14 The Rise and Rise of Internships


Ten ways to turn your summer job into a full-time offer


Let’s make one thing quite clear – if you don’t complete a summer internship at an investment bank, your chances of securing a full-time role are severely diminished.


Goldman Sachs, for instance, offers full-time roles to around 60-70% of its interns; at Morgan Stanley this figure rises to 65-75%. According to a survey by High Fliers, 78% of those hired into investment banking have previous industry experience: this means internships.


The summer internship is not simply a chance to sample the industry; it’s the primary route into investment banking. Banks pay their interns around $15k for 10 weeks and they expect them to work for that money. The hours for interns in front-office roles have increased dramatically in recent years.


1 Sell yourself


Don’t walk around the office with the swagger of a big-swinging deal-maker, but don’t be a wallflower. This is one of the biggest mistakes interns make, says Stephanie Ahrens, head of firmwide graduate recruitment and programme management, EMEA at Morgan Stanley.


“Under-selling themselves is a mistake a lot of interns make,” she says. “You’re not just there to do a job – you need to build a network and create a bond with the team you’re assigned to.”


2


Make the first week count


The first week can be overwhelming – much of it will be spent with other interns in intensive classroom-based training. Getting to grips with financial products, asset


Stephanie Ahrens Head of firmwide


graduate recruitment, Morgan Stanley


classes and product types, modelling techniques and Excel shortcuts may seem daunting, but this will give you the skills to make it through the rest of your internship.


3 Remember, everything is a test


Some of the projects you’re assigned could be repetitious, menial or downright boring, but all of them will mean something. Similarly, coffee runs and lunch orders may seem demeaning, but make sure you get it right – it’s a minor test to see if you can be trusted with bigger tasks. “Check your work two or three times. You shouldn’t be making grammatical mistakes in emails. Formatting is not hard. Do it correctly,” says one investment banking VP.


4 Look for bonds


Whether you went to the same school as the VP on your desk, support the same football team or share a similar hobby, look for a way to ingratiate yourself with the people you’re working with. Ultimately, some could prove effective mentors, but everyone will provide feedback on whether you fit into the team.


5 Be a team player


It’s a cliché, but everyone will tell you that investment banking is a team-oriented industry. Excel at your individual tasks, but don’t lose sight of the bigger picture or how you can help out others on the desk. Don’t be an over-enthusiastic puppy, but be willing to do what’s required.


“Be proactive, take on your own projects with enthusiasm but contribute in different ways and help others wherever you can,” says Ahrens.


6 Ask questions


If you don’t understand something, don’t sit at your desk trying to figure it out - ask someone. Similarly, when a senior banker explains something to you, don’t just nod, ask follow- up questions. There are no dumb questions, everyone assumes you know less than them anyway.


7


Be a culture vulture


Investment banks will be keen to show how their culture differentiates them from their competitors. Get to know the corporate culture, and also how the teams really work – do multiple internships if


possible to find out about the different firms and which one is for you.


8 Get social


You’ll be given various opportunities to socialise with your intern peers, and network with more senior bankers. Grab these with both hands, but in the latter remember to remain professional, dress smartly and ask the right questions.


9 Be open


Even if you’re on a rotational internship, you may go in with an idea of which desk you want to end up working on. Forget this – there are no guarantees, and you may find that you’re better suited to a division you knew little about before going into the internship. Also, every desk you work on will feed back to HR, which will affect the eventual decision anyway.


10 Dress correctly


Dress smartly, but don’t come in wearing a Hermès tie and a pair of Ferragamo loafers. Bankers, especially analysts, who you’ll be spending most of your time with, don’t want to see an intern who’s better dressed than them.


Under-selling themselves is a mistake a lot of interns make. You’re not just there to do a job – you need to build a network and create a bond with the team you’re assigned to.


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