If you've started your first ever summer internship with an investment bank this month, you've probably already encountered an awkward reality. This may be your first time, but for plenty of other people it will be their second, or third, or even fourth. Summers spent in investment banks are no longer a once in a lifetime experience.
If you want to convert your summer internship, you'll therefore need to be as, if not more impressive, than these old hands.
Of course, it could be argued that multiple internships are an adverse indicator. If someone's interned with three banks and hasn't begun a full time analyst position, does this mean they didn't receive an offer at the end of each of those summers? Not necessarily. There's often a more benign explanation. It might be that they want to try their luck at a higher tier bank. Or it might be that they simply racked up internships early in their university careers, or between a bachelors and a masters degree and weren't in a position to accept an offer. Now they are ready. And they're competing with the pool of interns who've never done this before.
Who are these uber interns? We've suggested a non-definitive list below. In London, the most experienced tend not to be the Brits: if you want to spot a summer analyst with a raft of previous experiences, look to the Europeans.
Friedemann is to be found at Goldman's London office this summer, where he's working in corporate private equity. This is a slight break from the past. Last year, he was a summer analyst in financial restructuring and M&A at boutique firm Perella Weinberg Partners (which extended him an offer to join full time). The summer before that, he was a summer analyst in corporate finance at Barclays. And the summer before that - way back in 2014, he spent three months in private equity at Deutsche Bank. After graduating with a first class degree from the London School of Economics in 2016, Friedemann has just finished a nine month MSc in financial economics at Oxford.
Conway is studying a BA in Economics and Mathematics at Boston's Wellesley College. She already has a bachelors of science in mathematics and economics from the Scotland's University of St. Andrews.
You'll find Conway in J.P.M's New York financial institutions group (FIG) team. She already has plenty of summer internship experience. Last year, Conway spent four months as a summer analyst at private equity fund KKR in San Francisco. From October 2017 to January 2017, she then spent another four months as a private equity intern at Artemis Capital Partners. In 2015, she spent four months as a wealth management intern at Morgan Stanley in Boston.
Slaoui's part of Morgan Stanley's leveraged and acquisition finance business this summer. A student at Spain's IE business school, he's already had plenty of internship experience. In 2014 he spent two months in M&A (transaction services) at Deloitte. Then he spent two months in wealth management at BNP Paribas. Then six months as an off cycle investment banking analyst at Deutsche Bank. And now Morgan Stanley. While other summer interns learn the ropes, Slaoui's spent nearly a year in finance already.
Weimann typifies the European finance student with a long list of previous banking internships. He's just completed a masters at London King's College and is spending two months at Morgan Stanley. Last year, he spent five months in equity trading at Unicredit. Prior to that he spent six months in equity research at Pioneer Investments, five months in M&A at Aquin & Cie (a German corporate finance boutique) and eight months in risk analysis at SocGen. The average UK student looks a bit inadequate by comparison.
Style is a rare Brit on the list. An economics graduate from the University of Bristol, he's spent the past year studying economics and strategy for business at Imperial College Business School. Previously, he attended Rugby - one of Britain's longest established public (private) schools.
Style has plenty more to recommend him. While he's at Citi this summer, he was with Nomura's global markets business last summer. He's also had a month's July work experience each (seemingly outside of spring week) at BNP Paribas and Deutsche Bank, and two months of experience at HSBC and J.P. Morgan.
Lobo means wolf in Spanish and Francisco has certainly covered some ground.
A recent graduate in international management from Warwick University, Lobo spent last summer interning in IBD at Barclays. Before that, he was a summer analyst in corporate banking at HSBC and a summer analyst in corporate finance in KPMG's Lisbon office. There have also been various spring internships along the way...
Masca typifies the kind of highly driven East European that banks like to hire now. He's just graduated with a first class degree in economics and statistics from University College London after graduating as the top student from his high school in Bucharest.
Last summer, he was a markets summer analyst at Citi. In April 2017 he completed the one month insight programme at hedge fund Man Group. He's also spent two months interning at EY.