Monkey to Millions | Andrew (Session 9) - Remote IB Internship / Internship to Offer Conversion Concerns - May 29, 2020
About
In this session, Andrew and I catch up since it's been almost 7 weeks since our last session. Since last time he finished up his junior year, moved in with his girlfriend and has started his remote IB internship. Listen to hear how tedious it is working remotely and how he is handling the unpredictable nature of each day as well as my advice on how and when to warm his network back up and how that interacts with the potential full time offer that may come from this internship.
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WSO Podcast (Episode 9) Transcript:
Patrick (CEO of WSO): [00:00:04] Well. Hello and welcome, I'm Patrick Curtis, chief monkey of Wall Street Oasis, and this is monkey to millions. A show where you get a front row seat as I mentor young students and professionals to try and help them break into their dream jobs in the first cohort. You'll meet four students, all preparing for intense job interviews while trying to also balance a personal life and schoolwork. The goal of this show is to shine a light on the struggles of trying to break into competitive positions with a non-traditional background and to give you a roadmap for your own success. My hope is that as you get to know these four impressive students, you're inspired to dream big. Remember, these are real people, and this is their true story. Let's get to it in this session, Andrew and I catch up since it's been almost seven weeks since our last session since last time he finished up his junior year, moved in with his girlfriend and had started his remote ivy internship. Listen to how tedious it is working remotely and how he's handling the unpredictable nature of each day, all the hours, as well as my advice on how and when to warm his network back up and how that interacts with the potential full time offer that may come from his internship. I think the timing there is really important and hopefully relevant for some listeners. But first, take a listen from Andrew himself in the weeks leading up to this session. An overview of the past week and a bit. We had a call last Wednesday. It's currently Thursday. The 16th got off around 60. Linkedin invites a little bit on the lower end, but it's definitely improving and kind of on the funnel they're getting probably about two five 10 percent. Hash rate had a few calls this week, along with the real estate debt shop with a pretty junior guy there who would pretty much just graduated. So really good to have that call. He said he may be able to send me like a credit underwriting primer for kind of how they do it at their shop. Pretty big, considering it's an arm of an institutional investor, kind of. My next call was with middle market private equity shop here in Toronto. That's pretty insightful. He's also from the East Coast. Kind of shared his story. He's good to hear about his deal experience and what's next for him. I have a few mutual with him, so that's good. And then I've had I've got another call tomorrow. Hopefully that goes somewhat decent. Yeah, that's kind of where it's been kind of on the school side of things, pretty much finished up basically two exams left and kind of in my spare time, I pretty much bought the new Rosemont Pearl investment banking book pretty much ran through everything except for IPOs. So did the online course. Along with that was, I think, was free. So good to dig into that. Definitely helpful. So that's kind of where I am, maybe going to my next check in, maybe next Thursday or Friday. See where we are. All right, Andrew, I don't know what session that says I am like drowning in work. Three kids at home full and. Covid crisis mode, but things are love to get an update from you here, what's been going on because it's been too long, I think we didn't have our last session we've had, it's been like six seven weeks or something.
Andrew: [00:03:53] Yeah, it's something close to that. So I'll have an update. Yeah, so finished up school GPA went up like point o two, I think at this point it's kind of like meaningless. So I mean, at least I've got that going for me on the school front. So what
Patrick (CEO of WSO): [00:04:10] Was it? What did you finish? What did you finish at
Andrew: [00:04:13] Three point eighty two? It's great. Ok, so yeah, did that like a week, week and a half of downtime before I started the new job and then pretty much cleaned up the apartment that I was leasing. And then just moved in with my girlfriend. So I started
Patrick (CEO of WSO): [00:04:32] An. That's been a full remote, though, right?
Andrew: [00:04:35] Yeah, fully remote.
Patrick (CEO of WSO): [00:04:36] So where you like, where you actually doing this internship?
Andrew: [00:04:39] Oh, I'm at my girlfriend's apartment. So what town? Oh, in Halifax. So I didn't really move at all. Ok. Yes, it started and things like May 4th got shipped like iPhones and computer, pretty much everything. So I did that and then kind of got started like the morning of didn't really have much on my plate, to be honest. So it was like they pretty much just sent me like all of their formatting for like PowerPoint and everything like that. Yeah, like kind of. The only shitty thing was that like, I don't have to drive access. So like I can't look back at like archives stuff.
