Summer Analyst FT Offers
I was wondering what the realistic chances of all summer analysts receiving FT offers if internships get canceled? Specifically in IB/S&T
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Dude, for the last fucking time, nobody knows. Probably very small, but nobody knows. Stop asking this shit.
A lot of us have been there. It would be nice to say everyone will get an offer- like apparently PwC has done, which I assume you may have seen which might provide some hope. However, PwC and the big four in general give offers to usually 95-100% of interns. I've worked both at a Big Four and at a BB and they are completely different when it comes to recruiting. It would be great to say of course everyone should receive an offer, especially when you can't even tell the interns apart when it's all virtual. The reality is that banks simply do not have spots for every intern. Over the multiple summers I've worked at a top BB it was always the case where there are 4-5 spots for FT and like 6-7 interns gunning for it- that's how they run things. Maybe this will be a wake up call for BB banks but I seriously doubt it, but one thing I can guarantee is that there is a zero percent chance of each intern receiving a FT offer automatically. It just isn't feasible.
So as a follow up how drastically lower do you suspect it to be? Since interns now are expected to be analysts in 2021+, banks can't exactly massively reduce hiring from initial plans.
I agree, they obviously can't cut the whole class. Honestly, this is an extremely difficult question that the top HR managers at the major banks are working through right now. In essence, there needs to be some type of assessment to weed out certain interns and I am not sure about what is the best way to do this- especially since certain roles require different attributes. Furthermore, the bank needs to project out its need for the following year, and adjust offer rates accordingly. I suspect that if things do not clear up by June (which might not be the case) that they will be forced to do virtual internships, at which point managers will make their best attempt to see which intern is best on the team. You will still be able to get on calls and produce work for the bank- and I've seen it happen before that there is zero care about selecting interns based off of "favorites" or something of the like. Basically, you will need to be very vocal on the team and get on the phone as much as possible with your intern sponsor I imagine.
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