I hate not doing anything
Interning at a firm and getting ready for junior year next year.
The thing is...the work I get comes sporadically. I would get something to do, finish it, and then for the next ___ hours (or one/two days), I would literally have nothing meaningful to do. I go up to some of the full-time guys and ask if there's anything I can help them with. Either they have nothing for me, or they prefer to work on it themselves.
Now, I didn't screw up any of the previous work they've given me, so it's not like they think I'm incompetent or anything like that. I've learned a lot since I started but I really don't like just sitting there with no tangible work. So far, during my downtime I've been reading the news, checking out my LinkedIn for networking, looking at old documents...etc etc etc.
Can anyone share advice on this matter? I thought interns would consistently have work to do, but it seems like we are assigned work based on a "need to" basis. I would say for the majority of the time we are really not needed, since the full-time guys can handle everything themselves. How can I get more things to do?
... been working for more than 4 years now in FT positions and this still happens to me. Getting done with your work "early" is a fact of life for most jobs - and then you're left twiddling your thumbs. Happened to me at a boutique, happened to me at MBB, happened to me at a non-profit, and it happens to me at the family office where I am now. If you don't like it, maybe trading is an escape route, though I don't know because I've never done it.
Practice pretending to work while you warm the seat and wait to head home, and be grateful that you're smart enough to get your work done before other people do.
It's just that I feel like I'm useless to the firm when they don't give me any work. To make things worse, I'm getting paid - so I'm essentially getting money for sitting there.
I want to contribute as much as I can, but I guess as an intern the opportunities are limited.
I had that problem and the way that I dealt with it was picking a topic and learning more about it. Look at it as a good thing and not a bad thing.
I for example picked up an investment banking analyst manual from JPM and started through it taking notes. If you are a finance major you will find a lot of it helps you in school as well.
Make sure that it is always 2nd priority, but it actually makes you look good when people are coming by.
I had the same situation when I interned and also still have it from time to time in FT. If you've done all the work you can do, definitely use the time to learn more about things you're interested in.
If you're at a bank you probably have access to an intranet of learning courses. If not you can always try and find whitepapers, research papers, or just online research on topics you want to learn more about.
Browsing WSO and sharing some of what you've learned along the way is not a bad way to spend some down time either.
Like the above posters have said, that is typical for an internship. Make a list of things you can work on in your downtime.
-DCF of company your interested in -Comps of company your interested in -What is Investment Banking PowerPoint -Run down of the investment banking process (each step of the deal) -Take a 10-k and make a 3 statement model in Excel -Quick 1-2 page white paper on a recent economic/political event and how that will affect your firm/clients
I was in the kind of similar situation. But I went directly to the MD and asked I really want to help out please let me know if there is anything I can do to help on the deal. I mean I think it also varies by firm but if your closer to analysts and ask them if they need help I am sure they'll hand you some work.
At least in my case I got close with the analyst and got handed long-term projects to do for him.
I feel your pain on this one. Sometimes I'll have 4-5 hour stretches with nothing to do. When this happens I like to make a round and check if there is anything I can help anyone with. Usually there isn't so I don't like to do this too often. You don't want to become the annoying intern. I usually keep something work related open and just browse the internet. When someone comes over with something to do make it look you were working but are happy to assist them. It is kind of bad form to seem like you don't give a crap if people see you on WSO every time they come over to your desk.
Thanks guys. I actually just thought of something. I'm gonna check out the IBD interview guides (fit + technical) during my downtime. I have the guides but haven't really looked at them yet. Probably put them on my iPhone or something.
As long as you're legitimately reading something that can be construed as work related, I wouldn't worry about having other docs open. No need to be an Alt-F4 ninja unless you're just blatantly fucking around on Facebook. Nobody will care if you're reading useful investment banking or industry related docs.
"... but I just dont feel right unless I'm out there working, breathing life into the economy"
Rambo, this is common, don't worry about it. When people think about giving work to interns, the thought process is often 'what will take more time, doing this myself, or explaining it to the intern and checking his work?' The 'doing this myself' option usually wins.
A good thing you can do is to take the initiative and learn about what people in your team are working on, e.g. reading initiating coverage reports, going through old presentations and models etc to familiarise yourself with what is going on. This will cut down the 'how long will it take to explain this to the intern?' part. Also make sure you triple check your work, which will cut down the 'how long will it take to check the intern's work?' part.
Also, continue to build relationships with your colleagues. If they like you and trust you, they are more likely to invest time and effort into your intern experience.
Lastly, don't pester people for work. No one likes the annoying intern.
Spend your free time learning something.. it will feel like work but actually be beneficial.
Be creative and add some value. You won't get very far by doing work only when they ask you to do something
Go back through old models and understand how they flow. Write down any questions you have and ask an analyst who is free to help you walk through it. Also, read as many relevant research reports as possible while you still have access at your bank for the summer.
Downtime seems to be quite common. I've noticed some VPs just make themselves look busy: planning their next bike ride, etc.
Also I just want to point out that many WSO members are probably here on downtime.
Google gives employees 20 hours a week to do whatever they want on the job. You have the potential to create something that will bring more value to the firm than any work that may be given to you. Wisdom is about anticipating the future. Therefore, polish your interpersonal relationship skills or polish your quantitative skills so that your work will be more efficient.