Patrick (CEO of WSO): [00:05:18] Oh, you can't like go in with like, what did they call it, like a WebEx or you can't like, get into their system. There's no way to log in.
Andrew: [00:05:27] No, like they said they were trying to set something up for the interns, but I don't think ever really played out. So pretty much everything I'm working on is sent directly to me. So that's a little bit of a bummer. But I mean, I've been asking for like quite a lot just to like look at past pitches and things like that. So I guess kind of after that, I just worked on like a ton of deck. So like powering utilities, a couple of real estate things, then just some case studies. So I don't know, it's kind of
Patrick (CEO of WSO): [00:05:56] Been a lot of infrastructure work. Yeah, yeah. Yeah. And so are you. Yeah, it's funny because John's doing stuff. Grace is also in an internship right now and like, it's kind of weird because you have to kind of advocate for work for yourself, right? Yeah. Or else they just forget that you even exist. Yeah, exactly. I mean, it depends on the firm and how much they lean on their interns. But for a lot of firms, they're kind of like, if you're not there in their face, they kind of, especially since you're new, it's tough.
Andrew: [00:06:28] Yeah, I know for sure. I mean, like, I definitely missing that component of it, which is huge.
Patrick (CEO of WSO): [00:06:32] So I feel like you're at least you're advocating and you're getting some work on Dex.
Andrew: [00:06:37] Yeah, for sure. But I mean, like in terms of modeling, like nothing really like huge, like it's like camp, like the entire like real estate industry for Canada, which I mean, it's not huge, like 40 50 companies not even say, I did that. Yeah, just building it. I think I built it to real estate pitches
Patrick (CEO of WSO): [00:06:58] Like camp out the entire real estate. You mean, like actually doing like multiple like valuation multiples based on current prices like that? So I did that. Like what type of companies
Andrew: [00:07:09] Would be like retail REITs, industrial retail, stuff like that. So.
Patrick (CEO of WSO): [00:07:14] Is that for that to help them like develop who they want to pitch to you and stuff like that?
Andrew: [00:07:18] Yeah. Well, it isn't. It isn't like, yeah, kind of like the two pitches that I've done like, I've kind of been told like, they're kind of just to be done. So like it's not expected that they're going to go like anywhere. So I mean, at least I'm getting my reps in that front and like, that's good, really. I don't know. Like, I think one of the first comments I got back is like, this picture is point zero, two centimetres different. So I was like, Holy shit. So I'm like, All right. Well, I guess like, I guess I got to go, do that.
Patrick (CEO of WSO): [00:07:54] Yeah, welcome to banking.
Andrew: [00:07:57] Yeah. But I mean, it's literally just been making the pretty PowerPoint. So I mean, at least I got that to look forward to.
Patrick (CEO of WSO): [00:08:05] Yeah, it's funny when this hits, when this drops, I hope by that point, we'll have a PowerPoint for finance course out. Yeah, but it's like huge, like in the Excel and PowerPoint courses are kind of the foundations. If you're not fast in PowerPoint, you'd better get fast because a lot of time. But yeah, OK, so you're at least you're getting some reps. I mean, I know it's going to be tedious work. But it's good, I mean, it's really about just having good attitude with it, you know, making sure that you do whatever they need and whatever help you can have, like the hard part is sometimes it's easier for them just to do those changes themselves until I tell you did wrong and send it back and then you have another thing and. So, yeah, just make sure when they have comments like you're rereading and rechecking to make sure you're catching everything, so they have to say it again. That's like hard because if they have like a list of 30 things and then in that 30 things like one of the bullets has like two things in it and you're going down quickly to check that you did everything. You could miss that second thing and that.
Andrew: [00:09:06] Yeah, exactly.
Patrick (CEO of WSO): [00:09:07] And that bullet, so it's just like that attention to detail, it takes a little bit of practice that that's super being super anal about like alignments and sizes and fonts and everything. It'll come.
Andrew: [00:09:18] Yeah, not for sure.
Patrick (CEO of WSO): [00:09:20] But yeah, it's everything you dreamed of, I'm sure. No, just kidding. So tell me a little bit about like ours though. What's it looking like? Your schedule? I mean, like some 20, 20 hours a week, 50. Like what? What's the range?
