Good news for aspiring Wall Streeters and the financiers who delight in torturing them: Wall Street internship recruiting is down but not out.
Won’t wannabe Monica Lewinskys be happy?
At worst, a bank might “waste” 2-3 months of salary on a summer intern. There’s no bonus, no need to send them to expensive training, and no commitment to anything…
Having a pool of summer interns also gives the bank more options – if they do need more full-timers than anticipated, they could always go back to their summer pool and see who’s still looking for work (of course, this is something HR departments overlook and waste a ton of time/money as a result).
Beyond the lower risk and expenses, summer interns come with many benefits.
In a high-end services industry like banking, having full-time people complete the random tasks that need to get done each week is expensive – from “managing prospects” (updating spreadsheets of who the banker has been talking to lately) to creating profiles of companies to looking up basic information, getting food, coffee and dry cleaning… and the list goes on…
As a result, banks almost always do some summer intern recruiting each year, no matter how bad the economy is. Yes, it was down last year – and it will be down this year as well.
But I doubt that it will be eliminated altogether (as full-time hiring was at many places this fall).
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