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1. The long road from intern to analyst.
Wall Street's version of the Hunger Games — nabbing a summer internship at an investment bank — is about to kick off.
Thousands of college students are eagerly refreshing investment banks' careers pages awaiting applications to open for internships for the summer of 2024. (Yes, you read that right, this summer's internship spots have already been wrapped up for a while.)
In an effort to ease some anxieties, Insider's Emmalyse Brownstein spoke to Danielle Dodgen, head of US campus recruiting at Lazard, about tips she has for candidates.
It's a unique thing, the investment bankers' career path. The majority of people these days don't work in a field that correlates to their degree (if they have one at all). Most peoples' résumés aren't straight lines, and include plenty of stops along the way.
But investment banking has a fair bit of tradition and structure. It's a process that results in young people making decisions that will set them on a certain path for years to come.
Just see if you can follow this timeline:
A sophomore in college picks an internship in the spring.
The internship starts the following summer, after their junior year.
At the end of the internship, and before the start of their senior year, most candidates receive an offer for a job at the same firm.
That job, which they won't start until after graduating, will ideally be one they hold for at least two years (the traditional length of an investment-banking analyst program).
What that all means is that you essentially have a 19- or 20-year-old college sophomore picking a job that a 24-year-old person will still be working at.
I don't know about you, but I wouldn't let 19-year-old me pick out my socks, let alone set me up on a four-year trajectory.
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And we wonder why so many young bankers are burning out? Perhaps Wall Street could do with a bit more flexibility early on instead of locking people into roles they might not even full understand.
But in the meantime, may the odds be forever in your favor.
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3. The University of California is all-in on Blackstone's real-estate fund. Blackstone's BREIT, which had to halt redemptions in late 2022, just got a massive endorsement in the form of a $4 billion investment from UC Investments, The Wall Street Journal reports.
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8. Please don't ask Sam Bankman-Fried who's helping bail him out of jail. The disgraced FTX founder's lawyers requested to redact the names of the two people planning to back his $250 million bail package. More on the mystery benefactors.
10. Here's the best, and worst, ways to diet. If you're like most people, you probably set a goal for yourself in the new year to shed a couple pounds. But before you jump on another fad diet, check out what got ranked the healthiest and least-healthiest diets for 2023.
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