Friday: Didn't have to Work! Yay for Independence!
Saturday: I was in the office for 30 minutes and that was it!
This is a post that is not so "business as usual" but wanted to post it to give you a feel for some ideas that you can play with in your internship.
My best friend gave me a basket full of candy and a candy jar. With regards to the jar she said, "Put this on your desk filled with candy. I know how much you love candy..."
Come to find out she is genius. It has been the best "getting to know you" tool in the tool box. The Analyst posted his Secret Sauce, and this is mine--The Candy Jar.
So initially it had candy in it and I ate it all. Took me about 3 hours to eat it all. So I had to refill it and the internship had not started yet. So I purchased these Toosie Roll Frooties. They are delicious. Don't confuse them with the bigger tootsie rolls that come in Lime and Vanilla, these are tiny little ones that come in fruit punch and smooth cherry. Google them and buy a bag if you have never tried them.
So I mixed about five flavors and put them in the jar and like a fisherman waiting for a bite they sat on my desk. At first, I was the only one consuming them. But then the magic little jar tranformed things.
A banker would come in, "Hey, could you do--what are these?"
"Oh these are frooties, you have to try them." The banker would take a handful and continue. Sometimes bankers would come in and I would say, "Have you tried these before?"
"No, what are they?"
"Try them you will like them."
You gotta keep in mind the stealth here. I didn't show up to some meeting with a bag full of these things like the bagel incident, I let the bankers come to me. The next thing you know I get some return visits.
"Dude these red ones are good."
"Good have some more! Did you try the green ones? I love the green ones. Hey, if you ever want more, you know where to come. If I am not at my desk, just take them."
What is genius about this candy jar is that bankers can't just come in and take a handful and walk out...they psychologically have to say something; spark some kind of conversation.
What I like is that bankers I have yet to meet formally will come, introduce themselves and ask if they can try some. I have yet to have an MD walk in and ask for some, but analyst to VP you bet!
The best part is seeing the side of bankers that no one gets to see--the kid-at-heart. Their little grins when I start to pour a couple in their hand. It's fun to see a banker peek his or her head in and not even have to say anything, they just smile and I know what they are thinking. I motion to them to step in and they hold out their hand.
I have it down now to where I know what flavor each banker likes particularly. So I have ventured out and will carry a couple in my pocket, and if I see they are away from their desk, I place a couple right next to their key board or on their mouse pad. Then I get the email, "Dude thanks, I was just going to come by for some."
As a disclaimer, you have to be careful, it is kind of like fishing. You can't just yank on the line at the first sign of a bite. You got to slowly and patiently reel them in. The stuff makes for good conversation. Having the jar on my desk has been key to building relationships not banking related.
So here is the idea if you consider doing something like this. #1 buy candy that is individually wrapped. No one wants t stick their and in a jar that you and all the other bankers have too. #2 Buy an assortment, not everyone likes dark chocolate miny milkey way bars. #3 Let them come to you, AND if you don't have a well established relationship yet, don't offer candy. Wait until you are at the (and this is the bet way I can describe it) "cool point"...when you know that you are cool with the banker, or wait until you have broken the ice. #4 Lastly, be careful not to become the "summer analyst with candy" you want to be known as the the one who works hard or has great modeling skills or listening skills. You would hate to have the candy be the highlight of your exposure to bankers. If you notice bankers saying, "hey candy guy!" Maybe tuck the candy away for a week or so.
Good luck!
Sunday, June 15, 2008
Thank My Lucky Stars!
Tuesday 9:00 a.m.-1:00 a.m.
Wednesday 9:00 a.m.-3:00 a.m.
Thursday 9:00 a.m.-7:30 p.m.
Wow what a week. Lots of good stuff to cover. First, I accessed this "via email" thing per a viewer's request. So you will notice to the right of the screen a link where you can get my latest blog. Honestly I don't think I am that popular to have people subscribing to my blog, but I really am glad people are reading it. Most importantly, those interested in banking because I would have died for material like this--I always have to remind myself that I need to add detail so interested future bankers know what its like.
This is going to be a long post, mostly because I have a little time to write something good. It is July 4th and I don't have to work thank goodness. But it looks like I will have to work on Sunday, maybe even Saturday. We have a deliverable we have been working on all week. The MD is going to give us some last comments Sunday night, and we have to have things looking sweet for Monday morning when the MD visits the client.
So I got staffed on this live deal (the deal I was talking about in the preceding paragraph) with an associate who is known for being difficult to wok with. I new this going in and was determined to really make sure I got on his good side. The best way to approach this guy is to be really positive (because he is not so enthusiastic) and humble. English is his second language and he makes no effort to pronunciate. Fore example, we (the analyst and I) threw together the shell (the shell is exactly that, its like the skeleton for the presentation, the outline without any specific detail) for the presentation on Monday. As the Associate went through the slides and made comments he mumbled everything. I wish you could audibly hear me reenact this. The analyst was frivolously taking notes, and from time to time would ask questions.
This in one guy you don't want to ask dumb questions to. At one point he raised his voice to the analyst and said, "Read the damn slides, Q!" All the analyst was asking for was clarification on what slides he wanted first.
For most of the interactions with the Associate, I would sit back and observe how the analyst reacted. For example one time the AS (for typing sake AS=Associate, AN=Analyst) came to us as we were working on some slides and was like, "You almost done?"
The AN said, "It will be another hour, I am on some other things too."
AS: "What? Like what?" and then he would pace in circles and just walk off without an answer.
Then the AN, AS and I went to give an update to the MD. The AS was completely different! He was nice and pronunciated well. When the MD was giving instructions on where to go the AS was all ears and just the nicest guy. It blew me away how completely different he acted.
Let me shed some light on what MDs are like, and maybe even juxtapose MDs with ASs and ANs. An analysts desk looks like crap is small and in a cube shared by other bankers. An Associate's office is small, shared and is stacked from floor to ceiling with pitchbooks, PIBs and other documents. Seriously the office of an associate are twice as messy. I can't believe they know where to find stuff. Now an MD has nothing on their desk. In our building the MDs have corner offices with a balcony. On a couple of shelves you see their trophy case, it has all the tombstones customized by each particular deal. For example, you may have seen collectors items that are clear plastic or glass cubes with a 3D image laser cut into the center...image about 100 of those in all shapes and sizes with company names and deal totals lasered into them. That is the shelf of the MD.
We sat down in this MDs office and he had the deck of slides we had been working on. He just started talking about how he envisioned the presentation looking. The three of us frantically took notes. I glanced at the MDs copy--he hadn't even looked at it. At the end of the meeting as me and the AN were walking back to our desks I could tell he was frustrated. I asked why and he said, "The MD basically just told us that our first version you and I put together is the way he wants it." Up to that point me and this AN spent hours reworking the slides to the taste of the AS and in 2 seconds we were back to our first version. Another interesting point to make is that we had scheduled to meet with the MD 3 different times and when we finally met with him, the meeting lasted 5 minutes.
Wednesday morning I get to the office and the AS come approaches me and he is pissed! He looks at me and says, "Why did you delete the folders?"
I said, "I am sorry, I don't know what you are referring to?"
"Someone deleted the Software and Solar folders."
I said, "Was it me? Is that why you are asking? Because I really don't recall doing something that blatant."
He just walked away. A couple hours later all the summer interns got an email saying, "We gave you a training in drive management and now someone has deleted the entire software and solar folders. IT is trying to recover the folders. If you need another lesson in drive management we need to talk."
As I pondered how serious this is, I realized that it takes a conscience effort to delete these folders because you have to click, "Do you really want to delete these folders?" I am 99% positive it wasn't me, in fact I was a little disappointed to see that only summer interns got the email. I know the likelihood of it being an intern is high, but with how fast I have seen some analysts whipping through the drives, I wouldn't be surprised if one of them had inadvertently done it. Lesson: DON'T DELETE SOMETHING YOU DIDN'T CREATE
The longest day thus far has been Wednesday. This was the first time I really had to do a juggling act. When things got really difficult to manage I had the analysts duke it out. For example-one analyst said, "Hey how soon will you be done with what I sent?" I responded, "Well I am working on some slides that we need to have done tonight."
AN(1): "Well I would really like to get this done before the weekend, its due Monday." So I turned to the other AN(2) who happens to sit close to AN(1) and said,
Me: "I know we need this done tonight and I am willing to stay late to get both done. (And then turning to speak to both of them) I am not familiar with how to prioritize these assignments so what do you guys think?" Then they talked it over and my priority was set.
Not only did I finish both but another assignment surfaced and the AN(3) wanted me to spread some comps. So I stayed late to get all of it done. The truth is I had in my mind the correct prioritization--I just wanted that clear in the ANs' minds so that I wouldn't overpromise and underperform.
I am going to try to be better at being more specific about what I do all day. The only way I can do that is if I write everyday. Its tough because I get home late, and this post that I am typing took 1 hour. So to stay up an additional hour kills me. But this weekend I will really think of some valuable stuff to post. I will even try to describe what is going on with the deals I am on without breaking confidentiality. Hope everyone has a good 4th of July!
Wednesday 9:00 a.m.-3:00 a.m.
Thursday 9:00 a.m.-7:30 p.m.
Wow what a week. Lots of good stuff to cover. First, I accessed this "via email" thing per a viewer's request. So you will notice to the right of the screen a link where you can get my latest blog. Honestly I don't think I am that popular to have people subscribing to my blog, but I really am glad people are reading it. Most importantly, those interested in banking because I would have died for material like this--I always have to remind myself that I need to add detail so interested future bankers know what its like.
This is going to be a long post, mostly because I have a little time to write something good. It is July 4th and I don't have to work thank goodness. But it looks like I will have to work on Sunday, maybe even Saturday. We have a deliverable we have been working on all week. The MD is going to give us some last comments Sunday night, and we have to have things looking sweet for Monday morning when the MD visits the client.
So I got staffed on this live deal (the deal I was talking about in the preceding paragraph) with an associate who is known for being difficult to wok with. I new this going in and was determined to really make sure I got on his good side. The best way to approach this guy is to be really positive (because he is not so enthusiastic) and humble. English is his second language and he makes no effort to pronunciate. Fore example, we (the analyst and I) threw together the shell (the shell is exactly that, its like the skeleton for the presentation, the outline without any specific detail) for the presentation on Monday. As the Associate went through the slides and made comments he mumbled everything. I wish you could audibly hear me reenact this. The analyst was frivolously taking notes, and from time to time would ask questions.
This in one guy you don't want to ask dumb questions to. At one point he raised his voice to the analyst and said, "Read the damn slides, Q!" All the analyst was asking for was clarification on what slides he wanted first.
For most of the interactions with the Associate, I would sit back and observe how the analyst reacted. For example one time the AS (for typing sake AS=Associate, AN=Analyst) came to us as we were working on some slides and was like, "You almost done?"
The AN said, "It will be another hour, I am on some other things too."
AS: "What? Like what?" and then he would pace in circles and just walk off without an answer.
Then the AN, AS and I went to give an update to the MD. The AS was completely different! He was nice and pronunciated well. When the MD was giving instructions on where to go the AS was all ears and just the nicest guy. It blew me away how completely different he acted.
