Interesting News

This week has been interesting as things start to dwindle down to just a couple of days left in the internship.

Yesterday the new full-time analysts arrived from NY. There are 10 all together. One of the new analysts is from my school and its nice to catch up with him. Interesting how the tables have turned and we are all in it together. You see, it was last summer when I was coming to him asking for help and getting up to speed on banking. Now he is the one asking the questions about the office and how things have worked.

I found it humorous that 3 times yesterday I engaged in a conversation with 3 new analysts and somehow in the conversation they said, "Oh I thought you were an associate." Well, not quite, but I do have to say there is a sense of confidence when you are not the new kid on the block.

As time winds down I once again come to a point similar to where I was in the beginning of the internship. That is, not staffed, but wanting to be busy. You have to kind of balance not bugging people and yet being proactive. But it dawned on me in a conversation yesterday--this is pretty much it. I am not getting staffed again and I have a week left. The reason being is because any new projects and the staffer will put one of the 10 new analysts on it. In addition to that, the staffer is going on vacation next week. Basically it boils down to me just doing well on the projects I am currently on when I am needed.

For one project, all the bankers are in NY going through due diligence. On the other project, everyone (including the senior bankers here) are on vacation. So from time to time, I do little things like fax stuff to hotels in NY for those in due diligence. To be honest, yesterday I "worked" for probably a grand total of 3 hours. I ended up leaving the office at 10:30 p.m. which was one of the earliest time I have ever left.

This morning I submitted the names of bankers I want to review me. A couple days ago I made a list of all the people I had worked with. The list contained about 13 names, but I then narrowed the list down to those who I worked will significantly. Out of the ones I worked with significantly I narrowed it down to the ones I know will go to bat for me. They asked us to submit 4-6 names total. So I made my final choices of 5 names. I then individually approached each one. Generally this is how our conversation went:

"Hey I just wanted to catch up with you. They have asked us to submit 4-6 names of bankers we worked with. I wanted to touch base with you and see if you feel like you have enough information from our interactions to write a review for me."

Now obviously they know I am really asking them to write a GOOD review, but I think the words "enough information from interactions to write..." was a soft approach to asking "Will you go to bat for me." Every single one said, "Dude, I will write you a good review. You don't have to worry."

There were some bankers I did approach that I felt I had a good interaction with but really didn't know what kind of a review they would write me. For example I approached an analyst and their response was, "Yeah, we didn't work too much together you know. I can write you a good review, but it will be general." Well, to say the least, I scratched them off the list. I can't afford a luke warm review.

Despite the fact that I have worked my hardest, done my best work, and have confirmation of people going to bat for me, I still worry about the final verdict. Yesterday the summer associates had their final reviews. Only 2 out of 4 got offers here in CA, and in the NY group 0 out of 4 got offers! I couldn't believe it because I felt like the summer AS did really well.

So the question comes, how do I stack up against the other interns? There are 6 and I feel I am at least in the top 3. But as you can see, not even being the top intern in some cases will get you an offer. So as you can imagine, times are tough, and not being busy doesn't help. With names already submitted I ask myself if there is anything at this point that I can proactively do. In all honesty the best thing would be first to make sure I don't additionally ding myself.

I can say this. I do love banking, and if I don't get an offer, as discouraging as that may be, I would still apply for full time jobs at other banks. I know times are tough and even those with offers are struggling to shop around. I don't feel like I can afford to shop around. I may end up accepting on the spot, if in fact I do get an offer. Especially if there is an exploding bonus which is where they give you a bonus if you accept within a certain time frame.