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# How are internships going so far this year!

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Current Student
Joined: 30 Jan 2008
Posts: 156

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Schools: Cornell, Duke, Kellogg, Ross
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How are internships going so far this year! [#permalink]

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10 Dec 2008, 15:02
For the class of 2010 how are internships looking so far?

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Senior Manager
Joined: 13 Jun 2007
Posts: 410

Kudos [?]: 83 [0], given: 0

Schools: Wharton, Booth, Stern
Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 16:10
A copy - paste of a post from another thread. Hope this helps.

Audio wrote:
ninkorn wrote:
Audio wrote:
Do be honest, nobody has a clue on what is going to happen next. But to be sure, this is a very bad recession: our generation has not seen one like this.

But what I can tell you is that recruiting is - surprisingly enough - no suffering so badly as in 2001 for example (I'm talking here about class of 2010, class of 2009 are feeling it). IB summer traineeships are available, contrary to 2001, where everything was shut. Those of you who get in for 2011 have good chances of getting out in a good period.

Thanks for the info. I did read an article interview somewhere before with a Lehman HR director (back when Lehman was still around).

They were talking about how many banks are in shortage of potential VP/MD candidates in the organization due to cut backs in recruitment back in 2001. Therefore, they weren't planning to cut back internships and other recruiting activities even if there's another recession in the future. i guess it's true

I actually don't know how true it is, but that's what we've been hearing at every information session. There are some banks who are drastically cutting summer internship recruiting, but most of them aren't. First of all it's stupid because we're so cheap, secondly for the reasons the guy from Lehman mentions. But you can feel that's it's clearly more competitive: the are selectively recruiting.

To give you an example that I can talk about, recruitment in Europe is tougher than before, especially for those who either have no ties to IB (but you could still get away with it) and most of all for those who have no ties to Europe (that's almost mission impossible). So yes, banks are recruiting, but they are clearly more selective.

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Schools: Kellogg Alum: Class of 2010
Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 16:21
recruiting really hasn't gotten going that much yet. Up until now its been information gathering and networking. Resume drops have begun for some companies but most arent until after new years. I will be writing many many cover letters over the next few weeks and reaching out to lots of alums.

Honestly, anyone that says recruiting is going great is either really lucky (star student) or full of it. This year is going to be tough, and for some its going to be very painful. Overall recruiting is a painful process anyways...even highly successful people get rejected by companies. That said, there are tons of opportunities here in a lot of fields.

As for what students are doing, people seem to have run away from banking in big numbers (1st years recruiting this year are about 25% the size of last years recruiting class for IB)...MC is up but since it was much bigger here the numbers aren't that different. Marketing is up somewhat from what I have been told but companies seem to be targeting the same number of total internships (fewer fulltime though so they hired heavily from interns). Marketing isnt as hard if you are flexible with location, some great companies are in not so popular areas so they have a harder time attracting students. If you want diageo in NYC its going to be much harder than another well known booze brand in tenessee.

Some areas the outlook is actually sounding a little better. I am going for energy and it sounds fairly promising at some companies, more of the smaller ones are starting to show up as are clean energy (solar and wind)...more often off campus but still actively looking. Bio and pharma are going strong, healthcare in general should be a positive area since its not nearly as affected by the economy...

Next year might have some very interesting developments depending on what Obama does. If he floods money into healthcare and energy, some people might be very well positioned to score amazing jobs and people who recently entered could see big career advancement opportunities. However, it could go the other way...moral of the story is what its like this year is no indication of what it will be like for you so dont worry.
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Kellogg Class of 2010...still active and willing to help. However, I do not do profile reviews, don't offer predictions on chances and am far to busy to review essays, so save the energy of writing me a PM seeking help for these. If I don't respond to a PM that is not one of the previously mentioned trash can destined messages, please don't take it personally I get so many messages I have a hard to responding to most. The more interesting, compelling, or humorous you message the more likely I am to respond.
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Kudos [?]: 761 [0], given: 5

Senior Manager
Joined: 13 Jun 2007
Posts: 410

Kudos [?]: 83 [0], given: 0

Schools: Wharton, Booth, Stern
Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 16:27
riverripper wrote:
recruiting really hasn't gotten going that much yet. Up until now its been information gathering and networking. Resume drops have begun for some companies but most arent until after new years. I will be writing many many cover letters over the next few weeks and reaching out to lots of alums.

Honestly, anyone that says recruiting is going great is either really lucky (star student) or full of it. This year is going to be tough, and for some its going to be very painful. Overall recruiting is a painful process anyways...even highly successful people get rejected by companies. That said, there are tons of opportunities here in a lot of fields.

As for what students are doing, people seem to have run away from banking in big numbers (1st years recruiting this year are about 25% the size of last years recruiting class for IB)...MC is up but since it was much bigger here the numbers aren't that different. Marketing is up somewhat from what I have been told but companies seem to be targeting the same number of total internships (fewer fulltime though so they hired heavily from interns). Marketing isnt as hard if you are flexible with location, some great companies are in not so popular areas so they have a harder time attracting students. If you want diageo in NYC its going to be much harder than another well known booze brand in tenessee.

Some areas the outlook is actually sounding a little better. I am going for energy and it sounds fairly promising at some companies, more of the smaller ones are starting to show up as are clean energy (solar and wind)...more often off campus but still actively looking. Bio and pharma are going strong, healthcare in general should be a positive area since its not nearly as affected by the economy...