Let me shed some light on what MDs are like, and maybe even juxtapose MDs with ASs and ANs. An analysts desk looks like crap is small and in a cube shared by other bankers. An Associate's office is small, shared and is stacked from floor to ceiling with pitchbooks, PIBs and other documents. Seriously the office of an associate are twice as messy. I can't believe they know where to find stuff. Now an MD has nothing on their desk. In our building the MDs have corner offices with a balcony. On a couple of shelves you see their trophy case, it has all the tombstones customized by each particular deal. For example, you may have seen collectors items that are clear plastic or glass cubes with a 3D image laser cut into the center...image about 100 of those in all shapes and sizes with company names and deal totals lasered into them. That is the shelf of the MD.
We sat down in this MDs office and he had the deck of slides we had been working on. He just started talking about how he envisioned the presentation looking. The three of us frantically took notes. I glanced at the MDs copy--he hadn't even looked at it. At the end of the meeting as me and the AN were walking back to our desks I could tell he was frustrated. I asked why and he said, "The MD basically just told us that our first version you and I put together is the way he wants it." Up to that point me and this AN spent hours reworking the slides to the taste of the AS and in 2 seconds we were back to our first version. Another interesting point to make is that we had scheduled to meet with the MD 3 different times and when we finally met with him, the meeting lasted 5 minutes.
Wednesday morning I get to the office and the AS come approaches me and he is pissed! He looks at me and says, "Why did you delete the folders?"
I said, "I am sorry, I don't know what you are referring to?"
"Someone deleted the Software and Solar folders."
I said, "Was it me? Is that why you are asking? Because I really don't recall doing something that blatant."
He just walked away. A couple hours later all the summer interns got an email saying, "We gave you a training in drive management and now someone has deleted the entire software and solar folders. IT is trying to recover the folders. If you need another lesson in drive management we need to talk."
As I pondered how serious this is, I realized that it takes a conscience effort to delete these folders because you have to click, "Do you really want to delete these folders?" I am 99% positive it wasn't me, in fact I was a little disappointed to see that only summer interns got the email. I know the likelihood of it being an intern is high, but with how fast I have seen some analysts whipping through the drives, I wouldn't be surprised if one of them had inadvertently done it. Lesson: DON'T DELETE SOMETHING YOU DIDN'T CREATE
The longest day thus far has been Wednesday. This was the first time I really had to do a juggling act. When things got really difficult to manage I had the analysts duke it out. For example-one analyst said, "Hey how soon will you be done with what I sent?" I responded, "Well I am working on some slides that we need to have done tonight."
AN(1): "Well I would really like to get this done before the weekend, its due Monday." So I turned to the other AN(2) who happens to sit close to AN(1) and said,
Me: "I know we need this done tonight and I am willing to stay late to get both done. (And then turning to speak to both of them) I am not familiar with how to prioritize these assignments so what do you guys think?" Then they talked it over and my priority was set.
Not only did I finish both but another assignment surfaced and the AN(3) wanted me to spread some comps. So I stayed late to get all of it done. The truth is I had in my mind the correct prioritization--I just wanted that clear in the ANs' minds so that I wouldn't overpromise and underperform.
I am going to try to be better at being more specific about what I do all day. The only way I can do that is if I write everyday. Its tough because I get home late, and this post that I am typing took 1 hour. So to stay up an additional hour kills me. But this weekend I will really think of some valuable stuff to post. I will even try to describe what is going on with the deals I am on without breaking confidentiality. Hope everyone has a good 4th of July!
Don't Bring Bagels
Monday 8:00 a.m.-12:30 a.m.
Monday morning we have meeting with all the Tech and Media in NY and CA. The way it is set up is with a webcam, so that we can see them and they can see us. One of the interns (bless his heart) brought bagels in to the meeting, and not in an interrupting manner but in kind of a peculiar manner (the meeting had yet to start, but all the MDs were there) offered bagels all around. Now I completely understand his motives-wants to succeed be proactive and be a team player, but it kind of came off embarrassing to the rest of us. All I want to say is there is a time and a place and a way to go about extraordinary jestures, and that was not it. Be a little bit more discrete.
I am now staffed on 2 live, confidential deals. So confidencial that I guess I am not even suppose to talk about them with other bankers around the office. For one of them this morning I had to make a PIB (Publice Information Book). You see these things all over the office. Every deal starts with a PIB. What goes in PIB? It was super easy, and took maybe 15 minutes to make.
First you have a title page and table of contents. Next you have a company overview. This isn't an overview that you have to concoct or summarize, you find the overview on Hoovers or VentureSource or OneSource. Print it off, and put in separaters. Next section is the 8K, 10Q, and 10K print all of it. Next section is market research on the company. So you will go to Thomson Financial and find a bank that covers the company, print off a couple of those and throw it in the PIB. Next Section is Call transcripts. Those are the Conference calls from management that have been typed up. The might be on earnings or mergers, stuff like that. Lastly we put in a new run, all the articles that have been publicized within the past few years. Thats it, you got yourself a PIB.
Later on in the afternoon the other live deal I am on had this massive spreadsheet that I had to go through with an analyst and cell by cell count "1 of 14" or "3 of 12" We had to separate the 3's from the 12's and sum all the 3's or whatever. Well there were over 2000 rows, and I wasn't about to do this with out consulting a friend from back home who we refer to as the excel whisperer. The kid is genius, and also not interested in banking at all:) I call him up and within 3 mintues he sends me a spreadsheet with the exact formulas we need to just click and drag the worksheet. When I presented this to the analyst I was working with he was stunned. He said, "How did you do this?" I explained how I had a friend back home...he said, "Your friend has a job if he wants it." I laughed, and told the analyst about my friend. All I can say is this friend saved my butt. Hopefully I can pay him back somehow. He saved us about 6 hours worth of work.
A couple of us caught dinner and then I visited all the analysts I work with on the four deals (2 live 2 not live) that I have been working on. They didn't have much to give me at the time, but around 9:00 we had to turn some comments (basically that means make the corrections from the sr. banker) on a deck of slides for the same deal I made the PIB for. It didn't take long and I took my time because I knew there was nothing left for me to do for the rest of the night. I popped in my headphones and got to cracking. I ended up doing a couple other miscellaneous things around the office, clean my desk, send a couple of emails, etc. I left around 12:30 after checking in with all the analyst I have been working with. I put up a little bit of a fight to help in anyway because usually they say, "Oh, just go home." But I also don't overdue and recognize when my being there will slow them down.
Finally, I just want to mention that I attempt to pay attention to detail all day, but when it comes to my blog I don't care so much. Hopefully my sentences are readable and my errors are few because I am not going to correct them.
Monday morning we have meeting with all the Tech and Media in NY and CA. The way it is set up is with a webcam, so that we can see them and they can see us. One of the interns (bless his heart) brought bagels in to the meeting, and not in an interrupting manner but in kind of a peculiar manner (the meeting had yet to start, but all the MDs were there) offered bagels all around. Now I completely understand his motives-wants to succeed be proactive and be a team player, but it kind of came off embarrassing to the rest of us. All I want to say is there is a time and a place and a way to go about extraordinary jestures, and that was not it. Be a little bit more discrete.
I am now staffed on 2 live, confidential deals. So confidencial that I guess I am not even suppose to talk about them with other bankers around the office. For one of them this morning I had to make a PIB (Publice Information Book). You see these things all over the office. Every deal starts with a PIB. What goes in PIB? It was super easy, and took maybe 15 minutes to make.
First you have a title page and table of contents. Next you have a company overview. This isn't an overview that you have to concoct or summarize, you find the overview on Hoovers or VentureSource or OneSource. Print it off, and put in separaters. Next section is the 8K, 10Q, and 10K print all of it. Next section is market research on the company. So you will go to Thomson Financial and find a bank that covers the company, print off a couple of those and throw it in the PIB. Next Section is Call transcripts. Those are the Conference calls from management that have been typed up. The might be on earnings or mergers, stuff like that. Lastly we put in a new run, all the articles that have been publicized within the past few years. Thats it, you got yourself a PIB.
Later on in the afternoon the other live deal I am on had this massive spreadsheet that I had to go through with an analyst and cell by cell count "1 of 14" or "3 of 12" We had to separate the 3's from the 12's and sum all the 3's or whatever. Well there were over 2000 rows, and I wasn't about to do this with out consulting a friend from back home who we refer to as the excel whisperer. The kid is genius, and also not interested in banking at all:) I call him up and within 3 mintues he sends me a spreadsheet with the exact formulas we need to just click and drag the worksheet. When I presented this to the analyst I was working with he was stunned. He said, "How did you do this?" I explained how I had a friend back home...he said, "Your friend has a job if he wants it." I laughed, and told the analyst about my friend. All I can say is this friend saved my butt. Hopefully I can pay him back somehow. He saved us about 6 hours worth of work.
A couple of us caught dinner and then I visited all the analysts I work with on the four deals (2 live 2 not live) that I have been working on. They didn't have much to give me at the time, but around 9:00 we had to turn some comments (basically that means make the corrections from the sr. banker) on a deck of slides for the same deal I made the PIB for. It didn't take long and I took my time because I knew there was nothing left for me to do for the rest of the night. I popped in my headphones and got to cracking. I ended up doing a couple other miscellaneous things around the office, clean my desk, send a couple of emails, etc. I left around 12:30 after checking in with all the analyst I have been working with. I put up a little bit of a fight to help in anyway because usually they say, "Oh, just go home." But I also don't overdue and recognize when my being there will slow them down.
Finally, I just want to mention that I attempt to pay attention to detail all day, but when it comes to my blog I don't care so much. Hopefully my sentences are readable and my errors are few because I am not going to correct them.
The Weekend
First I would like to respond to a question that was posed: "How difficult is it to get my foot through the door to become a full-time analyst in a bulge-bracket investment bank in California when I go to an east coast target school? I want to eventually work full-time in California, but it seems that none of the regional bulge-bracket banks in the west coast recruit at my school."
First, I think the plus is that you are going to a target school. You can use that to lever into a west coast bank. Second, if you know the game theory behind recruiting, you might see why they don't come and recruit at your school.
Here is the theory: The bulge banks in NY have first pickings, or I should say what most consider "cream of the crop" candidates will want to go to NY. If a satellite office investment bank, say Morgan Stanley, comes from Palo Alto to recruit at Harvard, I can imagine the turn out to be slim. You also have to consider that out west bankers want their alma mater and so recruting primarily takes place locally.
So back to the original question, how do you get in? I would suggest doing a little leg work. Fly out on your own dime and meet with all the banks in CA. Most students tend to make trips to NY (at least from my school), but I imagine a satellite office would be more receptive. Let them know the reasons why you want to work on the west coast, because what you are giving up is front line action that cannot be obtained anywhere else but Wall Street.
Lastly make it a point with your recruiter that you want to go west coast. If all you can get is an internship or full time with a bank in NY, take it, and use the offer to come out west. The way I got into this bank on the west coast was actually kind of unique. I did all my leg work in NY. But I did not get one interview with a bank in NY and actually interviewed with all west coast offices. Over the phone, my interviewer asked me, "What are your choices for offices?" I said, "I did a lot of leg work in NY and I know a few bankers there, but I would not be opposed to California, or Dallas, or Chicago." The next thing I knew I had a final round interview in CA. So I hope that helps. Anyone who wants more clarification, just ask in a comment, and I will try my best to answer it.
