are banks really not hiring for the fall?
We've all read about the cuts that's taking place in BBs left and right. My question is, are banks really not going to recruit at schools this fall?
Has it gotten so severe that Morgan Stanley would say to Carnegie Mellon, "ok we've only got 1 spot for you guys, that's it. no ifs, buts, no exceptions, 1 means 1".
I spoke with someone at GS and was told that they aren't allowed to recruit at non-targets at all.
I heard the same thing. Sucks because I am a non-target. Hopefully, the market turns around by 2010.
non-target meaning not on Goldman Sach's defined etched in stone list of X schools or a general "state university of maryland college" non-target?
targets in my opinion are closed to the Ivy's plus 4 or 5 top business school programs
Stanford? Duke? MIT? Chicago? UT Austin? Northwestern?
No one cares about your opinion.
im also curious about what are the most heavily recruited target, non-ivys?
Georgetown, Michigan (Ross), NYU seem to do well too
ms went to schools this past year with 0 open FT slots
I heard from a career services associate at my alma mater say that B of A (at least in Charlotte) would hire only from their summer intern class. They would not be actively recruiting on campus.
MS made this fuss about coming to our school for full-time recruiting, but when i asked a friend, he said that they really didn't have plans to take on anyone full-time. i think it's more of an issue of "maintaining presence" in anticipation of the hiring binge that is to come once the economy returns to normalcy.
it'd just be better if they said straight up, "we're not hiring, but also don't want to piss off career management by not coming back to campus for full-time recruiting."
Firms pay schools to use their on-campus facilities for recruiting and interviews. There is considerable competition for spaces and certain dates. The heavy hitters such as BBs and prestigious firms in other industries typically get the number of rooms they want on the days they prefer. So a firm reneging on its long-standing relationship with schools for a year because of market difficulties or lack of space isn't really practicing good business. Schools lose out on revenue that can't be easily replaced for that year, which they aren't happy about. In return, the reneging firms aren't likely to receive such favorable treatment in future years, thus harming their ability to recruit. That's why they come and go through the motions of interviewing without any intent to hire.
i'm a summer at ms, and i can say with near 100% certainty that we're shutting down ft recruiting and hiring almost entirely from the sa class. the same goes for lehman.
yeah I guess as an SA, you would really be in the best position to judge the analyst hiring strategy for the coming year...
I bet you're doing a HR internship!!!
idiot. i talk about this stuff with my staffer on a weekly basis.
HOLLYY SHIITTT
HOLLYY SHIITTT, im too fucking scared
So what your saying is for FT hires starting Summer of 2009, no one is hiring outside their internship program?
basically, yeah. it sucks, and i feel incredibly lucky to be here now. however, this isn't anything new, and it seems that more and more firms are moving toward cutting back in the fall and simply hiring a larger percentage of their summers. lehman has actually all but eliminated fall recruiting, choosing instead to have two summer classes. we've only got one, but unless your last name is mack or chammah, youre probably not gonna be at ms unless you're here already.
Multiple banks did this at Yale this year. I know of no more than five kids hired to BB's in the fall recruiting last fall. Lehman and Deutschebank didn't even come and I know for a fact Citi and Bear hired no one. No BB's hired more than two kids and I doubt there is any way more than ten got hired in fall recruiting at Yale.
Digressing a bit from the topic:
What about winter/spring recruitment for SAs? I'll be heading into my junior year this fall ( at a target ).
At UT Austin, both Lazard and CS already has spots on our recruiting center to drop resumes for FT, once the school year begins.
DB intends on filling their FT class with SAs as well.
What a nightmare.
So basically you are f'd if you don't get an offer or are interning at a place you don't want to work at FT.
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