Being a summer analyst/associate in investment banking is a rite of passage that you will never want to do again, but will be happy you completed. As someone who did this process many years ago, and may even be managing/mentoring some of you this summer, I know that this can be a scary/exciting/intimidating time.
As you hit the desk Monday (or if you already have), here are 13 pointers to please keep in mind as you begin your journey:
- The most important thing to remember: We want you to succeed. We want you to perform well so that we can give you an offer at the end of the summer. It may not always feel that way, but I promise it's true.
- No matter what your level of expertise is, there are two things you can ALWAYS control: your attitude and your effort level. Smile, say "yes, "and work hard. Even if you're feeling down, exhausted, or frustrated, you can do anything for 10 weeks.
- We don't expect you to know how to do anything. AT ALL. Make impressions on the margins, do the small stuff right, and we will gradually give you assignments of increasing importance.
- If you don't know what somebody's talking about, say so. If someone says "Please get me the bank book/OM/CIM/RAP/LP/MP" and you don't know what that means, we'd rather have you just clarify.
- Some of your fellow summer analysts/associates are going to be know-it-all di*kheads. Don't let them bug you, intimidate you, or discourage you.
- We expect you to screw up.
- If someone asks you "Did you do x?" do not lie. This business is based on trust and teamwork.
- Never assume what level somebody is. Don't ask "are you an intern or an analyst?" because that person might be a Vice President or a Director. You'd be surprised how young some senior people look. Instead, tell me your name and that you're a summer analyst from ______ University.
- Speaking of school, nobody is impressed that you went to Harvard/Penn/Yale or whatever super special place you spend your time. It's a level playing field now, and your value to the organization is based upon your contributions and performance and nothing else. ALWAYS act like you've got something to prove, because that non-target state school kid who you look down your nose at has probably had to work infinitely harder than you did to get here and isn't going to take this opportunity for granted (and I would know, because I was that state school kid).
- Treat everyone with an extreme level of respect, whether it's your Group Head or your Administrative Assistant. Everyone's feedback matters when we make offers.
- Be careful what you say and around whom you say it. This is a 10-week job interview. We are a team, and we are in the trenches together. Anyone with a full-time seat has way more loyalty to one another than they do to you. That's something you have to earn.
- No level of work is below anyone. Your job is to do what is asked of you. Period. If the job is removing staples from 100 printouts, be the best damn staple remover alive. That said, we promise to try to find more meaningful work for you than that.
- Have fun. If you're in New York, this is a wonderful city with a lot to offer, especially during the summer. Just be sure to be at your desk on time the next morning.
Good luck. Have fun, learn, and earn an offer. Even if you don't want to do this, it's great to learn about yourself and keep your options open.
Mod Note (Andy): Best of 2016, this post ranks #11 for the past year
Solid post. +1
Completely fucking agreed on all points. And a lot of this goes for new first years as well. Wish I could have read this last year.
Good post. Makes me want to be a summer intern.
Advice goes way beyond Banking too. Fantastic post.
"Speaking of school, nobody is impressed that you went to Harvard/Penn/Yale or whatever super special place you spend your time. It's a level playing field now, and your value to the organization is based upon your contributions and performance and nothing else. "
I can appreciate this advice the most, as it's something I constantly try to remind myself. I didn't attend a great school, so it's great knowing through the perspective of a Vice President, it doesn't matter where you come from, it matters how your perform.
Thank you for the very solid post.
It should be a requirement that all summer analysts/associates print this out and read it every freaking morning of their internships.
One I would add for the summer associates is to treat the full time analysts with respect. Unless you were previously a banker, your MBA program hasn't prepared you for anything. The analysts have been doing the work and in general know what's up. They can be your ally and help you look good/make your life easier/secure the offer.
If you try to lord over them because you go to HBS, and they are just an analyst, it likely won't work well for you. The group already sees them as part of the team, and you are just there for an extended interview. When the decision about who gets offers comes up, the analysts are often consulted.
One additional tip... don't hit the desk too hard, the old mahogany wood tends to be fairly brittle
Don't do stupid stuff like this: http://dealbreaker.com/2016/06/summer-intern-email/
Reminds me of the King Chung email
Anyone with unsupportive parents will relate to the email he sent. Not to generalize or anything, but my guess is the kid is Chinese or Indian and his dad is pissed about him getting back at 1AM/2AM/3AM and doesn't understand that that's simply the way it works in banking. His word choice in a few parts was also cringeworthy, but the kid's probably right in that the dad just needs to stfu and let his kid do what he needs to do to get a decent job out of college.
Seconded. Trust me, my FT analysts have and continue to contribute far more than you are likely to during the summer, and they have no qualms in letting me know if there's a problem. That being said, no one wants to work with a d-bag, so follow OP's advice and you'll have a great summer, a return offer, and a nice signing bonus.
awesome post! can't agree more...
This is great. Hope new guys at my place are on WSO reading this.
second day of the summer and im working on an M&A deal and it's mentally excruciating because i want to do a good job. i can't imagine myself doing this shit day in and day out and its only the second day. Well time to resume le work..
edit: cant believe i was this much of a bitch as an SA
That's a new record. Second day in and already complaining.
With all due respect, I hope you die of scurvy because you are in the office so much this summer. I said with all due respect...
just got home, no time to respond to this hateful comment & so i will resume gossip girl
BTW, what are bank book, RAP and LP?
"We are a team, and we are in the trenches together." hahahah this part made me actually lol
Great post. I usually shit on interns who ask me "so what's your plan for the next couple of years?" i.e. when do you plan to go to buyside?
"9. Speaking of school, nobody is impressed that you went to Harvard/Penn/Yale or whatever super special place you spend your time. It's a level playing field now, and your value to the organization is based upon your contributions and performance and nothing else."
A little anecdote related to this from when I was a SA. We were having a global presentation with the global head of investment banking with all other offices joining via videoconference. When he opened the floor(s) for questions, he asked people to introduce themselves with their name and say which group they were in before they stated their question. A bunch of questions were given across the US and European offices with everyone introducing themselves exactly like that, until a dude from the SF office chimed and said "I'm XX from the San Francisco office", and then he added, "and i go to Stanford." He didn't get to his question before everyone in the auditorium I was in (same auditorium as the presenter) started LOL'ing that he felt the need to point that out. Don't be a douche because no one gives a shit.
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