"Your Greatest Strength is You're Clueless & Aware of It"
This quote was how a senior PM in a HF referred to me jokingly (I hope!) when speaking with the fund manager during one of my internships. I was fortunate to have three summer buy-side internships in NY, and while a lot has been said about what to expect at banking internships I feel that there is insufficient information shared about buy-side internships. There are many things I wish I knew at the beginning, and as a part of my blog I will try to shed some light on these experiences from the eyes of a clueless intern.
My Background
After my freshman year summer internship I discovered WSO and have been following it ever since. I am an international student athlete who was recruited to a non-target school in the Mid-West and is aspiring to break through to Wall Street. Despite my nontraditional background, my competitive career helped me to network and ultimately receive the privilege to have summer internships at fairly successful funds. While these proved to be very beneficial experiences, the road was very bumpy and I learned many lessons which I think can be helpful for anyone headed into a similar position this summer.
It's Not What You Know, It's Who You Know
When I tell people where I interned, I often hear "Who is your daddy?" From my experience, this fairly accurately depicts the reality of getting such an internship. Students who have tried to apply for a position in the buy-side might have noticed that many funds do not have accessible websites or any way to inquire about career opportunities. Networking seems to be the only way. Unfortunately, if you do not already have such connections this may be a long shot, but I can share that from my experience it is important to capitalize on unique aspects of your background that could establish a common ground and foster relationships. Even if it doesn't immediately materialize to an internship, reaching out never hurts!
What to Expect
Once you get in, being prepared for what's ahead is key. Many of the buy-side places do not have established training programs, and I was thrown in to sink or swim. My internships were mainly comprised of being given assignments with minimal instructions and the expectation that I will find a way to get them done. Your main resource is the people around you, but since no part of their job assignment is to help the interns you will probably start thinking your name changed to "not now" or "let's talk tomorrow." When you hit a dead end in your project and need some guidance to make progress or even find anything to do to occupy yourself, this can be a killer for your day.
This internship structure can often make you feel frustrated, but it certainly isn't all bad. The assignments you are given can provide the opportunity to deal with core aspects of the fund's investment philosophy. With persistence and strong interpersonal skills, hopefully somebody will appreciate your efforts and mentor you to get the job done. You are likely to report to and receive feedback from a senior person, potentially even a PM. While it's tough, if you work hard and perform well these provide invaluable experiences.
The Benefits of Being Clueless
Although it wasn't easy, my internship experience proved to be a very valuable lesson. Because I was "clueless," I paid great attention to what people around me did and constantly thought about how I could emulate them. After my first internship I started to take concrete steps in order to develop some of these skills and learn more about the investment philosophy. For example, this encouraged me to devote a significant amount of time to reading books, newspapers, etc. While the next year I was facing many of the same challenges, I came in more prepared and upon completing my second internship I managed to impress the same PM who said that I was clueless.
I have a lot more to say about this topic, and I hope to dedicate at least one more post to this subject.
It will be nice to hear other people's experiences about buy-side internships, and comments and questions are always welcome.
deleted
Hi Slugger,
great post. Could you tell us a bit more details about your background (major, country/continent of citizenship etc)?
I'm curious since I'm an international student myself. I applied to a lot of summer internship positions in the US and I only got rejections so far, although my GPA far exceeds the requirements, I am fluent in three (important) languages, I'm fairly proficient with software programming and also have relevant work experiences (in my home country). The reason for the rejections seems (to me at least) to be the fact that I'm not an US citizen and therefore need Visa sponsorship, and most firms are apparently reluctant to do it.
So how did you, as an international student, manage to convince the firms to give you Visa sponsorship, and more importantly, to prefer you over other US applicants?
Any insights/tips with regard to networking/recruiting would be much appreciated.
Space_Marine- I'm hoping to make a post in the next few days addressing some of the issues facing international students seeking internships. While I am now a permanent resident, at the time of my internships I had an F-1 Visa and also faced many difficulties due to my immigration status. I'm majoring in Finance with ethnic ties to East Europe. In my case, the languages and ethnic background helped in networking rather than adding skills in performing the job.
The number one thing is not to get discouraged. Being an international student comes with some disadvantages, but at the same time it can give you some advantages others won't have. You can try focusing on the language in which you have better fluency and stronger cultural ties (quite possibly the cultural ties are the most important), and reach out to people with a similar background. For example, I had some success sending cold emails in my native language, and LinkedIn is a great resource here.
On a technical note, you don't actually need a Visa sponsorship for the summer. All that is needed is a letter from your employer and a new I-20 will be printed to include a CPT that will allow you to work full-time in that specific place for the dates mentioned in the letter. I think international students can have difficulties with summer internships as some employers may not be aware of this and regardless may be unwilling to hire them post graduation.
Thanks Slugger for your comment. My language skills is also what I try to sell most of the time, apparently with limited success though. But I'm not discouraged at all.
On the Visa issue: Sorry but what is a CPT? Also, my current J1 Visa (exchange student) expires on June 9, 2014; Therefore I thought that I will need a new Visa for the internship in the summer... Could you maybe describe the steps you have taken to get your full-time work authorization for your internship? Many thanks!
You should check my recent blogpost as it addresses some of the questions. I am not entirely sure how it works for J1 Visa and would recommend talking to your adviser asap.
Omnis eum dolorum in magnam nisi. Voluptas et omnis quis possimus nisi. Et ut corrupti laboriosam quas repellendus veniam. A autem aperiam aspernatur perspiciatis dolorem corrupti adipisci.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...