eFinancialCareers

The investment banking intern has dropped out of the internship on medical grounds. A final instalment may be forthcoming when he feels a bit better.

Weeks 3 &4: I decided to calculate my pay based on the hours that I do… and yup, below minimum wage

Apologies for being out of touch, folks. It’s been a treacherous and exhausting couple of weeks. I don’t even know where to begin....

Hmmm, how about pay day? That was a good day! I checked my account over telebanking, and was told I was ‘in credit’, ie no longer deep into my overdraft. It was a satisfying and rewarding moment. I squealed with delight down the phone, explaining that I had not been in credit for the past four years. The reply: “Yes ma’am, I see that.”

I then decided to calculate my pay based on the hours that I do, and yup, there was that horrible figure – below minimum wage! Ouch. I was resentful and bitter. I was tired and in pain. I had been leaving the office late at night, reaching home and collapsing in bed before another full day at work.

I called in sick one morning, after waking up with pain radiating through my body and hardly able to crawl out of bed. It was the second time I’d taken the morning off, because of this ‘morning stiffness’. I was distinctly aware that this would not bode well with my manager, and worse, the staffer. The staffer deserves a story of his own.

I went to the doctor that morning, who issued a certificate recommending I do not work this summer, lest my condition worsen and I end up with a chronic illness. I insisted that I work, and that she change her recommendation, and so she did, stating I should not be working long hours, that I was under investigation and treatment and that I needed bed rest. I went to work after that, and reluctantly handed it over to my manager, who seemed awkward and unsure about what to do. I reassured him it was no big deal, and that although I wanted to prioritise my work at this time, I had to consider my health. He agreed.

And so I began to leave the office earlier. After working 12 hours a day, I would call it a night and bid my colleagues farewell. But the staffer… no, no, he wasn’t happy with this arrangement.

Comments were dropped. My motivation and commitment were questioned. I was told I was clearly being ‘under-utilised’ and that as an intern I was expected to be in the office till at least midnight. It wasn’t pleasant. But I did what I had to do, swallowed the comments and left nonetheless.

A few days ago, the staffer walked up to my desk, said he was concerned I wasn’t being given enough to do, and that long hours signified motivation. With that, gave me four ‘long-term’ projects that he wanted me to do that would “keep me busy till the early hours” and stated he wanted progress by mid next week. My heart sank: little did he know my very presence at work screamed out commitment and motivation, little did he know that every step I took was marked by pain, and that I was getting sicker by the day.

Little did he care. I said I would work on them, but that I was inundated with work; that I had a case study presentation I had to prepare and present to the managers next week; and that I was working with the director this week. He said, “You’ll find time,” and walked away. Is it bad I wanted to hit him? Cry? Quit?

On Friday I had my first mid-term appraisal. My manager took me into a room and gave me the feedback from the senior analysts and associates and directors. It was all good: friendly, outgoing, smart, organised, timely, efficient, inquisitive, etc... but my commitment was questioned, because I was leaving early. No surprises there.

Before I could say anything, my manager said that he had now spoken to the staffer (about time!) and that he now understood. He said I need to consider the long hours if I’m given a job offer. Will i be able to handle it? Will my health improve? Is this what I want?

I was honest: I said this is as much about me testing the industry as it is about them testing me…. He appreciated the honesty and advised me to get out while I can. Said if he could turn back time, he’d have made other choices, but that doesn’t scare me. This job isn’t for everyone, and my ultimate aim is to make an informed decision. So far, so good, bar the staffer.

Next week, I’ve got to present a case study to my managers. I’ve got two weddings to go to, my best friend’s and my cousin’s, which means I’ll have to leave the office around 6pm. I’m already losing sleep over how the staffer will react! Keep tuned: things are getting exciting!

Week 2: First thing I note is a man who looks intoxicated, eyes red and swollen, who can barely talk and is wearing a hoodie: an associate who’s been working 48 hours non-stop.

The week starts with an 8am breakfast with your buddy! Problem is mine is nowhere to be found. He finally shows and we get talking. I’ve been allocated to the Central Eastern Europe, Middle East and Africa team (aka CEEMEA) and there are two of us interns here. Each has their own buddy.

I note how few women there are here: it's true what they say, it's a very male dominated environment. But ladies, don’t let that put you off: I got here and so can you!

My buddy is the more relaxed of the two. He takes us to Starbucks and tells us never to come to the office before 9am. The other buddy looks appalled, and tells us not to listen to him. I’m glad I’m with him. I’m more of a chillaxed type of person and it seems he is too.

We get taken upstairs to our desks: first thing I note is a man who looks intoxicated, eyes red and swollen, who can barely talk and is wearing a hoodie. We're told he’s an associate on the team, hasn’t left work all weekend and has been working 48 hours non-stop. Yikes, I pray that won’t be me soon. The team members who are awake are all lovely, and really a pleasure to work with.

First day is OK, read through 150 emails or so, get Factset, Datastream, etc installed on my PC. Get given the odd job to do. The evenings seem busier than the mornings. Have dinner at the office and get a taxi home at 9.30pm. Get home close to 11pm.

The week gets tougher: more complex work gets thrown on my desk. I have a lot of questions, and my buddy is always there to help. I ask some questions I think are silly, but he’s patient and goes through them with me. I complete my first company profile. Success! I learn to calculate ratios and decipher PnL accounts, and recalculate values to make them comparable.

Thursday: Client sends a last-minute email, wants something done by the morning. A pretty horrible day actually. I am ill and have to go to hospital to get an injection for an arthritic pain I have. Get back to the office at 6pm and feel nauseous. At around 10pm I am close to tears. I don’t leave the office until 1am.

Thing is, you never tell your manager you’re ill and need to leave. You can’t let your team down. So I stay, pull through, finish the work, send it through to presentations and get a cab at 1am. Arrive home at 2am.

Next morning I don’t feel great, call in to let them know I’ll be in later. They are not pleased. I decide to put my health first. Build up the courage to tell them I have some health issues but at the last minute decide against it.

Friday evening most people left at 6pm. I left the office at 8pm, which is great. Fingers crossed for next week. Stay tuned!

Week 1: Am I way, way out of my depth?

So there we were: 230 interns eager to prove what we’re made off. Around 40 of us are interning in the investment banking department, like myself, and we each had a certain level of anxiety apparent that was both comforting and worrying at the same time.

The first week consisted of endless training: Excel training, financial database training, lectures on working with respect, and an enduring six-hour lecture on business profiling and financial statement analysis.

Needless to say, a high caffeine intake and a good night’s sleep is essential if you don’t want to look like a fool, with your head bobbing in an attempt to stay awake.

All other interns started at their desk this week, but IBD interns won’t meet their buddies or managers till Monday. That’s a good thing, I think. I value the extra time to adapt.

I note the multicultural background here. It’s great to see, and investment banking is definitely characterised by diversity. The majority of us speak two languages, and many come from abroad. I’m based in London so didn’t have to find a new home, but commuting takes me an hour or so and I’m beginning to think of looking for somewhere closer to work.

During the first week, people swapped numbers, had drinks after work (we left at 6pm most of the time – somewhat of a privilege in IBD) and mingled. It’s all about networking. The management organised a night out at a City bar to “network, and meet more people”.

A lot of people are worried about the hours involved in IBD and I admit that I’m also pretty anxious about this. But the fact that I come from a medical background means two things: I can handle long hours, and this internship is as much about the managers testing me as it is about me testing the industry.

Is this really what I want? Is it worth the career change? Am I way, way out of my depth? Only one way to find out, and time will tell.