VAULT GUIDE TO

TOP FInAncE
InTERnSHIPS
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Career/Reference
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2011 EDITION
2010 EDITIOn
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GET THE RUnDOwn On THE TOP InTERnSHIPS In FInAncE
AnD wHAT yOU nEED TO knOw bEFORE yOU APPLy.
Goldman Sachs is an equal opportunity employer. The Goldman Sachs Group, Inc., 2011. All rights reserved.
A chance. An opportunity. A foot in the door. At Goldman Sachs, your rst
job will give you more. Youll gain access to unparalleled training programs.
Work alongside some of the smartest minds in the nancial industry. And
gain hands-on experience that will serve you right now, and for years to come.
Learn how to make a lasting impression on your career at gs.com/careers
Lasting impression.
First job.
Introduction
What is an internship?
An internship is one of the best ways to test out a potential career or employera sort of trial run to see if a company or feld suits you. Internships vary
in length: they can last two weeks or a full year, though most tend to be around three months. Many take place over the summer, while others occur
over the fall or spring semester, or a duration of your choosing. The majority of internships are full time, though plenty are part time.
Why do an internship?
You might be tempted to opt for a job over an internship to earn money. Theres nothing wrong with that. But theres more to learn, and gain, from
doing an internship. For example, if you want to break into a feld thats tough to crack, like entertainment, advertising or politics, the very best way
to get a full-time job in the feld is through an internship. Not only will you learn the inner-workings of the industry and have great experience on your
resume, but youll also meet plenty of contacts and potential mentors. Similarly, interning at a top company puts you on the fast track to getting a full-
time offer from that frmor one of its competitors!
If youre reading this guide, you probably know that the job market is still grim. At the end of 2009, many economists predicted a jobless recovery, and
that has generally proven to be the case. With a dearth of available jobs, the recession made the internship even more important to starting a career
off right. Large companies are much more likely to hire you if you were an intern, not just someone off the street. Even if you dont end up working
for your internship employer, youll have gained some invaluable and hard-to-get experience. If youre a recent or soon-to-be graduate, having some
internship experience under your belt is crucial for your full-time job search.
Not surprisingly, interest in internships has reached unprecedented levels. In the most recent Vault survey of undergraduate career services, over
50 percent of all career centers told Vault that theyve seen an increase in the number of students applying for internships. Due to budget cuts, new
legislation on unpaid internships and other constraints, however, employers are ill-equipped to deal with the increase in applicants. Career centers
have reported a decrease in the number of students who actually received an internship. More applicants and fewer positions mean that competition
is steep, so students should visit their career centers early and often to review internship listings, get resume and cover letter advice and conduct
mock interviews.
Whos eligible for an internship?
Internships arent just for students anymore. In Vaults undergraduate internship recruitment survey, about 60 percent of undergraduate career centers
reported an increase in the number of soon-to-be graduates accepting internships rather than full-time positions for after graduation. Internships are
also a good way for professionals to transition to a different career path or to sneak into a competitive feld.
Although its true that many programs require that interns be current students, many others accept (some exclusively) recent graduates and seasoned
professionals. So, if your career isnt getting off to as fast a start as you might like, or you are looking to change careers after a setback, take a look,
you might be able to intern at a company that interests youan ideal way to network your way into a full-time job.
But I need to get paid!
Dont think that doing an internship means giving up on pay all together. Its true that many internships are unpaid or offer only academic credit. At the
same time, these are often small, interesting organizations or companies in glamorous industries. But many other programs offer some kind of payment,
from a stipend or travel allowance to a very generous salary or a scholarship for any remaining academic requirements. Others offer interesting perks,
including travel and the chance to attend exclusive industry events.
But dont give up on your dream internship if its unpaid, as there are other ways to get the fnancial support you need. Sometimes, organizations will
make special arrangements for interns they particularly like even though the program is usually unpaid, such as housing assistance or a small stipend.
Talk to the human resources department to learn about different optionsand if they suggest a stipend at the end of the program, remember to work
hard during the internship to earn it.
Colleges and universities also understand that taking an unpaid internship position may be impossible for some students. In our most recent survey,
about half of career centers told Vault that they offer some kind of fnancial assistance for students taking low or unpaid positions, such as grants,
fellowships, scholarships, fnancial aid or tuition reimbursement. In addition, even if youre receiving academic credit from your school, you are still
eligible for fnancial compensation, either from the employer or the school, itself. To learn about these opportunities, talk to your schools career
centerand remember, even if there isnt a formal fnancial assistance program, it never hurts to ask!
Vault Guide to Top Finance Internships, 2011 Edition
Introduction
Tips for applying to internships
Lets say youve found an internship that interests you. The frst thing you should do is follow all the instructions. Heres a short checklist of things you
need to do when applying for internships.