Andrew: [00:09:33] I don't know. Like some days, like I'll work from eight till like 10:00 at night and I'll have like continuous work. And then like other days, I might honestly have like three or four five hours of downtime, just waiting on comments like.
Patrick (CEO of WSO): [00:09:49] And you are turning a lot. So you're working some long hours.
Andrew: [00:09:52] Yeah. So like some nights, they'll get like calls at like 11:00 p.m. Just say, like, what are they're like, what's our plan of attack on this slide? I'm like. And then like, like, I'm not even like involved in the process of like doing like the next step of that, like 11 o'clock call. So I'm like, I'm on the call. But I mean,
Patrick (CEO of WSO): [00:10:18] You're on the call because you're the intern you had, you got to be on the call. And so like that, that's what you got to remember is like, there's a lot of kids that will just. Stay up all night for this dish. So, like, yeah, I think it's good, I think this is all good. It's actually good that they're looping you in. It's good that you're getting those reps and you're hearing those conversations because you're at least hearing a little bit about how they're framing stuff, even if the pitches aren't going anywhere. It's a lot of what the day to day is. And yeah, it kind of stinks being remote because you're still left with a lot of the grunt work, but not any of the camaraderie. Yeah, and the like the learnings that can happen from the one off, like five minute conversations with them B or they associate or whatnot. So you kind of lose a little bit of that, you know?
Andrew: [00:11:05] Yeah, like I what was it? One of the analysts sent me like a dial in for due diligence call and then it's like, please state your name and then pound. And then I did that and then I'm like, Oh shit, I shouldn't have done that. And he just types in Skype. It's like, Hello, I'm like, Oh my God, because I really like them. Because like, whenever I joined the dial and it was basically like due diligence call for like, I don't know how many banks were involved, like 10 or 15 banks like, I'm the only person whose name was so I was just dying laughing at that. That's amazing. Oh, that's the engine man.
Patrick (CEO of WSO): [00:11:42] That's very common, though. That's very that type of stuff. So don't feel bad. There's always the conference call mess ups as long as you're not like, think you're on mute and saying something like this jackass?
Andrew: [00:11:56] No, I've been on. I've been on mute. So I mean, nothing else getting out besides that.
Patrick (CEO of WSO): [00:12:01] Good. Good. So, yeah, so this is going this is supposed to go like through the summer, right?
Andrew: [00:12:08] Yeah. So I still got another three months.
Patrick (CEO of WSO): [00:12:10] It's crazy, man. Yeah, that's a long, that's a long slog for an internship. Mm hmm. So what's the what's? Has there been any communication from above in terms of? Full time offers like, you know,
Andrew: [00:12:28] I mean, like nothing and remind me
Patrick (CEO of WSO): [00:12:30] Nothing in terms of stuff. I mean,
Andrew: [00:12:32] There's so there's one other investment bank and I think there's two sales and trading, actually. And then there's I think there's two other interns in Montreal. So I four total yeah, nothing concrete on offer front. I haven't really like brought up those conversations, but I know an analysts like just left in March. That's good for you. Go to the buy side. So I don't know. I think that there's opportunity there in that sense. May I kind of just seeing like what the whole team's like, I really like the team, especially compared to like what I'd seen in Montreal, but I mean, there's also like Montreal whenever I was with the fall internship. I think that's just because like the language barrier. But I mean, I'm liking the team a lot better here.
Patrick (CEO of WSO): [00:13:14] Cool. That's awesome. And do you feel like there's enough seats? Um, potentially so you think like half of you guys will get an offer?
Andrew: [00:13:24] Yeah, I think I think the plan is like usually half. So it's tough.
Patrick (CEO of WSO): [00:13:28] It's competitive.
Andrew: [00:13:29] Yeah. So we'll see. See where things go.
Patrick (CEO of WSO): [00:13:33] Tell me about contingency plans, we still have the you still have your senior year.
