The Do's and Don'ts for Summer Analyst
(Senior Chimp, 26
Points)
on 1/15/08 at 1:46pm
I call upon all bankers to give the newbie summer analysts the Do’s and Don’ts for the summer. I know many college students have or will be accepting offers in the coming weeks. I'm looking for any input you could provide, maybe personal experiences or funny scenarios SA should watch out for. Or give a shout out to dumb things a SA did that got you pissed off, so that it won’t happen again this summer. Any tips or recommendations will be greatly appreciated. Thanks!
Once you receive your offers
Once you receive your offers than you need to compare them to see which presents the greatest opportunity for you. An important component of this is your group placement which begins in April/May. The goal of any summer analyst should be to receive an FT offer at the end of the summer. While you may or may not want to take that offer you do want it to from a group/industry that you would be comfortable working in for the long term. Thus you should spend a significant amout of time figuring out what group presents the best fit for you personality and future goals.
In my own experience, the most desirable groups were filled by kids from target schools. This was due to the fact that target alumni dominated many of the respective groups, but also since target kids got their offers earlier and were able to network with their alumni beforehand. While this may seem outwardly unfair it turned out that some of them did not get FT offers because they did not live up to the groups' expectations. Actually, non target kids received FT offers at a higher % than targets at my bank last year (weird year though so probably does not mean anything). The point is figure out what industry or product interests you and get a feeling for the group so you can make the best decision. Many kids flock to Tech or Consumer Products (after not getting M&A or LevFin placements) because they recognize the companies easily. However, if you dig a little deeper you will find some group or industry that interests you.
I hope this helps.
Banker2007
Thanks for your insight, I will and hopefully other SA def look into this further
Sounds obvious: 1. first one
Sounds obvious:
1. first one there, last one to leave.
2. go drinking. network with people in the bank, even SA. people know who is social and liked amongst the SA class. do yourself a favor and have some fun every once in a while, it is worthwhile. i would maybe even say the contacts i made during drinking w my division may be the primary reason for my offer.
3. double check. nobody is expecting you to do anything above and beyond, but be cool and don't screw up the tasks they give you. also, i made a mistake of making the formatting for a excel sheet more user friendly. in retrospect, it was obviously stupid as these people use the same sheets everyday for years... they don't want some SA assuming they can make it better.
question
in response to what i-banker2007 said, i know that a few bb place SA's as a "generalist" during the summer. so a SA could potentially work on a projects from different industry and product groups. how would you advise someone who is a generalist to find those projects in groups that interest him/her?
Krakauer made some good
Krakauer made some good points. These days, banks are willing to give offers to 100% of the summer class, providing everyone is good enough. My group last year only gave 50% offers, but we stretched to find reasons to give out more offers - the bottom 50% was really THAT bad. You have to be pretty bad not to get a summer offer these days. The job is literally yours to lose once you have it.
That being said, members of your group may tell you something like "if you don't have anything to do, go home, don't waste your time here, we're not a face time group." Don't go home, even if you have nothing to do. While you've got time, look over some models, comps, etc. Trust me, you may not be doing anything, but the fact that you're available in case anything needed to be done goes a long way. In banking, nobody remembers or cares that you stayed until 6AM, but everyone remembers and cares that you left at 7PM.
Have a great attitude. A lot of work given to summers is terrible work that nobody wants to do. Maybe they're even projects that have been festering for some time, waiting to be dumped on unsuspecting undergrads. Take these projects with a giant smile on your face and do a good job, people will remember. And don't complain, ever. Not even to the analysts.
Remember that your internship is 10 weeks long and there's no reason you can't kill yourself for that amount of time when there's a huge light at the end of that (short) tunnel. Even if the only realization you come to after 10 weeks is that you hate banking and would never sign on full time, GETTING the offer is probably the best thing you could ever do to leverage full time offers, no matter what industry you ultimately decide to go into.