Apply by the deadline. A few months before the deadline is even bettera small organization might just take the frst qualifed intern who applies.
Follow the instructions! If youre asked to provide a writing sample, dont send your photo portfolio. If youre asked to provide a reference, start
canvassing your teachers and professors.
Make sure your resume is up-to-date and thoroughly spell-checked. If youve never written a resume, go to your schools career guidance center and
ask for help. And ask an experienced professional or two whom you trust to review your resume. If you are applying for internships in different felds,
you may need to have more than one version of your resume highlighting different experiences. Ensure that your most current contact information
is on the resume.
Dont ignore the cover letter. Make a persuasive case in your cover letter, which should be tailored to each internship, that you really want to intern at
the company. Do your research and be specifcand honestabout why the opportunity is right for you. Again, make sure you carefully proofread
the cover letter. Let a trusted friend or teacher read it as well.
Follow up. If youre really interested in an internship, theres nothing wrong with a quick call or email a few weeks after sending the application to
let the organization know how interested you are. But dont badger them with phone calls every day.
Carpe diem. If youre really want a particular internship, but your qualifcations dont match completely, apply anyway and show your passion. Many
organizations would rather have an intern who is excited and motivated than one who just meets the qualifcations on paper.
Take experience over money. You can always earn money; however, the window of opportunity for internships isnt open eternally. If youre really
broke and there arent any compensation options, consider taking a part-time job in order to work at the internship you really want.
Making the most of your internship
Congratulations! Youve gotten the internship you want. Here are some tips to make the most of your experience.
Be a happy camper. Even if youre given work that you think is below you or not what you expected, do it and do it happily. A great attitude and a
willingness to pitch in will impress your co-workersand you might learn a lot more than you anticipated. Once youve proven your value, you may
get projects and tasks more to your liking.
Network, network, network. An internship is a great way to meet insiders in the industry of your choice. Dont limit yourself to your immediate
co-workers or supervisors. Introduce yourself to others at the organization. Ask them to spend some time talking with you about their jobs and careers.
Youll learn a lot about potential jobs and career paths, and potentially meet mentors, sponsors and friends who can help you in the future.
Talk about your expectations for the internship with your contact or supervisor. This will help your internship employer know what you want to do
and give you the sort of experience that you want from your internship.
Dont burn bridges. You will learn that in the working world everyone has something to offer. At your internship see everyone as a potential source
of advice, contacts and career growth.
Take full advantage of perks. If youre given the opportunity to attend a lecture from the CEO or go to a conference, go. In addition, many programs
organize social events for the intern class. Attend as many as you can; youll likely cross paths with your fellow interns again, and they may be in a
position to help you or the other way around.
Stay in touch. Make sure you get the contact information of everyone youve met at your internship and keep them posted on your career and
educational progress.
A GuIde To ThIs GuIde
Wondering how weve organized these internship entries? Well, read on. Heres a handy guide to the information you need in your search for the perfect
internship.
The Buzz
A lighthearted look at frst impressions of the employer and at what makes this particular internship different. Its a great way to take a fast look at an
internship and see if youre interested in reading further.
Vault Guide to Top Finance Internships, 2011 Edition
Introduction
Vault Guide to Top Finance Internships, 2011 Edition
Introduction
If an internship program participated in the 2010 intern experience survey, weve included pull quotes from the intern responses in the Buzz section.
Its always best to hear about a program from the interns who survived it!
The stats
Industry(ies): The employers specialties. Some employers may be listed in multiple industries or concentrations.
Location(s): The offce(s) where the company accepts interns, by city and state, and sometimes by country.
Number of interns: How many intern positions the company flls per time of year, if applicable. For example, some employers may accept 20 interns
in the summer, but only fve in the fall and two in the spring. If not applicable, internships are listed as number per year.
Pay: The salary an intern will earn, if any. Academic credit may be offered for unpaid internships, and indeed some internships require that you receive
academic (or college) credit. This section also lists any perks included in the internshipwhich can be anything from free T-shirts to subsidized
housing.
Length of internship: The typical length of an internship. Sometimes internship length will vary depending on time of year.
Intern function(s): What interns do on the job. Internship responsibilities can vary a lot between departments, and intern roles may not be intuitive
from the companys industry.
The scoop
A brief look at the employer, including its history, organization, current activities and notable accomplishments.
On the Job
A description of the internship program, including the departments accepting interns, details of intern responsibilities and any special intern activities
or projects.
Getting hired
Apply by: Deadlines for applications, including links to online application forms, if available. This section also lists any special application requirements,
such as essays or letters of reference.
