Just got the email that they will be doing this summer's internship virtually. I'm pretty bummed that they decided to do that soon after JPM said they'll bring interns in. Any tips on how to get a return interning virtually?? Any ideas about where to live?
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Really feel like they should've been more accommodative with the interns. I know most full-time employees prefer WFH but development-wise, and just being able to gauge how they perform in person, I think it would be great to at least have them in for part of the summer. Feel like they are too risk-averse to ever really compete against the big boys. Not just hating from afar (I work there).
Off topic - but did BAML drug test you for FT
Wondering that too
Im sure GS is in person too..
JPM and GS have not sent out any official emails regarding summer format. So the article about JPM which states “a source familiar with the matter” is not accurate. JPM actually just sent out a clarification email .
"In response to the recent external news articles mentioning JPMorgan Chase's Summer Internship Program, please know JPMorgan Chase has not officially communicated any decision on program format at this time. We are closely monitoring COVID-19 and diligently planning the finalized format. We remain focused on giving you a meaningful internship and real work experience as safely as possible.
You will receive an official communication from JPMorgan Chase & Co. with information on how we plan to deliver your internship, as well as guidance on when to start booking travel and accommodations (if required), as soon as a decision has been made. Please continue to only follow information shared by us in our official communications."
JPM and GS are not going to have in person internships if the rest of banks aren’t. Even with many Americans becoming vaccine eligible may 1, it is going to take months to administer those. Only 12% of America’s are fully vaccinated so thinking that any of these banks are going to get their full staff in PLUS new analyst AND interns is highly unrealistic
Which office are you in?
applies to all offices i think?
Most banks will eventually do the internship virtually anyway. JPM and GS have not decided on the internship format but I highly doubt it will be in-person. Don’t think the banks can expect responsible behaviors from a bunch of 20-year olds
You in GCIB? I still haven't gotten an email
.
Will we still get the housing stipend?
Offer doesn’t have any conditional phrasing. It’s something along the lines of “you will receive...” Can’t imagine them getting away with revoking it, seems they’re contractually bound.
one note I would add is that they have kept the door open for in-person activities towards the latter half of the internship.
Are we going to participate in the actual work of the team or the whole SA programme is a mix of trainings/networking/leadership speeches?
Is there any assessment/how do they plan to give FT offers?
Last year basically anyone with half a brain got an offer because interns were assessed only through a final project that was quite basic. Off-cycle interns after the summer got shafted because they overhired
Was it the same in S&T? (final project)
What sort of project?
Thanks in advance!
Very bummed out
Just wanna stress again that they did say they'd continue to assess things and are encouraged by the progress that's been made so far with COVID/vaccinations, so there's a solid chance we'll get something in-person during the summer timeline
Tip #1 - lateral to JPM or GS.
Tip #2 - Don't sweat it, pretty much 100% offer rate for virtual kids
Hey guys, was a virtual intern for BofA last year in an IB coverage group. Couple of things I thought I’d share to be helpful. We did still receive a housing stipend of $2,500 (if I remember correctly) that they encouraged use to use to purchase a WFH setup. For IB at least, we all received the original pay of the city we would’ve been working in despite not living in those cities for the summer. I received and accepted a full-time offer at the end of the summer. Return offer rates were quite high across all of IB (only one person I’m my group did not receive an offer and it was due to behavior reasons). They cut it from 10 to 8 weeks, but still paid us for the other 2 weeks. So in terms of all of that, BofA did a great job and I walked away with a lot more money than all of my others friends who had their salaries cut down. In terms of the actual work, however, we were unfortunately not able to work on live deals (this was true of all product and coverage groups from what I’m aware of). Instead, we spent the first week doing generalized training with the entire intern class across all divisions. This was mostly just like BofA history stuff, compliance, etc. The next next 3 weeks you did division-specific training with Financial Edge, which is a 3rd party vendor that used live instructors and covered almost all topics (accounting, modeling, valuation). Intertwined with this, we had to do an HR-driven project about portfolio allocation in a group of 8 people, with group members coming from almost every division. Starting week 4, we “hit the desk” with our actual groups where we were introduced to our summer project. The summer project consisted of a fake M&A deal with one company in our relevant industry buying another company (for my friends in product groups, their work was similar but just a little more focused on their product). In association with this deal, we had to value the target company using all methods and also had to build a slide deck to analyze the deal. We submitted this to our staffer at the end of the summer but did not have to present on it. In addition to this, we would have Zoom calls 4-5 times a week with different MDs in our group who would talk about what they do, what they’re seeing within their verticals, and finally finish with some Q&A. During the second half of the summer, we also had another HR project where we had to build a deck about how banks could help save the struggling art industry (don’t ask me why, this was a distraction tbh). Also, intertwined with all of this, we did a virtual service project for the Smithsonian Institute that consisted of transcribing images of old written pages (again, idk). My hours during the first 4 weeks averaged probably 50. My hours from weeks 5-6 averaged 60ish. During the last two weeks, i worked about 90 each week, but this was by my own design because I was worried about getting a return offer and wanted my summer project to be really good. I probably could’ve gotten away with 60 hours per week like most of the other interns in my group. All in all, was very happy with my summer, especially in comparison to my friends at other banks who also didn’t do actual deals/pitches but got paid significantly less.
