DIARY OF AN OPERATIONS INTERN : Operations may be boring, but that's not the point
( Editor's note : This intern diary is a little late, so we're running four installments at once. We've been promised more frequent submissions in future.... )
Week 1
Due to my ridiculously late exams I only got three days of work during my first week. This meant no orientation, less training and more catching up to do. Nevertheless, upon arrival I was promptly introduced to my buddy who had already contacted me by email weeks in advance, and was ushered straight to my desk. Met about 40 people, remembered 5 names, told my story about 50 times and that was it; work began. I sat down, and realized that I didn't have access to pretty much anything except email.
By this point, I'd just like to highlight how confused I was. Ok, I'm here... now what? My manager's working from home, my buddy is smiling politely, the other intern is sitting there working and I'm left there with a computer and millions of questions.
Before I can even pick which question to begin asking, I'm summoned to a team meeting. After 30 minutes I leave with fewer answers, more questions, more acronyms to learn, but also more excitement. Conferencing with people on the other side of the world was clearly a daily task for these people. It was fast-paced, it was organized, and it was intellectual. There was a senior leader, but everyone spoke, brought forth their concerns and got them resolved. Everyone was respectful, everyone seemed happy and there were even a few jokes being thrown around. Wait... Am I at an Investment Bank?
Yes I am at an investment bank, and you know what... so far the atmosphere is amazing. Everyone is open, kind, eager to help and incredibly smart. My two and half million questions were answered by my poor buddy and his neighbors who devoted hours chasing technology to get my programs, and teaching me what I'd missed and explaining everything from A to Z. I already owe a lot to them!
For this week, I've got little to say about work, as I really didn't do any. But hey, I settled in, every single person I met was amazing: Analysts, associates, vice-presidents. I was home at 7, and you know what? It felt amazing. Week 2 looks promising.
Week 2 - Greedy, arrogant and ruthless
Greedy, arrogant and ruthless, that's how an Investment banker is portrayed. Well, come to operations and you'll realize otherwise. I, like many of my fellow interns, have had the following conversation more than once:
Friend: Hey, so what are you up to this summer? You getting a job?
Me: Yeah, I've got an internship in an investment bank in London for pretty much the whole summer.
Friend: An investment bank.....? Ok... So.... You want to be an investment banker hmm
And trust me, it's annoying when the conversation goes like that. Fortunately this week I got quite a few reminders of why I am foregoing the chance of a beach holiday with friends, or of another job in a completely different industry, to be stuck in an office all summer, doing work that frankly I don't expect to be very interesting. And let me tell you, that after a week of being introduced to the work, and various Business Units, Operations work is not fun. Meticulous, tedious, repetitive work is not fun. Some of you are probably thinking, well yes, but it can be interesting, and of course you're only an intern, so you won't be doing the fun, cool stuff just yet. All true. But, regardless, Operations is a support function of the business. It helps everything run smoothly; it is about finding the quickest, simplest, most efficient and cost -saving method to make the bank run. It is not about re-discovering hot water, or making money in lots of cool ways, it is about supporting the core businesses. That said, you're probably thinking, then why the hell are you doing an internship in Operations. Well let me tell you.
What are the cheesy lines you learn before any interview? "I want to acquire transferrable skills", "It's the people that make the business, not the other way around", "teamwork drives excellence", "I am a well-rounded person; both inside and outside a professional environment" Well hey, you know what, it's all true. I doubt I will spend my life in an investment bank, it just doesn't interest me enough. I cannot see the direct impact of my work on the world. And now you're thinking that I just don't understand what an investment bank really does, or that it's because I work in operations. Again you're right. But hey, not many people (not even investment bankers themselves) really know what they're doing in this industry anyways (think financial crisis...), so that's okay.
I want the skills, I want the responsibility, and as cheesy as it sounds, I want to learn. During the week, I met some amazing people. People who were smart, who listened to you, took an interest in me, and sincerely and honestly wanted to help. My concerns became their concerns. They really reminded me that I have a lot to learn... and you know what, where better?
Operations gives you a wide view of the business, it allows you to focus on a whole range of areas and especially it teaches you the hidden difficulties in running a business. Think of Freud's famous iceberg. One third is out of the water, the part which everyone sees, but, two thirds are underwater. Operations is underwater, doing the "dirty" vital work. To start a career it is ideal. Operations is all about simplifying processes, improving them, and coming up with better solutions. That is the development I want to achieve as an individual, I want to improve and be able to make better decisions, with knowledge of having acquired transferrable skills and experience.
