Internships are designed to be a learning experience, but companies wouldn't hire interns just to teach them, so it's clear they expect interns to contribute somehow. In IBD, even full-time analysts are learning a lot on the job, but they don't come into office completely inexperienced.
My question actually originated from this so-called "Best Cover Letter Ever"
http://www.forbes.com/sites/crossingborders/2013/01/16/wall-street-boss…
I disagree since this person has sold himself/herself short on a lot of levels and expresses almost no technical capabilities. When I first read this I thought enthusiasm and willingness to learn were most important factors, but it's clearly not enough, especially for smaller regional banks where they don't have formal internships. Yet employers know interns have little to contribute in the first place, so stressing what I have to contribute seems a wasted effort.
So how to achieve that perfect balance between learning and capability?
Here's what I would tell employers:
I would say I'm thinking more long-term and telling them I want to work at your firm full-time (So I'm not treating the company as just a stepping stone) and I believe interning first would be the best approach as it will help establish as strong foundation in my interest in IBD. I would also say I have strong leadership, good analytical background in accounting and finance, and willingness to take initiative, all as described on my resume. But I am also highly intellectually curious and willing to take on any tasks without hesitation.
What kind of firms are you applying to? Most BB's and good boutiques won't read your cover letter
Well I know that. I'm talking about at interviews, because they'll have to do that at least once before hiring.
for me: 1st month - I was a liability; slowing shit down and collecting money 2nd month - I hit my stride and was actually be able to contribute
Most of the stuff i learned in school at best marginally applied to my internship - the bank will just train you.
For interviews just make sure you come across as someone who has a strong interest in finance, with a strong work ethic, willingness to learn and most importantly come across as likeable
Curiosity and a desire to learn are more important in larger firms with comprehensive training programs, as they can teach you all the technical skills that you'll need. An internship lets you hit the ground running when you actually start FT.
For a smaller shop/buyside firm without structured training, prior technical knowledge is necessary so that you can actually add value.
There's banks that have an internship program and those that don't. Generally larger banks tend to have formal internships but plenty of smaller ones do as well. Would you say that for those with a structured internship, it's more important to focus on curiosity and willingness to learn?
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