Qualifcations: Requirements for interns, including year of school (and if the internship is open to high school students, college graduates, grad students
and/or international applicants) and required major and GPA, if applicable.
Contact: Contact information for internships can be found in this section. We list a specifc name whenever possible, as well as direct phone numbers
and email addresses. If the employer has an internship section on its website, the address will be listed here.
The intern experience survey
Vault asked companies to distribute an intern experience survey to their interns in order to see what the programs were like from the participants
point of view. The surveys were conducted anonymously and asked interns a range of questions, from what skills they gained to why they chose that
program and whether they would recommend the internship to a friend. We received about 450 responses from interns at these ten companies and
organizations. Each of these responses gave us a glimpse of what interning at these companies and organizations is really like. Many of the quotes in
the Buzz section of profles in this guide were excerpted from these surveys. You can read the full responses online at Vault.com.
If your organization sponsors an internship that youd like us to cover, or if youve had an internship and want to tell the world about it, send us an
email at internships@vault.com.
Vault Top 10 Internships Methodology
Within these pages are the internships that represent top career opportunities that give students a chance to shine and fex their professional muscles.
Vaults Top 10 Internships are the ones we considered best all around.
Our editors recognize that there are many different kinds of internship programs, and each has its own unique benefts. So apart from the top all-
around internships, we also selected the top 10 internships in 5 distinct categories: Finance, Nonproft, Most Creative, Most Unusual Experiences, and
Best Perks. The Top 10 Finance internships are those that best help participants break into the fnance industry; the Top 10 Nonproft internships
are the programs that most socially minded; the Top 10 Creative/Liberal Arts internships are the best arts-related programs; the Top 10 Most Unusual
Experiences internships provide the most unique experiences; and the Top 10 Best Perks offer the best benefts beyond the usual salary (anything
from free housing to helicopter rides!). Heres how the Vault editors made their (diffcult) selection.
Vault Guide to Top Finance Internships, 2011 Edition
Introduction
4
Pay and perks
Because so many internships are unpaid, compensation defnitely makes a difference. That doesnt just mean cash, though: positions that offer interns
housing, transportation and access to exclusive events are a huge plus as well.
on the job
The more engaging hands-on work and mentorship opportunities a program offers, the better. So when picking the Top 10 candidates, we choose
positions that will enable interns to take their experience out into the postgraduate world by giving them a taste of full-time experience as well as
networking opportunities.
Looking forward
Internships are meant to prepare students and recent grads for the future, whether by allowing them to try out different industries or narrow their focus
to one. Job placementthe offer rate to interns for full-time jobswas a factor. Also important: what we call resume radiance, a line on the resume
that will impress future employers. A big name on your resume can propel you forward in any industry, from investment banking to art curation, and
these lists run the gamut.
vault top 10
FInance InternshIps
Vault Guide to Top Finance Internships, 2011 Edition
vault top 10 Internships Methodology
Within these pages are the internships that represent top career opportunities that give students a chance to shine and fex their professional muscles.
Vaults Top 10 Internships are the ones we considered best all around.
Our editors recognize that there are many different kinds of internship programs, and each has its own unique benefts. So apart from the top all-
around internships, we also selected the top 10 internships in 5 distinct categories: Finance, Nonproft, Most Creative, Most Unusual Experiences, and
Best Perks. The Top 10 Finance internships are those that best help participants break into the fnance industry; the Top 10 Nonproft internships
are the programs that most socially minded; the Top 10 Creative/Liberal Arts internships are the best arts-related programs; the Top 10 Most Unusual
Experiences internships provide the most unique experiences; and the Top 10 Best Perks offer the best benefts beyond the usual salary (anything
from free housing to helicopter rides!). Heres how the Vault editors made their (diffcult) selection.
Pay and perks
Because so many internships are unpaid, compensation defnitely makes a difference. That doesnt just mean cash, though: positions that offer interns
housing, transportation and access to exclusive events are a huge plus as well.
On the job
The more engaging hands-on work and mentorship opportunities a program offers, the better. So when picking the Top 10 candidates, we choose
positions that will enable interns to take their experience out into the postgraduate world by giving them a taste of full-time experience as well as
networking opportunities.
This year, we also took into account the responses of the intern experience survey. In it, interns rated their program, including training and orientation,
networking opportunities, camaraderie within the intern class and access to upper management. Their responses gave us an inside look at what
interning is really like.
Looking forward
Internships are meant to prepare students and recent grads for the future, whether by allowing them to try out different industries or narrow their
focus to one. Job placementthe offer rate to interns for full-time jobswas a factor. Also important: what we call resume radiance, a line on the
resume that will impress future employers. A big name on your resume can propel you forward in any industry, from investment banking to curating,
and these lists run the gamut.
