☰ Menu eFinancialCareers

Proof the next generation has become disenchanted with Wall Street

The latest rankings for banking and finance internships are out, and there are a few names conspicuously absent. Not one big bank cracked this year’s top 10.

The Vault.com internship rankings are littered with small investment banks – like Evercore Partners and Houlihan Lokey – and accounting firms PricewaterhouseCoopers, KPMG and Deloitte, but no Goldman Sachs and no J.P. Morgan. It marks a rather sudden turnaround considering last year’s list featured five big banks, including the aforementioned two (note: Morgan Stanley didn’t take part in this year’s survey. UBS interns didn’t provide enough responses to be included).

2014 Rank

2013 Rank

Change

Internship

Score

Location

1 2 Evercore Partners 9.559 New York, NY
2 1 Northwestern Mutual 9.498 Milwaukee, WI
3 NR Houlihan Lokey 9.338 New York, NY
4 NR PricewaterhouseCoopers LLP 9.237 Philadelphia, PA
5 3 Capital One 9.091 Richmond, VA
6 NR Deloitte 8.970 Chicago, IL
7 NR KPMG LLP 8.950 New York, NY
8 NR Perella Weinberg Partners 8.874 New York, NY
9 NR Liberty Mutual Insurance 8.807 Boston, MA
10 NR PNC Financial Services 8.772 Pittsburgh, PA

 

Why the sudden change? It’s difficult to tell. Vault.com didn’t break down the scores of those outside of the top 10, so we don’t know where the likes of Goldman and J.P. Morgan finished. However, we do know the criteria. The study asked interns to rate a number of factors, including compensation and perks, quality of life, meaningfulness of assignments and training, and full-time employment prospects. In the eyes of the thousands of interns who took part in the study, Wall Street’s elite failed to live up to the billing.

The results are even more eye-opening when you consider the fact that consulting firms weren’t even included in the finance and banking list – consulting was its own category. Firms like Bain and Boston Consulting would have cracked the top 10 themselves if they were included in the financial rankings.

Either way, it’s become rather evident that big banks need to do a better job of nurturing their young talent, especially considering that the pay disparity between Wall Street and other sectors is closing. Perhaps we’ll see other banks follow in Goldman’s footsteps and institute rules aimed at keeping their younger workers from burning out at their desks.

RELATED CONTENT:

The five things recruiters look for on your investment banking CV

Five reasons why you should want to work in compliance, courtesy of Goldman Sachs

Twitter gaining on Bloomberg as Wall Street’s top research tool

Comments (0)

Comments

The comment is under moderation. It will appear shortly.

React

Screen Name

Email

Consult our community guidelines here