The single most popular destination for Wall Street’s junior workers.
The business of private equity has long held an allure for young bankers. But for the first time, there are numbers to suggest that private equity is the single most popular destination for Wall Street’s junior workers.
The New York Times reports that nearly 36% of junior investment bankers who started two-year jobs in 2012 have now joined private equity firms, according to research by Vettery, a start-up recruiting firm. That level exceeded the 27.5% of junior bankers who stayed in the same group at their bank, Vettery said.
The data provides an unusually detailed look at a recruiting process that is shrouded in secrecy.
Even though Wall Street lost some of its appeal in the financial crisis, many graduates of the nation’s top colleges continue to flock to investment banks to work as so-called analysts, typically on two-year contracts. But that is just the beginning of a fiercely competitive recruiting race. Once they are at the banks, many young workers start interviewing for jobs at private equity firms, hedge funds or venture capital firms, which can promise higher pay and more prestige. After that, many go to business school.
To access the complete New York Times article hit the link below: