The financial crisis hit the investment banking industry particularly hard in 2007. An article in UK’s The Guardian pegs the numbers of entry-level positions as having declined by 44% from 2007 to 2009. But almost as quickly, the big names in the industry have started hiring again, including positions for entry-level graduates.
The newspaper reports that Credit Suisse, Morgan Stanley and Barclays Capital, among others, will be hiring more graduates in 2010. Barclays Capital has said it expects a 30 percent increase in investment banking job opportunities for graduates.
Unlike the last recession, the big firms did not retreat entirely from on-campus recruiting. Instead they kept a small presence and continued with internship classes. Internships continue to be the best stepping stone for landing a job with an investment bank, and account for the majority of job openings.
Sarah Crawford, Goldman Sachs’s head of graduate recruiting for Europe, the Middle East and Africa (EMEA), says the firm converts more than half of its summer interns into full-time analysts. Nevertheless, she encourages students who are not offered internships to apply as well. There are many other positions to fill, and Goldman welcomes anyone eager to work in investment banking who can demonstrate the necessary skills. Stephanie Ahrens, her counterpart at Morgan Stanley, echoed the same sentiments.