College grads hoping to make it to Wall Street as consultants are facing the realities of the current economy:
Several large firms are not recruiting new entry-level analysts for their investment banking divisions this fall, having filled their entire incoming class with last summer’s interns. At the University of Pennsylvania, whose Wharton School is the closest thing that exists to a Wall Street farm team, Goldman Sachs canceled its informational session.
Having done MBA recruiting in my career, filling annual college recruitment needs usually involved a two prong (and expensive) approach: Summer interns and on-campus recruiting. On campus recruitment usually included a lot of activities during the year prior to setting foot on-campus: lunches, case study competitions, dinners, career fairs, etc. A big investment of time and company resources which did not guarantee results. The fact that companies are cancelling activities such as information sessions and focusing on internships is a true shift in strategy.