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
"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.