Re: Wall Street-Bound Graduates Watch, Wait and Worry
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04 Apr 2008, 13:21
As far as I can tell, only Bear (among banks) is not honoring summer offers. Of course, Bear isn't in control of their own boat any more and and isn't going to be around to honor offers, so that is no surprise. The other thing to note is that even in the fall Bear (along with Citi) was in a bad position - meltdowns of Bear controlled hedge funds signaled coming problems - and Bear was among the least popular destinations for people interested in banking.
I think the most concerning problem is that if things continue to suck through the summer, it might be really difficult secure a full-time offer. This might lead to more people looking for jobs as 2Ys when schools starts back up in the fall. I think it could be difficult to land full-time offers next fall.
The other big issue is that firms have been laying off 1st and 2nd year associates. That really sucks. The silver lining is that the pain we're feeling now could lead to spectacular growth (and money and opportunities) when we actually hit the full-time job market. Those of us that are 1Ys now will be graduating next summer, and after relocation and training and such, be contributing employees at the start of 2010. If we're in the midst of a recession right now, things should be heating up by then. Looking back, 2002-2003 was an excellent time to be entering the job market - at least for those who survived the downturn with jobs.