S&T Summer Intern Prep - 2 Months Out

So with two months to go, I thought it would be a good shout for all those about to start s&t internships to give a couple points of advice on things you should be doing before you start in 2 months time. Im hoping more useful tips will be added by experienced users as comments.

These are the top things you should do with the last two months to put yourself in the best position to get an offer at the end of the summer.

  1. Put together a rough list of desks you would like

If you are on a rotational program then chances are that your rotations will have a huge element of randomness to them, I know mine did. But if you walk in with a rough goal of which desk you would like to get a rotation on, then the probability of you actually getting this desk increases significantly.

A personal anecdote will probably most help to explain my point. In my internship my first rotation i was put on a desk that really didnt suit my interests and I think a week into it both my manager and I felt that its not the desk for me. I was most interested in options trading, and knew quite a bit of the theory, therefore first week i went over to the desk and asked if i can sit with them for a little bit. In the end I was able to network my way on to that desk because I had some previous knowledge of the asset class.

Technical knowledge and knowing what you want goes a LONG way to actually getting there. It seems obvious but tons of other interns came in not really having a good idea of which desk and therefore let their rotations being given to them, instead of creating opportunities. You dont want to leave yourself at the hand of HR.

With two months to go, you can learn quite a bit in the technical space of a product. In 2 months you can easily go through Natenberg and understand it. When lookign at which desks interests you, its tricky because you have no experience, but think about the following: which news events are you most interested?, what type of quant aspect can you handle? micro v macro? liquid v illiquid?. Personally, I think the best way to get a rough idea is to read a book, if the product interests you, then its a high chance that you will like to trade it.

  1. Cover some technical knowledge

With 2 months, theres a lot you can cover, once you have your product(s) of choice, make an effort to learn the theory behind it. For example go through Hull and do the exercises. The benefit of this is that you can stand above the rest by either a) showing you are interested and covered the material before or b) pretend that you are a quick learner. I think B is a good strategy, let them teach you things, and then when they test you, you can impress as it seems you grasped the material extremely quickly and in depth. The one thing you should not do is cross the line into cocky, be humble, and never show off knowledge, simply answer and ask questions correctly and intelligently. If you dont know, say you dont know and make a best effort.

For technicals, you dont need much more than the following:
-General: Hull - Options, Futures and Derivatives
-Options: Natenberg or Sinclair
-FICC: Fabozzi and pick relevant chpts

  1. Mental Maths

This may seem strange, but if you are rusty then practice, practice and practice, You will no doubt take part in an open outcry trading game, and mental maths is pretty much the most useful skill with this. These open outcry games are ways they will judge you, and in mine there were heads of desks present, so its a chance to impress. I have wrote up a strategy on how to impress here: http://www.leveredhedge.com/articles/on-the-job-a…

  1. Market Awareness

If you are not following the markets, then start. Get into a routine of going through key news events every morning. Get to the point where you can come int othe office and have a quick 15-20 min routine. You want to have a feel for what is going on, and be able to talk fluently with people while sitting with them. You will not be fluent just by waiting until the start of the internship to start reading WSJ/FT. Finviz.com is a great source for bringing couple articles from various sources together.

  1. Pre Networking

If you have a desk in mind that you would like to work on, find out who is on that desk and send an introductory email. Do not be too keen and crazy sounding, some ppl dont like this and you dont want to risk that at this stage. Just a simple intro is fine.

  1. Attire

Do not wait until you start to start getting your wardrobe together. Get all your shit beforehand, you will thank me later.

  1. Put together a map of eateries around the office

You will thank me for this. If you can get a good rep with the people at the major places, this will help save errors.

Thats all off the top of my head, and I will add more if I think of them.

Comments (18)

Mar 31, 2011 - 4:30pm
konig, what's your opinion? Comment below:

I'd like to know what you meant in #7 :D

Greed is Good.
Mar 31, 2011 - 4:42pm
Ske7ch, what's your opinion? Comment below:
konig:
I'd like to know what you meant in #7 :D

Eateries = Restaurants

- Bulls make money. Bears make money. Pigs get slaughtered. - The harder you work, the luckier you become. - I believe in the "Golden Rule": the man with the gold rules.
Mar 31, 2011 - 4:57pm
konig, what's your opinion? Comment below:

haha no not that, but "this will help save errors."