As for this weekend. Interesting, I went into the office this morning and didn't have anything. I was the only person there for a while. And when I say only person, I walked the entire office to make sure I could say that without lying. I then went to a BBQ 20 minutes south of San Francisco. I was so excited to not have any work. But, like an asset from the Bourne Supremecy, I get an email on my blackberry. "Meet so and so in the office at 2:00." Thats it. I had ten mintutes. So I drove back to the office and was staffed on a live deal. I am staffed on 2 live deals right now, and 2 pitches, but thankfully nothing is too pressing and I still have Sunday off. I did get to go out tonight which was relaxing.
However, in discussing the live deal, its sounds like I will be in the office on July 4th. No biggie. That is why I am here. I gotta say this though, for the record. I am loving this. Now that I am able to fit all the pieces together to some extent, I love banking. I love the fact that even though I worked 70-80 hours this week (which is lower than what I imagine is usual), I felt really balanced. I leave work happy and enter work happy. Not a day has gone by where I have said, "Oh no, I can't do this." In fact the opposite. I am really excited to go into work on Monday and see what this deal is all about.
First, I think the plus is that you are going to a target school. You can use that to lever into a west coast bank. Second, if you know the game theory behind recruiting, you might see why they don't come and recruit at your school.
Here is the theory: The bulge banks in NY have first pickings, or I should say what most consider "cream of the crop" candidates will want to go to NY. If a satellite office investment bank, say Morgan Stanley, comes from Palo Alto to recruit at Harvard, I can imagine the turn out to be slim. You also have to consider that out west bankers want their alma mater and so recruting primarily takes place locally.
So back to the original question, how do you get in? I would suggest doing a little leg work. Fly out on your own dime and meet with all the banks in CA. Most students tend to make trips to NY (at least from my school), but I imagine a satellite office would be more receptive. Let them know the reasons why you want to work on the west coast, because what you are giving up is front line action that cannot be obtained anywhere else but Wall Street.
Lastly make it a point with your recruiter that you want to go west coast. If all you can get is an internship or full time with a bank in NY, take it, and use the offer to come out west. The way I got into this bank on the west coast was actually kind of unique. I did all my leg work in NY. But I did not get one interview with a bank in NY and actually interviewed with all west coast offices. Over the phone, my interviewer asked me, "What are your choices for offices?" I said, "I did a lot of leg work in NY and I know a few bankers there, but I would not be opposed to California, or Dallas, or Chicago." The next thing I knew I had a final round interview in CA. So I hope that helps. Anyone who wants more clarification, just ask in a comment, and I will try my best to answer it.
As for this weekend. Interesting, I went into the office this morning and didn't have anything. I was the only person there for a while. And when I say only person, I walked the entire office to make sure I could say that without lying. I then went to a BBQ 20 minutes south of San Francisco. I was so excited to not have any work. But, like an asset from the Bourne Supremecy, I get an email on my blackberry. "Meet so and so in the office at 2:00." Thats it. I had ten mintutes. So I drove back to the office and was staffed on a live deal. I am staffed on 2 live deals right now, and 2 pitches, but thankfully nothing is too pressing and I still have Sunday off. I did get to go out tonight which was relaxing.
However, in discussing the live deal, its sounds like I will be in the office on July 4th. No biggie. That is why I am here. I gotta say this though, for the record. I am loving this. Now that I am able to fit all the pieces together to some extent, I love banking. I love the fact that even though I worked 70-80 hours this week (which is lower than what I imagine is usual), I felt really balanced. I leave work happy and enter work happy. Not a day has gone by where I have said, "Oh no, I can't do this." In fact the opposite. I am really excited to go into work on Monday and see what this deal is all about.
BONUS Points
Friday 9:00 a.m.-6:30 p.m.
I put that I got off at 6:30 because that's when all the bankers went out, and I went out with them. Today was the day everyone got their numbers for bonus. Let's say depite the markets, they made out pretty well. The number floating around the office was 60K-70K. Apparently after talking to some people in NY, that was the high. It sounded like everyone got the high in our office. Last year's high was 90K, which tells you how much the market has struggled. I don't know what the lows were. But when you think about it 70K + 60K base salary...$130,000 is alot for your first year out of college.
I am on some pending deals, nothing live. Every Friday we have to send in a report saying how many hours we worked and what our bandwidth is. This week I worked 70 hours, not too bad since I planned on working 100 hours a week. I then decided to contact the staffer, and I said, "I am not sure how to gauge my bandwidth. I am on this deal and that deal, but I feel like I have some room to be staffed on more. However, I know if these things go through, things will heat up. I am going to leave it up to you whether I should be staffed because you are more experienced with these situations." Well later that afternoon, I got staffed on a live deal. The team in NY with the companies' management. They are coming back tomorrow. One of the analyst on the team sent me a message. "Heard you are on the team. Get ready for some pain."
Don't know what that means, but bring it:)
Tonight a bunch of bankers went to a bar (I assume to celebrate their new cash flow) and wanted me to come. Honestly? I had a really good time. As we were walking out one of the interns turned to me and said, "Man I always feel like they are evaluating me." I was surprised this intern felt that way and said, "you know I think its kind of crazy because I have only known these guys for a week and yet I feel like they are close friends. I felt the complete opposite." As we kind of talked about reasons why I felt so comfortable this intern said, "I have probably heard it from 6 bankers that you have the best attitude of us all." Earlier in the day the intern that shares my office with the associate said that he has a hard time reading the associate.
Here is my response and advice I give--granted this is only my first week. As soon as you realize that everyone puts their pants on one leg at a time like the rest of us, you will learn that bankers are normal people. The professor who hosted our conference call mentioned how students from our school can be a little over aggressive when trying to build relationships. I can totally see that, and I have found some things that work for me. #1-be yourself, if you feel uncomfortable or awkward conversing with a banker its probably because you are not yourself and trying earn brownie points by intelligent but irrelevant questions, or by trying to sound smart. The other thing I would say is, try "dating them"--not literally, but in the beginning, you're not going to be smothering, and you may be more cordial than normal but as you get to know them you will find out where you can joke with them and where you can't. Don't try so hard--they can see it.
I don't know if that helps much but, things will come naturally, don't push it.
It looks like this weekend will be light. Good chance I will have Saturday and Sunday off.
I put that I got off at 6:30 because that's when all the bankers went out, and I went out with them. Today was the day everyone got their numbers for bonus. Let's say depite the markets, they made out pretty well. The number floating around the office was 60K-70K. Apparently after talking to some people in NY, that was the high. It sounded like everyone got the high in our office. Last year's high was 90K, which tells you how much the market has struggled. I don't know what the lows were. But when you think about it 70K + 60K base salary...$130,000 is alot for your first year out of college.
I am on some pending deals, nothing live. Every Friday we have to send in a report saying how many hours we worked and what our bandwidth is. This week I worked 70 hours, not too bad since I planned on working 100 hours a week. I then decided to contact the staffer, and I said, "I am not sure how to gauge my bandwidth. I am on this deal and that deal, but I feel like I have some room to be staffed on more. However, I know if these things go through, things will heat up. I am going to leave it up to you whether I should be staffed because you are more experienced with these situations." Well later that afternoon, I got staffed on a live deal. The team in NY with the companies' management. They are coming back tomorrow. One of the analyst on the team sent me a message. "Heard you are on the team. Get ready for some pain."
Don't know what that means, but bring it:)
Tonight a bunch of bankers went to a bar (I assume to celebrate their new cash flow) and wanted me to come. Honestly? I had a really good time. As we were walking out one of the interns turned to me and said, "Man I always feel like they are evaluating me." I was surprised this intern felt that way and said, "you know I think its kind of crazy because I have only known these guys for a week and yet I feel like they are close friends. I felt the complete opposite." As we kind of talked about reasons why I felt so comfortable this intern said, "I have probably heard it from 6 bankers that you have the best attitude of us all." Earlier in the day the intern that shares my office with the associate said that he has a hard time reading the associate.
Here is my response and advice I give--granted this is only my first week. As soon as you realize that everyone puts their pants on one leg at a time like the rest of us, you will learn that bankers are normal people. The professor who hosted our conference call mentioned how students from our school can be a little over aggressive when trying to build relationships. I can totally see that, and I have found some things that work for me. #1-be yourself, if you feel uncomfortable or awkward conversing with a banker its probably because you are not yourself and trying earn brownie points by intelligent but irrelevant questions, or by trying to sound smart. The other thing I would say is, try "dating them"--not literally, but in the beginning, you're not going to be smothering, and you may be more cordial than normal but as you get to know them you will find out where you can joke with them and where you can't. Don't try so hard--they can see it.
I don't know if that helps much but, things will come naturally, don't push it.
It looks like this weekend will be light. Good chance I will have Saturday and Sunday off.
Really SLOW day for a banker
Wednesday 9:00 a.m.-10:30 p.m. Thursday 9:00 a.m.-10:00 p.m. I just got done reading the post by The Analyst and it looks like we had the same day. I have to say in this particular case I would have been long gone by noon. But becasue I am a summer intern, you can't just take off regardless of what they say about, "Oh no face time here..."
When I got into the office I do the usual routine--clean out my email box. I would say I average 60 emails or more a day. When the day gets cooking, I don't have time to delete non-important email. I knew what was on the docket. I had a meeting later in the afternoon about a new client, and that I might receive some feedback on the pitch we are doing for a possible M&A. In preparation for the new client, I threw some slides together (as I had nothing else to do and wanted to look busy). The slides contained an industry overview, company overview, and a product overview. By about 2:00 I printed them off and put them on the analyst's desk that is on the team with me with a note that said, "Hey I threw this together, it may be worthless stuff but at least I learned how to use powerpoint better". Later I get this email: "Nice work on the slides, but completely unnessary, but I really like the proactivity."
Then I visited the analyst about the M&A deal. We needed to make some changes to the financial assumptions per the VP's request. The analyst started showing me the valuation model and how it worked and then said, "Tell you what, you seem to know a little about finance, why don't I send the model to you, with the comments from the VP. You make the changes and I will make the changes. We will meet up when we are done and compare." It was a great idea. This way I could work through what I knew and of course when we meet up I can see where I went wrong.
What ended up happening was that analyst went home early, and I got stuck so I emailed him and he said not to worry about it until tomorrow. Now its like 6:00 and I have nothing to do. I start to see some of the analysts trickle out. I didn't feel comfotable leaving at the same time. So I stuck around and noticed that the analysts that were still here were not extremely engaged in any work so I just started asking questions.
I learned a couple things. There are a couple reasons why today, summer, and this summer are particularly slow. Today is slow because, just like in The Analyst's blog, alot of the MDs and VP are out pitching this weekend. The summer is slow because in our office the MDs tend to go on vacation with there family in the summer. And this summer specifically because of all the news and market events. I don't get to follow the markets to close, but I say that the DOW was down more than 3% today, which is pretty big. Sound like all of wall street was feeling dumpy today. I went and got some dinner and brought it back to the office.
Then I got an email from an analyst that said, "Could you look and see if the changes to the attachment are the same as the ones on my desk?" So I did, and said yes, "He was like dude, you are a lifesaver! I owe you big time." Then he and a couple of other analysts asked if I wanted to hang out this weekend with them and I said yes, work pending.
I asked some analysts about work on the 4th of July. They said most likely we as interns will be in the office. I am completely fine with that if that is the case (though July 4th is my favorite holiday) but I will wait to see if that is the case. Chances are (from another analyst) unless we are staffed, we will get the whole weekend off.
