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    What do you think?
    Are offers lower than the past? (both for internship and graduate recruitment...)
    Are they organizing ACs only for advertisement?
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    I take it you don't read the news much? Ofcourse it has hit graduate recruitment and it has hit it badly. Securing a place on any grad programme at a bank is just getting harder and harder. There are more places this year than last, but last years grads are all applying/competing with this years intake and I'm sure it will be the same next year.
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    Damarus is right.

    Recruitment this year has been far better compared to last year. There are more people with masters degrees applying this year - due to the lag created by the credit crunch. I am guessing, it will take a few years to clear out this lag.
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    Amongst my group of friends, internship interviews and offers are being handed out left right and centre. It seems someone in either my close circle of friends or extended group is getting something every week or at the very least every couple. Quite a few banks are hiring pretty aggressively at the moment.
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    For internships they are. Last year they massively underhired on their intern class so there was a reasonable amount of graduate recruitment. Next year will probably be the same as they will convert more interns to full time.

    If you don't do a summer internship you have little- no chance of securing a graduate role.
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    It's not 06. But it's no where like it was last year.
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    I disagree. Banks are hiring as if it were 2007 all over again - from analysts to senior bankers. They are poaching senior bankers from each other and this year's graduate classes are going to be quite huge - almost certain to be larger than the 2009 analyst classes and perhaps 2008.
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    Speaking from an IBD perspective, I know that for a number if banks the conversion rates in '09 were very low (40-50%), and factoring in the low number of interns in '09, I think this year's analyst classes will be much smaller than what they will be next year.

    I'd imagine most of the recuitment that's going on in IBD right now is on the 'experienced' level.
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    Obviously I know that job offers are increasing wrt 2009, but what about demand/supply ratio?
    i think 2010 will be even worse...
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    (Original post by uthinkilltellu)
    Speaking from an IBD perspective, I know that for a number if banks the conversion rates in '09 were very low (40-50%), and factoring in the low number of interns in '09, I think this year's analyst classes will be much smaller than what they will be next year.

    I'd imagine most of the recuitment that's going on in IBD right now is on the 'experienced' level.
    Interestingly spoke to some grad recruitment people at a couple of major banks which were less aggressive in downsizing and they said they are getting slaughtered on the 2nd year analyst and second year associate numbers because they didn't fire theirs whereas other banks did, so there's a real shortage at that level leading to inflated offers.

    I know a couple of places in 09 where exact reverse of what you described was the case - small intern class and then 80% offer rate
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    difficulty to be recruited has gon so hard due to the recession alot of UK based companies have gone into administration all the employees of these companies have to search for more work.
    Thats why demand has grown for jobs so much

    Too many people so little jobs
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    This years grad class (2009) is fairly under-staffed. Let's face it, no one cared about who was going to be on the desk in a years time when there was a legitimate chance that the desk in question would no longer exist. If you're going in FT this year, or next, there's a lot of opportunity in that there will likely be a "graduate gap".

    Of course on an industry-wide basis a lot depends on "Glass-Steagall v2". A Tory government will almost certainly be in power come the middle of the year, who are likely to outline some form of over-zealous intervention, along with Obama and potentially the rest of Europe that will likely impact long term hiring needs. Intern numbers will reflect grad needs - since yesterday that could drastically change.

    I wouldn't put any money on it, but if there's a legitimate threat of downsizing/separation, this could be the biggest intern class we see for years.
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    (Original post by BetterThanHeaven)
    This years grad class (2009) is fairly under-staffed. Let's face it, no one cared about who was going to be on the desk in a years time when there was a legitimate chance that the desk in question would no longer exist. If you're going in FT this year, or next, there's a lot of opportunity in that there will likely be a "graduate gap".

    Of course on an industry-wide basis a lot depends on "Glass-Steagall v2". A Tory government will almost certainly be in power come the middle of the year, who are likely to outline some form of over-zealous intervention, along with Obama and potentially the rest of Europe that will likely impact long term hiring needs. Intern numbers will reflect grad needs - since yesterday that could drastically change.