Great review many thanks! :)
Do you maybe have any information regarding global markets division interns last year? They were also not directly on the desk?
Markets was pretty similar to what he is describing. The mock projects are different tho
Hey man thanks a ton for this detailed review. Just out of curiosity, how did group placement work for you guys? I know BofA usually has a 'pool system' where you get to rotate around a couple of groups, but I'm guessing this wasn't the case last year? Also, did you have to network to get into your preferred group (if there was a placement)?
Which location are you referring to?
My group does their recruiting separately from the rest of the groups, so I didn't go through the placement process. From what I know based on last year, and I could be totally wrong because I didn't do it, I don't think they do a rotation, but instead you first get a generalist offer for the overall firm and division, and then you do a 2nd stage of interviews where you interview for group placement.
Did you get any merch 👉🏽👈🏽
Yes. For IB, we got two hoodies and a banker bag
I don’t remember a ton about markets, but I’m 99% sure they were also not on the desk. Apologies my memory is hazy, but I think they said that firm-wide all interns would be doing projects instead. Also, I would imagine it’s 10 times harder/more unrealistic to do S&T WFH than IB WFH. For the S&T and Quant departments of the division, they did not do Financial Edge training with us (they either used a different vendor or had internal training). For the research department, they were with us for part of the Financial Edge training (Accounting through DCFs), but left to do other training once we hit like LBOs and stuff. I also remember hearing that all of the markets division did some sort of market trader simulation. Also, the stuff I wrote about HR projects in my original comment would be applicable to markets interns.
Great, thank you sir!
Heard from an associate that the groups are planning on giving SAs actual work this summer. Looks like we will be working a lot more than initially expected
Is this legit? What group?
following
Was SA last year in Global Markets, in a Sales team. Will second above that we only "hit the desk" by week 4, so that only leaves 4 weeks give or take to actually be with the team (remotely). AFAIK, none of the (four) interns in my team were given actual work (I guess because in a remote setting, it's near impossible to "shadow" full-time guys like interns did in past years), apart from that occasionally senior people gave us some basic tasks (e.g. find me those numbers, help me format this newsletter I'm sending out, do a research for xx market overview for me, etc.).
Can't really speak for others, but our final project was apparently really important in our evaluation, which in our case was a stock pitch (and before you jump to conclusions, it was more difficult than you may think). As a result, I was bombarded by hundreds of research reports and newsletters in my inbox everyday. I didn't have to read all of them but I was supposed to go through those that were relevant to the region & industry that my team covers. From there I narrowed down my target industry and arrive at a target company to pitch (which btw had to be a company that our in-house Research covers). Then it was researching more on said company, speaking with the Research guy, and spending quite some time with my managers to hammer out my own view & valuations (because, well, this is a Sales team and we are supposed to add value not just recite our own research). At the presentation of the final project, all interns had a neatly-formatted "pitch pamphlet" filled with bullet points, numbers, graphs and everything and present to the entire team for 15 mins.
On a daily basis I put a lot of time into the pitch above. Other than that I listened in on morning calls and Sales team meet-ups, networked with 40+ senior people in the team, did occasional errands for the senior people; everyday I was also bombarded by research reports everyday (as mentioned above) and had to do an email write-up cc'ing all my managers summarizing what I learned for the day, what was the market conditions and what trends we should keep an eye on. There were also occasional mandatory training sessions/lectures I had to go to, and obviously the Smithsonian collab project all interns worked on.
Cannot speak to what interns will do this summer but hope my experience can be of reference.
Many thanks for the input! Did FICC interns also have stock pitch as a final project? Have you received any stipend for PC monitor? What PC setup do you recommend for S&T virtual internship?
bump
Bump!
If I were you I'd be partying right now. Last year BAML, at least for IB, gave an offer to basically every summer analyst and the workload was a complete joke, much different if compared with the usual in-person summer analyst programme
Any updates on whether interns will be doing any live work this summer?
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