Advice for summer Asset Management interns

Now that Mid-May has passed, I thought it'd be beneficial to post some important pieces of advice for those interns gunning for a return offer in AM. I went through the fun last summer and came out with a return offer, so here are some key take aways I had from my experience.

Always Remember You're Being Evaluated

This may sound like common sense but forgetting this point can be detrimental. Every project you touch and every conversation you have should be treated as if you're being evaluated. This can be very easy to forget towards the middle of the summer. I like to think that I am somewhat clever and can see what's really going on behind the scenes, but I was surprised at what my boss knew of the conversations I had with other analysts about my potential path in finance throughout the summer. Just try to be aware.

Drink The Damn Coffee

I drank a modest three cups a day last summer (1 on the way to work, 1 at opening bell, and 1 at market close) and this varies by person. The amount of coffee you actually consume, however, is beside the main point. You need to be alert and focused while working on everything from simple presentation notes to oil and gas models. Lackadaisically pasting cells can lead to a mistaken valuation that could have easily been avoided. So be caffeinated, enjoy sleep with our sub 70-hour weeks, be focused during meetings and while working on projects, and ALWAYS double check your work.

Find Your High-up Friend

Becoming buddies with someone above analyst level can especially pay dividends. It only takes one PM, senior analyst, or head of whatever to land you a return offer. A big part of this is also being yourself. You won't develop a good professional relationship if you're so psyched out by managers that you become an up-tight introvert (but also don't get too risky with any jokes). Such a relationship, additionally, can lead into a mentor-mentee dynamic which can be priceless. Sometimes finding such a person is just too difficult in two or three months. Yet even having friendly conversations about golf or traveling or last night's ball game can be memorable enough to make a positive impression.

Try to Find a Niche

This can also play into the previous point but finding a desk/team that you really work well with can be a home run. You're likely assigned to a specific desk already yet don't be afraid to ask others out for coffee and expressing your interest in their focus. This will take some discretion on your part to decide how far to push or vocalize your long-term interests.

Be Social

Obviously don't be the intern that gets shit faced (or at least the first one). Go out to the associates' happy hours or other events and develop the ties. Also, showing that you can interact with other interns can be a massive positive to show that you're team player or a leader.

Look for Developments

Are you covering industrials? Then you better know as soon as there's talk of an acquisition by 3M or if GE's COO is retiring. Gather any info you can on the day's developments and at least mention them to your boss. I tried to do this on a daily basis. Luckily RSS feeds, Bloomberg, and Reuters has made this easy.

It's Still a Competition

While we are fortunate to not have the level of rat race as our IBD buddies, it is still a competition. This obviously varies firm to firm with the number of interns and expected turn over, but always remember to do your best to outshine. This is especially important for any large projects you get. However, do not forget about the small things. Following up quickly with emails and returning little assignments efficiently is also just as crucial to show your abilities.

Feel free to message me for any other specific advice. Best of luck to all grinding away on the buy-side.

2018 Update:

I've received several messages about breaking into AM over the past couple of weeks, and I also received access to the WSO investment banking interview Prep Course. I would recommend this course, and especially the Technical Guide, for those monkeys just starting the process for the junior year internship or even FT recruiting. Although it is geared towards IB, the technical information is very relevant to AM and it provides fantastic insights into BB-specific groups. I personally used the Mergers & Inquisitions Guide for my finance interviews, and the WSO material is much more in-depth and will over prepare even the senior finance major. The networking guide would also be a valuable tool to freshman and sophomores especially who are just beginning the journey and need some guidance. If you can afford the $199, I recommend utilizing the package to get an edge or an early start. If you're a non-finance major, then I would say these are crucial to making it to the second round. AM firms can very widely in their interview processes, so understanding the technicals is crucial.