Inside an internship
Want to know what an investment banking internship is really like? Here's the potted version of last year's anonymous diary of an equities intern.
Week one
I start my internship with a diverse bunch of graduates from many backgrounds and disciplines, though with a heavy Oxbridge slant. The week begins with lectures on absolutely everything, including market fundamentals, bonds and equity. I'm assigned a third-year analyst as a 'buddy' to help me out in times of need. We spend one night networking with older bankers (who seem genuinely interested in spending time with us). Highlight of the week - a trading simulator where everyone lost pots of money. The week ends with a tough exam on bond maths.
Week two
More lectures, though rather more focused than the first week's. When not in lectures, I begin putting my face about the trading floor. Light relief from lectures comes in the form of sales and trading campuses - where we find it much easier to lose money than make it. The week ends in the dreaded 'market wrap' - a pop quiz on the week's activity in the markets.
Week three
With no more lectures this week it's time to hit the trading floor - rotating round the various desks for a couple of hours each day. It's hectic, interesting, exciting and - unusually so far - comes with lots of free time. We have some computer training, including trading software, Reuters and Excel. Everyone's given projects, but mine fell through. I found out what banking's all about and it's extremely tiring!
Week four
I begin the week a little bored, with no project to do and under pressure to organise my own time.
I spend time on some sales desks, which I don't find as interesting as I expect. On Tuesday I finally get to spend time in the area that interests me the most - the trading desks. Unfortunately, I find them rather too customer-facing with less excitement and fewer money-making opportunities than I anticipated. I make quite a few useful contacts though, and there's yet another networking event with structured products.
By the end of the week I've seen some fascinating algorithmic trading and - finally- started my project. Everyone is being extremely nice and helpful - one of the biggest surprises of my internship so far.
Week five
Halfway through now and coming up to a review. I start my project in earnest, researching different methods of gaining exposure to the EUROSTOX. The networking events we go to are sumptuous, in venues such as the Kensington Roof Gardens. Things are getting competitive and I'm not getting enough sleep. I'm starting to worry about being a poor networker - it's all about the networking. I try harder to get known more - there are five interns for every job, after all....
Week six
Back from the weekend, I feel refreshed. I intend to get stuck into my project and focus on credit derivatives trading, but end up spending much of my time getting to know people. I seem to be losing my natural English reserve - essential if I'm to collar strangers and ask for their time. I think my networking's coming along nicely now and am being given more projects to do as well.
Week seven
Things are really starting to get serious now - everyone's focused on getting a job, rather than learning, as earlier in the internship. I need to juggle my time between projects and networking. I talk to a lot of people and ask - and get asked - a lot of searching questions. I get good feedback on my projects. One thing I've noticed is I'm losing weight rapidly - the only substantial meal I get is breakfast, but thankfully banks have extremely good and large breakfasts!
Week eight
Final review week. I still have projects to do - and more networking. I start to hedge my bets by contacting other banks - interns are dropping like flies now. Unfortunately, the week ends with no job offer. But I have learned a massive amount and made some genuinely good friends.
