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Recruiting massacre

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Senior Manager
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 05:10
The bank that recruited the most at Wharton in IB for London (not including S&T) recruited 3 people, just to give you an idea. I don't know the figures for NY; they are typically higher, but I suspect that no bank recruited more than 3 people even for NY. Moreover, all the people I know that got offers already had banking experience.

I have a feeling that next year will be a bit better, but I really don't know how this market is going to evolve. Those who do manage to get jobs in these conditions though are well positioned for the future, in the sense that there will be a gap in that recruiting year.

Anyway, tough times, especially for career changers.
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 07:29
I have always been under the impression that the vast majority of people with prior banking experience (former analysts) want nothing to do with going back as associates. Therefore, most people going into IB post-MBA were career changers. Are you guys just saying that those people are sticking with it just because they are too scared to make a change now?

Also, I think you have covered the IB situation pretty well now. What did consulting recruiting look like? My guess would be recruiting numbers were flat to slightly down with a lot more people trying to get those spots (more competition). Is this accurate?
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 07:53
maverick2011 wrote:
Also, I think you have covered the IB situation pretty well now. What did consulting recruiting look like? My guess would be recruiting numbers were flat to slightly down with a lot more people trying to get those spots (more competition). Is this accurate?


That about sums it up, yea.
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 07:59
mav, from what I was able to gather from the consulting club folks I talked at Kellogg, it really depends on the firm and how they choose to handle their numbers (in terms of down sizing). Some firms will cut back on intership offers and keep full time offers steady, while others will keep the internships constant and limit the number of full time hires. Don't ask me to talk any type of firm specific information though. Perhaps we have some other folks working in the industry, or are at school right now that would care to chime in. I would guess though, as a whole, MC numbers are down this year as well, though I didn't get the impression that it was nearly as bad as IB.
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 08:00
rhyme wrote:
maverick2011 wrote:
Also, I think you have covered the IB situation pretty well now. What did consulting recruiting look like? My guess would be recruiting numbers were flat to slightly down with a lot more people trying to get those spots (more competition). Is this accurate?


That about sums it up, yea.


Opps, didn't see this post. I guess that answers it.
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 09:24
maverick2011 wrote:
I have always been under the impression that the vast majority of people with prior banking experience (former analysts) want nothing to do with going back as associates. Therefore, most people going into IB post-MBA were career changers. Are you guys just saying that those people are sticking with it just because they are too scared to make a change now?

Also, I think you have covered the IB situation pretty well now. What did consulting recruiting look like? My guess would be recruiting numbers were flat to slightly down with a lot more people trying to get those spots (more competition). Is this accurate?

I think with the IBing jobs were so few this year that the small percentage of people who want to return are the ones getting multiple offers and lots of career switchers...even ones with amazing profiles are striking out.

Here at Kellogg its hard to say how numbers will be MC internships. People are pretty quiet about their success so they dont upset classmates, they definitely do post offers in front of our career management center like at some schools which is definitely appreciated by most people here. I think that the number of people chasing MC here did not change drastically, it was up but I think that the people who originally planned on doing IB ended up spreading themselves out. I know people who decided to go into very different things like marketing, GM, high tech, and a bunch to corporate finance.

As for the overall success, I know a lot of people who have gotten MC offers. Overall it probably wont be as strong as a few years ago but I think the turn around on any downswing in MC will be much faster than IBing.
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 11:10
Audio wrote:
The bank that recruited the most at Wharton in IB for London (not including S&T) recruited 3 people, just to give you an idea. I don't know the figures for NY; they are typically higher, but I suspect that no bank recruited more than 3 people even for NY. Moreover, all the people I know that got offers already had banking experience.

I have a feeling that next year will be a bit better, but I really don't know how this market is going to evolve. Those who do manage to get jobs in these conditions though are well positioned for the future, in the sense that there will be a gap in that recruiting year.

Anyway, tough times, especially for career changers.


If you do not mind me asking, could you tell us how many were applying for the IB positions in London?

Also, 3 is a low number, and I am not familiar with IB recruiting, but I do know the size of the incoming Wharton class. Could you approximate how many people were gunning for IB, and how many actual firms come to hire? For instance, 3 hires is small, but if 4 BB banks and 20 boutique banks come to hire 2 spots each, then the playing field changes.

