The banking summer analyst and associate season is nearly upon us.
eFinancialCareers reports that in a few weeks’ time the lucky few will be congregating in clusters on the streets of London and Manhattan and feeling – momentarily – empowered. Thereafter, reality may sink in.
Because although investment banking internships are still incredibly hard to come by (Goldman Sachs receives 45 good applicants per summer analyst role), they don’t necessarily amount to much at all.
If you’re about to start an internship in an investment bank, here’s how we suggest you let yourself down gently before the internship lets you down hard.
1. It’s been oversold
Banks’ careers websites are marketing tools. As such, they will paint banks’ commitment to student hires in the most glowing terms they possibly can. Take the boutique investment bank Gleacher & Co, which boasts on its website that it offers its junior bankers ‘exposure to world class investment banking’ and that it has ‘an exceptional record’ of giving students full-time jobs. This week, however, Gleacher shut its investment banking business and dismissed all its interns even before they arrived.
2. You probably won’t get a full-time job offer
In the good old days, investment banking internships were an important route into investment banking jobs after graduation.
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