With mergers and acquisition activities at two-year lows and early public offering markets showing new strength in the US, weakness elsewhere faces a job market this summer, which is lean and uneven.
For students with masters in finance programs, the slowdown in investment banking has led many to expand their search beyond the role of legacy. Experts say advisory employment has been cooled and competition for locations at bulge bracket banks is intensifying.
Lee Thacker, a partner at London-based executive search company Silvermine Partners, is showing some bearishness. “The role of alumni juniors is very quiet,” he says. “(We’re looking at over 5,000 applications for the junior role we’re working on.”
He says the excess exposes how far the employment of graduates can be. “Why hire 100 ranks when a $300,000 license can do the same work?” he adds that it refers to AI as a cheap alternative to traditional analyst teams.
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Large banks have trimmed early career employment in response to slowing trading activities. Bank of America cut the role of 150 junior investment banks in early 2025 amid a weaker volume than expected as part of its annual review process.
Meanwhile, accounting and professional services company EY has postponed the start date for new hires in its US strategy and is dealing with the third year arm.
Goldman Sachs recently revealed that it only hires 1% of the 875,000 applications it receives each year, as a sign of how competitive the market is.
However, other banks hold their position. “We are pleased to announce that David Orham, a campus recruitment partner at BNP Parisbas, a French lender, said: He points to the ongoing demand in relation-led roles within global banking and sales.
However, while some lenders remain on the course, private equity companies are moving faster. Acquisition groups such as Apollo, KKR and TPG are accelerating recruitment timelines, offering roles to undergraduates and recent alumni with few full-time experiences before they formally entered the workforce.
The recruitment race has intensified competition with Wall Street Banks, urging some job seekers to rethink their career strategies.
At Skema Business School in France, students are increasingly expanding their targets towards private equity, risk and capital markets as trading activities slow and opportunities emerge beyond traditional investment banking.
“When the environment is converted into globally low M&A transactions, students explore alternative opportunities beyond the role of M&A analyst,” says Pascale Viala, director of the school’s corporate office.
Investment banks continue to be the dominant destination at Cambridge University Judge Business School, where MIF is designed for people with previous work experience.
However, Pedro Saffy, a professor of financial economics, has focused on geographical changes, and as domestic trading activities slower, more and more graduates accept roles outside the UK.
Only 48% of the UK-based companies this year have taken the role of alumni from 64% the previous year. “This shows strong demand for the UK’s global financial hub and slower capital markets, where IPOs have plummeted,” says Saffi.
Placement rates remained strong, with almost 90% of last year’s cohort securing roles within four months, but employment has become more selective.
“Current US administration policies have had a major impact on the financial services sector. Uncertainty about tariffs has impacted the flow of transactions, and many banks and consulting companies are waiting to see what happens,” Saffi says.
Similar attention is being paid to Hong Kong, the Asian financial hub. According to Raymond Xiao, head of MSC career development at HKUST Business School, front office roles remain limited and employers are becoming more selective.
“The market remains uncertain and employers of global financial companies are becoming more cautious in terms of cost management,” he says.
It does not mean a breakdown of opportunity, it means a pivot. Xiao points to stable demand in roles such as private banks, asset management, compliance and risk. In more competitive markets, these areas are increasingly considered viable entry points.
Mehmet Yasir Koca, now Chief Financial Officer at Istanbul Airport and former investment banker at Italian lender UnicRedit, has used his experience at London Business School to prepare for corporate leadership.
“The infrastructure and real asset industries are more project finance and financial modeling oriented, and the MIF programme offers incredible technical training,” he says.
Business schools have adapted as graduates pursue roles outside of traditional banking trucks. For example, the US MIT Sloan School of Management School prepares students for professional roles by adding advanced coursework in AI, machine learning and data science.
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Quantitative trading and data-driven positions account for more than 40% of the occupational placement of 2024 Sloan MIF graduates, reflecting the growing demand for technical talent from employers.
“While some financial employers may take a more cautious approach to sub-level employment, they continue to see sustained demand and interest at the analyst level when it comes to the role of investment banks.”
Overall, last year, 98% of MIF graduates seeking Sloan jobs accepted the offer within six months of the year.
Top MIF programs continue to provide strong financial returns within a relatively short time frame. According to the latest Financial Times 2025 rankings, graduates from pre-experience programs such as HEC Paris and ESCP Business School report average salaries above $160,000 three years after graduation.
For Ludovica Righi, an analyst at JPMorgan in London and a graduate of a Masters degree in HEC’s management team with Finance Focus, the top brands are still tickets for opportunity.
“We all found jobs that didn’t have specific issues. Many of us became major banks,” she said of the 2024 cohort. “Going to top school is much easier.”
