Are investment banks really attracting more Millennials?

By Nick Lambe – Managing Director, Links International

I was recently quoted in an article on Human Resources Online about how more Millennials are applying for banking jobs this year, after a slight lack of interest in previous years.

According to the article, the number of applications from students or graduates to Goldman Sachs, J.P. Morgan and Morgan Stanley has hugely increased this year, which Goldman Sachs attracting a record number of a quarter of a million student or graduate applicants.

The reason for this apparent increase in junior interest could be said to be as a result of the banking sector’s noticeable effort to attract this particular pool of candidates, by offering more annual leave and a more relaxed work environment, in a bid to offer the work-life balance that all employees seek.

However, the article goes on to say that in spite of this increased interest, once hired, these Millennials are not necessarily staying with the banks long term.

In my opinion, this increase in applications, particularly for internships, is not necessarily an indication that banks are attracting Millennials. Quite often, graduates use a stint at an investment bank as a stepping stone to reach where they actually want to get to in their career, such as a career in technology, for example.

I was quoted as saying: “Internships with IBanks can be interesting, challenging and diverse, which could make the individual’s CV stand out from the crowd. For example, an internship as a TMT analyst in an investment bank might give the intern better insight into tech start-ups and firms in the region, and therefore help them to get into the roles they want to do longer term. Many Millennials are attracted to entrepreneurial or start-up environments that allow work-life balance and creativity, and therefore large multinational investment banks may not be top of their priority list, especially when the bonuses of yesteryear aren’t as prevalent.”

To read the full article, click here.

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