Is my boss valid or not for giving me this feedback

Based on the most helpful WSO content, your situation highlights a common challenge in S&T internships: balancing expectations and understanding what "initiative" means to your boss. Here's a breakdown of your situation and how to approach it:

1. Your Work So Far is Impressive: Building five trading strategies from scratch, backtesting them, and having them implemented live is no small feat. This demonstrates technical skill, creativity, and a clear understanding of the desk's needs. The fact that your strategies were implemented shows that your work has tangible value.

2. Feedback Context: Your boss's feedback about "not taking enough initiative" might not necessarily reflect the quality of your work but rather the perception of your engagement beyond the assigned task. On trading desks, initiative often means going beyond the explicit instructions—proactively identifying areas to improve, networking with team members, and finding ways to make the desk's operations smoother.

3. Comparison to a Previous Grad: Comparing you to someone with a year-long rotation is unfair given your 10-week timeline. However, it does provide insight into what your boss values: process improvements and contributions that extend beyond immediate deliverables.

4. Next Steps:

   • Clarify Expectations: Have a follow-up conversation with your boss to better understand what "taking initiative" means in her eyes. Ask for specific examples of what she would like to see from you in the remaining weeks.
   • Proactively Identify Opportunities: Look for ways to improve the desk's processes or tools. For example, if you notice inefficiencies in how data is analyzed or presented, suggest and implement improvements.
   • Engage with the Team: Spend more time networking with traders and salespeople on the desk. Shadow them, ask thoughtful questions, and offer to assist with their tasks. This shows you're eager to learn and contribute beyond your project.
   • Communicate Your Efforts: Sometimes, great work can go unnoticed if it's not communicated effectively. Make sure your boss and team are aware of the thought process, effort, and results behind your strategies.

5. Mindset Shift: Remember, S&T internships are as much about cultural fit and interpersonal dynamics as they are about technical skills. Your boss might be testing how well you adapt to feedback and align with the desk's broader goals.

You're not crazy for feeling confused, but this feedback is an opportunity to pivot and showcase a broader range of skills. Use the remaining weeks to demonstrate initiative in ways that align with your boss's expectations while continuing to deliver high-quality work.

Sources: How to be a good S&T Intern, Getting an S&T Return Offer - A Survival Guide for Future Interns, Converting an S&T Internship, Is my start to new job normal? Paid to do nothing, How were S&T intern return rates at GS/MS/JPM?