Citadel intern acceptance rate falls to 0.36% after 115,900 applications

Citadel and Citadel Securities brought in more than 350 interns this summer after receiving more than 115,900 applications, Fortune reported. The 0.36% acceptance rate shows how competitive some early-career finance roles have become while many young workers face a tighter entry-level job market.

The interns began the program Monday with an offsite in Palm Beach, Florida, according to Fortune. The group is the largest international intern class yet for Ken Griffin’s companies, even as the number of applicants rose 6.4% from the prior year’s record.

A bigger class, a lower admission rate

Fortune reported that Citadel’s summer program lasts 11 weeks and places interns on team projects tied to the business. Interns also meet weekly with their managers and work alongside other company employees during the program.

At the end of the internship, participants present their projects as they seek return offers, Fortune reported. Citadel leaders expect most interns to receive full-time offers, as many have in previous years, according to Fortune.

The company has found that campus recruits are twice as likely to become high performers at the firm later on, Fortune reported. That helps explain why Citadel continues to invest in early-career hiring while other employers have cut back.

The pay is also among the details that make the program stand out. Fortune reported that interns at Citadel and Citadel Securities receive about $4,300 to $5,800 a week in base salary, depending on role and experience, along with a signing bonus and either a $15,000 housing stipend or company housing.

Fabian Figi, who leads recruiting at Citadel Securities, told Business Insider that the firm has “an almost insatiable appetite for exceptional talent” and views hiring that talent as a competitive edge. He also said the firm moves quickly once it identifies candidates it wants to hire.

Young applicants face a tougher market

The Citadel numbers arrive as internship and entry-level openings have become harder to secure, according to labor-market data cited by Fortune. Handshake, a platform used by students and early-career workers, reported that internship postings fell 16% earlier this year.

Handshake also found that internships on its platform drew far more applicants in the 2024-2025 academic cycle than a year earlier, Fortune reported. The average posting received 109 applicants, up from 62, and well above the 43 applicants per internship recorded in the 2022-2023 cycle.

Technology hiring has also shifted away from new graduates, according to a 2025 SignalFire report cited by Fortune. SignalFire said hiring of recent college graduates at the 15 largest tech companies has fallen by more than 50% since 2019, with new graduates dropping from 15% of big tech hires before the pandemic to 7%.

Some executives have acknowledged the pressure on young workers. WeWork CEO John Santora said at Fortune’s Workplace Innovation Summit that “the entry-level hire is under pressure” and that companies have a responsibility to bring in and train young talent.

Fortune also pointed to companies expanding early-career hiring, including Cognizant, Reddit and IBM. IBM chief human resources officer Nickle LaMoreaux said earlier this year that companies likely to be most successful three to five years from now are those that committed to entry-level hiring in the current environment.

This story draws on original reporting from Fortune.