Seems like a lot of kids decide to move to other banks or PE after sophomore internships at a BB. Do banks rerun recruiting processes for those spots? Or do they have some the way of filling?
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Based on the WSO Dataset, BB banks typically manage their recruitment and headcount strategically. After sophomore internships, if interns decide not to return or move to other banks or private equity, BBs often have a few methods to fill these positions:
Rolling Recruitment: BBs may conduct multiple superdays on a rolling basis, even for the same group, as mentioned in the context. This allows them to fill positions as they become available throughout the year.
Group-Specific Hiring: Most of the class is recruited from interns, and headcount for each group is different. This means BBs might focus on hiring specifically for groups that have lost interns to other opportunities.
Networking and Internal Referrals: BBs also rely on networking and internal referrals to identify potential candidates quickly. They might encourage team members to refer qualified candidates who can fill the vacant positions.
Ad Hoc Hiring: As noted, FT hiring is mostly ad hoc, and banks need to hear back from their summer interns before doing any hiring. This flexible approach allows them to adjust their recruitment process based on the actual availability of positions.
These methods help BBs maintain a full roster of talent, ensuring that they are well-prepared for all business needs.
Sources: Q&A: Incoming IB analyst – international student, survived FT recruiting twice…, How to Obtain a Sophomore Summer Boutique IB Internship, https://www.wallstreetoasis.com/forum/job-search/advice-for-sophomore-summer-internships?customgpt=1, Small sophomore internships are still gold, Are banks unaware of sophomore internships?
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