Top 10 Finance inTernships 2011
AT&T Financial Leadership Program
Blackstone Group
Credit Suisse
Deutsche Bank
Goldman Sachs
J.P. Morgans Investment Bank
Lazard
Morgan Stanley
Northwestern Mutual Financial Network
UBS Investment Bank
AT&T FINANCIAL LEADERSHIP PROGRAM
THE STATS
Industries: Broadcast and Cable, Science, Research, Technology,
Telecom
Locations: San Antonio, TX (HQ); Atlanta, GA; Dallas, TX; San Ramon,
CA; Pleasanton, CA; Hoffman Estates, IL; Bedminster, NJ; Morristown,
NJ; additional locations across the United States
Number of interns: Summer: 10
Pay: Paid
Length of internship: Summer: 12 weeks
Intern functions: Accounting, Finance
THE SCOOP
AT&Tone of the worlds leading telecommunications companies
traces its roots all the way back to the invention of the telephone by
Alexander Graham Bell. Though best known for its publication of the
Yellow Pages, its offerings include IP-based business communications
services, high-speed internet access and voice services. AT&T employs
more than 294,000 people and serves an estimated 78.2 million
customers in the United States alone.
ON THE JOB
Interns are assigned to one of AT&Ts nance areas and receive
feedback from their management team while working toward established
objectives. At the end of the internship, their performance is reviewed
by their supervisors and those deemed suitable are asked to interview
for full-time employment. About 50 percent are offered positions upon
graduation.
GETTING HIRED
Apply by: January to March. Check with your schools career services
ofce to see if AT&T recruits on your campus. Applicants may also
apply online at www.att.jobs/campusconnect.com.
Qualications: Open to rst-year MBA students with a cumulative GPA
of at least 3.5. Applicants should have more than three years of work
experience and be majoring in nance, accounting, economics or
business administration. Non-U.S. citizens are eligible.
Contact:
www.att.jobs/campusconnect
SURVEY SAYS
"I worked on NP\ anayses and presenLed Lhe fndngs Lo Lhe Fnance
organzaLon.
"AT&T s a greaL pace Lo work, and Lhe work/fe baance s
fanLasLc.
"I come from a corporaLe fnance background, so Lhs was a good
introduction to the work that is done in both the telecom industry and
corporaLe fnance n genera.
THE BUZZ
" ExceenL forma program LhaL geLs you unparaeed exposure Lo Lhe upper Lers
" Heped me Lurn Lhe corner from an enLry-eve anaysL Lo an upper-eve anaysL
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: AT&T Financial Leadership Program
THE BLACKSTONE GROUP
THE STATS
Industry: Financial Services
Locations: New York, NY (HQ); Boston, MA; Atlanta, GA; Houston,
TX; Dallas, TX; Los Angeles, CA; Menlo Park, CA; San Francisco, CA;
Chicago, IL; London; Hong Kong; Tokyo; Mumbai
Number of interns: Varies depending on market performance and rms
expected growth
Pay: Paid, competitive salary
Length of internship: Summer: 10 weeks
Intern function: Finance
THE SCOOP
Founded in 1985 with $400,000 in seed capital, The Blackstone
Group is a leading global alternative asset manager and provider of
nancial advisory services. Its businesses include the management
of private equity funds, real estate opportunity funds, hedge funds,
funds of funds, debt funds, collateralized loan obligation vehicles and
closed end mutual funds. The Blackstone Group also provides various
nancial advisory services that include mergers and acquisitions
advisory, restructuring and reorganization advisory and fund placement
services.
ON THE JOB
Because Blackstone has a relatively small number of professional staff
members, interns take on many of the responsibilities that full-time
analysts and associates assume. The small number of employees
affords interns the opportunity to participate in many aspects of
projects, often working on a number of assignments at one time.
GETTING HIRED
Apply by: Check online to nd Blackstones recruiting schedule. If
Blackstone does not visit your school, send in an application, resume and
cover letter online by late November.
Qualications: Summer analyst: open to rising college seniors. Summer
associate: open to rising second-year MBA students. Blackstone
seeks to hire individuals who are highly motivated, intelligent, and
have demonstrated excellence in prior endeavors. In addition, strong
analytical, quantitative and communication skills, a demonstrated
ability to write effectively and a desire to work in a team environment,
often under pressure, are required. Prior investment banking experience
and a basic knowledge of accounting and nance is desirable.
