What is the percentage of people that intern at I-Bank and gets a full time offer? I am asking this because, for law students, close to 99% get a full time job offer from their internship. They will be out of luck if they don’t. Is this the same case for I-Banks?
It’s less than 99%. The number changes from year to year.
Its definitely less than a 100%. On the plus side, those people should be able to move into other positions as long as they can explain why they didn’t get the offer (obviously something like “I worked in a CDO group that is downsizing” is a better answer than “I didn’t get along with my managing director”).
FIAnalyst, You mean with the internship experience, candidates are better positioned to find jobs in other firm? – as long as they can explain why they didn’t get an offer from internship company?
Exactly. It is clearly better to get an offer than to not have one, and it will take some explaining. However, at the end of the day you have at least a summer’s worth of experience when others do not. In this environment, it will be much easier to explain away the lack of an offer than in previous markets, due to lower hiring levels. Although the flipside to this is that, all else equal, its harder to get a job too.