Moelis SA 2020

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

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Comments (98)

Most Helpful
  • Intern in IB - Cov
Apr 7, 2020 - 3:31pm

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.

  • Prospect in IB - DCM
Apr 7, 2020 - 3:34pm

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

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  • Associate 1 in IB - Gen
Apr 7, 2020 - 4:28pm

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

  • Incoming Analyst in IB-M&A
Apr 7, 2020 - 3:56pm

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.

  • Intern in IB-M&A
Apr 7, 2020 - 4:28pm

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 - Cov
Apr 7, 2020 - 4:35pm

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.

  • Business School in IB - Gen
Apr 7, 2020 - 5:37pm

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 - 6:13pm

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.

  • Business School in IB - Gen
Apr 7, 2020 - 7:00pm

Gotcha - makes sense, thanks for that color. Only asking cuz I'm headed into an m7 program this fall, so I'm kinda starting to get worried about Summer'21 recruiting, for the same reasons you mentioned. That said, the school I'm going to is a target for Moelis and most other banks (Wharton/Booth/CBS), so hoping that plays in my favor a bit...

Apr 7, 2020 - 8:11pm

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!

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  • Intern in IB - Gen
Apr 7, 2020 - 5:47pm

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

  • Intern in IB-M&A
Apr 7, 2020 - 7:03pm

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 - 7:13pm

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 - 7:11pm

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!

  • Business School in IB - Gen
Apr 7, 2020 - 8:16pm

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

Controversial
  • Associate 1 in IB-M&A
Apr 7, 2020 - 8:28pm

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.

  • Incoming Analyst in IB - Cov
Apr 7, 2020 - 8:34pm

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

  • Analyst 1 in Other
Apr 7, 2020 - 8:43pm

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.

  • Associate 1 in IB-M&A
Apr 7, 2020 - 9:17pm

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.

  • Prospect in IB-M&A
Apr 7, 2020 - 9:06pm

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 - 11:57pm

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.

  • Incoming Analyst in IB-M&A
Apr 8, 2020 - 1:38am

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.

  • Prospect in S&T - Other
Apr 7, 2020 - 10:31pm

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

  • Associate 1 in IB - Gen
Apr 7, 2020 - 11:58pm

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.

  • Analyst 1 in IB-M&A
Apr 8, 2020 - 12:00am

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

  • Prospect in IB-M&A
Apr 8, 2020 - 11:52am

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 - 11:54am

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

Apr 21, 2020 - 12:42am

Anyone have any advice on how to study for technicals/ if we should expect a lot of stuff from outside the guide for Moelis SA 2021?

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Aug 1, 2020 - 12:07am

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  • Analyst 1 in IB - Gen
Aug 7, 2020 - 2:53pm

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  • Summer Associate in IB - Cov
Aug 7, 2020 - 2:59pm

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