Contact:
www.blackstone.com
THE BUZZ
"A presLgous aLernaLve
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: The Blackstone Group
CREDIT SUISSE GROUP
THE STATS
Industry: Financial Services
Locations: Zurich (HQ); New York, NY; London; Tokyo; Hong Kong;
numerous other branches throughout North America and across the world
Number of interns: Varies
Pay: Paid, competitive salary
Length of internship: Summer: 10 to 14 weeks
Intern function: Finance
THE SCOOP
Founded in Zurich in 1856, the Credit Suisse Group contains the three
divisions of Credit Suisse: private banking, investment banking and
asset management. The Credit Suisse private banking division provides
private banking services to high-net-worth individuals through wealth
management products and services. The Credit Suisse investment
banking division is a leading global investment bank serving institutional,
corporate and government clients. The Credit Suisse asset management
division is a leading global asset manager focusing on institutional,
mutual fund and private client investors, providing investment products
and portfolio advice in the Americas, Asia Pacic and Europe. Despite
a rocky beginning in 2008, Credit Suisse has been able to weather the
economic storm, thanks to its healthy cash reserves that protect it from
any long-term damage from the markets vacillations.
ON THE JOB
Credit Suisse investment banking offers a variety of summer associate
positions for MBA and PhD students, and summer analyst positions for
undergraduates. The summer programs are intended to attract top talent
and ultimately for participants to join the rm full time. There is a wide
variety of specialties available to summer analysts and associates. See the
company website for details about individual programs.
GETTING HIRED
Apply by: Credit Suisse accepts applications online from September to
February. Undergraduate and graduate students should check with
their on-campus career services center for information about Credit
Suisse campus visits and the application process.
Qualications: Ideal applicants are highly motivated and creative
individuals who have demonstrated academic achievement, specically
in nance and accounting. Check the website for details, as
qualications vary by position.
Contact:
www.credit-suisse.com/careers/campus_recruiting/en
SURVEY SAYS
84% of Credit Suisse interns said they chose the internship program
because of its prestige.
The application process was fair and thorough.
This internship has conrmed that banking is the career for me.
I prepared presentations, marketing materials and memoranda for
board meetings, investor presentations and internal committees.
The opportunities are endless as long as you show that you are
capable.
THE BUZZ
"BeLLer Lhan chocoaLe
"A greaL way Lo geL exposure Lo fnance
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: Credit Suisse Group
DEUTSCHE BANK
THE STATS
Industry: Financial Services
Locations: Frankfurt (HQ); London; New York, NY; Hong Kong; various
locations worldwide
Number of interns: Varies
Pay: Paid, competitive salary
Length of internship: Eight to 10 weeks
Intern functions: Asset Management, Global Banking, Global Markets,
Group Technology and Operations, Human Resources, Private Wealth
Management, Legal, Risk and Capital, Finance
THE SCOOP
Founded in Germany in 1870, Deutsche Bank is a leading global
investment bank with a strong and protable private clients franchise.
A leader in Germany and Europe, the bank is continuously growing in
North America, Asia and key emerging markets. Deutsche Bank offers
nancial services throughout the world, employing over 77,000 people
all around the world.
ON THE JOB
Deutsche Bank offers analyst and associate internship positions in
a variety of divisions. Analyst interns can work in nance, asset
management, private wealth management, global banking, global
markets, human resources, operations, legal, risk and capital (which
encapsulates legal, risk management, compliance and treasury),
group technology and operations. Associate interns work in asset
management, global banking or global markets.
GETTING HIRED
Apply by: Applications are generally accepted November through
February until the programs are lled. Interviews take place from
January to March. All applications are available online and candidates
are asked to review the various opportunities prior to applying, as each
candidate is allowed to submit only one application.
Qualications: Internship positions are available for rising college
seniors and MBA students who have completed their rst year. Non-
U.S. citizens are eligible. Please visit www.db.com/careers for more
information on global graduate opportunities.
Contact:
www.db.com/careers
SURVEY SAYS
I performed regression analysis on various securities in order to
determine proper hedging tactics, created charts, graphs and models
displaying various statistical data and analyzed and forecasted future
trends.
I had to manage my time and hold myself accountable in order to
efciently and effectively complete assignments.
This experience left no doubt in my mind that working on Wall
Street is what I want to do.
THE BUZZ
" A goba bank wLh cassc 0erman engneerng
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: Deutsche Bank.
GOLDMAN, SACHS & CO.
THE STATS
Industries: Financial Services, Investment Banking, Investment
Management
Locations: New York, NY; Atlanta, GA; Boston, MA; Chicago, IL; Dallas,
TX; Houston, TX; Jersey City, NJ; Los Angeles, CA; Miami, FL; Salt Lake
City, UT; San Francisco, CA; Seattle, WA; London; Hong Kong; Tokyo;
Bangalore; Beijing; Singapore; Seoul; Taipei; Shanghai; Moscow;
Mumbai; Sao Paulo; Frankfurt; Calgary; Toronto.
