A record number of students at the School of Management were successful in obtaining job offers on Wall Street this year, despite the competitive nature of the finance industry’s recruiting process.
At the end of February, the SOM released data on the results of SuperWeek, the interview week for first-year SOM students applying for summer investment banking jobs, which often lead to full-time job offers after graduation. This year, 14 banks visited the SOM for recruiting purposes, an all-time high. Of about 50 students who interviewed with the banks, 38 have obtained at least one banking offer, about 10 percent higher than last year’s total, SOM Senior Associate Director of Relationship Management Lloyd Baskin said. According to SOM Senior Associate Dean Anjani Jain, recruiting interest at the SOM for banking jobs has risen because of the depth of financial education that SOM students receive.
“Banks are interested in recruitment at SOM because the quality of students and the quality of educational experience they have in finance is extremely high,” he said.
Jain said that although the absolute number of students interested in Wall Street has risen, this does not necessarily mean the student body’s overall interests have shifted. He said the increase in the number of students seeking and receiving Wall Street offers is instead reflective of the growth in the SOM class sizes over the last several years. Baskin said the actual percentage of the SOM class interested in investment banking and financial services has not changed significantly.
Mitch Rose SOM ’16, who participated in SuperWeek this year, said many people he knows who attended SuperWeek received job offers. He also said he was impressed by the SOM’s resources for students interested in finance. He added that he found support and guidance for preparation through the Career Development Office as well as the SOM’s Finance Club, a student-led group that works to inform and prepare students interested in finance for recruiting.
Finance Club President Nicholas Veltri SOM ’15 said the club has grown substantially over the last several years, which he said may be a result of Wall Street jobs becoming more attractive as the United States’ economic recovery strengthens.
Similarly, Jain claimed that banks are paying more attention to potential SOM recruits because, though the SOM is not known to send large numbers of its students into the financial services industry, the school’s offerings for finance education are on par with more finance-focused business schools.
“If you look at the finance curriculum, even though [the SOM] is not known for finance, the number of faculty offering courses in finance, the caliber of the faculty and the quality of the courses that are being offered in finance are comparable to our peer institutions such as Chicago or Wharton or Columbia,” he said.
The SOM has 24 total faculty members in finance, and Chicago Booth has 45.
In addition, Jain said students at the SOM get more attention from potential employers in finance than those at other business schools because they are coming from a smaller class size.
Still, Juliana Granados Quiroga SOM ’16, who will assume one of the leadership positions in the Finance Club next year, said the SOM’s resources do not adequately inform international students — who may have different amounts of background knowledge or eligibility statuses for working in the United States — about the recruiting process. However, she said the Finance Club is taking a step in the right direction by choosing three of its eight leadership positions to be filled by international students next year.
The SOM Finance Club has nearly 300 group members, according to its website.