Another side note I think may be valuable in your internship (those who are interested). Let other interns ask the same questions you have. Most likey they are thinking the same thing. One of the analyst approached the staffer and was like, "I can operate at full capacity, you can staff me." The Staffer said there was nothing to staff on at the moment. Well, I had the same question, and thought to approach the staffer but was like, "Oh thats nice, I don't have to ask or be a pest. I know the answer."
I think a difficult part about the internship is the ethics behind when to leave. Yesterday I could have left at 7:00 and today I could have left at 4:00. Of course they tell you, "Oh don't give us face time, go home when you are done with the work." I mean, thats easy to say when you are a fully employed analyst, but I can still lose the job. I know that if I was an analyst, especially married, I would be out of the office as soon as possible. But in the situation, I really have nothing else to do and I don't know enough people in the area. So even though I say how late I worked every day, take it with a grain of salt unless I specifically say otherwise. Mon and Tues I really was working til 1 and 2. Last two days were light.
Today the bankers had their reviews. Tomorrow they get their numbers concerning their bonus. I have a feeling I will have a free weekend. Free if the numbers are bad because no one will want to come in to work, free if the numbers are good because everyone will want to party. And free becasue I doubt I will be staffed on a project this weekend.
When I got into the office I do the usual routine--clean out my email box. I would say I average 60 emails or more a day. When the day gets cooking, I don't have time to delete non-important email. I knew what was on the docket. I had a meeting later in the afternoon about a new client, and that I might receive some feedback on the pitch we are doing for a possible M&A. In preparation for the new client, I threw some slides together (as I had nothing else to do and wanted to look busy). The slides contained an industry overview, company overview, and a product overview. By about 2:00 I printed them off and put them on the analyst's desk that is on the team with me with a note that said, "Hey I threw this together, it may be worthless stuff but at least I learned how to use powerpoint better". Later I get this email: "Nice work on the slides, but completely unnessary, but I really like the proactivity."
Then I visited the analyst about the M&A deal. We needed to make some changes to the financial assumptions per the VP's request. The analyst started showing me the valuation model and how it worked and then said, "Tell you what, you seem to know a little about finance, why don't I send the model to you, with the comments from the VP. You make the changes and I will make the changes. We will meet up when we are done and compare." It was a great idea. This way I could work through what I knew and of course when we meet up I can see where I went wrong.
What ended up happening was that analyst went home early, and I got stuck so I emailed him and he said not to worry about it until tomorrow. Now its like 6:00 and I have nothing to do. I start to see some of the analysts trickle out. I didn't feel comfotable leaving at the same time. So I stuck around and noticed that the analysts that were still here were not extremely engaged in any work so I just started asking questions.
I learned a couple things. There are a couple reasons why today, summer, and this summer are particularly slow. Today is slow because, just like in The Analyst's blog, alot of the MDs and VP are out pitching this weekend. The summer is slow because in our office the MDs tend to go on vacation with there family in the summer. And this summer specifically because of all the news and market events. I don't get to follow the markets to close, but I say that the DOW was down more than 3% today, which is pretty big. Sound like all of wall street was feeling dumpy today. I went and got some dinner and brought it back to the office.
Then I got an email from an analyst that said, "Could you look and see if the changes to the attachment are the same as the ones on my desk?" So I did, and said yes, "He was like dude, you are a lifesaver! I owe you big time." Then he and a couple of other analysts asked if I wanted to hang out this weekend with them and I said yes, work pending.
I asked some analysts about work on the 4th of July. They said most likely we as interns will be in the office. I am completely fine with that if that is the case (though July 4th is my favorite holiday) but I will wait to see if that is the case. Chances are (from another analyst) unless we are staffed, we will get the whole weekend off.
Another side note I think may be valuable in your internship (those who are interested). Let other interns ask the same questions you have. Most likey they are thinking the same thing. One of the analyst approached the staffer and was like, "I can operate at full capacity, you can staff me." The Staffer said there was nothing to staff on at the moment. Well, I had the same question, and thought to approach the staffer but was like, "Oh thats nice, I don't have to ask or be a pest. I know the answer."
I think a difficult part about the internship is the ethics behind when to leave. Yesterday I could have left at 7:00 and today I could have left at 4:00. Of course they tell you, "Oh don't give us face time, go home when you are done with the work." I mean, thats easy to say when you are a fully employed analyst, but I can still lose the job. I know that if I was an analyst, especially married, I would be out of the office as soon as possible. But in the situation, I really have nothing else to do and I don't know enough people in the area. So even though I say how late I worked every day, take it with a grain of salt unless I specifically say otherwise. Mon and Tues I really was working til 1 and 2. Last two days were light.
Today the bankers had their reviews. Tomorrow they get their numbers concerning their bonus. I have a feeling I will have a free weekend. Free if the numbers are bad because no one will want to come in to work, free if the numbers are good because everyone will want to party. And free becasue I doubt I will be staffed on a project this weekend.
The Storm
Monday: 8:00 a.m.-1:30 a.m. Tuesday: 9:00 a.m.-2:30 a.m. Yeah no kidding. I got staffed on a deal and my first 2 nights were 1:30 and 2:30. I always new bankers had late night, but until you experience it, you have no idea what its like to be in an office for 17 hours straight. Even lunches are just picking it up and going to your desk.
Monday--I am wound tighter that spring. I want to get on a deal. Monday morning we had a conference call with the team out of NY. Here I am in a room with a bunch of MDs and I don't have any idea what they are talking about. I mean, to some extent I know its about deals, but these guys were throwing out interest rates on subordinated debt and other figures that seemed so obscure I couldn't believe it. I am sure it comes over time, especially if you are in the space for 20 years.
After the meeting I went back to my desk and had nothing to do. It was awkward waiting to be staffed because you want to look busy. Then I get the news that it doesn't look like we will be staffed today. In my mind I am thinking, "Are you kidding? What do I do now? I can't go home, but sitting here is ridiculous." So I worked on my accounting workbook that the bank supplied at the beginning of the internship and must be completed my midterm reviews.
4:00 rolls around and I get an email from the staffer, "Warpang--go see so and so for your assignment." My heart about jumped out of my chest. I went to her desk and she looked at me and said, "Give me an hour, I just got staffed." So I went back to my desk. Then I got another email, “See so and so for your other assignment.” What! No way! So I run over and meet the analyst who I will get assignments through on this live M&A deal. Here was my assignment—look for similar companies to the one we are advising in portfolios of specific private equity firms. They had done all the research already, I just had to filter through it and find the gems. So I get cranking, reading all the bios of each company in each firm.
About 3 hours later I was half done and we were about to meet with the VP to go over the deck of slides. During our meeting, I notice that my slide (my slide consisted of just naming these similar companies) is about to come up. We get to it and the VP says, “You know, why don’t we scratch this slide. We don’t need it. Its not important to the pitch.” Like that, all my work disintegrated. I looked up at the analyst, and after the meeting he came up to me and said, “Dude, I am so sorry.” He must have apologized 10 times. I was, “No, don’t worry about. That is the nature of this job. I learned a lot.” I’ll be honest, even though my work got canned, I had a big grin on my face just for having work that could get canned.
However my work wasn’t done, the analyst on the job gave me some more slides to fix up and change. I submitted most of it to our graphics department, which does an amazing job in a ¼ of the time. Here is the crazy part—from time to time I would look at the clock and be like, “Holy cow time is flying!” 7:00…8:15..9:45…11:00…1:30 a.m. The next thing I know I am walking out to my car in an empty parking lot completely pumped up that I am working on a live deal. Who cares that its 1:30! The drive home was sweet! I don’t know where the other interns were on project, but I think there was just one other that had an even later night than me.
Tuesday—I get in about 9:00. You find out quick that, yeah its cool to come in early, but if no ones there to notice…get some extra sleep! I show up at 9:00 and still the office is pretty empty. I correspond with the analyst I am working with, doesn’t look like there is much to do now but that later in the day there will be. Once again, I find some things to do. Now I don’t know how it works in other offices or in NY. Here you can’t walk around asking to help because analysts can’t “rogue assign” you anything. I can’t say, “Hey do you need any help?” Even stapling papers, the best thing to do is stay out of their way.
We had some more training, which to be honest, I am quite sick of. At this point you can tell everyone’s retention is low and they want to get back to what they were working on. We were trained on the IPO process, which isn’t so useful for summer interns because of how long the process is, none of us will see it from start to finish. But I guess it’s important to have the bigger idea in mind.
After training some of us went to get food. We have a $25 limit if we know we will be in the office past 9:00 p.m. So we go to this grocery story and I (without a calculator) end up spending $24.92. Of course you want to spend your total amount since it is allotted to you. But you receipt can only reflect purchases for one meal. However, I have been kind of stashing away salads and food for lunch the next day. While I was in the grocery store I got the email, “See so and so for this deal.” I kind of feel like the “Assets” in the Jason Bourne movies, you know, getting a message and then just hopping on it. Luckily this deal is not conflicting with the current one that I am on. It will start on Thursday. As far as the first email I got—I am not on a deal, its just an office responsibility that take two seconds to update.
Finally, I just want to say that the people here are great. Probably the biggest surprise to me personally was the attitude of the bankers. Especially the analyst that I am working with the closest on this M&A deal. He works way hard and isn’t worried about chewing me out as much as he is about helping me understand and be useful. He says thank you for the help as much as I say it. In fact, all the bankers here are way chill. I have been out to lunch and dinner with a lot and every time we have something to chat about and its not banking. I think in general the bankers here are more interested in you getting the job done than finding ways to catch you making mistakes. They genuinely want you to succeed and they know that being a jack ace doesn’t help.
Well, hopefully tonight will be my last really late night this week. I will keep you posted.
Monday--I am wound tighter that spring. I want to get on a deal. Monday morning we had a conference call with the team out of NY. Here I am in a room with a bunch of MDs and I don't have any idea what they are talking about. I mean, to some extent I know its about deals, but these guys were throwing out interest rates on subordinated debt and other figures that seemed so obscure I couldn't believe it. I am sure it comes over time, especially if you are in the space for 20 years.
After the meeting I went back to my desk and had nothing to do. It was awkward waiting to be staffed because you want to look busy. Then I get the news that it doesn't look like we will be staffed today. In my mind I am thinking, "Are you kidding? What do I do now? I can't go home, but sitting here is ridiculous." So I worked on my accounting workbook that the bank supplied at the beginning of the internship and must be completed my midterm reviews.
4:00 rolls around and I get an email from the staffer, "Warpang--go see so and so for your assignment." My heart about jumped out of my chest. I went to her desk and she looked at me and said, "Give me an hour, I just got staffed." So I went back to my desk. Then I got another email, “See so and so for your other assignment.” What! No way! So I run over and meet the analyst who I will get assignments through on this live M&A deal. Here was my assignment—look for similar companies to the one we are advising in portfolios of specific private equity firms. They had done all the research already, I just had to filter through it and find the gems. So I get cranking, reading all the bios of each company in each firm.