Thanks
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Re: Recruiting massacre [#permalink] New post 13 Feb 2009, 13:05
89k - I doubt that is a question that can be reliably answered.

In the way that applications go, a firm number of how many apply will be really tricky. I would expect that 12 or 24 interviewed for each position, and maybe 40 or more applied. That is just my guess, but given the size of Wharton's class the applicants could be higher.

Three would have been what I would have expected in the past from 24 interviews and maybe 60 applicants for S&T if things went well (this year it seemed to be one or two).
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Re: Recruiting massacre [#permalink] New post 14 Feb 2009, 12:44
Not too much detail, but according to Dee's blog, 77% of people seeking employment in HBS' class of 2009 have offers so far. Obviously doesn't let us know if people got the jobs they wanted or not though but interesting figure nonetheless. Anyone at other schools have similar numbers?

Class of 2009 Employment Update
Date: February 13, 2009

You don't need me to tell you that these are unusual times. As you are thinking about your future, it may be interesting to hear news about how our Class of 2009 is faring in the job search process.

We've heard from 88% of the Class of 2009 - there are always students in the class who are going on to other degrees, returning to sponsoring companies, etc. As of today, 77% of those seeking employment have received offers. I don't have any more details to offer at this point, but we are proud of both our students and our Career Services team who have helped many of our students discover and pursue their dreams and find new opportunities in the midst of great uncertainty in the market. It is still months from graduation and companies and organizations continue to be a big presence on campus - spring will be lively here at HBS. We will provide updates as the season progresses.

http://www.hbs.edu/mba/admissions/blog.html
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Re: Recruiting massacre [#permalink] New post 14 Feb 2009, 17:41
One thing that might (or might not) be of interest to people here is that while recruiting is down for everyone, it is especially bad for international students. Just because there are a number of companies who do not sponsor visa's and even some that used to and now are not willing to take on the extra cost.
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Re: Recruiting massacre [#permalink] New post 14 Feb 2009, 18:02
bball wrote:
Not too much detail, but according to Dee's blog, 77% of people seeking employment in HBS' class of 2009 have offers so far. Obviously doesn't let us know if people got the jobs they wanted or not though but interesting figure nonetheless. Anyone at other schools have similar numbers?

No idea about numbers but I can tell you that I have 2nd year friends with offers that they dont want to take. So whatever numbers you hear floating around are probably actually higher than what people are accepting. The tough debate is do you take something you arent thrilled about or risk not finding something for a long time.

I also heard rumors of some consulting offers having delayed start dates (big name companies at several top schools) and of course there are some offers that are being rescinded.
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Re: Recruiting massacre [#permalink] New post 01 Mar 2009, 16:44
Any other 2nd year students have updates?? Just curious how's IB and MC trending
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Re: Recruiting massacre [#permalink] New post 01 Mar 2009, 17:39
bball wrote:
Not too much detail, but according to Dee's blog, 77% of people seeking employment in HBS' class of 2009 have offers so far. Obviously doesn't let us know if people got the jobs they wanted or not though but interesting figure nonetheless. Anyone at other schools have similar numbers?

Class of 2009 Employment Update
Date: February 13, 2009

You don't need me to tell you that these are unusual times. As you are thinking about your future, it may be interesting to hear news about how our Class of 2009 is faring in the job search process.

We've heard from 88% of the Class of 2009 - there are always students in the class who are going on to other degrees, returning to sponsoring companies, etc. As of today, 77% of those seeking employment have received offers. I don't have any more details to offer at this point, but we are proud of both our students and our Career Services team who have helped many of our students discover and pursue their dreams and find new opportunities in the midst of great uncertainty in the market. It is still months from graduation and companies and organizations continue to be a big presence on campus - spring will be lively here at HBS. We will provide updates as the season progresses.

http://www.hbs.edu/mba/admissions/blog.html


Note that the 77% is off of a base of 88% who have reported, which also includes people who have reported they are not seeking jobs. That puts the number at about 67% report rate (if you assume all of the 88% are job seekers). I think Kellogg's report rate is about 60% so in a similar range, but Kellogg's % of people reported is much less than 88% (since our recruiting process is generally shifted out a month or so from HBS).

Reporting for 1st years at Kellogg doesn't even begin until March 15, so we'll know more then.
Re: Recruiting massacre   [#permalink] 01 Mar 2009, 17:39
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