Andrew: [00:13:38] Yes, look at the senior year and then I'm starting to message back where I was, where I did my first internship. So it would be like the government evaluation. So I think that's going to be a pretty good backup to have just in case. So I started those conversations when
Patrick (CEO of WSO): [00:13:54] Or when you graduate, you mean? Yeah, yeah, exactly. And remind me what that's valuation. I remember you mentioning this. It's valuation for like it's like
Andrew: [00:14:02] Valuations for like tax purposes. Yeah. And what's
Patrick (CEO of WSO): [00:14:06] That? What's that job look like in terms of like trajectory and pay rate and stuff like that?
Andrew: [00:14:11] And so like trajectory like so you kind of it wouldn't usually be like you're it wouldn't be like entry level. But I think kind of like with the experiences I have, I could be like on par with some of the people who have like a few years of experience in that department. So base, you'd start at like 80 and you'd be working pretty good, like thirty five hours a week.
Patrick (CEO of WSO): [00:14:32] Not even so you're known for that. I wouldn't I wouldn't say it's so bad. Maybe you want to just go there you go that right? Yeah.
Andrew: [00:14:40] Like summer after this looking pretty attractive. Yeah, after this, like
Patrick (CEO of WSO): [00:14:45] 18 hour days.
Andrew: [00:14:47] Yeah, like I was thinking about even like mentioning like how many hours I work. But I mean, like, I feel like I could. I just told like my manager, they're like, yeah, soaking a lot of learning up here. We'd love to just have a chat over the next couple of weeks. So I mean, just shot that email off like yesterday. But I mean, even now, like, they're not like. Working, really, just because they're removed from the office, so I'm not expecting an email back like right away.
Patrick (CEO of WSO): [00:15:14] Yeah, things are crazy here. I mean, more crazy in New York, but. It's good you didn't go there, I think.
Andrew: [00:15:22] Did I tell you to go? Did I tell you to go? I think I told
Patrick (CEO of WSO): [00:15:25] You to go and then like New York, like exploded with cases. Yeah, you probably would have gotten. And if you listen to me. Interesting, so the interesting debate is around that it's actually a really like the government job, like a really high base with potentially slower career progression.
Andrew: [00:15:42] There's just no bonus that's kind of like the only thing, but of
Patrick (CEO of WSO): [00:15:45] Course, there's no bonus. But that I think the bigger issue with going that route is exit opportunities and specifically like after three years, four years, do you know what people do coming out of that?
Andrew: [00:15:57] I think they usually just say for life, to be honest, like they'd go to like,
Patrick (CEO of WSO): [00:16:02] Like, you don't want to do that. You don't want to go somewhere where you're just going to sit for life, you're going to get bored. Mm hmm. And so knowing that you probably want to be in a job initially, that's going to give you the most optionality.
Andrew: [00:16:12] Yeah. But I was thinking like at the same time, like a lot of people do like their CPA or CBD while at that job. I mean, like, I was thinking you could be
Patrick (CEO of WSO): [00:16:22] Doing a lot of side stuff that actually
Andrew: [00:16:25] Benefits, you know, like I was thinking, if I do those things, maybe like just see where my contacts are and then maybe by the time I actually get those designations make the transition. But I don't know. That's like kind of far down the road. So I mean, we'll see where things are, but I'm really having those ideas that I know it's good.
Patrick (CEO of WSO): [00:16:43] I mean, especially as a backup, I think it's super smart as like a safety to like, keep that contact warm and then just keep shoot like. What about the other stuff? Have you had any are you getting so killed, but you haven't been able to get on any calls?
Andrew: [00:16:57] Yeah, no. I haven't done like too many calls. I think the last few calls I had were just like the pension. Pension arms, like real estate investing or like private equity at the pensions nursing condo. Yeah, mostly in Canada. So like, honestly, like they're telling me like. Two banking, two or three banking, two private equity MBA that maybe go back and then like they may start their own search fund, like that's kind of like what they've been telling me.
Patrick (CEO of WSO): [00:17:25] What do you mean doing? Sorry, I'm not following. So you're saying, like, what? They're what?
Andrew: [00:17:28] Yeah, what some guys projections or trajectories would be at their jobs?