Number of interns: Varies, about 1,500 globally
Pay: Paid, competitive salary; access to gym, day off to volunteer with
nonprot organizations
Length of internship: Summer:10 to 12 weeks
Intern functions: Accounting, Finance, Human Resources, Law,
Operations, Research, Sales
THE SCOOP
Founded in 1869, Goldman, Sachs & Co. is a bank holding company
and global investment banking, securities and investment management
rm. The company provides a variety of services to a diversied client
base, which includes corporations, institutional investors, governments,
nonprot organizations and individuals.
Goldman Sachs employs approximately 32,500 people in 20 countries,
including ofces in New York, London, Frankfurt, Tokyo and Hong
Kong. In the midst of the escalating nancial crisis in 2008, Goldman
Sachs transitioned from an investment bank to a bank holding
company. Goldman Sachs has been named one of Fortune magazines
100 Best Companies to Work For every year since 1984. Goldman
Sachs continues to fare better than its competitors posting $45.2
billion in net revenue for 2009.
ON THE JOB
Goldman, Sachs & Co. interns do much of the same work as entry-level
employees, from investment banking to investment management, sales
and trading to research and nancial analysis. The rm also provides
scholarships and MBA fellowships to students from traditionally
underrepresented groups in Europe and the Americas. Goldman Sachs
aims to convert a large portion of interns to full-time employees after
graduation.
GETTING HIRED
Apply by: Goldman, Sachs & Co. recruits on campus at select
universities, so check with your schools career center. If Goldman
Sachs does not visit your campus, apply online by January. Online
applications will only be accepted if the rm does not recruit at your
school. The company interviews potential interns in the late winter/
early spring. Visit the Goldman Sachs career website for application
deadlines for different locations. Students must submit their resume,
education history, exam results, work experience and other related
information, as well as a personal statement about motivations for
applying to Goldman Sachs.
Qualications: Open to college juniors and rst-year MBA students.
Select regions offer internships to college sophomores. All majors
are encouraged to apply, but students should show a keen interest
in nancial services and maintain a strong GPA. Throughout the
interviewing process, Goldman, Sachs & Co. looks for individuals
who can balance competition and teamwork, intensity and integrity,
intellectual curiosity and leadership potential.
Contact:
www.gs.com/careers
SURVEY SAYS
The two most popular reasons for taking an internship at Goldman
Sachs were prestige and career advancement in ones chosen
industry.
Interns ranked access to upper management and other experienced
professionals a whopping 9.6 out of 10.
I did real work, like an analyst.
Several projects were client-requested, which made my job extremely
interesting. It made the processing very rewarding knowing that I
was providing direct value to the client.
I am very excited to return. I found the work very interesting and the
rm did a great job of facilitating my professional development.
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: Goldman, Sachs & Co.
THE BUZZ
"The No. T bank on wa SLreeL
"Havng 0odman Sachs n your resume s aways a show sLopper
"InLern wLh Lhe MasLers of Lhe Unverse
J.P. MORGANS INVESTMENT BANK
THE STATS
Industry: Investment Banking
Locations: New York, NY (HQ); more than 60 countries worldwide
Number of interns: Summer: approx. 350 (undergrad, MBA and PhD)
Pay: Paid, competitive salary and incentive bonus; corporate discounts,
discounts on gym memberships and cultural institutions, overtime
meals, car service, BlackBerrys for the summer, housing stipend,
round-trip travel to internship location
Length of internship: Summer: nine to 10 weeks
Intern functions: Investment Banking, Research, IB Risk, Sales and
Trading
THE SCOOP
J.P. Morgan is one of the worlds leading investment banks. Founded in
1799, J.P. Morgan offers its clients a range of nancial services, including
strategic advice, capital raising, restructuring, risk management and
research. In 2008, the rm acquired Bear Stearns & Co. for $236
million and acted as lead left bookrunner on Visas $19.7 billion IPO,
making it the largest IPO ever completed in the United States and the
second-largest worldwide. In 2009, J.P. Morgan advised on several of
the largest M&A deals in the world and reported a net income of $1.9
billion in the third quarter alone.
ON THE JOB
Interns go through three to ve days of orientation and formal
training. During the program, they receive on-the-job training and
gain experience by working on similar projects as full-time analysts
and associates. Interns are assigned both a junior and senior mentor
to guide them throughout the internship. The program also provides
networking opportunities with senior management through social events
and other functions. A majority of interns are hired as full-time analysts
and associates. J.P. Morgan also offers scholarships and hosts special
events, such as the Launching Leaders Scholarship and the Winning
Women and Proud to Be events.
