https://www.wsj.com/articles/goldman-jpmorgan-hit-pause-on-intern-recruiting-madness-1540819063?mod=trending_now_4
Goldman Sachs Group and JP Morgan Chase will no longer extend summer internship opportunities to college sophomores this year; they will go back their traditional way of recruiting in the fall.
These are investment banking corporations any student in Finance and Accounting aspire to be at. However, due to past statistics, it has shown that students have lost their focus on their school work and they care more about attending their interview than their final exam. Additionally, with their prestigious names, students are only reaching out to the top 4 companies, rather than going out and exploring a different field of interests in banking and finance.
I feel this is unfair. Many opportunities are limited to minority groups, and these two investment banking organizations open many programs to minorities. However, now this will no longer be an option.
I totally agree with you how its going to be harder for minorities students to acquire an internship at these companies. However, I feel that the reason they might have no longer continued with the summer program, like you said is for students to focus more on their education first. Maybe the applicants who were coming in for interviews weren’t well prepared or didn’t know the materials for the internship. The students were taking more priority in their interview and internship then their education which probably made these companies realize that they are the reason these students don’t understand certain aspects in their field of work and would prefer students who did complete their education and are well prepared for the job. I feel this step by these large companies was a good decision because students can now apply for an internship in which they are well prepared for and the companies wont have a tough job finding qualified applicants.
When I read this article in the WSJ, I was very intrigued. Because of the way recruiting has occurred in the past, many students do not get to consider different opportunities if they want to pursue finance. However, by limiting recruiting to upperclassmen it allows underclassmen to explore different possibilities which are very important. I think that these BB banks are doing a very good thing by taking this route.