Stern is widely known as a "finance school" or a "school for bankers" and it seems like the best place to be (outside of the M7) to get a position as a post-MBA associate. But, I was hoping if any Stern alumni could comment on how competitive banking recruiting is and provide what percentage of folks that recruit for banking actually get a summer internship?
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This is hearsay based off of previous posts I've read regarding Stern, but apparently it's a very competitive atmosphere for banking. I pulled up their 2016 industry placement report which states that 22% of accepted offers were for investment banking positions. These placements accounted for 55% of placements into financial services. Just under 46% of all positions accepted were filled through OCR (SA FT conversions), and the class size was 396. Without knowing how many people actively recruited you'd have to extrapolate a bit, but the numbers paint a pretty competitive picture.
Yeah I heard that it is very competitive and that being in NYC does not help because of the expectation for informational interviews.
Does anyone have any insight on Consulting recruiting? I'm assuming it would be similar.
What does this mean? That you're expected to do more networking on your own?
Current student here. I would characterize the atmosphere as cooperative and competitive: cooperative in that students do really help each other out (e.g. sharing tips and questions after leaving an informational, first- and second-years prepping for interviews together, and everyone generally sharing resources), but competitive because Stern does not follow the matching approach employed by other schools so events and the process in general can feel like a free-for-all at times. I don't have any official numbers about the percentage of students who get a summer internship, but my understanding is that over the past couple years, over 75% of students with investment banking interviews have received (but not necessarily accepted) a summer internship offer (huge grain of salt here, as I believe this is more of a floor).
You are correct that expectations for networking are more intense since we are in NYC, but career-switchers generally appreciated this because it means you can enter interviews with a more detailed understanding of the bank.
Overall, I would say the Stern approach is to give students more shots at more banks, with the downside being that the recruiting workload can be a bit overwhelming at times.
What other schools have the matching process (I think you're alluding to the 3 offer cap)? I thought it was only Wharton that has this process. I heard from a Career Services employee that CBS, Stern, and Booth (maybe some others) discussed implementing this, but chose not to.
I heard that Booth uses a matching process in addition to Wharton, hence the reference to plural 'schools,' but I don't have confirmation of Booth's policies and could be wrong there.
Could you explain this a bit further? Is this meaning that people are only allowed to interview for 3 different summer programs? I'd never heard of this until now.
Can you speak more on the matching process? I'm not familiar with the concept.
What % of the class pursues banking? Does it seem like a lot of people don't even get interviews?
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