Patrick (CEO of WSO): [00:17:32] Ok. Yeah. Interesting, yeah. I mean. Yeah, I mean, I'd be just opened so many doors as a people as it is because they know people know you can eat shit for a while. Yeah. And you'll have like the modeling down and all that stuff after a couple of years, even after a year, man. Mm hmm. Like, if you can suffer through it for a year, you can have a lot of options. Yeah, the Corporate Finance Corp dev, which is really interesting. I just had a podcast with a lady who had a super interesting career. She was like internal M&A at a big four. It basically did like a ton of deals, like over like $700 million of deals in three years as like a twenty four year old. That's pretty crazy. And like was flown all around the world and was like in the office, like the global CEO's office, like pitching him like deals like consulting practices. They're going to be tucking in like that if you can get in that sort of role. And she didn't. She went to complete no name school MBA from like you wouldn't even know it. And it's just, I think, the networking. Yeah, for sure. And she's sharp and a hard worker, and so people loved her once you started. So, yeah, there's a lot of different paths you can go. Yet Corp fin FDP programs are really good, too. The problem is like if I feel like we've been so I've or bust like in the networking, like in terms of where you focused, which is good in the sense of it's a really good thing to reach for, especially if you have that safety there where it's a high base and the beauty is to high base, but you're not working 60 70 hours. Yeah, it's a high base with a low with actual, low like time commitment, which allows you to do so much outside, whether it's good, whether it's getting more credentials, whether it's also starting a side business. Mm hmm. I don't know if you have an entrepreneurial bent in you or like if you ever would consider something
Andrew: [00:19:35] Like, I think the thing that I would consider the most is just be like doing like a small, like just real estate company, just real estate investments. I think that would
Patrick (CEO of WSO): [00:19:43] Be like a start to develop and developing company and stuff like that.
Andrew: [00:19:47] Yeah, no. I've a friend whose family is like, really big and like Nova Scotia for developments like
Patrick (CEO of WSO): [00:19:54] Basically we're leasing real estate modeling course.
Andrew: [00:19:57] Really? Did you do that with the.
Patrick (CEO of WSO): [00:20:01] Well, Kerry, we're doing something initially where I'm structuring the course. I really want to make sure that there like there's enough demand for it. I see the activity in the real estate form. It's like phenomenal. It's like the second biggest IP. But then I'm thinking to myself, I'm like. I don't necessarily want to spend six months developing this monster course when there's some good ones out there, so we're trying to think of a way, how can we offer like a lot of value for not a lot of money? Yeah. So we're going to like almost crowd source a bunch of like real estate modeling, interview courses, interview tests that people get. And then actually, like have really high quality like video solution walkthroughs on that. And we're going to start by just releasing that. And so you submit one you got and we end up using it in the course, then you get it for free, you get the course for free. Otherwise, you spend like, I don't know, we'll start at like 100 bucks and you get access to all of them. And then from there, there's enough demand and it would help us fund the development of like a more fully robust. Yeah. Of course, whether that's and I talked to a guy is really interesting. He's like, Yeah, he's like, you have a ton of courses out there that deal with like the real estate private equity side, the acquisition side, like all the finance guys. But you don't have that many courses on the development side, which is a lot more Socratic. It's a lot more like nuance and hard. He's like, that would be a huge game changer because there's not a lot out there. Yeah, that's for sure. He called it the bricks and sticks or something like that aside versus the just the finance guys. So yeah, that was interesting. But yeah, we're kind of full steam ahead with all these courses, LBO Excel and financial statement modeling all going to be launched in about ten days.
Andrew: [00:21:48] Mm hmm. Sounds pretty cool. How long would those courses be like time wise
Patrick (CEO of WSO): [00:21:53] In terms of getting through them? Five to 10 hours each, depending. Yeah, it depends how much you got to review it. Yeah. I mean, if you're actually drilling 10 plus on each one, it really kind of make sure you get the skills I can get you access to those.
Andrew: [00:22:12] Yeah, that'd be good.
Patrick (CEO of WSO): [00:22:14] You know, with all your free time now, it sounds like some days you sounds like some days you do have a little bit of downtime.
Andrew: [00:22:19] But yeah, no, I guess I don't know. It's kind of like, I feel like it's kind of weird, but at the same time, I feel like everyone else is having it to like. The other intern is like asking me, he's like, Oh, do you have anything to do? I'm like, Honestly, like, I'm not up to it too much right now. Like, yeah. So at least I'm not allowed enough.
