So, are we all screwed?

With the recession just around the corner, I have heard some grave stories from this years' (2019) SA classes. Apparently, MS HK gave out 0 FT offers for S&T this year, there have been stories on here too about Summer Associates getting no offers at all at some BBs in the US.

Others are apparently reducing hiring to prepare for the crisis (JPM is a prime example) or have even put hiring freezes in place for FT positions.

However, no one seems to really be talking about this?

Those of us graduating in 2021 will be entering the workforce right during the next recession (at least that appears to be general consensus) so what do our chances look like for 2020 SA conversion and 2021 FT recruiting if shit is already hitting the fan this summer?

What do you guys think, are there any ways to prepare to mitigate this? Any group choices you'd recommend?

Comments (18)

  • Analyst 2 in IB-M&A
Sep 25, 2019

Restructuring, obviously

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  • Intern in S&T - Equities
Sep 25, 2019

I think many people's POR is 2008. There's no reason to believe that the next downturn will be nearly as bad/prolonged.

Doubt SA classes will be severely impacted. If anything, VPs should be worried.

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Controversial
Sep 25, 2019

Good thing I'm graduating with money in my pocket (albeit shitty school), going to be fun watching everyone in student loan shackles while I travel the world after graduation.

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Sep 26, 2019

id rather have the student loans.

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Funniest
Sep 26, 2019

weird non-target flex

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Sep 28, 2019

The arrogance of Ivy league and the branding of a "shitty school"? Boy, you are going places!

  • Dr.Mikey Boi
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Sep 25, 2019

just make sure you get a good SA position or offer for FT - as long as you come into recession with some work experience and not just an MBA you'll be fine

Sep 26, 2019

To add some more colour to your point here is some info about London for Summer Analysts:
MS S&T: 13/50 interns converted
JPM IBD: 50%~ conversion, some people were really good too but just didn't made the cut.
Heard horrors at Jefferies, in S&T+ER heard one converted out of 15ish people I think.
Barclays was also quite low in S&T although I do not have numbers.

Sep 26, 2019

What's your guess on the numbers for s&t in NYC?

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Sep 30, 2019

MS Fixed Income S&T had pretty high conversion: 30/40. I believe equities S&T was similar but I don't know the exact number out of the 36.

Oct 2, 2019

Had a friend do Barclays S&T in NYC, said 56/80 converted, including the Quant program

Sep 26, 2019

seems like mostly S&T is being hit. Should those going into IBD be as concerned?

Sep 26, 2019

Heard most of Macquarie's S&T interns got a return offer this year - mainly bc they're killing it in commodities

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Most Helpful
Sep 26, 2019

if u can predict a recession, u dont have to worry about job security because u'd make a killing. stop speculating like a bitch and just work ur ass off

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Sep 26, 2019

S&T has been struggling for a while. Low conversion doesn't necessarily mean preparations for a recession.

The business is trying to become leaner and more cost-efficient, and has been for a while.

Sep 26, 2019

Maybe someone more experienced can chime in, but I don't see how IBD Interns converting to analysts would be in trouble as they are so cheap? Shouldn't VPs and above be more so concerned? Of course, I have also heard the same things about lower return offers so I may very well be wrong here as after all we are talking about intern conversions and not already trained analysts...?

Array

Sep 26, 2019
NotAnUndergraduateStudent:

Maybe someone more experienced can chime in, but I don't see how IBD Interns converting to analysts would be in trouble as they are so cheap? Shouldn't VPs and above be more so concerned? Of course, I have also heard the same things about lower return offers so I may very well be wrong here as after all we are talking about intern conversions and not already trained analysts...?

my response is harsh but so is the real world

dont be stupid, everyone is fair game

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Sep 28, 2019
Comment
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