GUEST COMMENT: What to do if your internship's gone badly
Week 10 has come to an end and you're pretty certain the internship hasn't gone as planned. To be honest I'm always concerned if an intern has no idea how their internship has gone by around week 8. Consistent dialogue with HR should give you a fair idea of where you are at but none the less where do you go from now?
First spend some time working out what went wrong
Sometimes it just doesn't work out. We saw plenty of great candidates getting turned down in 08 when times were really tough. They hadn't done anything wrong but firms were generally cutting back. Equally sometimes the culture fit just isn't right.
However, if it's not these things then you need to listen to the feedback you're getting. Maybe it is knowledge, self presentation, drive or ambition - try to evaluate why you didn't receive an offer and how you can rectify it.
If it was a case that you couldn't find a good desk fit or a product or role you enjoyed then start doing some homework.
Update your CV
Spend some time updating your CV to make it current. You want your internship to be something you are proud of and to demonstrate that you learnt and experienced a deluge of things.
You need to make sure that any firm you now apply to can see you utilised you internship to the full and obtained a much clearer picture of what you want to do. Be sure to add your achievements, experiences and successes to your resume and use what you learned to reach your next goal.
On a side point, make sure the information on your CV is accurate. Fulltime grads go through a vigorous background checks and I've seen offers being pulled due to misleading information on a CV.
Work out your spin
Work out how you are going to explain the fact that you didn't manage to convert your internship into a full-time grad position. This links into my first point as you must have a full understanding of what went wrong and need to be able to correct it and make sure it is not an issue when you embark on these new applications. It is always a good idea to put a positive spin on the situation too:
' I was fortunate enough to obtain a 10-week internship in the Securities division at X Bank. It was a really insightful and varied experience and I had the opportunity to meet with professionals on a variety of desks and do projects for X,Y, and Z... Sadly, this year's intake was much lower than the firm initially expected and while I received really good feedback from my 10-weeks I was not offered a full time position. However, as I said, it was an invaluable experience that allowed me to get an insight and much clearer picture of what I would like to do in the future'.
Start Networking....again!
Time to go back to pre-internship style networking. Start hunting out the cards you got prior to your internship and start contacting these people again. See what is on offer. Attend all networking. Banking Fairs, finance events etc. Get back in touch with HR representatives from firms you interviewed with. Think outside the box - Don't hesitate to keep it old school and crack open a newspaper. Contrary to popular belief, employers still use the classifieds section to advertise certain rolls and there are plenty of websites such as eFinancial that will be able to assist you in your hunt!
Hit the Graduate Applications Hard
Make sure you are on top of the Grad Applications. You can not afford to fall behind, nor can you afford to miss a deadline. Apply to all firms and use your knowledge and experiences from your Internship to add credibility to your answers and provide more industry related responses.
These should 100% be your main priority as there are string opportunities to get hired here.
Evaluate Backup plans
You need to be a realist. I'm not saying admit defeat but it's important to realise this might not be your year especially if times are tough. Look at your options and broaden your horizons. Look into Masters Programmes, jobs that are finance related but not necessarily in an investment bank - Don't be narrow-minded in terms of what you want to do. Not everyone can be a trader or a banker and not everyone is suited to it. Be open-minded and listen to advisors and mentors.
No matter what direction you decide to take after the summer and your graduation, your internship experience is something that will very much benefit you down the road. I know it is a daunting and sometime quite frustrating task but be assured there are plenty of resources out there to assist you in securing a graduate position.
The author is a sales professional at a major investment bank who has been through the graduate recruitment process and knows how hard it can be!
