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.