Sorry for that ramble. With regards to work: I've been learning all the software, shadowing people, squeezing out all their knowledge, and attempting to put it together. It's still all hazy, but things are gradually clearing up. I am going to be assigned my first project soon, so definitely looking forward to that! I've had loads of presentations by VP's and associates, and I've been having lots of lunches and breakfasts with my team.
I also have the fortune of having the TV right in front of my desk, so have even watched bits and pieces of the World Cup. I leave at 6 30 everyday, and it feels great. In week 3 I'll focus more on the work being done, and all the technical bits and bobs, fear not!
Week 3 - Slump
I have now gained access to all the required software, and have shadowed about a million people to learn what is required of me, but yet I have nothing to do. Apparently I am still in the learning phase and am not ready to do any of my team's daily work. To the question: What can I do? I get the following reply: What do you want to do? Hmmm how about anything, that isn't re-organizing my Outlook to look neat and organized.
I get in at 8: 15ish, get coffee, and check through my email. I accept any presentation, event, shadowing opportunity that comes my way, to try to have something to do, and finally get my learning to a level that will allow me to start proper work.
I was fortunate enough to meet a VP from a neighbouring desk that has agreed to include my buddy-intern and I in their project. This involves getting account details, sending them to Sales, getting some revenue figures and hopefully one day being able to see who the money-making desks really are, and who the slackers are. Prioritisation is a big issue in Operations - and who shouts the loudest is unfortunately still the way work is prioritized, so finally getting some hard figures would definitely improve efficiency. This was actually incredibly interesting, it makes you realize how an Operations desk can spend maybe two days opening an account for a client, who will then not make one single trade for 6 months....
That said, I am beginning to mould myself to the culture of the bank. Weekly "coffee catch-ups" are a must with all your senior mentors, as with pretty much anyone you speak to. To the point that I am told I have to organize 1-on-1s with my buddy, whom I constantly speaking to anyhow... hmmm
I hope to finally get some work to do next week... I hate lingering around the office, asking everyone if they've got work for me to do, or if they need any help with anything. People are beginning to leave for holidays... so that should free up some stuff for me to do... Overall a pretty slow weekkkkkkkk!
Week 4 - Boom
It seems like I really cannot get rid of my Economics teachings even during the summer... My internship is really becoming more than ever like a business cycle. A boom has manifested itself in week four.
With everyone off to various Mediterranean islands, work has started increasing (finally!). I am finally reviewing cases, and seeing my name in the daily queue grow, as people feel like they can start throwing all their extra cases onto me. The pace of work is growing too, with deadlines to meet in order to keep the sales people and clients happy. The work is interesting, requiring a broad understanding of all the functions of the bank, yet rather repetitive. I try to keep it exciting by having discussions with all the analysts who give me their personal views on the client in question. The extent of information that people in Operations have access to is pretty insane... Thank goodness the information barriers exist, or there would be some serious conflicts of interest...
With more cases under my belt, I receive further training that will enable me to deal with more complicated cases and to be more self-sufficient with my work. From what I can tell, every week I'll be taking a step forward, and will be handed more complex tasks. This kind of sucks in a way, as by week 10, when I'll be doing cool stuff... I'll be leaving! Regardless of this, I am further reminded of why I'm doing Operations... I follow a case from step 1: the new client, to the very final step when the account is opened and it's trading, and trust me it's a heck of a lot more complex then you'd think.
Week 4 already means that I have to submit a self-review along with names of people I would like to be reviewed by. This is how my thought process went...Oh ill put Bob! Damn Bob's on holiday.... Oh ill put Bob2! Damn Bob2's in India.... Oh ill put Bob3! Damn he's leaving tomorrow...Yeah, so that was fun. I managed to find 5 anyhow... who will hopefully tell me how amazing I've been, or how useless I've been. As long as I don't get the usual scripted... everythings good, blabla crap. We'll see... I'll keep you guys informed in the next entry.
The one question that is still floating in my head, which I've posed to many of my fellow interns and analysts/associated remains unanswered: what have you really achieved today, this week or this month? Being in the underwater part of the iceberg is crucial and important, but damn is it annoying to not be able to see the world above.
