If It's Wednesday, This Must Be JPMorgan

The whirlwind tour of New York banking institutions has become a staple of many undergrad career services programs. But it can be exhausting

by Kerry Miller

Intersession is the time when many college students take road trips, visit tropical islands, or just relax and mooch off mom and dad for a month. For many business students, however, January is a time to get a head start on the competitive summer internship process with a whirlwind tour of some of New York's most prestigious investment banks. For instance, students at Emory's Goizueta Business School recently had the chance to take part in the school's BBA Career Trek to Manhattan, which included stops at Goldman Sachs (GS), Bear Stearns (BSC), and Merrill Lynch (MER).

"It can be a long week, but it gives [students] a much more in-depth sense of what their careers will be and what kind of preparation they will need. And it also gives them a chance to really start building their professional networks," says Douglas Cooper, director of Emory's BBA Career Management Center.

Recently, BusinessWeek.com reporter Kerry Miller tagged along with 60 juniors from the University of Virginia's McIntire School of Commerce, School of Engineering, and College of Arts & Sciences for the third day of their five-day tour of 17 New York investment banks. Here's a peek at her notebook:

9:45 a.m.—Our first stop, Barclays Capital. After collecting the first security badges of the day, we end up in today's first well-appointed conference room, with bank-branded knickknacks waiting for us on our seats and, in the back, trays of sugary snacks. Even though it's not yet 10 in the morning, many of the students are already eagerly downing cookies and brownies washed down with coffee or Coke, while others toss back Advil. (By the end of the day, I'll understand why.)

10:10 a.m.—As the last few stragglers file in, Barclay's lead recruiter for UVA welcomes us and explains a bit about the internship process and how today's session is going to run. Then she turns it over to two higher-ups at the firm—both UVA alums—who give us the scoop on Barclays Capital, complete with PowerPoint presentation.

We learn that in 2006, Barclays Capital hired eight people from UVA, the most of any individual school, and that the bank has been shifting its focus from experienced hires to hires just out of college. We see slides with bar graphs comparing Barclays to its peer group of investment banks on a number of measures. Unsurprisingly, Barclays does quite well. We see a slide with an organizational chart ("a universal bank with a complementary portfolio"), and we learn that Barclays has a "culture of performance and innovation," and that the environment is entrepreneurial, meritocratic, and teamwork-focused. Alrighty then.

10:37 a.m.—Time for questions. After a few Barclays-specific queries, one student asks for some general advice about I-banking. "Find a firm that fits your personality," we hear. "Be introspective, and think about your skill set. You're going to be working 80-, 90-, 100-hour weeks, and if you don't like the people, you're not going to be happy and you're not going to do well." (This, I'll later realize, is a common theme.)

11:00 a.m.—We split up for tours of the trading floor. Our group gives thoughtful nods as the first-year analyst gives an acronym-heavy walk-and-talk about the various types of business on the trading floor, with lots of talk about "leverage" and "swap rates" and "inflation exposure."

In a far corner, we see two traders tossing a mini soccer ball back and forth across a bank of computers—a clue to the all-important "culture"?—but most people just seem very, very busy. "So many screens," one student whispers. "I wouldn't know where to look!"