 8, 2020

Congrats to the Moelis SA's - a move like this will also paint the bank in a very good light for their SA's and any future incoming SA classes. Great PR all around and even better to be the first to do this

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  • Intern in IB-M&A
Apr 8, 2020

Is this ironic?

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Apr 9, 2020

text

Apr 11, 2020

What's the chance BB will follow suit?

Apr 11, 2020
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Apr 12, 2020
Apr 21, 2020