2014 Summer analysts hiring practices@Investment banks

Source: CNBC; article by Michael J. Moore, Date: 24th June 2014

Topic: 2014 Investment banking Summer analyst practices.

Undergrad summer analysts and Associates: The title of analyst typically is used for undergraduate students who intern for the summer who are different from research analysts who recommend stocks to investors. Associates are usually graduate school students.

Wall street industry programs: Wall Street firms have been touting the selectivity of their programs for recruiting junior talent to counter worries that they’re less attractive employers in the wake of the financial crisis. The acceptance rate of less than 2 percent is lower than Harvard College’s 5.9 percent for the coming year’s freshman class.

Firms: Morgan Stanley (MS), owner of the world’s largest brokerage, received about 90,000 applications for its summer program for analysts and associates. More than 1,000 people, or roughly 80 percent who received offers, accepted a spot and began working in the past few weeks. Morgan Stanley’s 2014 summer class hails from more than 275 schools. The number of applicants is higher than last year.

More than 80 percent of those who were offered a spot for its summer program for analysts and associates had accepted. 

Goldman Sachs - In 2013 its investment-banking division, selected 350 summer analysts from a pool of more than 17,000 applicants.