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Financial Services Hiring Trends Downward
December 13, 2011
'If the job fits, where it for as long as you can.'
That seems to be the current advice and current employment trend. Recently, Goldman Sachs canceled its Info Session at the University of Pennsylvania's Wharton B-School and reduced the number of interviews available to students. By all indications, access to Wall Street careers has become increasingly limited.
While that may be a trend throughout the entire economy, it seems to be more pronounced in the research, technology, banking, finance and investment management sectors, according to Barbara Hewitt, senior associate director of Career Services. Companies look only to hire college graduates who have previously interned with the organization. Unfortunately, grabbing one of those coveted internships often depends on whom your family knows, rather than on what you know.
While hiring from intern pools is not abnormal, “this year was a little bit more pronounced” than in previous years, Ms. Hewitt said. One advantage of this approach is the increased likelihood that companies are able to ensure that they have a “good fit” by hiring previous interns.
One senior, who interned with Goldman, agreed, saying: “All U.S. banks are really interested … in finding the right fit.” For Goldman Sachs, Penn is “one of the largest feeder schools for their analyst programs,” Hewitt said, adding that about 90 Penn students interned with Goldman Sachs last summer. [C-I: Which doesn't bode well for seniors who are graduating from other schools.] Although the senior plans to work for a different company after she graduates, she said many of her former co-workers will remain at Goldman Sachs.
Due to the economy and job market, more interns are likely to stay with the company at which they worked full-time after graduation, Hewitt said. From her experience, seniors are less likely to shop around for jobs today as they were in 2006 and 2007, she added. But all things considered, Ms. Hewitt remains confident that Penn will still be very well represented next year with full-time hires." [C-I: Again, it's unfortunate that very few schools can share that confidence.]
[The Daily Pennsylvanian, via Seeking Alpha, 12/11/11]

