Struggling on my internship
Unrelated degree, first ever internship at a BB (MS/JPM/GS). Long story short, should’ve done more research on the role. Not enjoying it at all. Is it normal that they don’t really train you, just give you work and expect you to figure it out? This style of learning isn’t really working for me, feel like my progress is slow considering I’m spending 2 hours googling ‘what is a lease liability’ and then digging for it in Note 6 of an annual report.
SSER is pretty tedious with very lean teams, so often involves spending a whole day not talking to anyone and hardcoding figures into a model. Not to mention everyone else there is way more experienced than I am. Constantly feel like an idiot during presentations and completely fumble the Q&A.
Self confidence definitely taken a tumble. Always felt like I was a decently smart person yet at this internship i’m not really able to learn things as quickly. I’m feeling especially intimidated by the rest of the cohort. Hours are longer than I thought, and honestly feel pretty stressed at work every day like they're going to find out I don’t know how to do anything.
Please don’t be harsh, already feeling super demotivated. Anyone with advice on how to make the most of the experience/speed up my progress? Wondering if there’s anyone that felt similar, thanks!
SS ER internships vary between quite easy and extremely hard. I actually found my internship to be essentially 8 weeks where the latter half was a month long version of my most stressful weeks on the job. It really took a toll. The actual job is nowhere near as consistently stressful. I worked consistent 80 hour weeks on my internship and FT is 3/4 of that.
SSER is a very independent role. That doesn't mean you do everything yourself but no one is going to proactively walk you through everything. It's not really a process driven role so kind of "telling you what to do" only works to a certain extent because you'll quickly come to edge cases outside of the process you've been taught and you'll be expected to manage through them.
Now, where it seems you're mistaken is that you're taking "independent" to meaning "never rely on anyone". You mentioned whole days of not talking to anyone. That absolutely should not happen. In the initial stages, lets say you're not taught how to do a task. Well first thing you should be doing is conceptualising how you're going to do the task, maybe run through one iteration of it (or don't) and then having a conversation with the task-giver to make sure that is the right track. Then you should be doing work -> coming up with problems/having questions/checking progress -> asking/informing someone else on that to get feedback and guidance. If your manager isn't very approachable, go to the junior. If there's no junior, maybe there's an offshore. If there's no offshore, figure out a way to work with your manager - they've taken an intern, they expect questions. And you have a free pass as an intern to be dumb within reason. Not to say bombard them with google-able questions but maybe you find out what a lease liability is and you're still unsure how this relates to XYZ, ask! Maybe even beyond your task, you're curious how much it matters at all to their understand/analysis of a stock? Ask.
You don't get spoonfed info on ER. That would similarly apply if you were analysing stocks - you don't get spoonfed differentiated investment cases - that would be an oxymoron.
Maybe last caveat, and I know you were exaggerating but if something like "what is a lease liability" and finding it in the AR is taking you anywhere close to 2 hours, you're not effectively using the tools in front of you. We have AI. We have alphasense. We have smart searches now. All this stuff is like 10x easier than it was even 3-4 years ago.
It’s completely normal to feel overwhelmed during your first internship, especially at a BB like MS, JPM, or GS, where the learning curve is steep, and the environment can be intense. Based on the most helpful WSO content, here are some actionable tips to help you navigate this challenging period:
1. Shift Your Mindset
2. Tackle the Learning Curve
3. Build Relationships
4. Improve Your Confidence
5. Manage Stress
6. Reassess Your Goals
Remember, you’re not alone in feeling this way. Many interns have faced similar challenges and come out stronger on the other side. Keep pushing, and don’t hesitate to ask for help when you need it. You’ve got this!
Sources: Non-Target to MM IB: My Advice, Advice From an Advisor to Senior Wall Streeters, Advice for summer and return offer rate?, Starting my first IB internship in October: What advice can you give me?, nervous about S&T internship beginning in a few weeks - how to calm my t*ts?
dont worry it gets significantly worse after your return offer
Not to be a dick, but did you go through the regular pipeline i.e. AC, interviews etc?
Equity Research interviews are usually fairly rigorous if you made it you should feel confident.
I would go back to basics: first do not be intimidated by your cohort, accept you know less them (you mentioned non-relevant degree etc), focus on really understanding the fundamentals use AI, follow up with Qs to team members etc get in early in the morning & do prep work. You need to have humility and ideally be learning not just from the team but also your cohort. If you want a return offer it will not be based on technicals, the firm will be gauging improvement over the ten weeks i.e. attitude.
Some of the best investors came from a very similar background to you Julian Salisbury of Sixth Street etc so do not be dismayed.
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