About 3 hours later I was half done and we were about to meet with the VP to go over the deck of slides. During our meeting, I notice that my slide (my slide consisted of just naming these similar companies) is about to come up. We get to it and the VP says, “You know, why don’t we scratch this slide. We don’t need it. Its not important to the pitch.” Like that, all my work disintegrated. I looked up at the analyst, and after the meeting he came up to me and said, “Dude, I am so sorry.” He must have apologized 10 times. I was, “No, don’t worry about. That is the nature of this job. I learned a lot.” I’ll be honest, even though my work got canned, I had a big grin on my face just for having work that could get canned.
However my work wasn’t done, the analyst on the job gave me some more slides to fix up and change. I submitted most of it to our graphics department, which does an amazing job in a ¼ of the time. Here is the crazy part—from time to time I would look at the clock and be like, “Holy cow time is flying!” 7:00…8:15..9:45…11:00…1:30 a.m. The next thing I know I am walking out to my car in an empty parking lot completely pumped up that I am working on a live deal. Who cares that its 1:30! The drive home was sweet! I don’t know where the other interns were on project, but I think there was just one other that had an even later night than me.
Tuesday—I get in about 9:00. You find out quick that, yeah its cool to come in early, but if no ones there to notice…get some extra sleep! I show up at 9:00 and still the office is pretty empty. I correspond with the analyst I am working with, doesn’t look like there is much to do now but that later in the day there will be. Once again, I find some things to do. Now I don’t know how it works in other offices or in NY. Here you can’t walk around asking to help because analysts can’t “rogue assign” you anything. I can’t say, “Hey do you need any help?” Even stapling papers, the best thing to do is stay out of their way.
We had some more training, which to be honest, I am quite sick of. At this point you can tell everyone’s retention is low and they want to get back to what they were working on. We were trained on the IPO process, which isn’t so useful for summer interns because of how long the process is, none of us will see it from start to finish. But I guess it’s important to have the bigger idea in mind.
After training some of us went to get food. We have a $25 limit if we know we will be in the office past 9:00 p.m. So we go to this grocery story and I (without a calculator) end up spending $24.92. Of course you want to spend your total amount since it is allotted to you. But you receipt can only reflect purchases for one meal. However, I have been kind of stashing away salads and food for lunch the next day. While I was in the grocery store I got the email, “See so and so for this deal.” I kind of feel like the “Assets” in the Jason Bourne movies, you know, getting a message and then just hopping on it. Luckily this deal is not conflicting with the current one that I am on. It will start on Thursday. As far as the first email I got—I am not on a deal, its just an office responsibility that take two seconds to update.
Finally, I just want to say that the people here are great. Probably the biggest surprise to me personally was the attitude of the bankers. Especially the analyst that I am working with the closest on this M&A deal. He works way hard and isn’t worried about chewing me out as much as he is about helping me understand and be useful. He says thank you for the help as much as I say it. In fact, all the bankers here are way chill. I have been out to lunch and dinner with a lot and every time we have something to chat about and its not banking. I think in general the bankers here are more interested in you getting the job done than finding ways to catch you making mistakes. They genuinely want you to succeed and they know that being a jack ace doesn’t help.
Well, hopefully tonight will be my last really late night this week. I will keep you posted.
What are you doing here???
By Choice 9:30 a.m.-5:30 p.m.
So if you remember from my last post the staffer did not staff us this weekend. We had Saturday and Sunday off. However, I want to explain to you my story. Then I will tell you what I did.
I just moved out here to CA. I don't know anyone expect the people I am living with and the other intern from my school. I have no other agenda except getting a full time offer. I don't know my way around and I don't know where all the fun things to do are located. I am not getting paid on an hourly basis, so there is a little sense of responsibility to be in the office.
Mind you--if I had a wife, you bet I would be with her and these little weekends off would be spent with her. Or even friends, I would go do something. But because of the situation, if I am not at work I would lock myself in my room and do nothing.
So I decided to go into the office. Dressed in a button up shirt--no tie--and slacks.
My mentor sees me and he is dressed in shorts, a t-shirt and sandals. He looks me up and down and says, "Never again on a Saturday." I chuckled and said, "Is tomorrow our swimsuit?" He laughed.
At 10:00 I had a phone conference with other interns from my school as well as full time analyst alumni. One of the professors from my school was hosting it. It was good to share ideas and hear ideas on how to make the most of our internship. We will be having weekly calls to help ensure full time offers.
The office was operating at about 10% capacity. Surprising, in the sense that it was not just interns that got the weekend off, but some other bankers as well. I decided to go into the office and just play around with things and figure things out. The last thing I want to do is be caught in a time sensitive moment and not know how to do something operational. For example, it took me 15 minutes to figure out how to print something. Can you imagine if someone said, "Hey I need you to print the PowerPoint off and make copies for our client meeting in 5 minutes." I would have been dead!
I was the only intern in the office and I went in with the mentality, "DO NOT BUG ANYONE." So I kept to myself. However, from time to time probably about 10 bankers (mostly analysts, a couple associates) stopped in and chit-chatted with me. All of them were like, "What are you doing here?! Go home!" And then I explained my story like I explained previously and they were pretty surprised. More than just figuring things out, I got to know some bankers more personally. I mean seriously, I kept to myself but the same bankers would stop in my office 2 or 3 times just to talk about random things. Sometimes they would show me how to look up stuff, but I didn't ask, they would just volunteer.
The associate that sits next to me didn't come in which was nice to have that whole office to myself. I want to share something of a strategy that I am developing. It is my goal to NEVER ask a banking or related question to the associate in my room. Here is why: I have learned that there are so many resources to get answers from why ask him first? It could be tempting for some to quickly turn around and ask the closest banker. For example, the other intern that shares the office asked the associate how to set up a signature for his email. You could tell the associate was bugged. All this intern had to do was stop and think for a second, "How would you do it?" If he couldn't figure it out, he could have asked one of the secretaries.
So if I don't ask questions what is the advantage of this associate sitting in the same office? I intend to just build a relationship. I don't bug him at all. From time to time we crack jokes ad I give him some candy, but I am not breathing down his neck wondering what he is doing, or if I can help him. If he needs my help he will ask. I don't need to say every hour on the hour, "Do you need me to do anything?" Hopefully if he reviews me he will say, "He gets his work done, keeps to himself, really easy to work with when I need him, easy to talk to, etc."
I ended up leaving the office around 5:30. Despite the fact that I didn't have to be in, I thought it was effective. Despite the fact that the bankers were continually telling me to go home, I think they would want to be on projects with me because I am dedicated. Hopefully this makes for good reviews.
I went to a singles activity in the area. And then we all went and watch a movie at one of their houses. Today it is Sunday, and I WILL NOT go into the office. I am excited to get staffed on a deal Monday.
So if you remember from my last post the staffer did not staff us this weekend. We had Saturday and Sunday off. However, I want to explain to you my story. Then I will tell you what I did.
I just moved out here to CA. I don't know anyone expect the people I am living with and the other intern from my school. I have no other agenda except getting a full time offer. I don't know my way around and I don't know where all the fun things to do are located. I am not getting paid on an hourly basis, so there is a little sense of responsibility to be in the office.
Mind you--if I had a wife, you bet I would be with her and these little weekends off would be spent with her. Or even friends, I would go do something. But because of the situation, if I am not at work I would lock myself in my room and do nothing.
So I decided to go into the office. Dressed in a button up shirt--no tie--and slacks.
My mentor sees me and he is dressed in shorts, a t-shirt and sandals. He looks me up and down and says, "Never again on a Saturday." I chuckled and said, "Is tomorrow our swimsuit?" He laughed.
At 10:00 I had a phone conference with other interns from my school as well as full time analyst alumni. One of the professors from my school was hosting it. It was good to share ideas and hear ideas on how to make the most of our internship. We will be having weekly calls to help ensure full time offers.
The office was operating at about 10% capacity. Surprising, in the sense that it was not just interns that got the weekend off, but some other bankers as well. I decided to go into the office and just play around with things and figure things out. The last thing I want to do is be caught in a time sensitive moment and not know how to do something operational. For example, it took me 15 minutes to figure out how to print something. Can you imagine if someone said, "Hey I need you to print the PowerPoint off and make copies for our client meeting in 5 minutes." I would have been dead!
I was the only intern in the office and I went in with the mentality, "DO NOT BUG ANYONE." So I kept to myself. However, from time to time probably about 10 bankers (mostly analysts, a couple associates) stopped in and chit-chatted with me. All of them were like, "What are you doing here?! Go home!" And then I explained my story like I explained previously and they were pretty surprised. More than just figuring things out, I got to know some bankers more personally. I mean seriously, I kept to myself but the same bankers would stop in my office 2 or 3 times just to talk about random things. Sometimes they would show me how to look up stuff, but I didn't ask, they would just volunteer.
The associate that sits next to me didn't come in which was nice to have that whole office to myself. I want to share something of a strategy that I am developing. It is my goal to NEVER ask a banking or related question to the associate in my room. Here is why: I have learned that there are so many resources to get answers from why ask him first? It could be tempting for some to quickly turn around and ask the closest banker. For example, the other intern that shares the office asked the associate how to set up a signature for his email. You could tell the associate was bugged. All this intern had to do was stop and think for a second, "How would you do it?" If he couldn't figure it out, he could have asked one of the secretaries.
So if I don't ask questions what is the advantage of this associate sitting in the same office? I intend to just build a relationship. I don't bug him at all. From time to time we crack jokes ad I give him some candy, but I am not breathing down his neck wondering what he is doing, or if I can help him. If he needs my help he will ask. I don't need to say every hour on the hour, "Do you need me to do anything?" Hopefully if he reviews me he will say, "He gets his work done, keeps to himself, really easy to work with when I need him, easy to talk to, etc."
I ended up leaving the office around 5:30. Despite the fact that I didn't have to be in, I thought it was effective. Despite the fact that the bankers were continually telling me to go home, I think they would want to be on projects with me because I am dedicated. Hopefully this makes for good reviews.
I went to a singles activity in the area. And then we all went and watch a movie at one of their houses. Today it is Sunday, and I WILL NOT go into the office. I am excited to get staffed on a deal Monday.
The Calm Before the Storm
Friday 8:00 a.m.-7:00 p.m.
I want to put at the beginning of each of my posts the hours I work. Hopefully this gives those interested in banking an idea of what is in store. They won't be completely accurate (as you will see) because as an intern I want to be in early and stay late to show my desire and work ethic. I am wound tighter than a spring and hopefully you can see why.
Friday was the big day, we had to be in the office at 8:30 for more training. I left a little early to see what the commute was like. It takes me 20-30 minutes to drive to work. The commute was not bad.
When I got in I immediately met the office manager who hands me a folder full of more paper and she says, "You need to set up your phone, let me walk you to your desk." So I sit down to set up my phone and the password they gave me doesn't work. Great, already I have to go find someone and ask a dumb question--but wait! I utilize easy resource #1--other interns.
On my blackberry I send a message to two other interns who, come to find out, have the same problem and the office manager is now aware.
My office is nice. I sit next to an associate and another intern. I have two windows; one faces the courtyard and one faces the balcony. The room I am in is located directly next to the MD's office who I interviewed with. The intern from my school is located in the diagonally opposite corner of the building.
The day ended up being kind of slow. We had 2 bankers come in to talk to us about why this office is so cool and gave a presentation with tombstones and the whole bit. The first thing they say when they walk in, "Take your ties and suit coats off. You look ridiculous and it make us feel uncomfortable." They go on to explain how in this office they work with very laid back clients who wear shorts and sandals to work. In order for them to trust you, you have to be on their level of comfort. If you look tight-they feel tight, and you lose the deal. They said the only time they really wear suits is for bake offs and other really high class events, but when you are sitting down for a meeting with the CEO of Yahoo, your tie will kill the deal.
