Top 5 Misconceptions from Info Sessions
With info sessions coming up soon, I thought I'd write something on fantasy vs reality. HR & alums you meet at info sessions are all trying to sell you to their bank, but as I found out this summer, a lot of the things they say simply aren't true. Here are the top 5 misconceptions you'll face (note: actual experience depends on the firm):
1) Everyone in the office is nice and willing to help you out & answer your questions
Reality: No that's the case. There are a lot of assholes on Wall Street and you need to remember that. There are people who couldn't give a rat's ass about you. Sure, there will be a quota of nice people, but don't be surprised if you're given the cold shoulder.
2) Our firm is great and expanding and always looking for new talent
Reality: They probably laid off 500 people, hired 50 new guys and called that an "expansion". Despite what people think, the job market is still very weak. Example: An alum that his division is growing and hiring. I was right to be suspicious: he got laid off a few months after. Note: this point is not as relevant today as it was a few years ago
3) You'll do lots of relevant work and be treated just like a FT analyst
Reality: No, you'll be treated like an intern (aka you're the bottom of the bottom) and you'll be assigned the worst shit that no one else wants to do. Be prepared for all-nighter sessions on changing colors in PowerPoint or manually updating Excel databases.
4) "Sure, here's my card. Feel free to reach out to me and maybe grab coffee sometime."
Reality: Most people will ignore you unless you have some genuine personal connection to them (e.g. fraternity). Once in a while you'll met a really genuine guy who does want to help you, but those are rare. Not really their fault either that they don't respond - they are busy. Don't take it personally if you get ignored.
5) "You'll have lots of access to senior management."
Reality: This one's tricky. If you're working in a super small firm, then maybe. But working at a BB or some other large bank? Chances are you won't have that much exposure to them. Your MD has more important things to do than chit chatting with an intern.
Going to have to disagree with #3, but it depends on the shop / group. Sure I had to make sure all the ppts were formatted correctly and fix the printer, but I was also building LBO models for pitches pretty early on.
3 is incredibly subjective. I know a ton of groups that give real work to interns and while there is some BS work, mainly because analyst assign them to SAs, it doesn't mean we don't give real work either. The majority of the interns are gonna get FT offers, so if all they learned was how to fax and file forms, it will hurt the current analysts/associates that need their help.
I'm sure that list applies to certain banks, but it's definitely not universal.
For instance, we give all our summers real work, and if they're staying late it's never just for formatting. Also, most people in my group seem to be very good about responding to cold/warm e-mails from undergrads and laterals.
what were the typical hours for analysts vs interns in your group?
I also have to somewhat disagree with #3. It depends on the intern, analyst, and bank whether the intern gets real work or bitch work
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