At its most base level, an internship is designed to accomplish one thing really: to provide experience that hopefully results in a shoe-in job offer immediately after graduating. But it seems the future generation of bankers, consultants and tech execs have different priorities when it comes to the ideal internship.
Vault.com recently came out with the results of its internship survey, which highlight an interesting trend among college students. Interns care more about immediate gratification than what doors the program will open down the road.
Of the three factors that were most important to students when selecting an internship, the top two were location and pay. Career advancement and the opportunity to earn a full-time position fell to third and fourth, respectively, with the latter dropping an astounding 12 percentage points over the last two years. Interns increasingly care more about their paycheck and a short commute it appears. I guess that’s good for big banks, as they tend to pay the best.
Vault, which surveyed interns in banking, financial services, consulting, accounting and also media and tech, surmised that student debt may play a big factor. Indeed, NYU students are rebelling against low wages at some school-sponsored internships. The graduate student union is currently in negotiations with the school on behalf of irate MBAs.
Meanwhile, Vault also handed out its awards for the top internships on Wall Street. In a bit of a surprise, boutique firms Evercore and Perella Weinberg finished in the top two positions within investment banking, ahead of the likes of Goldman Sachs and J.P. Morgan, which finished fourth and fifth, respectively. Boutiques have been killing it lately, and apparently the droves of future bankers have taken notice.
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Big Shakeup at Banco Santander (WSJ)
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Talk About Drawing a Line in the Sand (Bloomberg)
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JPM Going Long on Data (Financial News)
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Buzz Around the Office
Maybe Learn How to Use the Product First (Bloomberg)
“I still think we should buy them. He is on your schedule for Dec 15 or 16 -- we will need to sell him. I have a plan.” That’s what Twitter Chief Financial Officer Anthony Noto, a former investment banker, tweeted out publicly in what was supposed to be a direct message to a colleague. That should be an interesting meeting, if it is still on.
Quote of the Day: “This is a case to restore faith in the old-fashioned idea that divorce is something that lasts forever. The only thing that distinguishes it from countless others is the seemingly inexhaustible legal resources that each side has brought to bear.” – U.S. District Judge William Pauley on the Cohen divorce case