Summer Associate vs. Summer Analyst

I spent last summer with a BB as an Associate and I found the experience to be fairly similar to what was asked of the Summer Analysts. As far as modeling is concerned, they won't expect you to be a rock star...but they will expect you to be comfortable with a model (especially after they cover modeling as part of the week of training). Fitting into teams was pretty seamless. They stuck me on a couple of teams where I had another experienced junior banker (either a 2nd/3rd yr analyst or a 2nd/3rd yr associate) to help me get the feel of running a deal. So as worked was passed down from the powers that be, we would split the work up accordingly. Expectations for success include having a great attitude, getting along with the other junior bankers and really taking an interest in whatever you're doing (i.e. - ask questions to understand the "why" of the things that you're doing). Other than that, the other tips you mentioned in your OP will serve you well...

I would say half of what you learn is the exact same is being a SAnalyst. The main difference is you get paid more. I mean there is only so much you can do in 10-12 weeks.

Thanks, that's pretty much what I figured as far as similarities. Any noteworthy differences between analyst/associate level? i.e. they expect summer associates to do X that they don't expect analysts to do (or vice-versa)?

Thanks dosk, nice to know that Associates get to attend more meetings/pitches and do slightly less grunt work. The better pay is a plus too. The maturity/leadership thing makes sense too, although I figured that it was unlikely to actually lead a deal team or anything.

Thanks everyone for the info.

I wouldn't say you do less grunt work. I'd say as a summer associate, you'll be doing more grunt work than the FT analyst. The grunt work is what makes you better and faster. Basically what dosk and masemrder said above is correct. You'll get staffed with an experienced junior on all your deals. If you're staffed with a 2nd or 3rd year analyst, don't expect to be doing any less grunt work.

However, compared to the summer analysts, you'll be handled with less of the "kid gloves" (this can be good and bad - good if you do well, bad if you fuck up). That means while the summer analyst is sitting behind the analyst while he/she works on the model and learns by osmosis, the summer associate will probably sit behind the analyst and once the base model is built, the summer associate may be given some modeling responsibility. For instance, I once had to leave for a weekend towards the end of the summer, so in the 3 or 4 hours before I left for the airport I set up a basic lbo model for the summer associate and she ran with it for the entire weekend. This was an extreme case because a) she was very good and b) there was a very good 3rd year associate on the deal, as well. That being said, I would have never given that kind of responsibility to a summer analyst.

Thanks for clarifying, GameTheory.

I guess we all have different definitions of grunt work. I was excited to be spending less time doing irrelevant things (e.g. getting coffee, filing, making copies, etc. — my definition of grunt work). To me modeling (or helping model) would definitely not fall into this category.

I think it'd be interesting to see what a summer associate who was in banking as an analyst pre-MBA (albeit not in NY)would be tasked with, seeing as a lot of the work would be familiar to him already (that would be my position by then).

Nobody in banking makes their summers (analyst or associate) get coffee or file things...this isn't the trading floor.

summer associate = summer analyst

we staff them the same way on the same types of projects. the worst thing a summer associate can do to blow himself up aside from actually f'ing something up, is to try to be a "real" associate to a FT analyst who's already been there for more than a year

Hi I am summer Associate intern at a Bulge Bracket Bank. I am more than half way through my internship. I feel i was slow in the beginning since I was from a non finance background but I feel I picked up well. I feel mostly I did everything you have listed in your post…..showed enthusiasm and motivation, worked really late hours, volunteered on projects reached out to associates for feedback. I would say I made some small mistakes but I don’t think I made anything like a huge mistake. In my internship I worked mostly with analysts and associates and one MD. However I noticed that this week my manager would give most of the projects to the other Associate intern who initially for the first 3 -4 weeks would leave very early like 10 or 11 never came on weekends, did not volunteer for work (we are both from non finance background) I just happened to see the staffing list for projects on his desk (I am not sure how did he get it) and saw that he has been assigned on 3-4 projects whereas I have been assigned on just one small project and all the projects he has are with very very senior people where as mine are again mostly with associates. Also my review with my staffer was very dry and not much appreciation. Am I correct to infer that I would not be getting an offer. If so what do you think I did wrong. Please help me on what I could do now to improve