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AUGUST 1999 MBA JOURNAL: SUMMER INTERNSHIP Alex Virtue: Learning in the Real World Classroom
My 10-week vacation this past summer was spent at Merrill Lynch's world headquarters, which is located in the World Financial Center at the southern tip of Manhattan. As I've mentioned in a previous journal entry, my position was as a summer associate in Merrill's investment banking (IBK) division, in its global real estate, hospitality & leisure group, in particular. Finding Housing Finding a summer sublet in New York City was nearly as hard as finding my investment banking job. Fortunately, I had a great deal more flexibility in selecting where I lived -- my summer apartment didn't have to pass my wife's rigid white glove test. Caryn (my wife) continued working in Philadelphia over the summer, only visiting New York on a couple of occasions. I usually jumped on the train back to Philly when I had a free weekend. Many students rent apartments at the NYU Law School buildings or at the Cooper Union dorms. However, I missed the boat on these early applications, thinking I would rustle up a much better apartment on my own. Initially, I had planned on sharing a two-bedroom apartment with a friend who would also be working in New York over the summer. As we gradually found out, though, finding a vacant apartment to fit a tight 12-week summer rental period is very difficult and almost inevitably requires the payment of a stiff broker's fee (usually quoted as a full month's rent). After viewing a number of smallish apartments in the $2,200+ per month range, I decided that we should go our own ways and look for single rooms available in student buildings. In the end, I found a bright room with hardwood floors located in a building owned by Columbia University at 112th and Broadway. I shared the apartment with two Columbia law students, but given our vastly different schedules, I rarely bumped into them. While the 45-minute morning commute to Wall Street was tiresome, the $620 per month rent certainly fit my budget, especially since I didn't have to pay any broker fees. After going through this experience, my best advice in finding a summer sublet in NYC is to start early and use the student resources at NYU, Columbia, and other universities in the city. While I probably saved about $500 each month by finding my own apartment, those who are hassle-averse might want to consider the NYU Law School apartments, as this option certainly requires the least amount of legwork and last-minute searching. They're also located much closer to Wall Street. Investment Banking 101 I started my summer job in mid-June, much later than most Wharton students at Merrill, as I participated in Wharton's month-long Global Immersion Program in China and Hong Kong. In all, there were 17 Wharton students in my investment banking (IBK) summer class at Merrill, spread amongst a number of product and industry groups including media, telecommunications, mergers & acquisitions (M&A), and financial institutions. The total Merrill IBK summer class was composed of approximately 60 students representing a mixture of top-tier business schools from around the country. After a brief one-day training and orientation on Merrill's computer systems and policies and procedures, we joined our respective groups. Unfortunately, the depressed capital market environment for public real-estate companies meant that work was rather slow for all property groups on Wall Street this summer. However, the pooled staffing in Merrill's real-estate group ensured that summer associates were kept busy and exposed to a variety of transactions and assignments. My introduction to investment banking was both challenging and rewarding and gave me the opportunity to work on an IPO, strategic advisory engagements, and an M&A sales transaction. Given the fast-paced environment, new associates (and summer associates for that matter) are given a great deal of responsibility and exposure to top-level client management very early in their careers. While Merrill's recruiting team did a great job of ensuring that we had plenty of social and networking events, including a Wharton golf day, numerous lunches with Merrill senior bankers and a couple of cocktail hours, the demands of the job were significant, averaging 80 hours per week. I did have about half of my weekends free, but as with any client-intensive job, investment bankers have to be prepared for occasional all-nighters and last-minute changes to their schedules, demands that can place strains on anyone's personal life. I didn't really get to work with MBA students from other schools, but I did get to socialize with them at the various Merrill lunches and events. It was apparent to me that while each MBA program certainly has its own distinct character and culture, the stereotypes of a given program are completely overblown. One common trait: Everyone I met was bright, driven, and eager to get as much as possible from their experience at Merrill. Rewards At the end of the summer, I felt that I'd gotten what I wanted out of my summer job. I have worked in a large, well-respected investment bank and now have the requisite knowledge to make an informed decision on whether or not a full-time investment banking job is for me. Fortunately, I have also received an offer to return to Merrill Lynch as a full-time associate upon my graduation from Wharton. While I wouldn't have landed an investment banking job without the Wharton stamp on my resume, it is my impression that so much of the job is learned by doing rather than simply studying that no amount of classroom work would adequately prepare a student for a career in I-banking. Having said that, my experience at Wharton has been a great learning experience because I've learned a considerable amount outside of the classroom, both from my classmates and from the events and organizations that I've been involved in. My overall belief is that an MBA does give one the contacts, resources, and confidence to succeed and that my first year at Wharton provided me with the "tool-kit" necessary to quickly adapt my skills to a completely new job this past summer. Returning to Philly Upon my return to Philadelphia, I was surprised to hear the variety of experiences that my classmates had over the summer. Dot.com fever had certainly altered the employment landscape, and many of my friends had either helped found or worked in technology-related startups. But while the traditional investment banking and management consulting companies may have a slightly harder time competing for MBA students this year, there remains a strong degree of student interest in them and the lucrative salary and bonus packages that they offer.  Alex Virtue  | | [an error occurred while processing this directive] Learn about your online education options |
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