GameTheory, I think all SAs
GameTheory, I think all SAs should frame your post and put it in their cube this summer.
For a more comical take:
http://theallnighter.blogspot.com/2007/06/investment-banking-summer-intern-dos.html
and
http://theallnighter.blogspot.com/2007/06/investment-banking-internship-donts.html
http://theallnighter.blogspot.com/2007/06/and-some-more-investment-banking-summer.html
Ranger, I think that a SA's
Ranger,
I think that a SA's experience as a generalist would be a benefit in that they could make an even more educated decision. I know most regional offices are generalist in nature (with the obvious exceptions of Houston, San Fran). If you have certain interests as a generalist SA than make them known to your staffer. Depends on the person, but when I was summer our staffer asked each of us what we kind of deals we wanted to work on and if that type of deal came up and we were not overloaded he gave it to the person who wanted it. If you do develop relationships with more senior bankers (and you should definitely do that) than you might mention it. I have found if you ask smart questions and show a genuine interest in a particular subject they love sharing their insight. As an SA you are there to learn and luckily you do not have to understand everything that is going on immediately (though you are expected to learn quickly) so ask questions especially in the first couple weeks.
I agree with Krakauer and Game Theory in that the social aspect is very important, plus it improves the work environment when you have experiences beyond work to talk to you colleagues about (believe me when you spend 90+ hours a week with the same people you want to have lots to talk about). To add to Gametheory's post I agree, learn everything you can and show a genuine interest in what you are doing. On the otherhand (and I understand this as a bit of exageration) staying until 6AM just for "face time" is not helpful. If you can brush up on things or read about past deals great, be one of the last people to leave especially in the beginning but make sure you sleep when you can. (There was speculation at my bank a couple years ago that one SA who worked hard and spend all summer at the office did not get an offer due to "overexposure," however I don't know the entire situation).You will have a suprising amount of down time during the day after a turn, and definitely use that time wisely.
Hear Ye, Hear Ye All Summer S&T Analysts
Ive been through enough rounds of summer analysts to formulate a few general opinions
1. Believe it or not, your lunch execution matters - S&Trs pay keen attention to refueling. if youre consistenly late in ordering or there are delivery errors, you will NOT be looked on favorably. Am I saying this is the reason youll not get the job? of course not, but it is a proxy for your ability to anticipate, organize and execute simple tasks and will affect your latent reputation on the floor.
2. Know when and how to ask questions - we understand you might be eager, but the S&T floor is a busy place. Observe your mentors rythym and processess, pick the right time to ask questions and youll find that you will get all the answers you need. Make sure you think carefully about what you want to ask tho. Dont ask questions you know the answers to or just to make conversation - its obvious, inefficient and annoying. There is nothing wrong w/ just observing.
3. Be sociable - its ok to get involved in generic discussions about topics you know, like sports, cards, golf, jokes, etc. Dont be timid. S&T is not the place for that. But dont presume you know anything about trading. It wont go over well. If you show the ability to mesh w/ atmosphere tho, it will go a long way. Trading is a very close contact environment. People have to like you. Make the effort, and not just with your immediate reports.
4. Dont FK Up - if we give you something to do, which believe me we generally prefer not to even bother to take the risk, get it done fast and get it done properly. This is the small window of your chance to impress us. Dont go "improving" models or spreadsheets. Dont go delegating it to other SAs. Dont avoid us hoping your rotation will change. Just sit down, focus and get it done. But please do ask questions if you have them, while the task may be tedious, we are not trying to have you recreate the wheel. And when youre done, ask for something else - be eager, get involved. If we give you more, chances are youre headed in the right direction.
Of course generally speaking, you have to show keen interest, communicate well, live up to the GPA/school hype on that resume and ask the right questions as well....but thats all pretty easy if youre the right candidate for the job, right?
Ha ha. Good luck soldiers.
I agree with gametheory. But
I agree with gametheory. But don't stay past 12 am if you've had nothing to do since 7pm. As long as you're not consistently leaving early, I find it's okay to do it every so often.