One of the MDs came in and talked to us for a minute. He basically gave us a pep rally. After he talked to us we met our staffer. He is the go-to guy to get put on a project. Hearing from him that we are staffed is first priority. Then he broke the news, "Most likely none of you will be staffed this weekend. So enjoy your weekend." WHAT?!? No, no, no. Bankers don't get weekends off. So I raised my hand, "That's it? We don't need to come in? All I know is that the books I have read never mention weekends off." He smiled and explained how no one likes face time here. Get your work done and go home. This did not help the fact that I was wound tighter than a spring. So now, rather than letting loose and ripping into some project. I will stay wound all weekend, great. At about 11:00 they let us loose until 12:30.
I went back to my desk and started reading the material they gave us. Then I get this email from an analyst that says, "Hey you guys. I see a lot of you are just sitting around and that's probably not a good idea in a bear market. You should make an effort to meet so and so." I was a little confused. I read it again. Then I realized this is a joke. Think about it. One analyst is sending an email to go see another analyst? I can imagine this other analyst getting flooded with interns just saying, "Hey I just wanted to meet you." And who uses the bear market as a reason to not sit around? Is it okay to sit around in a bull market?
So I decide to got introduce myself to the analyst who sent the message. I walked in and said, "I really didn't understand your email."
"What didn't you understand?"
"My portfolio is doing great, as far as I am concerned there is no bear market." He just looked at me and smiled.
At 12:30 we had comps training. 10x more effective than the training in NY! We had another break where I went back to my desk. As I was looking at some stuff, the MD whose office is right next door came in and said, "There's a face I recognize. Come on over to my office." What a great guy. Here I am this little intern, and we chat for 10 minutes. He asks about NY and how things are going so far. It's nice to know I will be working with such great people.
We had another training on how to use the phones. I realized that part of this steep learning curve is all these trainings. To the extent that you can be really fluent in all the programs and services you can spend more time on the actual work.
At 4:00 we had a reception for all the new interns. All the bankers from analyst to MD came. It was held on the front balcony of the office. Of course the highlight for everyone was the alcohol. I mingled and met different bankers. One thing that REALLY impressed me was that everyone I told my name to--from admins to MDs--remembered it. I wasn't so good at remembering theirs. Not that I got caught saying, "Sorry, what was your name again?" Just that when the reception was over, I couldn't remember half the people that knew me.
At 6:00 we were done I organized my paperwork and left at 7:00. That night I went to a movie with some friends, and called it a night.
I want to put at the beginning of each of my posts the hours I work. Hopefully this gives those interested in banking an idea of what is in store. They won't be completely accurate (as you will see) because as an intern I want to be in early and stay late to show my desire and work ethic. I am wound tighter than a spring and hopefully you can see why.
Friday was the big day, we had to be in the office at 8:30 for more training. I left a little early to see what the commute was like. It takes me 20-30 minutes to drive to work. The commute was not bad.
When I got in I immediately met the office manager who hands me a folder full of more paper and she says, "You need to set up your phone, let me walk you to your desk." So I sit down to set up my phone and the password they gave me doesn't work. Great, already I have to go find someone and ask a dumb question--but wait! I utilize easy resource #1--other interns.
On my blackberry I send a message to two other interns who, come to find out, have the same problem and the office manager is now aware.
My office is nice. I sit next to an associate and another intern. I have two windows; one faces the courtyard and one faces the balcony. The room I am in is located directly next to the MD's office who I interviewed with. The intern from my school is located in the diagonally opposite corner of the building.
The day ended up being kind of slow. We had 2 bankers come in to talk to us about why this office is so cool and gave a presentation with tombstones and the whole bit. The first thing they say when they walk in, "Take your ties and suit coats off. You look ridiculous and it make us feel uncomfortable." They go on to explain how in this office they work with very laid back clients who wear shorts and sandals to work. In order for them to trust you, you have to be on their level of comfort. If you look tight-they feel tight, and you lose the deal. They said the only time they really wear suits is for bake offs and other really high class events, but when you are sitting down for a meeting with the CEO of Yahoo, your tie will kill the deal.
One of the MDs came in and talked to us for a minute. He basically gave us a pep rally. After he talked to us we met our staffer. He is the go-to guy to get put on a project. Hearing from him that we are staffed is first priority. Then he broke the news, "Most likely none of you will be staffed this weekend. So enjoy your weekend." WHAT?!? No, no, no. Bankers don't get weekends off. So I raised my hand, "That's it? We don't need to come in? All I know is that the books I have read never mention weekends off." He smiled and explained how no one likes face time here. Get your work done and go home. This did not help the fact that I was wound tighter than a spring. So now, rather than letting loose and ripping into some project. I will stay wound all weekend, great. At about 11:00 they let us loose until 12:30.
I went back to my desk and started reading the material they gave us. Then I get this email from an analyst that says, "Hey you guys. I see a lot of you are just sitting around and that's probably not a good idea in a bear market. You should make an effort to meet so and so." I was a little confused. I read it again. Then I realized this is a joke. Think about it. One analyst is sending an email to go see another analyst? I can imagine this other analyst getting flooded with interns just saying, "Hey I just wanted to meet you." And who uses the bear market as a reason to not sit around? Is it okay to sit around in a bull market?
So I decide to got introduce myself to the analyst who sent the message. I walked in and said, "I really didn't understand your email."
"What didn't you understand?"
"My portfolio is doing great, as far as I am concerned there is no bear market." He just looked at me and smiled.
At 12:30 we had comps training. 10x more effective than the training in NY! We had another break where I went back to my desk. As I was looking at some stuff, the MD whose office is right next door came in and said, "There's a face I recognize. Come on over to my office." What a great guy. Here I am this little intern, and we chat for 10 minutes. He asks about NY and how things are going so far. It's nice to know I will be working with such great people.
We had another training on how to use the phones. I realized that part of this steep learning curve is all these trainings. To the extent that you can be really fluent in all the programs and services you can spend more time on the actual work.
At 4:00 we had a reception for all the new interns. All the bankers from analyst to MD came. It was held on the front balcony of the office. Of course the highlight for everyone was the alcohol. I mingled and met different bankers. One thing that REALLY impressed me was that everyone I told my name to--from admins to MDs--remembered it. I wasn't so good at remembering theirs. Not that I got caught saying, "Sorry, what was your name again?" Just that when the reception was over, I couldn't remember half the people that knew me.
At 6:00 we were done I organized my paperwork and left at 7:00. That night I went to a movie with some friends, and called it a night.
Disclaimer on No Internet
So I know the investment banks are struggling right now because it would have been nice to have internet that we didn’t have to pay for in our hotel room. I had internet one night, and have just been saving my blogs until I got back to CA.
I posted them backward so you can read from day one and scroll down to day three. Hope that works out. And while I am at it, I thought to post today's events.
We flew back and me and the my classmate got lunch at In-and-Out. I asked my compadre if he wanted to go in to the office. He had some things to do and so did I, but I felt like I should go in--I mean, who knows, I might get staffed and that would be awesome!
If all else fails, I can find my desk and get things organized so I can hit the ground running.
All these great ideas backfired!
I walk up to the front desk and immediately recognize an associate (that is one level above an analyst--2 about an intern) that interviewed me. I said hello and he gave me a puzzled look and said, "Aren't you suppose to come in tomorrow?" I said yes and as I was about to explain that I was just stopping by, he cuts me off and says, "I gotta go."
I turned to the guy at the front desk and ask him to buzz my mentor. Keep in mind, I don't expect to have the bank drop everything they are doing and pay attention to me. In fact I don't want that. My mentor comes flying down the stairs and says, "Look, dude, I am really busy." Turns around and flys right back up the stairs. No joke. I looked at the front desk guy and asked if I could find my desk and get some things organized and he said, "Why don't you just come back tomorrow."
I left.
So much for trying to take initiative. I mean we were not suppose to work today but I belong to the theory that my internship started June 16, and until August 22 I will do whatever it takes to get a full time offer. Apparently this was not a good idea. I wonder what will happen tomorrow.
I posted them backward so you can read from day one and scroll down to day three. Hope that works out. And while I am at it, I thought to post today's events.
We flew back and me and the my classmate got lunch at In-and-Out. I asked my compadre if he wanted to go in to the office. He had some things to do and so did I, but I felt like I should go in--I mean, who knows, I might get staffed and that would be awesome!
If all else fails, I can find my desk and get things organized so I can hit the ground running.
All these great ideas backfired!
I walk up to the front desk and immediately recognize an associate (that is one level above an analyst--2 about an intern) that interviewed me. I said hello and he gave me a puzzled look and said, "Aren't you suppose to come in tomorrow?" I said yes and as I was about to explain that I was just stopping by, he cuts me off and says, "I gotta go."
I turned to the guy at the front desk and ask him to buzz my mentor. Keep in mind, I don't expect to have the bank drop everything they are doing and pay attention to me. In fact I don't want that. My mentor comes flying down the stairs and says, "Look, dude, I am really busy." Turns around and flys right back up the stairs. No joke. I looked at the front desk guy and asked if I could find my desk and get some things organized and he said, "Why don't you just come back tomorrow."
I left.
So much for trying to take initiative. I mean we were not suppose to work today but I belong to the theory that my internship started June 16, and until August 22 I will do whatever it takes to get a full time offer. Apparently this was not a good idea. I wonder what will happen tomorrow.
Training Day 1
We started the training today by introducing ourselves. There is something about intellectually sizing up the other interns from other schools that I think everyone participated in. The office I am in will be competitive. In the past I have gone back and forth between target schools being more prepared than us from non-target schools. Sometimes I think, "I am a business major up against liberal arts majors...I got this." Other times I think, "they aren't going to these target schools for nothing, they are smart." In my office we will have some smart guys [and girl], who surprisingly are not too bad at accounting and finance.
Basically, we got a billion copies of printed powerpoints covering material like how to use our blackberries, features of powerpoint that will help us in presentations [Yes, we had powerpoints on powerpoints]. I think the most boring part and yet absolutely necessary was all the HR, get-your-2,000-passwords-and-IDs stuff.
HR Rep: "Here is where you find this, and if you are looking for this you can log in here and it will tell you this and if you have questions about this go here and fill this out and there is a packet of this to fill out by yesterday so you better hurry."
We had some analysts come in and train us on comps. I was really embarrassed for them. They did an absolute horrible job. Every other sentence out of their mouth was, “this is boring, we know.” So instead of covering the material, they would goof off. I was disappointed because I can see spreading comps as my first assignment .
Training went from 8:15-6:30 with a 45 minute lunch break and a few other breaks in between guest speakers. Lunch was provided and dinner was not.
Despite the fact that I was really tired, I went to NY with the other interns for dinner after training. Some interesting things surfaced. (1) They were amazed that someone from my school had an internship with Goldman Sachs. (2) They were stunned that I knew (to some degree) my way around NY which was great for them because I had to lead them everywhere. And when I told them how I learned my way around (3) they were flabbergasted that I would actually buy a plane ticket and fly to NY without any appointments hoping that someone would let me in.
