For Wall Street's newest interns, it's important to keep things in perspective no matter how things end up

For Wall Street's newest interns, it's important to keep things in perspective no matter how things end up
Jefferies CEO Richard HandlerJefferies

Hey there! Dan DeFrancesco in NYC, and here is further proof why you should never doubt Costco.


Today, we've got stories on a talent exec at a massive finance firm detailing the three things she looks for in candidates, why banks are unhappy about some new potential regulation, and how online retailers keep you coming back to that shopping cart.

But first, I've got some advice.

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1. Let's take a step back

For Wall Street interns, this week marks the start of their professional lives.

A 10-week internship leads to a full-time job offer for the following summer. Then that two-year analyst program culminates in admittance into an MBA program or a private-equity job or some other gig on the buy side. And on and on we go.

But, what happens if you can't get past step one?

Richard Handler, the CEO of Jefferies, shared thoughts on that as part of 15 pieces of advice for summer interns he recently posted on Twitter. Handler explained that working hard this summer is no guarantee of nabbing a return offer. It's also fine, he added, to realize investment banking just isn't for you.


Sure, the pessimistic part of me is wondering if Handler is just covering his bases. The current dealmaking drought means banks will likely give out significantly fewer return offers than they did when deals were booming.

But I also think there is real validity to Handler's advice, especially for this group. Many current Wall Street interns have been working years to get to this point – getting good grades in high school to get into a good college that will give them the best opportunity to get an internship at an investment bank.

Now, after years of hard work, imagine it not working out over the course of the next 10 weeks. That'd be pretty traumatic. But, as Handler notes, it's important to keep things in perspective.

It reminds me of my own failed attempt about a decade ago. Since I'd first set my heart on a career in journalism, my goal was to work at ESPN. It was, in my eyes, a dream job.

One random Sunday morning, I recruiter called for a 5-minute phone interview. It was a disaster. I was stumbling over my words and clearly nervous.


After the call, I got in touch with someone I knew who worked there to find out how bad I blew it. Don't worry, they assured me, these interviews were only meant to be screeners to suss out the really bad candidates...

Guess who never heard back from ESPN?

As much as that experience stung at the time, I got over it. So to the Wall Street interns who don't get a return offer in a few months, don't worry, you will too.

Read more about Jefferies' Richard Handler explaining how Wall Street interns need to keep perspective.

Check out all 15 pieces of advice Handler has for Wall Street interns.


In other news:

For Wall Street's newest interns, it's important to keep things in perspective no matter how things end up
Tiffany Haley, head of global talent acquisition at VanguardTiffany Haley

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4. What it takes to land a job at Vanguard. Tiffany Haley, the head of global talent acquisition at Vanguard, details the 3 things she looks for in candidates. She also shares her favorite interview question. More here.


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7. How to ChatGPT-proof yourself. From studying English in college to leading a data analytics team, Insider's Navah Maynard maps out how she became a "numbers person" in three easy steps. More here.

8. From finance to fashion. Brandon Snower quit his job as an investment banker without knowing what he would do. Now he runs menswear brand Le Alfré. Here's how someone goes from analyzing spreadsheets to scrutinizing stitching.

9. Some books for the beach. We asked our rising stars of Wall Street for some book recommendations. Here are 35 you can pick up and pack for your summer holiday.


10. How they keep you coming back for more. From Nike to Lululemon, here's how retailers leverage FOMO — fear of missing out — to get customers to buy more stuff. These are the psychological tricks and tools online retailers use, and how to avoid them.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Jack Sommers (tweet @jack_sommers) in London.