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ufff's picture

Failure

Hi everybody,

I've been lurking these forums for quite some time but finally decided to rear my head after, well, a tough day. This is the second consecutive year that I have ended up not receiving a job after my summer internship. Last year I interned in fixed income S&T and this year in fixed income proprietary trading. Both times were with big banks (think GS/MS).

Having learned from my mistakes in 2007, I approached this year's internship with the grace of a seasoned professional. I produced work that most of the people on my team couldn't come close to producing (I'm a seasoned programmer and essentially wrote a trading algorithm). In fact, my work was so good they have now re-coded my algorithm in C and will start using it.

The last day of my internship the entire team surprised me with a send-away. I felt liked and was told in confidence that I would be receiving an offer. 1 month and some days later I get a call from the partner telling me they don't have headcount this year. I feel screwed. Two summers gone down the drain! All the great experiences I could've had, forever lost.

What I'm left with is a sense of rage. A rage because I clearly out-delivered and outshone the other interns. And now I have to try to gain employment in one of toughest job markets since apparently the 30s. Ridiculous!

No votes yet
untilted's picture

my condolences.don't give

my condolences.

don't give up. you are clearly a talented kid.

ufff's picture

Upon re-reading my thread I

Upon re-reading my thread I realize I come across as arrogant. I mean, it is pretty balsy to claim I "outshone" everyone else.

The point I was trying to make, I really tried very hard this time. I worked longer than everyone and gave it my all, and still, I failed miserably. How can I rebounce after two consecutive year's of failure. I'm at rock bottom and feel extremely disillusioned with the world of finance. Yet I know I wouldn't do any other job in the world.

WxOnWallStreet's picture

Compared to some of the

Compared to some of the other shit people post this site, your's was reasonable. Try to remember, assuming you aren't lying or totally off-base about yourself, that your failure to get a FT offer is likely a result of the current market more than anything else. With that said, keep at it. If you're as good as you say, consider asking your former groups for recommendations or connections. Other than that, as much as it sucks, back to square one. On campus rectuiing, cold calling, networking (within reason), etc...If you want it that badly, then don't let a few failures stop you. You can get rejected 100 times but as long as you get accepted once...

WxOnWallStreet's picture

Dream = B2 ?

Dream = B2 ?

bkm125's picture

Dream - I hope you died and

Dream - I hope you died and that's why you can't make that same stupid post any more.

untilted's picture

wouldnt be surprised if he

wouldnt be surprised if he wrote a macro to do it.

xqtrack's picture

just a further illustration

just a further illustration of the universal truth--life's unfair.

it's not your fault. maybe you'll manage to pull through, although it's equally possible you won't. sometimes life sucks.

best of luck

MMBinNC's picture

Ok WSO do something aout

Ok WSO do something aout Dream's spamming. And to the OP, keep trying...you'll get there if you work hard enough.
------------------------------------------------------------
So what do you do?
-I work for an investment banking firm.
Oh okay; you are like my brother, he works for Edward Jones.
-No, a college degree is required in my profession

Getco's picture

Sorry dude. Sound's like

Sorry dude. Sound's like you picked a bad year to graduate from college. However, keep your head up. 2 years at BB S&T, you're definitely a talented dude. Good Luck with the process.

two.N.twenty's picture

don't get down on yourself

Your internships weren't a waste. Imagine how far behind you would be without them and the accompanying bullet points that decorate your resume. Seriously, imagine right this second that you don't have them on your resume. Where would you be? You might be forced to settle slightly given the market, but you wouldn't even have that right now had it not been for your hard work. As you said, you are seasoned, and come interview time, it will show.

All I can say, and the only reason I'm responding to this post, is because I'm in a very similar situation. Namely, I've had 2 well regarded internships where I shined. When you say that you've shined, I know what you mean, and I certainly don't doubt that you did either. The only people that will doubt you is those who haven't. That's beside the point. The point is, keep your head up and don't regret not having partied up those 2 summers with all your buddies. Life is fucking fair, regardless of what anyone tells you. Hard work does pay off, and it does not go unnoticed. Nobody guaranteed you a full time job for taking those two internships, remember? You and I just assumed they would get you there. Unfortunately we didn't account for fundamentally fucked lending practices going down while we were still trying to decide which colleges to apply to. Just be patient, guy. You'll get where you deserve to be.

Edmundo Braverman's picture

Let's face it

It really comes down to money. Trust me, you don't want to define yourself by your job or the company you work for, even if that is what college has convinced you. The Street has basically said "Fuck You", and I suggest you return the favor.

If you have experience in prop trading and you're an experienced programmer capable of writing an algorithm that works, that's what you should be doing for a living. Why bother pushing this rock uphill, especially in this market?

Take the talents you've been given and go make a life. Believe me, you'll be glad you did. Turn that algorithm into a program and sell the shit out of it. I really don't know anything about copyright as far as software is concerned, but you might even be able to go after the company that bent you over for using your creation.

My advice is to forget about the Street right now and go make some bank in the financial software business.

Good luck.

ufff's picture

Thanks for the well-wishes

Thanks for the well-wishes guys. I wrote the thread immediately after hearing the bad news and the negativity of my post is a reflection of that. Next week I have two interviews lined-up, so twoNtwenty's point about those summers not being a total waste is a valid one.

I'm also comforted by the fact that I'm not the only one in the same situation. Are there any other WSO posters in the same boat? Let's commiserate together!

jgrb17's picture

Your OK

You have done well in your past internships and you have plenty to talk about in your upcoming interviews. I'm sure if the markets weren't the way they are now, you would have received an offer. Just keep your head up and kill those interviews. Forget about the past and just focus on the present. Best of luck and keep us updated with your current situation.