Intern to Offer

I received an e-mail about internships and what to do to stand out. Given that internship season is about to start, it does seem like a timely question (and thus a timely post). I do try to respond to most e-mails. Some, if they're timely or intelligent (or both), might even receive its own post.

I was once told "the internship is yours to screw up," and I still largely believe it to be true. For the most part you really need to impress them to land that internship, but once they've invested the money to train you during that internship they would like to keep you if they can.

Having an intern is actually a significant investment on the bank's part. Your pay is actually the least of the drains on their resources. They need to arrange some sort of training, some intern activities, and they need to make sure the desks pay attention to you and train you up. That last part is the biggest drain on resources because in 5 weeks you really learn a lot and give very little back to the desk. Once they've given you that training, they want to keep you if you seem at all worth it (hell, that's 5 weeks of training they don't have to give the new guy come the fall!). Luckily, the summer season tends to be relatively slow, so there is (more) time to train the new guy.

That advice, however, is largely useless to you (you already knew not to screw up), so I'll try to give some useful advice:

1) Be proactive. Don't wait for projects to come to you, always go out and bug people for things to do if you don't have something. Some desks are really good at making sure you have work and guidance, others are not. Ask for work. Ask for guidance. Ask questions about anything you don't understand. You will feel like you are intruding and being annoying, but the benefits far outweigh the risks. You are savvy in risk-reward trade-offs, right? Plus if you don't get the job, look how much more you learned to be used at your new job!

2) Mind the details. If your goal is not to screw up, it is important to take time to check all your stuff. Make sure you're not making careless errors, especially if they are the type that would have easily been found with a quick sanity check. In commodities, for example, if you see a price for crude futures in the 30s range you know you've got something wrong (crude futures trade in the 60s range). It will seem like time is always of the essence, but being correct is usually more important than being quick.

3) Be social. Part of the internship is making connections in the industry. Take the time to meet desks other than your own. You will be applauded for being proactive in this, and you might even be able to lever one of your connections to help you with a project you have for your desk. Of course talking to other desks should never be done during busy times or when you're expected to be at your desk, but you'll find those random connections to be really helpful at some point. For example if you're doing FX, it will definitely be good to know some fixed income guys so you can consult with them if you have questions on the interest rates of a given country. Also, part of being social, the social events do matter. People (coworkers, HR, junior analysts who are forced to go to the social events) get impressions of you from those intern events, so don't be retarded but do be sociable.

4) Be persistent. Yea, people will blow you off from time to time. You need to make sure you go back and get your question/concern answered. If they're busy, then you have to come back--but always come back. Don't be really annoying and hover. Just leave if they're too busy to address you and come back when things seem quieter. Try to get the feel for how busy things are (hint: if the market's crashing and people are yelling all over the floor, it's not a good time).

5) Have fun. The internship is not the end-all be-all of your financial career. Enjoy your time as an intern. If you love the markets, you will get a job in the markets. If you and the bank you are interning have the right "jive," then they will give you an offer. It's actually true that each bank has its own culture. I, personally, really don't get along with most of the people at one bank in particular So be it, I'll never work there. I do get along with most other banks' people though. Chances are if you really enjoyed the desk you interned at, then they really enjoyed you too. On the flip side, if you felt like there was a constant disconnect, there probably was. Often these things are just a matter of fit. Hopefully you'll find the right fit for yourself. Making connections outside your group will help too because sometimes interns are cross-hired into other groups due to those relationships.

Welcome summer interns. Hope I see the best of you on my floor and eventually on my desk (hope you go work for my competitors if you suck).