Summer Analyst Reflection
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Would've loved to read this
Reposting as I was being a pussy before and deleted the post after fear that somebody may be able to identify me.
Background: Interned as a SA at a large bank's satellite office which is top 20 in IB fees but is not considered a BB and frankly has pretty weak brand equity
My Observations / Tips to the Internship Process:
My bank advertised that A) # FT offers = # Interns and B) BB experience on your resume.
Both A and B were false. Reality was that A) # FT offers = 1/2 * # Interns and B) People not working at this bank don't see it on the BB-tier.
PPT Skills > Excel Skills
Satellite offices run their own recruiting and its processes seem to be more fragmented than NYC offices. CIP, data sources were a mess and standardized bank templates used by NY teams did not seem to translate over.
Figure out who the key decision makers are in that office. Get coffee with them. Tell them you're interested in their space b/c of X, Y and Z. Ask if there is any project or research that you can do for them.
Know your place as an intern, the whole thing about always having a good attitude is so important.
Consistently seek informal feedback. I remember seeing a post how it helps to have at least one good non-working relationship with a FT; this is important as that person will be more likely to give your unfiltered feedback from the group.
Sounds like they lied about the return offer situation... feel free to identify them so others can beware.
Not worth the risk right now... Maybe if I wasn't planning on staying in finance.
Takeaway here would be don't be afraid to shop around your offers or renege on an offer to go to a better platform.
This is something that I wished I would have known when I originally signed.
sorry to hear about your experience but thanks for sharing it on WSO...
I also encourage anyone that is in a spot deciding between two banks...if they are close in ranking, you should definitely be looking at the intern to FT offer conversion %s from the WSO Company Database... especially for the previous summer (correlated)
Would be really helpful if WSO broke out intern to FT offer conversion % by each bank's office location as this level of granularity is typically asked in the survey, no?
According to WSO, the bank I was at historically has had well above-average return rates. Even though I'm guessing HR & the bank's financial planning team at their headquarters set these hiring targets, the satellite office I was in had lower conversion rates than NYC this year.
Banks really pushing for more female candidates, 2/3rds of the summers were females and every female who applied for a FT position got it, even some who were seriously under qualified, though they were rather cute.
Banks choosing to overhire SA's and just have lower ratio of FT offers rather than recruit from outside.
Always save down your models as excel likes to crash and you could lose work and be yelled at.
FWIW - every single girl in my summer class got an offer.
I'll probably get MS for this, but I unequivocally believe from my limited experience that if you're a charming, good-looking white chick, you will have politics playing in your favor in banking.
That's absolutely the case
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