Greed is Good.
Apr 1, 2011 - 1:20am
ah, what's your opinion? Comment below:
konig:
haha no not that, but "this will help save errors."

Probably means we'll be getting food for the desks haha.

Great post derivs thanks! Have 7 new technical books on my shelf right now...

I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.
Apr 1, 2011 - 5:55am
derivstrading, what's your opinion? Comment below:
konig:
haha no not that, but "this will help save errors."

As an S&T intern you will most likely be carrying out huge lunch orders, and a lot of the time from more than one place at a time. Therefore if you have to run to a KFC and a Nando's its good to know all the KFC's and Nando's in the area so you can find the two closest to save time.

In addition, if you are on good terms with the people at a restaurant they will more closely check to make sure your order is correct. This saves time if you have to double check an order for 20 people to make sure everything is correct.

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Mar 31, 2011 - 6:30pm
MrV, what's your opinion? Comment below:

Thanks for this!

Banking.
Mar 31, 2011 - 6:32pm
diddykong89, what's your opinion? Comment below:

Thanks, great advice! One question: when picking out desks for our rotations how important would you say is picking a desk thats actually hiring? Say I would be picking between a desk I am interested in but that does not have any open spots for full-time next year, vs a desk i am less interested but is actively seeking a full-time analyst, should that affect my decision at all?

Thanks for all the help!

Mar 31, 2011 - 7:19pm
YouMyBoyBlue, what's your opinion? Comment below:

Great post TS, thanks very much.

diddykong89:
One question: when picking out desks for our rotations how important would you say is picking a desk thats actually hiring? Say I would be picking between a desk I am interested in but that does not have any open spots for full-time next year, vs a desk i am less interested but is actively seeking a full-time analyst, should that affect my decision at all?

I would also be very interested in the answer to this question.

Best Response
Apr 1, 2011 - 6:23am
derivstrading, what's your opinion? Comment below:
diddykong89:
Thanks, great advice! One question: when picking out desks for our rotations how important would you say is picking a desk thats actually hiring? Say I would be picking between a desk I am interested in but that does not have any open spots for full-time next year, vs a desk i am less interested but is actively seeking a full-time analyst, should that affect my decision at all?

Thanks for all the help!

Very important to be on a desk that has space, unless you are a rockstar, then its kind of pointless going to a desk that will not hire. Now if you are a rockstar, then it doesnt matter as much. This is because the ppl on the desk will look for a spot for you. This is coming from an MD's mouth, if you are good then even if the desk doesnt have space they will make sure to get you hired somehwere on the floor. I know a couple kids who go generalist grad offers because their desks didn't have any space. In addition, there have been cases where if you really like the product and are good enough, then the MD can line up interviews at other places for you with other banks. The problem is that these are very individual specific cases and you cant really count on them.

Jul 11, 2011 - 12:17pm
inturistka, what's your opinion? Comment below:

[quote=diddykong89]when picking out desks for our rotations how important would you say is picking a desk thats actually hiring? Say I would be picking between a desk I am interested in but that does not have any open spots for full-time next year, vs a desk i am less interested but is actively seeking a full-time analyst, should that affect my decision at all?/quote]

How would one know if a desk is hiring for next year? Thanks.

Apr 1, 2011 - 2:40pm
twobitmanchild, what's your opinion? Comment below:

Excellent! Keep it up. Will be buying yr PDF.

The distrust of wit is the beginning of tyranny.
Apr 2, 2011 - 6:10am
Gekko21, what's your opinion? Comment below:
aintnospam:
What readings would you recommend for commodities? Do you have experience in this area?

For energy, energy trading and investing.

I haven't really found any that are amazing for aggs or metals, but you can always get a general book about all the different commods.

An option is to Google "investment bank name"" gold investing or gold trading or commodity. This usually brings up primers to read.

An example might be "barcap IO PO Primer" which provided the below link at the top of the page. http://www.scribd.com/doc/19586626/Bank-of-America-Trust-IOPO-Market

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
  • 2
Jul 11, 2011 - 2:18pm
Linfone, what's your opinion? Comment below:

Could anyone post LH's How to Dominate an Open Outcry Game?

It seems LH is down for good.

"All I've ever wanted was an honest week's pay for an honest day's work."
Feb 5, 2019 - 3:47am
christer, what's your opinion? Comment below:

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