S&T interns: 3 things that got me hired

Background: I received a FT offer after completing the S&T rotational internship last summer at a global bank. I was a student-athlete at a non-target in the Northeast.

I found the many guides on WSO on interviewing and navigating the trading floor extremely helpful, so here’s a quick one for those in S&T internships that’s based on my very limited experience.

1. Leverage the information you can get your hands on.

Seems very basic, but definitely why I got the FT offer. For instance- my bank didn’t automatically add interns to each desk’s general email distribution list. I pinged the email admins and started getting general flow info, research reports and other material that was key in developing a working understanding of the desks, good questions, and a picture of who generally thought what. Most importantly though, information on research calls is passed along via those lists.

If without being prompted, you hop on a research call and type out a thorough one-pager and pass it along, you look like a hero. Many of these calls are relevant to multiple desks so if you rotate, send the one-pager to people on the desk you came from as well. Definitely a rare opportunity to add value and show that you are on top of the ball. Also, and on a lighter note- I’m a serious golfer and GHIN helped me get in with many seniors. I knew exactly who to slip off hand comments about golf to because GHIN makes it very easy to look up handicaps. Squash or tennis player? Those databases are probably worth a look too. Bottom line- getting and using information is key.

2. Demonstrate EQ as well as IQ.
Unlike IBD, the place of summer interns on the trading floor isn’t cut and dry. Mostly the name of the game is being present and making a good impression while staying the hell out of the way.

This requires keeping a heightened social awareness: know when each trader and salesperson is most willing to have you sit with them (usually 11am-4pm ish but varies desk to desk) know exactly how you are going to ask someone to sit with them

Hey man, know you’re probably jammed right now but do you mind if I look over your shoulder?
or
Hey ____ , I know its going to be busy but okay if I watch non-farms roll out with you?
...go over a few of these in your head). Take it in stride if they say no and have a gameplan for where to go next. TRACK HOW OFTEN YOU BOTHER PEOPLE. Sounds absurd but I actually made a map of the floor in excel (HR’s maps were awful), filled in everyone’s name, position, and when I last contacted/sat with them. It forced me to learn names and details about the politics of each desk.

3. Quietly figure out as much as you can about the actual process behind the hiring decisions.
Are they made by the MDs? By committee? By HR based on performance reviews? The goal is to figure out how to most effectively allocate your time. E.G. If the traders have no say in hiring a sales junior and you are after that job, you certainly want to skew your time towards sales. If you can piece together this info, you can learn how many juniors each desk is after, which MDs matter, etc. Utilize your mentor and the friends you make to have frank, candid conversations- you can figure out more than you’d expect. Goes back to #1.

Hope this is helpful. PMs welcome.

 

Congratulations on the FT offer!

The heights by great men reached and kept were not obtained by sudden flight. But they, while their companions slept, were toiling upward in the night. -Thomas S. Monson
 

I think IT usually handles email lists for most firms, so send a message to someone in that dept and ask if they can add you to the lists you want to be on or if they know who can.

This to all my hatin' folks seeing me getting guac right now..
 
Best Response

I can comment on some of this. I didn't really do number one since all the research was already available internally on the intranet. The way I added value was to build excel vba applications to help traders manage data. From what I've been told, they are still using my applications today, almost a year later.

Number two is a very good suggestion. Even if people say they can't talk to you, ask if you can just observe and write down questions you have. Remember to come back later and ask those questions when they have time.

As for number three, I will tell you right now that HR has very little say in the process (unless you pissed them off like crazy) and that heads of desks and other seniors meet at the end of the summer and vote on who to give offers to. Your goal is to ensure that every MD, director, and to a lesser extent, VP, knows your name and how you contributed to the desk. It is also important to tell the heads of your top choice desk that they are your top choice. The easiest way to do this is to grab coffee with seniors during the second half of the summer.

 

Demonstrating EQ is key. Wall Street is so competitive there are plenty of people with high IQs - EQ paired with IQ is rare and valuable. I think #3 comes with high EQ, if you understand people you understand there is always a game to be played to get your FT. Also, nontargetkid don't under estimate HR..they can make a big difference if you make either a very strong or very poor impression.

 

I think HR's influence varies widely by bank. Where I interned last yr, they had the biggest say with the exception of maybe a desk head really pulling for you whereas I've heard that HR has almost no say at some other banks. I think the difference may be if you're on one desk the whole summer VS rotational or if you get hired on to a desk or get hired full time as a generalist. Either way, Philly'sfinest advice of finding out who has the biggest say in the hiring process is key.

 

I'll pass this out to my interns. Couple of good tips I hadn't thought of, but are now evident.

CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up
 

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CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up

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