GETTING HIRED
Apply by: Deadlines vary by school. Visit your schools career center to
see if J.P. Morgan recruits on your campus. If the rm does not visit
your school, apply online from December 15th to January 15th. An
interview is required.
Qualications: Candidates from all majors are welcome to apply. Rising
college sophomores, juniors and seniors are hired for the summer
analyst program. First-year MBAs and PhDs are hired for the summer
associate program.
Contact:
jpmorgan.com/careers
THE BUZZ
" when a s sad and done, Lhe peope make J.P. Morgan second Lo none.
"The new No. Ta powerfu brand
"LoLs of LaenL, greaL managemenLDmon s fanLasLc
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: J.P. Morgans Investment Bank
LAZARD
THE STATS
Industries: Financial Services, Investment Banking
Locations: New York, NY; Boston, MA; Washington, DC; Chicago, IL;
Houston, TX; Los Angeles, CA; San Francisco, CA
Number of interns: Summer: 30 to 35
Pay: Paid, $1,500 a week; relocation stipend
Length of internship: Summer analysts: eight to 10 weeks; Summer
associates: 10 to 12 weeks
Intern function: Finance
THE SCOOP
Founded in New Orleans in 1848, Lazard now operates with principal
ofces in New York, Paris and London and 39 branches in North
America, Europe, Asia, Australia, Central America and South America.
The rm provides nancial services to corporations, partnerships,
institutions, governments and high-net-worth individuals around the
world. The rm focuses principally on two business segments: nancial
advisory (which includes its mergers and acquisitions and nancial
restructuring practices) and asset management.
ON THE JOB
Summer analysts participate in an ongoing training program comprised
of classes taught by senior Lazard bankers. Day-to-day activities for
summer associates vary according to each associates prior experience
and skills, but are equivalent to those of a full-time associate. In addition
to client-related assignments, summer associates are encouraged to
explore the rm and become acquainted with their colleagues via both
formal and informal mentoring. The rm considers its summer analysts
and associates the primary source for full-time candidates, typically
offering positions to about 80 percent of the class.
GETTING HIRED
Apply by: Summer analysts: early January. Summer associates:
December. A cover letter is required.
Qualications: Summer analyst: open to rising college seniors with an
interest in nance; Summer associate: open to current MBA students,
though applicants entering their nal years of a JD or JD/MBA degree
are also considered. Applicants must have strong quantitative
experience and solid oral and written communication skills. Though
not required, previous investment banking experience is a benet. Non-
U.S. citizens are eligible.
Contact:
Anna Woodward
Lazard Ltd
30 Rockefeller Plaza
New York, NY 10020
Email: analystrecruiting@lazard.com or associaterecruiting@lazard.
com
THE BUZZ
InLeecLua nLernaLona fnance
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: Lazard
MORGAN STANLEY
THE STATS
Industry: Financial Services
Locations: New York, NY (HQ); over 600 ofces worldwide
Number of interns: Varies
Pay: Paid, competitive salary
Length of internship: Summer: 10 weeks; Co-op program (IT): three or
four months
Intern functions: Finance, Human Resources, Real Estate, Research,
Technology
THE SCOOP
Since a merger in 1997, Morgan Stanley has combined the capital
of two American nancial rms: Dean Witter (the San Francisco rm
founded in 1924) and Morgan Stanley (established in New York
in 1935). The company provides numerous investment portfolio
opportunities to individual clients, including stocks, bonds, mutual
funds, annuities, insurance, managed futures, UITs, and credit and
lending services. In response to the mounting nancial crisis in 2008,
Morgan Stanley changed its status from an investment bank to a bank
holding company.
ON THE JOB
Morgan Stanley offers 10-week summer internships to both undergraduate
and graduate students. Analyst and associate positions are available
in a variety of elds, including nance, corporate treasury, nancial
control group, strategy and execution, global capital markets, human
resources, investment banking, real estate, investment management,
asset management, merchant banking, infrastructure, private equity,
operations, risk management, sales and trading, technology and wealth
management. The investment banking sector also offers the sophomore
rotational program (SRP), which provides rising college juniors with a
rst-year analyst buddy to guide them as they rotate every two or
three weeks to a different aspect of the investment banking business.
SRP analysts who demonstrate the ability to succeed in I-banking will
be offered a position as an analyst for after their junior year.
GETTING HIRED
Apply by: Apply online. Check with your schools career center to see if
Morgan Stanley recruits on your campus.
Qualications: Summer analyst: open to rising college seniors; SRP
program: open to rising college juniors; Summer associate: open to
MBA students. Morgan Stanley looks for applicants from all majors
who have a strong interest in business or nance. See the website for
various requirements for specic departments.
