Making the most of the SA experience

be as respectful as you can to everyones time. not just the traders but everyone. keep the learning hat on and try to spin as much as you can into a learning exp. the last thing I want to see is an intern telling me how to do my job better however it seems to happen every year. one thing you should do is network network network.

Good points. The only thing I'd add is it can be good to mention things to make the traders life easier (namely operational stuff). For example in my SA stint, I made macros that calced up PNL and sent out an email to all the traders on the desk as a daily report, so it would save the analyst on the desk like 15-20 minutes a day. It sounds stupid, but that time adds up (especially in light of all the other stuff to do) and they appreciate your help if you can follow through.

As to your first question, I had mixed experiences. 2/3 desks I was on were scheduled rotations so they would tell you who to sit with. The other was completely free. It can be intimidating at first, but don't sweat it. Do try to catch them at non-busy points though, at least to start off. If they want you to come see them at a busy time to observe, they will likely mention it.

1) yes. it's your job to approach the traders and ask to shadow them. one way to do it might be to approach people during the first few days, saying, "hi, my name is soandso. i was wondering when might be a good time to try and sit with you." start with the analysts and work your way up. MDs don't want to explain the very basics of the job to you, so don't try to sit with them until towards the end of the rotation. like monty said, respect everyone's time, but seriously be aggressive. this past summer, i thought i would have no trouble approaching people on the desks, but i found it to be actually fairly intimidating. if not enough people know you by the end of the rotation, chances are you won't get a job on that desk, so err on the side of being aggressive.

2 and 3) the work varies from desk to desk. most desks will ask you to come up with a trade idea by the end, and that may be it. your job is to learn as much as possible on those desks and make sure everyone knows who you are, likes you, and thinks you've asked intelligent questions while shadowing them. on other desks, you may be asked to do other projects, but chances are you'll have to ask for the projects. if you feel like your work is light, just ask people you sit with if there are any projects they can think of for you to complete. theyll teach you all you need to know when you get there, so no need to learn anything technical ahead of time. the technical stuff will just make the questions you ask more intelligent from the start, but if you don't know something they'll explain it to you. if you want, just brush up on bond math and greeks, and stay current on all the market news.

It depends on the bank and the programme.

With my experience a junior trader or two will take you under your wing and show you the ropes. There are a few key rules: everyone knows when not to ask a question, summer is of course quieter, but it's not to say people always have time for the intern.

Always keep busy. A lot of people get set projects, which tend to be menial tasks involved in Excel - some can lend themselves to influencing how the desk operates which are great fun to be a part of - others can involve lots of data mining which is never fun.

Networking is vital, but at the same time, impressing everyone you meet is arguably more important. If a senior member mentions to another head of desk an intern is impressive it's going to turn heads and open doors.

Learning is just vital and be alert. I don't know what it's like in the US, or at the BB US banks, but don't feel afraid to ask stupid questions, assuming you learn from them: it shows you want to learn.

And always have a notepad :)

Thanks for all the responses. I'll definitely take all the advice I can get.

Assuming the people around you have no work for you to do (or you've finished it), would it be advisable to go to a desk nearby, or just occupy yourself with reading financial media? I guess the former approach might show initiative, but might not look that great for those on the current desk.

Is there anything else to occupy yourself with?