I was amazed that they had no one from their school at GS, stunned that only one had been to NY and it was for a vacation, and flabbergasted to find that getting into banking was like drawing out for a bull elk permit. The intern described it like this, “so if you don’t get an internship your first year you earn points, and apply the next year…and the next until you earn enough points…I barely made it in with 435 points.” I told the group some of the things I went through—dead silent.
Now I am going to sift through this paperwork and get ready for tomorrow.
Basically, we got a billion copies of printed powerpoints covering material like how to use our blackberries, features of powerpoint that will help us in presentations [Yes, we had powerpoints on powerpoints]. I think the most boring part and yet absolutely necessary was all the HR, get-your-2,000-passwords-and-IDs stuff.
HR Rep: "Here is where you find this, and if you are looking for this you can log in here and it will tell you this and if you have questions about this go here and fill this out and there is a packet of this to fill out by yesterday so you better hurry."
We had some analysts come in and train us on comps. I was really embarrassed for them. They did an absolute horrible job. Every other sentence out of their mouth was, “this is boring, we know.” So instead of covering the material, they would goof off. I was disappointed because I can see spreading comps as my first assignment .
Training went from 8:15-6:30 with a 45 minute lunch break and a few other breaks in between guest speakers. Lunch was provided and dinner was not.
Despite the fact that I was really tired, I went to NY with the other interns for dinner after training. Some interesting things surfaced. (1) They were amazed that someone from my school had an internship with Goldman Sachs. (2) They were stunned that I knew (to some degree) my way around NY which was great for them because I had to lead them everywhere. And when I told them how I learned my way around (3) they were flabbergasted that I would actually buy a plane ticket and fly to NY without any appointments hoping that someone would let me in.
I was amazed that they had no one from their school at GS, stunned that only one had been to NY and it was for a vacation, and flabbergasted to find that getting into banking was like drawing out for a bull elk permit. The intern described it like this, “so if you don’t get an internship your first year you earn points, and apply the next year…and the next until you earn enough points…I barely made it in with 435 points.” I told the group some of the things I went through—dead silent.
Now I am going to sift through this paperwork and get ready for tomorrow.
Training Day 2
Today we had a lot more interesting training. All of us interns met in the lobby of the hotel to travel to Manhattan. I suggested that we take the PATH train to the World Trade Center and then hop on the E train to 50th street. EVERYONE ELSE thought that the ferry would be faster and wanted to take that instead (remember, these guys don’t know their way around). So, not out of pride, but just because I thought it would be faster and I had purchased an unlimited week metro pass, I ended up taking the train by myself. I said, “Lets race and see who gets there first.”
We split at 7:30 and I got to the office about 8:00. Training didn’t start until 8:45, so I sent a text to the other interns stating I was there. I should have grabbed breakfast, but I decided to stop by The Analyst’s desk before training.
8:45 rolls around and I am the only intern in the office! About 9:00 everyone strolls in and everyone says, “You were right, we should have followed you.” Apparently, they got lost and missed their ferry and ended up taking the same route I did.
For me this was a good leadership experience. I feel like I have established some leadership with the other interns already by just being outgoing and positive. But this really sealed the deal for respect. I didn’t lead by force or pride, but leaded by example. I learned that young leaders may lead without followers at first but eventually people gather their senses and will come along.
The Analyst was right, the training on sexual harassment was interesting. But as I thought about yesterday’s experience with the comp trainers, I realized that it’s all in the presenter’s attitude. I mean, really, can learning about sex harassment policy be that much more interesting than spreading comps?
We also had trainings on services that analysts can use to help them accomplish the work. I have always thought that as a first year analyst you will be tweaking powerpoints or doing tons of research on the web, but what I learned from all these services is that we should delegate those responsibilities and focus on the financial analysis because that is why we get paid the big bucks.
We also had compliance come in and discuss the “Chinese Wall.” Basically it is the barrier of communication bankers can have with research and sales and trading. For example: if a bank owns a huge portion of shares (Sales and Trading department) in Ford Motor Co. and the investment bankers are doing a deal involving Ford that could lead to diluting their shares—you can’t communicate that to the other side.
Training ended at 5:30 and we went to dinner at this really cool pizza place that has established business in an old church house. It was pretty cool. This was also my first exposure to “drinks all around,” but it stopped with me. I don’t drink. No questions were asked verbally, but you could tell the interns and HR people were wondering what was up. However, the fact that I don’t drink did not exempt me from carrying on good conversation and being able to laugh with everyone. I feel that one of my strengths is connecting well with people.
Well tomorrow is our last day of training. I am excited to finish up and get started in CA.
We split at 7:30 and I got to the office about 8:00. Training didn’t start until 8:45, so I sent a text to the other interns stating I was there. I should have grabbed breakfast, but I decided to stop by The Analyst’s desk before training.
8:45 rolls around and I am the only intern in the office! About 9:00 everyone strolls in and everyone says, “You were right, we should have followed you.” Apparently, they got lost and missed their ferry and ended up taking the same route I did.
For me this was a good leadership experience. I feel like I have established some leadership with the other interns already by just being outgoing and positive. But this really sealed the deal for respect. I didn’t lead by force or pride, but leaded by example. I learned that young leaders may lead without followers at first but eventually people gather their senses and will come along.
The Analyst was right, the training on sexual harassment was interesting. But as I thought about yesterday’s experience with the comp trainers, I realized that it’s all in the presenter’s attitude. I mean, really, can learning about sex harassment policy be that much more interesting than spreading comps?
We also had trainings on services that analysts can use to help them accomplish the work. I have always thought that as a first year analyst you will be tweaking powerpoints or doing tons of research on the web, but what I learned from all these services is that we should delegate those responsibilities and focus on the financial analysis because that is why we get paid the big bucks.
We also had compliance come in and discuss the “Chinese Wall.” Basically it is the barrier of communication bankers can have with research and sales and trading. For example: if a bank owns a huge portion of shares (Sales and Trading department) in Ford Motor Co. and the investment bankers are doing a deal involving Ford that could lead to diluting their shares—you can’t communicate that to the other side.
Training ended at 5:30 and we went to dinner at this really cool pizza place that has established business in an old church house. It was pretty cool. This was also my first exposure to “drinks all around,” but it stopped with me. I don’t drink. No questions were asked verbally, but you could tell the interns and HR people were wondering what was up. However, the fact that I don’t drink did not exempt me from carrying on good conversation and being able to laugh with everyone. I feel that one of my strengths is connecting well with people.
Well tomorrow is our last day of training. I am excited to finish up and get started in CA.
Training Day 3
Today was the last day of training. We covered 2 things Excel and Factset. Excel training was extremely simple. In fact, during our training the instructor showed us how to expand columns by double clicking. One of the interns asked how to do it without using the mouse and the instructor replied, “I have been doing this for years and haven’t heard of a solution. Any of you know?” I replied, “Yeah, its ALT + OCA.” One of the analyst said, “Woah, how did you know that?” A couple more asked during the break how I knew that. Well, it goes back to the fact that me and The Analyst really wanted to learn shortcuts before our internship.
After a lunch break we had training on this database called FactSet. Apparently it is highly use, and I spent every ounce of attention listening to the different things you can do with it. Training on FactSet took 2 hours and we finally finished out training. To be honest, nothing was that difficult but it sure was an exhausting 3 days. It was like drinking from a fire hose but not really being thirsty so I ended up catching a few drops here and there.
What I would say I learned the most from training is this: there are so many services and resources and tools that it’s difficult to not find an answer on your own. In fact, I am making it a goal to exhaust my resources before I approach an analyst. And when I approach an analyst I will explain how I have exhausted my resources and how I am looking for something very specific.
The Analyst reminded me, “If you ever don’t know the answer to something, rather than just rattle off an email to your mentor, take 2 seconds to think it through.” Instead of brainstorming how to come up with the correct answer, brainstorm where to find the correct answer. Even the intern friend I have at GS said, “I would recommend to slow down and take your time to make it perfect. Don’t be in a rush to turn in low quality assignments.”
It’s now time to apply all the things I have learned. Tomorrow I fly back to California.
After a lunch break we had training on this database called FactSet. Apparently it is highly use, and I spent every ounce of attention listening to the different things you can do with it. Training on FactSet took 2 hours and we finally finished out training. To be honest, nothing was that difficult but it sure was an exhausting 3 days. It was like drinking from a fire hose but not really being thirsty so I ended up catching a few drops here and there.
What I would say I learned the most from training is this: there are so many services and resources and tools that it’s difficult to not find an answer on your own. In fact, I am making it a goal to exhaust my resources before I approach an analyst. And when I approach an analyst I will explain how I have exhausted my resources and how I am looking for something very specific.
The Analyst reminded me, “If you ever don’t know the answer to something, rather than just rattle off an email to your mentor, take 2 seconds to think it through.” Instead of brainstorming how to come up with the correct answer, brainstorm where to find the correct answer. Even the intern friend I have at GS said, “I would recommend to slow down and take your time to make it perfect. Don’t be in a rush to turn in low quality assignments.”
It’s now time to apply all the things I have learned. Tomorrow I fly back to California.
"Stand clear of the closing doors, please."
If you have spent time in NY you are probably familiar with that phrase. I can't believe I am back in this city.
This morning we got to the airport and it was packed. We were early enough to make it through fine. We boarded the plane and took off for NJ. During the flight we (me and the other analyst from my school) met one of the interns from Berkley who will be joining us. It was cool to compare stories and I realize how much harder it is for students from my school to get in to banks, and yet I feel like we are light years ahead of the other interns; we shall see. Anyway, it was probably the worst flight I have ever been on. I am not one to lose my lunch from motion sickness, but had this pilot delayed landing any longer, I would have lost it.
We hopped in a taxi and drove to our hotel which is literally on the Hudson. My hotel window has a beautiful view to the Northeast where you can see midtown and the Empire State Building.
We took PATH into NYC and went straight to the bank where we met up with The Analyst. I can't believe how much progress he has made. He got us dinner from Seamless Web and we just ate and talked. I asked him a ton of questions and with a smile on his face he answered every one. It was so good to see his positivity. He will get an offer.
With little time and wanting to get to bed early we headed back to our hotel room. I have to laugh because as out of place as three kids from the West Coast can be, we got around fine. We weren't as smooth with purchasing metro passes as native New Yorkers are, but we didn't get lost.
Tomorrow is the big day! I am wound tighter than a spring.
This morning we got to the airport and it was packed. We were early enough to make it through fine. We boarded the plane and took off for NJ. During the flight we (me and the other analyst from my school) met one of the interns from Berkley who will be joining us. It was cool to compare stories and I realize how much harder it is for students from my school to get in to banks, and yet I feel like we are light years ahead of the other interns; we shall see. Anyway, it was probably the worst flight I have ever been on. I am not one to lose my lunch from motion sickness, but had this pilot delayed landing any longer, I would have lost it.
We hopped in a taxi and drove to our hotel which is literally on the Hudson. My hotel window has a beautiful view to the Northeast where you can see midtown and the Empire State Building.
We took PATH into NYC and went straight to the bank where we met up with The Analyst. I can't believe how much progress he has made. He got us dinner from Seamless Web and we just ate and talked. I asked him a ton of questions and with a smile on his face he answered every one. It was so good to see his positivity. He will get an offer.
