I call upon all bankers to give the newbie summer analysts the Do's and Don'ts for the summer. I know many college students have or will be accepting offers in the coming weeks. I'm looking for any input you could provide, maybe personal experiences or funny scenarios SA should watch out for. Or give a shout out to dumb things a SA did that got you pissed off, so that it won't happen again this summer. Any tips or recommendations will be greatly appreciated. Thanks!
Basic investment banking internship advice
The following is some great general advice on how to get the most out your investment baking summer internship. From basic principles like first in last out to more remote advice like executing your lunch break properly.
from certified user @GameTheory
That being said, members of your group may tell you something like "if you don't have anything to do, go home, don't waste your time here, we're not a face time group." Don't go home, even if you have nothing to do. While you've got time, look over some models, comps, etc. Trust me, you may not be doing anything, but the fact that you're available in case anything needed to be done goes a long way. In banking, nobody remembers or cares that you stayed until 6AM, but everyone remembers and cares that you left at 7PM.
Have a great attitude. A lot of work given to summers is terrible work that nobody wants to do. Maybe they're even projects that have been festering for some time, waiting to be dumped on unsuspecting undergrads. Take these projects with a giant smile on your face and do a good job, people will remember. And don't complain, ever. Not even to the analysts.
Remember that your internship is 10 weeks long and there's no reason you can't kill yourself for that amount of time when there's a huge light at the end of that (short) tunnel. Even if the only realization you come to after 10 weeks is that you hate banking and would never sign on full time, GETTING the offer is probably the best thing you could ever do to leverage full time offers, no matter what industry you ultimately decide to go into.
from certified user @wintonheights
1. Believe it or not, your lunch execution matters - S&Trs pay keen attention to refueling. if youre consistenly late in ordering or there are delivery errors, you will NOT be looked on favorably. Am I saying this is the reason youll not get the job? of course not, but it is a proxy for your ability to anticipate, organize and execute simple tasks and will affect your latent reputation on the floor.
2. Know when and how to ask questions - we understand you might be eager, but the S&T floor is a busy place. Observe your mentors rythym and processess, pick the right time to ask questions and youll find that you will get all the answers you need. Make sure you think carefully about what you want to ask tho. Dont ask questions you know the answers to or just to make conversation - its obvious, inefficient and annoying. There is nothing wrong w/ just observing.
3. Be sociable - its ok to get involved in generic discussions about topics you know, like sports, cards, golf, jokes, etc. Dont be timid. S&T is not the place for that. But dont presume you know anything about trading. It wont go over well. If you show the ability to mesh w/ atmosphere tho, it will go a long way. Trading is a very close contact environment. People have to like you. Make the effort, and not just with your immediate reports.
4. Dont FK Up - if we give you something to do, which believe me we generally prefer not to even bother to take the risk, get it done fast and get it done properly. This is the small window of your chance to impress us. Dont go "improving" models or spreadsheets. Dont go delegating it to other SAs. Dont avoid us hoping your rotation will change. Just sit down, focus and get it done. But please do ask questions if you have them, while the task may be tedious, we are not trying to have you recreate the wheel. And when youre done, ask for something else - be eager, get involved. If we give you more, chances are youre headed in the right direction.