GUEST COMMENT: Sorry to disappoint you, but getting the internship is the easy part
When I wanted an investment banking summer internship a few years ago, I applied to everyone. I interviewed at 7 banks, and received offers from 5 of the top tier houses.
On a success high, I was quickly brought back down to Earth when reminded by a friend that getting the internship is the easy part - you've still got to convert it into a full-time placement.
Having successfully converted my internship, and now that I'm working full time in a top tier bank (and working closely with summer interns), I've now got a good idea what it takes to be successful. And it may not be what you think.
Perception
Perception is 90% of your battle. I cannot stress this enough. You may be excellent at commodities trading, you may be able to sell ice to Eskimos, but if that doesn't come across you will see other candidates pull in front of you.
Dress
Time and time again we watch interns turning up on their first few days looking shiny and new. As the weeks progress, those same interns get comfortable. You notice a lack of ties on the guys, the chinos start creeping in and vest tops appear on the girls.
DON'T DO IT.
Please ladies refrain from jingly bangles, long chandelier earrings...we have enough bells and noise on the floor without that on top! It doesn't matter if the entire firm is wearing jeans on a Friday you should maintain the same level of professionalism from day one to day end.
I know you're used to uni life where turning up in anything other than your pyjamas would be a crime but this is the real world. If you are not able to maintain the same level of personal appearance for a mere 10 weeks, what will you be like on a 2 year grad programme? What other things might you let slip?
Networking
Use every lifeline available to you.
Firms are really good at providing interns mentors or junior people to pair up with. They organise drinks events and social nights allowing you meet people of all levels in all divisions of the firm.
GO TO AS MANY AS THEY ALLOW.
Please please do not drink more than 1 or 2 alcoholic drinks (if any) These are informal and relaxed occasions, but not that relaxed!
It is important you try to meet a few people at each event. However, you are far better having 3-4 decent conversations in which you make a good impression than trying to see every person from the firm and seeming scatty. Please do not be the intern that finds an MD and corners him for the duration of the event - this isn't good and its not particularly useful to your peers!
Make thoughtful introductions, 'Angela this is Mark, he is an MD on the stock loan desk in Prime brokerage. Mark meet Angela, we are working on a project together for the FX desk'.
Always follow a good encounter with an email thanking the person for their time and if it's a desk you're interested in then ask to visit them also.
Time Management
DON'T BE LATE....EVER.
Bankers are notorious for running late. We get caught on the phone, caught amidst a difficult trade or in a long meeting. You, as an intern, do not have this luxury.
Manoeuvring your way around a trading floor isn't easy, PLAN AHEAD. Make sure the night before you know the exact desk location of your rotation person, know who you are meeting, what he does and make sure you are waiting at the end of his/her row 5 minutess early.
In the mornings, arrive before everyone else on the desk you are interested in. Be there to say good morning and observe quietly. Mornings are a hive of activity you can learn a lot.
Observing quietly and noting down your findings will mean you can go back to the desk during a quieter period and ask questions, 'I saw this morning you were sending out X to your clients, do you send that every day? Do you have different groupings of clients where you feed different information to?' You get the picture.
This also brings me to Face Time. You want to be seen on the floor, you want people to recognise your face. During the hours of 6am - 6pm try to be on the floor as much as possible whether it be observing, rotating and if you see a free PC ask if you can sit there and work on your projects while being able to observe the desk.
You will be amazed at the number of daily jobs I picked up just being on the desk. Maybe sometimes it was only finding and printing off research or taking notes in a meeting but I was the intern doing it. They knew my name and I was useful.
Peer Interaction
As I demonstrated in introducing your peers at networking events, make sure you get on with the other interns. They are a vital source of information and you can help each other with contacts.
It is important, and yes we're revisiting perception again, to be seen as a team player and someone your peers like. Why? We sit next to the people we work with 15hrs a day, 5 days a week, we travel together and attend evening client events together. I spend more time with my colleagues than I do my family. We need to get on and thus when looking at interns we look to see who we could actually see sitting on the desk day in day out.
Team players are vital so interns who help each other out, and put their peers forward for roles etc. will do well.
HR
Make sure you have good 2-way conversational flow with HR. Do not dismiss them - they are very powerful.
I'm not suggesting you speak with yours daily but every 2 weeks do try to touch base and tell them which direction you feel you are going in and which desks you are doing projects for. They have the inside information to guide you to where to focus yourself and sadly also where to give up.
Summer internships are a fantastic insight into a world that will never cease to amaze you. They are 10-12 weeks that could set you up for the first 2-3 years of your career. Don't ruin your chances.
The author of this article is a junior banker who successfully completed an internship a few years ago, received an offer, and now works in the industry.
