Be Nice To Your Interns
A while back, I was listening to some "dumb intern" stories from a couple of young professionals.
One of the rites of passage for interns on the trading floor is getting the traders (often absurdly complicated) lunch orders right. Everybody howled with laughter at a story about an intern was dressed in a crisp white shirt and formal black pants, standing ready for the lunch orders.
"So I told him, 'I'll have the foie gras crostini, with lemongrass broth and a medium rare pepper steak and mushrooms!'" laughed one of us. "Get it? Because he looks like a waiter!"
It WAS funny. But a good-natured callout was in order. "Remember when that was you?" I asked.
A story from the opposite end now...one of my closest highest-level Wall Street contacts had his last day at work before switching jobs. Among his well-wishers were the young interns who shook his hand with extra grace because he was one of the few upper level people who actually treated them like a human being.
He'll most likely be retired by the time they advance through the ranks, but along the way they'll have a story to tell interviewers and headhunters about the senior guy who made time for them.
On their last day in our group and at my suggestion, we took our interns out for a nice dinner at a terrific Mexican joint (@IlliniProgrammer knows exactly which one). Our treat. A fine feast it was, and everybody loved the place.
Most of our interns aren't sticking with finance--one wants to be a nurse; another is going into fashion design. God bless 'em. Maybe they never planned to go into finance in the first place, but the most you can do is get them to try something else for a while and see how they like it. They're only about to enter college, after all.
Even though they couldn't do very much around the office, they made the best of it, and for that we were all happy to foot the dinner bill (dessert, margaritas, and all).
Contacts were dutifully exchanged, and even though it sounds sentimental, I hope they remember us well. As my favorite band in the world sang almost 50 years ago, "The Kids Are Alright."
Anyone else have any feel-good intern stories? Do you do anything special for them when their time is up (other than ask them to stick around)?
Great stuff. Wish more people thought like this. Don't even have to necessarily get anything out of it. Just a question of being a genuine person. I'm sure no one would ever like to be treated poorly so it should follow that they shouldn't hand out misplaced ill will to others as well.
The company (it's not finance--I'm interning at a biopharma company) I'm at now really focuses on making the internship experience as valuable as possible. I'm treated as just another member of the team in my group, and I've even had the opportunity to talk to upper level people. All in all, a win-win; it's a great experience for interns, and motivates us to perform as best as we can for our groups, which benefits the company.
wtf, about to enter college?
Yup.
I wish I were interning at your place. You sound genuinely nice to take your time to write up here and wishing your interns well. My boss is quite the opposite. He has mood swings issues (we interns here make jokes at the expense of his mood swings). I tried to ask him lots of questions (Debt restructuring, mezz, etc so I think these were pretty legit questions and obviously I wanted to know how they plan all these things in the deal) at the first half of the program. But because he yells and says "whoa ..you don't know that" shit expression to all of us, other interns are reluctant to have information sessions with him any more. Even though I want to make the best of it, I can't wait this to be over. He is such a repellent a*hole.
How do these high school seniors get summer internships at the trading floor while more capable college students I know can't get squatdoosh.
I took my intern to a hardware store to help me buy wood. We brought it back to the office and I supervised while he used a power drill we borrowed from our division director to make desk shelves for half our team. He's been receiving compliments for his work for the rest of his internship.
The task was in no way related to the function of our role in finance, but hopefully has taught him that you can exercise control over your office environment. Also, the shelves are pretty convenient and increase desk space by about 33%.
For their final project, I've asked my intern and the other intern in my team to lead a case study discussion on the Crumbs cupcake chain's path to Chapter 8 (hat tip to @y3r0k91's thread for making me think of this: http://www.wallstreetoasis.com/forums/barbarians-at-the-cupcakes). I'm financing the cupcakes for this and it will give them an opportunity to demonstrate the analysis skills they've acquired while we munch on cupcakes.
Hopefully this will teach them that a presentation is more successful when you cater it with good food.
I'm just blessed to be at my pwm internship. I add zero value and clearly detract it but my manager is willing to literally pay me for no reason other than to help me have a positive future. The only benefit he gets is a future of me always reccomeneing him to people as a financial advisor.
Same thing happened at my last internship with a hedge fund manager, he was just doing me a favor and it will change my life forever.
I've wanted to try this, but I don't how HR would feel about it.
I recently interviewed the analyst I unofficially reported to as a sophomore intern for a role in our team. The industry is small, if you are a dick, it might come back to haunt you.