Patrick (CEO of WSO): [00:22:37] Yeah. I just keep advocating for yourself, for people that are giving you stuff that allow you to least loop you in on the calls, stuff like that. Mm hmm. As painful as it can be sometimes, but just to hear what's going on and how it works is just going to get you more comfortable around the deal docks around like, OK, how does this all work? Yeah, which will benefit you later on when you're like full time and actually have to run the process? Mm hmm. So cool, man. Anything I can do, any anything else, any other updates, plans just going to hunker down there till through August and then get back to school in September. They said they're going to open classes yet or not.
Andrew: [00:23:19] Pretty sure they're going to be online. So like as of now, it's kind of just going to be chilling and chilling, maybe until the end of the year. I don't even know. So we'll see where things are.
Patrick (CEO of WSO): [00:23:31] Yeah, I think if online classes happen, it's going to be a joke for you. Yeah, it's so if that happens, I'm going to push you to work more. But even if it's for like you want to say, in the real estate side, like push. Yeah, for sure. Push your contacts there that will benefit you later on, even if you could do your own thing. Mm hmm. Yeah. Now, anything else I can help with anything other updates?
Andrew: [00:24:00] Honestly, though, it's been pretty, pretty steady. Like nothing, nothing crazy coming in the woodwork
Patrick (CEO of WSO): [00:24:07] On a PowerPoint. Very little modeling. A lot of pictures.
Andrew: [00:24:11] Yeah. Well, I mean, even my buddy who knows a guy at his bank is in turn says he's only doing PowerPoint something like at least, at least I'm not alone in this.
Patrick (CEO of WSO): [00:24:25] It's funny. Yeah, I mean. It's kind of the easiest thing not to mess up. It's hard to give interns models something analysts don't get the models and some banks, yeah. So. Yeah, just try to make what you can try to. I think you're doing the right thing. Raise your hand as much as you can. Positive attitude and to try to get files and just carve out at least an hour in the morning if you have it to like a lot of stuff, maybe I think the end of the week kind of come with some questions to some people who worked on that deal in the past. Yeah, if there's anything that kind of confuses you in the model or whatnot. Yeah. It'll show them that. Like, they're like, Oh, this guy, like, actually dig it through it. Just make I think it'll make a good impression. It's not. You're not long as you're not doing it like facetiously or you're like, Oh, yeah, like, tell me why sell three, you know, as long as you're not like that, like over anything, know, call it a hard right. As long as you're not pulling that, I think people will appreciate it if you're just trying to understand the deal better.
Andrew: [00:25:28] Yeah, I mean, I even did that today, it was like one guy is just, I think he's associate doing like a solo project. So it's just I heard it on a few calls, so I was like, Hey, can you send me like any docs that you're able to? I'd love to look through that. So perfect. I think it should be good, though.
Patrick (CEO of WSO): [00:25:44] Goodman, anything else I can help with? As you kind of slog away through
Andrew: [00:25:49] Just nothing that I can think of now, but I mean, be sure to definitely shoot your message.
Patrick (CEO of WSO): [00:25:56] Yeah, I mean, I'll get you access to those. I think you have access to the first to the Excel and the financial statement modeling, right?
Andrew: [00:26:04] I think of the Excel for sure. I'll get you this, I'll give you the story about the financial modeling, but yeah, that would be good.
Patrick (CEO of WSO): [00:26:09] I'll give you the financial statement one that's like the three seven model. Yeah. And then we'll I'll get you the LBO modelling question, the valuations being developed right now. M&a, DCF as well. That'll be like late summer, definitely before you're done. Yeah. So you can kind of. Jump into those for some extra practice, some extra reps, yeah, more like a little bit more of an academic setting, although we kind of ground it all in cases with Nike as our case, so. Amen. Yeah, let me know if there's other ways you can help before our next call, I feel like it's been such a long time. It doesn't sound like there's been
Andrew: [00:26:49] To a ton of changes now
Patrick (CEO of WSO): [00:26:51] Kind of changes. Tell me about like. Like, have you reached out to any of your like all the networking you did kind of in the earlier part of the year? Have you given them any updates or you're waiting kind of later summer?