    I wouldn't put any money on it, but if there's a legitimate threat of downsizing/separation, this could be the biggest intern class we see for years.
    Depends on whether you're on S&T or IBD side and also by bank given wide variance in size of prop desks. From the details starting to come out today, particularly Barney Frank's comment, it seems a lot of the proposals are more spin than substance.
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    (Original post by jjpp)
    Depends on whether you're on S&T or IBD side and also by bank given wide variance in size of prop desks. From the details starting to come out today, particularly Barney Frank's comment, it seems a lot of the proposals are more spin than substance.
    I think losses across the board will be inevitable. The definition of prop trading is loose, we all know you can't run a flow book without taking some form of prop risk. Beyond that, as technology proliferates further, to what extent do we limit the extent of basic functions such as low-latency arb? It's not a client based transaction, yet the capital risk is minimal if hedged in a matter of microseconds.

    If Osborne gets his way and separates retail and IB capital base, then will that limit the approach desks take due to limitations. It's all very well posting margin at the exchange, but IR swaps are often collateralised, for example.

    Which leads onto IBD. Again, if capital bases are separated - to what extent do banks have the ability to provide financing in mergers/acquisitions. To what extent do banks have the ability to underwrite debt issuance or IPOs?

    However will these measures, should they ever come in, bring more competition to the market place? Who knows.
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    (Original post by BetterThanHeaven)
    I think losses across the board will be inevitable. The definition of prop trading is loose, we all know you can't run a flow book without taking some form of prop risk. Beyond that, as technology proliferates further, to what extent do we limit the extent of basic functions such as low-latency arb? It's not a client based transaction, yet the capital risk is minimal if hedged in a matter of microseconds.

    If Osborne gets his way and separates retail and IB capital base, then will that limit the approach desks take due to limitations. It's all very well posting margin at the exchange, but IR swaps are often collateralised, for example.

    Which leads onto IBD. Again, if capital bases are separated - to what extent do banks have the ability to provide financing in mergers/acquisitions. To what extent do banks have the ability to underwrite debt issuance or IPOs?

    However will these measures, should they ever come in, bring more competition to the market place? Who knows.
    Agree with you re prop and flow and I think this is something which politicians don't understand bu I also think it's part of what makes the legislation in its broadest sense unworkable. I think they'll have to narrow things much tighter so you can trade 'prop' in the sense of using it as risk management around a position but not take a straight position in the market with the bank's capital not related to the client's trade.

    If you see another glass steagal then it'll increase cost of capital and arguably make M&A transaction costs higher, but that hasn't been proposed yet. I thin kit's going to be pretty interesting on the regulation front for a couple of years at least.
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    Loads of third years and postgraduates applying for internships this year - hard for us penultimates to compete! I would agree it's a spillover from last year.
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    (Original post by RJA)
    Loads of third years and postgraduates applying for internships this year - hard for us penultimates to compete! I would agree it's a spillover from last year.
    Which in turn was a spillover from the year before. I personally think in this year ('10) it will be comparatively easier to get an internship than during the past two years.

    (Original post by jjpp)
    I know a couple of places in 09 where exact reverse of what you described was the case - small intern class and then 80% offer rate
    I know a bank which had ~80% conversion, although they had the same IBD intern numbers as us. Would love to hear some estimates of IBD analyst classes across banks nonetheless.
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    To what extent do people think that '09-'10 grads might be considered for '11 grad schemes? Do you think the industry will accept that there is plenty of talent out there with too few roles to soak it all up?
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    (Original post by dpb23)
    To what extent do people think that '09-'10 grads might be considered for '11 grad schemes? Do you think the industry will accept that there is plenty of talent out there with too few roles to soak it all up?
    You have to ask yourself, why should they take you, over everyone else?
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    (Original post by BetterThanHeaven)
    You have to ask yourself, why should they take you, over everyone else?
    Well the question was supposed to relate to the 09-10 grad class as a whole - but if you must know, it's because I'm brilliant.
 
 
 
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