I agree with the above. Here
I agree with the above. Here are a few extra tips
Show you care and that you really want to be there. Many analysts don't love finance and it really shows if you are there for the right reasons.
Be professional and always on your A-game. Especially when you are working hard. An all-nighter is not an excuse to come in late or look like hell the next day. Killing yourself is great, but think about sustainability. You can work until 2am and be effective the next day. Working till 4am or later is not something you want to make a habit of unless it is necessary. This doesn't apply to most people, but some summer analysts want it so bad that they absolutely kill themselves, causing attention to detail and professionalism to suffer.
Relationships are everything. Impress as many people as you can and be personable.
winton is very right- dont
winton is very right- dont screw up ordering meals. ALWAYS order several extra meals and appetizers. As it was explained to me once, this is pretty much all we have to look forward to every day. Easy way to make people like/dislike you.
As far as leaving early, if you consistently dont have work to do at 8pm and everybody else does... you are the problem. Stay till 12 and rebuild a model.
DON'T SCREW UP. That is my
DON'T SCREW UP. That is my #1 concern with summer analysts. I don't really have the patience to fix work that is ridiculously wrong, so make sure you check it before giving it to me or anyone else. Many summer analysts just don't have the "attention to detail" required, especially when they first start.
Have a good attitude. Specifically, don't pretend you know everything and then come here and not know Alt E S T in Excel for example (true story from last summer, 1 intern pulled an all-nighter because he didn't know about that shortcut... I'm not making this up). Be very eager to learn and do as much as possible and see how everything works.
A good attitude can go a long way - there was 1 intern last year who I really disliked as he was pretty flaky and his work wasn't great. But guess what? He still got an offer because he was actually better than half the others (they were that bad) and the senior people loved his good attitude, always smiling at everything (a la "The Star" in the Bitter Investment Banker Email).
Pretty much the same tips apply to summer interns that apply to any FT analysts starting out...
Another thing, don't act
Another thing, don't act like you know everything. People assume this is your first internship. Ask questions, humble yourself. Show that you want to learn and are willing to internalize it. As stated above, good point on not OVERDOING the face time. Never leave early, but don't leave at 2am if you haven't had shit to do since 7. The analyst you work for know if you have work or not, so don't come off as a brown noser. Also, in my group, my offer practically game SOLELY from the analyst(s) I worked for. I saw the form and it literally had a circle on their evaluaton of me "hire -- don't hire". Clearly, if an MD or VP has an expressed problem with you it won't be the case, but most are indifferent and barely had more than a few lengthy interactions with you to sway the decesion. Don't piss them off, but I would personally focus your time on the analysts and not giving the higher-ups unnecessary rope to hang you with. Others may have had it more from the higher-ups though. Not sure how other banks work...
I'm trying to think of anything else... don't spend too much time on what you're wearing. Nobody actually cares, so long as you don't look stupid. Try to show a genuine interest in what your group does. For instance, if you are in the retail group and your analyst reads certain daily/weekly publications (for retail, something like WWD etc), ask if he could put them on your desk for you to read when he is done. Circle an article that you may have a question about and follow-up the next day. Don't be annoying though.
Also, and I will say this was the biggest mistake I made this summer: ALWAYS WRITE DOWN YOUR QUESTIONS AND GO TO YOUR ANALYST WITH A FEW QUESTIONS AS OPPOSED TO MAKING MULTIPLE SINGLE QUESTION TRIPS. I would always find a small problem in something and go and ask a question before I reviewed the entire spreadsheet for potential other questions. I can't stress this enough, as I see this was the only tension w my analyst early on (stupid as it was, I consistently made this mistake at first. I fixed it once the mid-summer review emphaiszed it).
Again, BE HUMBLE. BE COOL. Good luck...
wow, sorry for the
wow, sorry for the formatting. my computer is messing up.
what would you guys
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