With little time and wanting to get to bed early we headed back to our hotel room. I have to laugh because as out of place as three kids from the West Coast can be, we got around fine. We weren't as smooth with purchasing metro passes as native New Yorkers are, but we didn't get lost.
Tomorrow is the big day! I am wound tighter than a spring.
Saturday, June 14, 2008
Did I mention the weather?
I can't tell you how nice the weather is here!
Today was the day I got my ducks in a row. I drove all around Silicon Valley to find a Barnes and Noble so that I could buy a map. I did some reading, got my map and then decided to drive to my office. It was a nice drive, but I imagine the morning commute may get intense.
To my surprise I found the parking lot nearly empty! I'm thinking, "Okay this could be good or bad...good if no one works on Saturdays...bad if there is no more office. (yikes!)" I chose to believe the former. There were probably 4 cars all together--I imagine that they are owned by analysts just waiting for us interns to take the more tedious assignments.
After doing a drive-by of my office. I went grocery shopping. On my way to my car after shopping I was approached by a woman who needed some money because her car was out of gas and she needed to see her kids in a half hour.
I am fairly generous, and I have been known to give people money in the past. However, I don't give unless it's earned and I don't give without doing my homework first.
I said, "I will fill your tank if you can figure out a way to get it to the gas station."
She said, "I think I have enough to putter it there."
I said, "Why don't we take a look at it." So we started walking to her car and I asked her a little about her life and why she was asking for money. A minute into her story I realized she doesn't need money. She needs advice. "Looks like you have enough to me...(the gauge says 1/4 tank)"
"The gauge is actually broken-"
"Look. I have no problem giving money to people who NEED money. I also have no problem giving advice to people who need advice. Can I give you some advice?"
Reluctantly she rolled her eyes and said, "Yeah."
"Sell your horse, use the money to get your life in order and quit doing drugs. My advice is worth more than any money, and so are your choices."
It's one thing to make good choices--it's another to make choices to sacrifice. I didn't get to where I am today because I begged for gas money. I had to make sacrifices and they will pay off.
There is another student from my university who has an internship at the same office doing the same thing in the same group as I. He is originally from this area so this afternoon I went to his place for a barbecue. It was nice to just relax. Later we met up with some singles he knows in the area. We went to a park and played games. I love meeting new people, there are no expectations.
It hit me at the park. I will be starting tomorrow. I am a little nervous. I am weak in accounting and weak with excel. I am hoping I can draw on my strengths of hard work and a positive attitude to get me started. However I know after so long, if you don't "get it" you're out.
Today was the day I got my ducks in a row. I drove all around Silicon Valley to find a Barnes and Noble so that I could buy a map. I did some reading, got my map and then decided to drive to my office. It was a nice drive, but I imagine the morning commute may get intense.
To my surprise I found the parking lot nearly empty! I'm thinking, "Okay this could be good or bad...good if no one works on Saturdays...bad if there is no more office. (yikes!)" I chose to believe the former. There were probably 4 cars all together--I imagine that they are owned by analysts just waiting for us interns to take the more tedious assignments.
After doing a drive-by of my office. I went grocery shopping. On my way to my car after shopping I was approached by a woman who needed some money because her car was out of gas and she needed to see her kids in a half hour.
I am fairly generous, and I have been known to give people money in the past. However, I don't give unless it's earned and I don't give without doing my homework first.
I said, "I will fill your tank if you can figure out a way to get it to the gas station."
She said, "I think I have enough to putter it there."
I said, "Why don't we take a look at it." So we started walking to her car and I asked her a little about her life and why she was asking for money. A minute into her story I realized she doesn't need money. She needs advice. "Looks like you have enough to me...(the gauge says 1/4 tank)"
"The gauge is actually broken-"
"Look. I have no problem giving money to people who NEED money. I also have no problem giving advice to people who need advice. Can I give you some advice?"
Reluctantly she rolled her eyes and said, "Yeah."
"Sell your horse, use the money to get your life in order and quit doing drugs. My advice is worth more than any money, and so are your choices."
It's one thing to make good choices--it's another to make choices to sacrifice. I didn't get to where I am today because I begged for gas money. I had to make sacrifices and they will pay off.
There is another student from my university who has an internship at the same office doing the same thing in the same group as I. He is originally from this area so this afternoon I went to his place for a barbecue. It was nice to just relax. Later we met up with some singles he knows in the area. We went to a park and played games. I love meeting new people, there are no expectations.
It hit me at the park. I will be starting tomorrow. I am a little nervous. I am weak in accounting and weak with excel. I am hoping I can draw on my strengths of hard work and a positive attitude to get me started. However I know after so long, if you don't "get it" you're out.
Friday, June 13, 2008
"Ferrets? No I don't have any Ferrets."
I drove out to California today. Took me about 12 hours. As I was packing I remembered looking at this bottle of Aloe Vera and thinking, "Nah, I won't need it." Now I wish I had packed it, ya know why? I got a blistering sunburn on my left arm from having it out the window the whole trip.
The traffic was great and I was making good time up until I pulled in to Reno. I hate Reno. Summer of 2005 I sold satellites door-to-door in that city. I was glad to leave then, I was glad to just be passing by. But my stay was a little longer than anticipated because when I got to the gas station I locked my keys in my car! I have done this twice in my life and the last time was in Reno. At first, I did not throw a conniption. No biggie, can't do anything about it. But then as I got thinking about the $50 it cost to watch this guy fill up with air what looked like a blood pressure thingy which pried my door open just enough to slip a coat hanger inside to unlock the passenger door--I thought, "what a waste of my money. This is equivalent to a tank and a half of gas...a nice date with someone special...my grandpa gave me $30 to spend on gas and this is what I do? Seriously, I am about to start an internship in an industry that demands that you pay attention to detail, and I lock my keys in my car like a 4-year old."
I got over it.
I pull up to the border of Nevada and California. You know when California is turning into Mexico because they stop you like they would if you were at a real border.
"From Utah, just coming to visit? Do yo have any fruits or vegetables?"
"Yeah, just visiting and No."
"Any Ferrets?"
"Ferrets? No I don't have any Ferrets." She waves me on. Then for the next 2 hours I go through every possible reason why she would ask me if I had ferrets, and I didn't come up with much except that when ferrets cross the CA border they instantly carry diseases that in other states everyone is immune to.
I met the family I am staying with. Boy did I make out sweet for the summer! I paid $600 for the whole summer. I have my own room and bathroom, and the office is a 20 minute drive from here. Most places I found online were going for $1700 a month. However I think I will make it up in gas. Gas in Utah was $3.92 when I left. I pull up here and it is $4.63! No kidding. My friends laughed when I budgeted $5 / gallon in my finance plan...I am wondering if I should re-budget.
This family is way nice and accommodating. I don't imagine much interaction with the nature of my internship, but any contact would be welcomed.
Tomorrow is a little R&R...I fly to NJ for training on Sunday. I promise (for those who are more interested in the dirty details of banking) that I will soon post more stuff relevant to my internship when it starts.
PS--The weather and culture and atmosphere here is phenomenal:)
The traffic was great and I was making good time up until I pulled in to Reno. I hate Reno. Summer of 2005 I sold satellites door-to-door in that city. I was glad to leave then, I was glad to just be passing by. But my stay was a little longer than anticipated because when I got to the gas station I locked my keys in my car! I have done this twice in my life and the last time was in Reno. At first, I did not throw a conniption. No biggie, can't do anything about it. But then as I got thinking about the $50 it cost to watch this guy fill up with air what looked like a blood pressure thingy which pried my door open just enough to slip a coat hanger inside to unlock the passenger door--I thought, "what a waste of my money. This is equivalent to a tank and a half of gas...a nice date with someone special...my grandpa gave me $30 to spend on gas and this is what I do? Seriously, I am about to start an internship in an industry that demands that you pay attention to detail, and I lock my keys in my car like a 4-year old."
I got over it.
I pull up to the border of Nevada and California. You know when California is turning into Mexico because they stop you like they would if you were at a real border.
"From Utah, just coming to visit? Do yo have any fruits or vegetables?"
"Yeah, just visiting and No."
"Any Ferrets?"
"Ferrets? No I don't have any Ferrets." She waves me on. Then for the next 2 hours I go through every possible reason why she would ask me if I had ferrets, and I didn't come up with much except that when ferrets cross the CA border they instantly carry diseases that in other states everyone is immune to.
I met the family I am staying with. Boy did I make out sweet for the summer! I paid $600 for the whole summer. I have my own room and bathroom, and the office is a 20 minute drive from here. Most places I found online were going for $1700 a month. However I think I will make it up in gas. Gas in Utah was $3.92 when I left. I pull up here and it is $4.63! No kidding. My friends laughed when I budgeted $5 / gallon in my finance plan...I am wondering if I should re-budget.
This family is way nice and accommodating. I don't imagine much interaction with the nature of my internship, but any contact would be welcomed.
Tomorrow is a little R&R...I fly to NJ for training on Sunday. I promise (for those who are more interested in the dirty details of banking) that I will soon post more stuff relevant to my internship when it starts.
PS--The weather and culture and atmosphere here is phenomenal:)
Introduction
So I have a friend "The Analyst" who is at the same bulge bracket bank in New York that I will be interning with. He started a blog that has been extremely helpful in preparing in some degree what I will face. His blog can be found at http://lifeofasummerintern.blogspot.com/ I would recommend visiting his blog if you are interested in investment banking.
I have the same intentions The Analyst has. I created this blog for future interns at investment banks. One advantage of reading both blogs is that those interested in banking will get to see different cultures among the same firm. The Analyst and I may or may not have different assignments, hours, pay, because of the location we are in. Use our blogs to compare and contrast.
One of my biggest pet-peeves was asking all the return interns from Summer 2007 what they did on a day-to-day basis. None could give me a straight answer. If future candidates want to know what I did, I can send them to this blog and they will be able to read what I have done day-to-day.
Another reason I am doing this blog is to respond to the numerous questions from friends and family about investment banking. So often people will ask what I want to do and when I tell them investment banking they reply, "Oh, so basically I can give you my money and you will make me rich?" No. That is portfolio management. I am not a portfolio manager. Reading this blog will give you a better idea of what I do and what investment banks do.
There are obvious disclosure policies that will not allow me to be extremely specific, but I will do the best I can to provide detail and to respond to comments posted on the blog.
Have fun reading it, as I know I will have fun creating it!
WARPANG
I have the same intentions The Analyst has. I created this blog for future interns at investment banks. One advantage of reading both blogs is that those interested in banking will get to see different cultures among the same firm. The Analyst and I may or may not have different assignments, hours, pay, because of the location we are in. Use our blogs to compare and contrast.
One of my biggest pet-peeves was asking all the return interns from Summer 2007 what they did on a day-to-day basis. None could give me a straight answer. If future candidates want to know what I did, I can send them to this blog and they will be able to read what I have done day-to-day.
Another reason I am doing this blog is to respond to the numerous questions from friends and family about investment banking. So often people will ask what I want to do and when I tell them investment banking they reply, "Oh, so basically I can give you my money and you will make me rich?" No. That is portfolio management. I am not a portfolio manager. Reading this blog will give you a better idea of what I do and what investment banks do.
There are obvious disclosure policies that will not allow me to be extremely specific, but I will do the best I can to provide detail and to respond to comments posted on the blog.
Have fun reading it, as I know I will have fun creating it!
WARPANG
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