This happens at every job and I've learned that I can be productive without work handed to me. I'm sure that you know how to do the same. Also, dont worry about how they perceive you during the down time. If you are producing quality work, they will respect you regardless of whether you are working like a monkey on crack or patiently waiting for work.
Start reading. Knowledge is power.
I'm at a mortgage brokerage this summer and have a similar problem. I can literally spend days not doing anything meaningful. My best advice echoes that of earlier post- teach yourself. The only way to get ahead is to take the initiative. These past few days, I've been reading everything I can get my hands on in the wallstoasis. I also: started learning to type correctly, read a book, caught up on emails, took care of any and all outside work, did a case study, etc..
Keep yourself busy and keep learning! Good luck to you!
If you make a "What is IB" PPT someone needs to kick you in the face...
i fuck around on bloomberg when i'm bored
ideas...... 1. work on that golf game 2. find some funds and trade 3. cfa exam cram prep books
Here on downtime. Here are some suggestions, hope you don't get bored: offer to go get some coffee if you can't help the FTs with their work, find something to fix around the office, find out some admin task that people have been putting off and make it your project for the rest of the summer (i.e. organizing a database, updating the company's website information, etc.), get in early and create a quick 1-pager on news, financial markets, random shit, and send it out before everyone gets in the office. Shit like that. Also, make sure you're asking the right people for work (aka the top dog at your firm). Good luck.
Worst advice ever, ask the top dog if he needs help with something haha sounds like a great idea...
I just sleep with my eyes open. One of extremely useful skills I've acquired in the military.
Not really doing anything.. (Originally Posted: 06/19/2008)
I'm interning at a small (~100MM) hedge fund that trades FX and Crude with only 5 employees total including me. The two traders here are very smart, both came from Morgan Stanley commodities and know the ins and outs of the fundamentals and technicals of these markets, trading forwards, futures, options, and swaps. But so far I've just been hanging out, watching them trade, and asking questions. Other than that, I haven't done anything! They have a programmer and a back office guy, and none of them really want my help. Even though I'm learning a lot, the stuff I'm learning is all over the place and I almost feel like I'm getting paid for nothing. I also don't know how I'm gonna write about my experience here on my resume.
What were you hired to do? I'm sure the job description didn't say - "sit around and watch people work". Talk to your boss and have him give you defined projects/work - I'm sure he will be more than happy to.
Ask him what work you can do FOR HIM. It's not semantics, there's a difference.
I kind of feel the same way. I am working in the trading division of an investment bank and mainly watch and ask questions. oh well
Isn't that sort of the status quo for most trading internships? If those two traders are really smart you should be able to learn a lot just by watching them... what more can you really expect. Plus isn't getting paid for nothing the American Dream?
Is it normal for interns to have little to do? (Originally Posted: 06/13/2012)
So I'm currently interning at a certain financial services firm (non-BB) with a formal summer internship program. Trying to break into IBD next year.
Everyday, about 1/3 of the time I literally have nothing to do. Just a bunch of random reading to keep me busy. If I do have something to do, it's usually something that my manager/buddy/mentor finds menial and decides to pass it on to me. For most of the day, I find myself either reading the news or doing mechanical tasks like inputting random data into spreadsheets.
I have learned quite a bit from asking questions and such, but it seems like when it comes to doing legit work, there isn't much a summer intern can do.
Is this normal for a summer internship (BB and non-BB)?
yup
Very
Interested as well. Anyone care to share their story?
When I interned at one of the MBB (which is not financial services), I jsut did a shitload of research and data punching in, but on slow days, I literally did nothing till 5PM and all of sudden, they'd give me so much work(same type of work) that I couldnt go home till about 3-4 AM. On the surface, almost all I did was doing research and handling spreadsheets, but I learned a lot about the industry that we were working on and saw how they utilized such info to come up with solutions. So at the end of the day, I gained a lot of insights as to how to approach a problem, macro perspective on an industry (big picture), research skills and soft skills such as working in a small team and in a fast-paced envrionment, multitasking, and not sleeping for a while.
My point is I believe even those seemingly trivial things might be able to give you valuable lessons down the road. Use your time wisely (ex. read some news that might be relevant to what your team's doing, etc)
I'd say it's about what you get out of what you do rather than how legit your work is.
There will be slow days, especially during the summer - a lot of people take vacation. I have long-term projects that have low priority and I work on them when no urgent work comes my way and there's nothing good to read online.
I am currently working as a summer analyst at a small bank as well. I'm not sure about the structure at your bank/shop/w.e, but my first week, I sat on the private placements desk. Learned a lot, shot the shit with my managers for awhile. After the first day, realized there was absolutely no use for me on that desk. I had a rotation to Corp Fin the next week (where I currently am), and have been busy as fuck.
If your internship allows it, email other desks or groups that you're interested in and try to set up talks. You can ask for work. I did that and still didn't have much to do for awhile. Met with High yield traders, distressed debt, did some trade claims shit, and IB.
Finally, this week it's paid off. Pretty sure I'm the busiest intern. Working on a pitch book with our Houston office, working on another deal in Panama with our EM IB group, and also working with our Research group doing comps and cap tables for home builders.
If you want work and are able to, check research group. Always have shit at my place.
Hopefully I haven't said too much or led on too much, anyways, good luck. Hope this helps seeing as I'm probably as relatively stupid and inexperienced as you are.
Regards
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