7 tips to surviving an investment banking internship
It’s the dream job of any ambitious, hardworking student in finance. I was excited to put it on LinkedIn, just to see that “Investment Banking Intern” under my name. Honestly, it got to my head a bit, and I enjoyed the privilege of saying yes that’s me I am the banking intern that GS had hired. But I was about to find out that saying it and actually doing it were really different. You can probably guess that I didn’t have the best time in banking, but I don’t view it as wasted time and effort. Of course this isn’t comprehensive, but here are the 7 biggest learning points from my time at GS.
1. Always say yes when the team orders dinner together
Yes everyone is entitled to their own dinner preferences but this is a small and easy thing to do that will help you build a place in the team. For whoever suggested ordering, you just supported their choice. For the others who joined on the order, you built a shared experience. This may sound trivial, but forging a good relationship, especially at the start, is key. (Let’s not forget that you can all save on delivery!)
2. Meal budgets are amazing but deadly
It is super tempting to blow that $30–40 on as much food as you can possibly eat in one seating, to “treat yourself” to expensive steak dinners or load up on cheap, unhealthy fast food. ALL outside food (anything you don’t cook by yourself) has way more salt, sugar, fat, and oil than can possibly be good for you. My personal weakness was Chipotle; it seems so healthy and wholesome PLUS I saved half for lunch tomorrow so it can’t be that bad right?? As much as these meal budgets can help you to save time, try to use your leftover budget on fruits and veggies, not on the midnight bubble tea order with your team.
3. Triple-check your work
This one was hard for me to get used to, because let’s face it, it is possibly the most boring thing ever to check over one’s own work, let alone check it three times. Attention to detail is the most important trait for any banking analyst. Though it’s not as important to triple-check in the world where people aren’t driven insane by a slightly misaligned logo, it’s still a good practice.
4. Build in daily routines that help you to stay positive
About 2 months into my internship, I felt like I was losing sight of the end, dreading coming into work each day, and constantly thinking about when I would be able to leave that night. I started getting nightmares on the weekend where I dreamt that I woke up to hundreds of missed calls and emails. To remind myself of how lucky I was and all the good things in my life, I started doing the 5 minute gratitude journal. Every time I was frustrated or upset, I set time aside to write about my feelings, which sounds lame, but it helped me to calm down and think before doing.
5. Culture is everything
I feel like every recruiting session I’ve ever been to has just been culture this, work life balance that, employee satisfaction blah blah. And so I took it a bit less seriously than I should have, because I had been so lucky with my experiences at EY and CIBC in past internships. I feel like this is a whole other post in and of itself but how people make you feel, how they treat your ideas, how much you can open up to them and trust them can make or break an internship experience. Coming out of this, I realized that it’s actually only half about what you do at your job that dictates how happy you are; the bigger part is how you feel.
6. If you must complain, confide in someone outside of the office
Learned this one the hard way; everyone spends so much time together that they are looking to gossip and spill the tea you just told them to their buddy. As an intern, the analysts know you’re temporary and you likely don’t have the relationship that they do with each other. Of course, if you have feedback you should always be open to sharing it, but if you’re just looking to vent, I’m sure your roommate, girl/boyfriend, mom, or friend can spare you a few minutes.
7. Banking isn’t for everyone and that’s ok!
It’s actually probably not for most people who are sane and love their friends and family, but hey if you choose to do it then good for you. Something my VP said to me was that really smart people don’t do well in banking. Some thoughts I had on this statement:
- Why yes I am really smart (kidding!)
- I can’t work in a place where being smart is a difficulty or a nuisance
- Maybe that’s why all the best bankers leave
I hope that this list has helped you in whatever stage or mindset you’re in. This wasn’t meant to be an exposé on the toxic world of investment banking (next story!), nor am I trying to convince you that it’s not a great job (probably the best paying job for a business student). Though I can’t say my internship was the best 4 months of my life, I came out of it with a better understanding of what my areas of improvement are, what I don’t want my full time job to be like, and what is important in my life. These days, I appreciate that I have time to cook, go to the gym, spend time with friends, and watch things on Netflix.
Let me know what your thoughts are, whether you have something to add or you disagree wildly with the picture I’ve painted.