Contact:
www.morganstanley.com/about/careers/recruiting/apply.html
THE BUZZ
"LoLs of opLons n an ndusLry ganL
0eL your fooL n Lhe door of Lhe fnance ndusLry
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: Morgan Stanley
NORTHWESTERN MUTUAL FINANCIAL NETWORK
THE STATS
Industries: Financial Services, Insurance
Locations: Nationwide
Number of interns: Annual: 1,000 to 1,500
Pay: Commission; additional stipends and incentives available
Length of internship: One semester through college graduation
Intern functions: Finance, Sales
THE SCOOP
Northwestern Mutual Financial Network provides personalized nancial
services and offers inventive solutions for individuals insurance and
nancial needs. Its success relies on the capacity of its sales force to
build relationships with clients independently. The internship program
began in 1967 to provide students with an opportunity to work as
independent nancial representatives while still in school.
ON THE JOB
Interns main objectives are to identify target markets, pursue and attain
clients, and maintain client relationships. Interns receive substantive
training, during which they become familiarized with Northwestern
Mutuals products, sales methods, policies and procedures. All interns
must prepare for and pass a state licensing exam. Interns work with a
mentor initially, until they are capable and condent enough to work
independently. At that point, they are able to contact clients directly
something no other nance internship program can offer! About 33
percent of interns are offered full-time positions upon graduation.
GETTING HIRED
Apply by: Rolling. Apply online or contact a recruiter for details.
Qualications: Open to current college students.
Contact:
The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202-4797
Phone: (414) 271-1444
Email: resume@northwesternmutual.com
www.nmfn.com
THE BUZZ
" Deveop Lhe sks Lo se fnanca producLs
" 0an vauabe fnanca servces experence whe conLnung your sLudes
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: Northwestern Mutual Financial Network
UBS INVESTMENT BANK
THE STATS
Industries: Financial Services, Investment Banking, Investment
Management, Asset Management
Locations: Stamford, CT (U.S. HQ); Chicago, IL; Houston, TX; Los
Angeles, CA; New York, NY; San Francisco, CA; Jersey City, NJ; Boston,
MA
Number of interns: Annual: about 270
Pay: Paid, varies with experience
Length of internship: Summer: 10 weeks; Spring: 10 weeks (operations
only)
Intern functions: Finance, Human Resources, Law, Management, Sales,
Technology
THE SCOOP
Tracing its roots back as far as 1747, UBS is a leading nancial rm
and one of the worlds largest managers of private wealth assets. UBS
provides a range of services to institutional investors, intermediaries,
banks, insurance companies, corporations, sovereign governments,
supranational organizations and private investors. Things did not look
good for UBS in early 2008, when the rm reported write downs in the
billions of dollars. In October 2008, the Swiss government gave UBS
$5.35 billion in capital, taking a 9 percent stake in the bank. Things
started looking up in 2009, when the Swiss government sold their stake
in the company at a large prot. The 2010 scal reports continue to be
encouraging as UBS strengthens.
ON THE JOB
UBS Investment Bank offers positions to undergrad and MBA students
in multiple U.S. ofces. Positions are available in compliance, equities
(sales and trading and research), nance, xed income (sales and
trading and debt capital markets), IT, investment banking, legal, wealth
management, operations and risk. Interns are assigned dedicated
mentors who guides and supports them over the course of the summer.
Throughout summer, each business group incorporates business-
specic training, development opportunities, networking and social
events into its program. Historically, about 75 percent of the intern
class get offered full-time positions upon graduation.
GETTING HIRED
Apply by: Varies. Apply through your schools career center. If UBS
does not recruit at your school, apply online. Check the website below
for specic deadlines and application requirements.
Qualications: Open to rising college seniors and MBA students who
have completed their rst year. A major in engineering, the physical
sciences, nance, computer science, math or economics is preferred.
Applicants should be able to demonstrate outstanding academic and
extracurricular achievement, possess strong analytical, quantitative
and interpersonal skills, and be enthusiastic about and committed to
working in the nancial services industry.
Contact:
www.ubs.com/graduates
SURVEY SAYS
88% of respondents said their internship at UBS was either very
helpful or instrumental for their future career.
72% of interns received a full-time offer from UBS in 2010
I was treated like a full time associate and assigned responsibilities
accordingly.
Now I know that I am on the right career path and this is an
industry in which I can enjoy what I do, challenge myself and grow
professionally.
The internship was extremely stimulating because the people at
UBS are concerned about your growth.
THE BUZZ
" SLarL your fnanca career aL one of Lhe eadng frms on Lhe sLreeL
"A rewardng pace Lo work and grow professonay
Vault Guide to Top Finance Internships, 2011 Edition
Internship Proles: UBS Investment Bank