Yep. I had a guy at my old firm who was completely useless--actually worse than useless since I had to clean up a lot of his mistakes--PM me on LinkedIn a while back asking for a letter of rec for business school. Beyond just his incompetence, he approached the job with a really entitled mentality.
How do you think I responded?
Some people forget that as interns we are just trying to gain advantage and set ourselves for the best possible outcomes while still finishing our education. Take my old boss for example, he would make us interns wash his cars (yes cars, all 7 of them), babysit his kids, do house errands, and oh pick him up and drop him off at the airport (4 am flights on school nights). It was torture and made me realize that for some people money makes you forget basic humanity. Not to mention his reasoning for making us do this stuff would be "teaches you attention to detail" or "we are a family" etc. when in reality he just had himself some educated servants.
Sorry had to rant. I learned a lot since I felt privileged to be at a PE firm but always felt like as an intern we were frowned upon as not smart enough or capable enough, when really we are in some cases ahead of our competition or else we would be working retail through college.
I respect you for doing what you did for your interns. Regardless, I think I am a much stronger person now mentally and have a chip on my shoulder to show that I am worth it.
Couldn't help but think of this: http://web.archive.org/web/20140401162415/http://www.wallstreetoasis.co… (is it okay to post shots of removed posts?)
I think it's interesting that in finance, the industry that revolves around investments, interns are generally treated so poorly, or like they are lucky to be there.
If an intern went through your firm's recruiting process, he/she is just as qualified to be there, in the eyes of the firm, as the boss, albeit for different reasons. The boss will be leaving soon, the intern will be making money before long.
I think it's interesting when a firm doesn't treat it's interns well, forgetting that those interns will be the ones making the firm money within a few years, and then those interns go elsewhere. Maybe poetic justice is the better word, but I love seeing it. If a company doesn't treat a qualified, well-performing intern like a valuable addition, but then makes an offer that gets rejected, they only get what they had coming to them in my opinion.
I've a pretty damn good boss right now. I'm in my sophmore summer and he is aware my intention is to pursue IB as a career. He knows I'm planning to apply for the IB summer analyst program for next year. I'm currently doing a back office internship in a BB and he is doing everything in his power to put me in touch with the right people and give me a great recommendation. When I have down time (A lot in my group) he has no problem with me sitting there reading the WSJ or trying to learn financial modelling.
When I was interning for Accenture management consulting 2 years ago, my boss, "sr.manager' (equivalent of VP) would buy me drinks, coffee, breakfast and lunch basically everyday. It was much appreciated. He eventually gave me return offer for junior year SA stint, and final offer for MC. He is still one of the nicest human beings I've met while working.
The analysts take the interns out on every Thursday or Friday (usually both in the summer); never let them pay for a drink. Cause being a summer analyst sucks/they learn to hold their liquor.
Very important skill set.
I'm reading this with my interns right now...
Seriously lol.
I think that the way the interns are being treated by the managers is at least to some degree a reflection of the company culture. Therefore, I completely agree that you should treat your interns nicely. Otherwise, what is the point of training them if you won't have even a marginal retention?
Moreover, from my personal experience I know that when you show respect, loyalty, and strong support to your interns (in fact anyone who is lower in the organisation than you) it comes back to you and before you realise all the small communication problems, slacking, overdue analyses etc. disappear. And I really cannot imagine myself in a company with a backstabbing, ridiculing-driven culture - how do these people manage to actually be efficient?
These people can't be efficient, which is why they make for great investment bankers.
There is certainly a dichotomy in an intern's treatment - those who are self interested (and likely suffer from confidence and ego issues) will treat them like shit, and those who are aware that the industry (read: not just finance) is team based will treat with them with respect as they realize they are wearing the same jersey.
As has been said, the industry is a small place (particularly if you are in a sector group) and there is a strong likelihood you will encounter your intern again.
Stay out of office politics. I am loved by everyone because I don't spend any time with them. I treat them like I am doing charity while they are talking to me about their personal things. I listen only if they talk business. But I look the part. When I walked into the office, the receptionist said yes sir. So did this stupid girl from the HR. So did junior and senior traders. I look the part. That's what counts most of the time in this world.
It's not who you are that counts. It's how you are perceived by your peers that's the only thing that matters. I am loved by interns as well because I don't care about them. I never understand why people became so caring in the office like letting your interns tough your lunch. So many rainbow coloured pencil pushers these days.
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