Andrew: [00:27:06] Yeah, I'm kind of waiting like later summer, if I actually get something that's like a deal that starts going. I think that would be like maybe cool to just like, bring up, say, Hey. Appreciate. Appreciate all you did for me. All the advice. Been working on a lot of cool things. Something's actually starting to take off. So I don't know. Like, really glad we had this conversation.
Patrick (CEO of WSO): [00:27:25] It's really, yeah, I like that. I think. Or you wait till. The debt that would be good, or you could even wait till like you have your return offer or don't. Yeah. Um, that's kind of the question, do you start kind of like trying to rewarm those before you get a return off or you have that decision? Do you have any sense of when you'll know?
Andrew: [00:27:49] No, not. Not really sure. So, I mean, like, like poking around
Patrick (CEO of WSO): [00:27:53] The previous interns say, like when they knew. I talked to the guy who's leaving.
Andrew: [00:28:02] I might actually reach out to them because I know I know two guys left
Patrick (CEO of WSO): [00:28:06] In the last because that timing is kind of important. Yeah, no, for sure. Like, are they this type of firm that just waits to like last day in August, your last day of the internship and they're like, Oh yeah, come in here. No, sorry, you don't have an offer or are they like kind of give you some sort of indication July because I think. That timing will change a little bit if it's super late, I'll probably tell you, like if it's late August, I probably tell you to do some sort of outreach in late July. So you have a little bit of a month cushion there. Yeah, you specifically like, try to warm up some of the contacts in case you don't get that. But if it's like mid-July or something where they give you an indication of late July or like Super early August, then you might want to wait till that to know like what your situation's looking like. Yeah. Heading into the final year sounds better.
Andrew: [00:28:57] Yeah, no. Was it one of the associates that I was I was reaching out to? I think he converted like five years or six years back, so I think he's seen enough to know. So, I mean, I'll start poking around.
Patrick (CEO of WSO): [00:29:10] Yeah, he's seen every class that's come in. Yeah, see exactly how they do it.
Andrew: [00:29:15] You might think that'll be fun to do.
Patrick (CEO of WSO): [00:29:18] Yeah. Do you think he's going to? I mean, he's part of the decision, right? Or whether you got an offer or not? Yeah. Or he's gone.
Andrew: [00:29:25] No, he's still here.
Patrick (CEO of WSO): [00:29:27] Yes. It's if you have a good relationship with him, cool. Be like, Hey, I'm just trying to get a sense. I know it's crazy right now, but like, you don't have to tell me when they're going to do it this year. But like previous years, do you have any sense of like when they actually communicated with you in terms of what's going on? For full time. Yeah. Because the return off rate may be super low this year if the deal flow is just not there because of the recession or whatnot. Yeah. Then who knows, it could be like nobody gets a return offer, only one person does, you know? So. You want to try to be in as many processes as possible early in the year. Yeah, that's the case for laterals and stuff like that or for spots that weren't filled. Yeah. Maybe even New York. We'll see. All right, man. Well, I guess that's it for now.
Andrew: [00:30:17] Yeah, I think that'll be it. I'll start. I don't think I've done any updates in a while, so I mean, I'll start getting on those.
Patrick (CEO of WSO): [00:30:23] Yeah, that'd be great. Yeah, just because I was lost, I don't know what the hell is going on.
Andrew: [00:30:29] Yeah. So I'll get on that.
Patrick (CEO of WSO): [00:30:30] And then hopefully, have you have a ton of fans on YouTube, man? Like, we don't want to leave them hanging now. Just kidding. Yeah, it's still. I think the podcast gets the actual audio, gets more views than the YouTube still, but good enough anyway. Well, we'll leave it at that. Let me know if there's any way I can help in between now and our next call. Yeah. And let me know when you hear about when they kind of typically give offers because I think that's going to change a little bit of the strategy in terms of when you update your contacts and stuff like that. Yeah, your thousands of contacts
Andrew: [00:31:06] Or at
Patrick (CEO of WSO): [00:31:06] Least a couple
Andrew: [00:31:06] Hundred. Yeah, good couple of hundred. Okay.
Patrick (CEO of WSO): [00:31:10] All right, man, that's in. So have a good weekend. You too. And thanks to you, my listeners at Wall Street Oasis, if you have any suggestions whatsoever, please don't hesitate to send them my way. Patrick at Wall Street Oasis dot com. And till next time.
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