Next year might have some very interesting developments depending on what Obama does. If he floods money into healthcare and energy, some people might be very well positioned to score amazing jobs and people who recently entered could see big career advancement opportunities. However, it could go the other way...moral of the story is what its like this year is no indication of what it will be like for you so dont worry.

Funny you mention Kellogg and IB, I can second what you're saying: at the London Baking Days I didn't see ANY student from Kellogg. There might have been a couple, but it was a very small minority. Same thing for Stanford and Harvard.

Columbia and Stern were massively present though (especially Stern), followed by Wharton and Chicago.
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Wharton admits, join the rugby team!! It'll be by far the best experience of your MBA life

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Senior Manager
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Kudos [?]: 83 [0], given: 0

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Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 16:29
Oh, forgot to mention: when I say that banks have become more selective, it also applies for schools. I heard that Merrill Lynch will only be recruiting from Wharton, Stern and Chicago for example.
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Manager
Joined: 05 Nov 2008
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Location: NY, NY
Schools: Darden, Stern, CBS, Johnson, Fuqua
Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 16:46
Audio wrote:
Oh, forgot to mention: when I say that banks have become more selective, it also applies for schools. I heard that Merrill Lynch will only be recruiting from Wharton, Stern and Chicago for example.

You mean BofA?

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GMAT Club Legend
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Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010
Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 17:17
Audio wrote:
Funny you mention Kellogg and IB, I can second what you're saying: at the London Baking Days I didn't see ANY student from Kellogg. There might have been a couple, but it was a very small minority. Same thing for Stanford and Harvard.

Columbia and Stern were massively present though (especially Stern), followed by Wharton and Chicago.

I think small group of students did go but not many...its an expensive trip so students that go are the ones who are very very serious about recruiting for banking.
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Kellogg Class of 2010...still active and willing to help. However, I do not do profile reviews, don't offer predictions on chances and am far to busy to review essays, so save the energy of writing me a PM seeking help for these. If I don't respond to a PM that is not one of the previously mentioned trash can destined messages, please don't take it personally I get so many messages I have a hard to responding to most. The more interesting, compelling, or humorous you message the more likely I am to respond.
GMAT Club Premium Membership - big benefits and savings

Kudos [?]: 761 [0], given: 5

Manager
Joined: 11 Nov 2008
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Location: Indonesia
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GPA: 3.64
WE: Asset Management (Investment Banking)
Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 21:23
I talked to several Tepper's student about internship. They manage a 100% this year if I'm not mistaken. Not sure about full-time employment though

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Manager
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Re: How are internships going so far this year! [#permalink]

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10 Dec 2008, 21:43
My company is planning on doing decent internship recruiting at b-schools...its an easy way to position yourself in case the economy recovers while getting some cheaper labor...by summer next year they should be able to see whether we're ok enough to extend full time offers and if not then its not that much money lost.

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Director
Joined: 18 Dec 2007
Posts: 983

Kudos [?]: 136 [0], given: 10

Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
Re: How are internships going so far this year! [#permalink]

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11 Dec 2008, 01:31
Recruitment hasn't really started to get going here yet either, we've had a few company presentations/talks and network sessions, most of the banks have already been and their internship process is underway, but we've alos had a really candid talk from Goldman Sachs about the way things are going and it looks like it will be ultra-competitive. There will be less impact on internships, more impact for full time hires.
Some of the class are already in the second round stage of interviews for some consultancies, and we have 1 second year student who has been interning at blackstone for a whole year (part time internship during school time, full tiem during the summer) who has just been released with no offer due to a headcount freeze.
Other than that we've just received special offer from Citi for Hong Kong students only where 8 candidates will get an internship and then will be given a scholarship to complete the exchange part of the program.
The situation is slightly different here because we are on the doorstep to China, we get a lot more local interest looking for people who have experience or interest in China, interestingly enough, there is plenty of opportunity in the energy sector for China, because of China's growth and increasing energy consumption.

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Re: How are internships going so far this year! [#permalink]

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11 Dec 2008, 05:53
Same here (LBS), recruiting hasn't really started yet. The only applications due so far were for banking positions in Asia. As everywhere, there will be more interest in MC and Industry than before. At some consulting events, you even start seeing Masters in Finance students showing up! I think that says it all.

As to finding internships: I'm somewhat optimistic despite the economy. As mentioned in previous posts, interns are cheap temporary labor and maybe by next fall things are slowly looking brighter. The pay probably won't be as good anymore, maybe some internships will be even unpaid.
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Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464

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Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Re: How are internships going so far this year! [#permalink]

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11 Dec 2008, 19:19
Because of the economy, even many of the full time recruiting has been pushed to spring semester.

For us, like the other schools, banking is reducing, but there are still many banks hiring here: Credit Suisse, Deutchebank, Morgan, Merill, Goldman, and others (I'm not in banking, so this just came from a classmate who's still going for I-Banking). Lots of people have gone into MC, so that will be FIERCE come January. Many of the people are spilling into the Tech industry too, making that more competitive.

Resume drops start January 5th and goes on for most of January. Interviews start the week when school starts (1/20) with MC and Banking. Tech companies come in last week of January till early March. Then the off-campus recruiting begins. About 40% of people get jobs through on-campus and the rest through off-campus stuff (companies that post openings or collect resumes through Haas but doesn't do interviews on campus).

People are definitely being cautiously hopeful, as many companies that traditionally recruit at Haas have recommitted themselves to hiring Haas interns. Even Sony Playstation (one of my top targets) is starting to hire here for the first time this year. Yay!

We can definitely update you more when recruiting starts next year.
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Re: How are internships going so far this year!   [#permalink] 11 Dec 2008, 19:19
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