Advice for Gen Z Interns: Making the Most of Your Internship

Rich Handler, the CEO of Jefferies, one of the largest independent global investment banks with a notable financial backing of $11 billion, recently shared his top tips aimed at preparing Gen Z interns for their summer roles. Handler’s comprehensive guidance underscores the crucial need for interns to adopt a professional mindset akin to that of a full-time employee right from the start.

The Competitive Landscape of Wall Street Internships

Summer 2023 sees an intense recruiting season as numerous financial firms, including Jefferies, compete to secure the best talent from a pool of aspiring finance professionals. Jefferies has carved out a reputation for its rigorous selection process; last year, it admitted only 338 interns from over 25,000 applications, leading to a mere 1.35% acceptance rate, which rivals that of many Ivy League institutions. This highly selective process highlights not only the desirability of these positions but also the immense pressure that upcoming interns face to perform well.

Key Takeaways: Attitude, Connection, and Balance

Handler’s advice spans a variety of essential topics crucial for personal and professional development. He emphasized the importance of adopting a proactive attitude during their internship, stating, “If you act immediately in your internship like this is 100% your full-time career, you will optimize your experience. It’s all about attitude.” An intern’s mindset significantly affects their interactions, work ethic, and the overall internship experience.

Building Relationships

Networking is a critical component of any summer internship. Handler advised interns to build genuine connections not only with their immediate teams but also with other interns across different departments. He stated, “Every one of you can be winners with full-time offers at the end of the summer or none of you can,” highlighting a collaborative rather than competitive spirit.

The Value of Learning

Interns are stepping into an environment that may be vastly different from what they encountered in academia. Handler stresses the importance of comprehensively understanding the firm’s structure and operations. This involves not only focusing on their specific roles but also learning about different areas within Jefferies. Gaining a broader perspective can yield unexpected opportunities that may align more closely with interns’ career aspirations.

Work-Life Harmony

While Wall Street is notorious for demanding intense work schedules, Handler reminds interns of the necessity to maintain work-life balance. “You need to do your best to draw the line in the sand this summer and decide now that you will maintain some reasonable degree of balance in your life,” he suggests. This perspective is increasingly vital as mental health issues in high-pressure job environments have drawn significant attention, with many financial firms now re-evaluating their cultures and practices.

Handler’s Top 20 Tips: A Practical Guide for Interns

• Build relationships with the full-time team: Genuine connections matter most.
• Build relationships with other interns: Collaborate and support, don’t compete.
• The environment is always different: Adaptability is key in fluctuating economic conditions.
• Learn the entire firm: Broad knowledge fosters better teamwork and decision-making.
• Act like this is your career choice: Investing in the role will optimize outcomes.
• Understand the assignment first: Clarity in tasks leads to efficiency.
• Appreciate time with clients: Client interactions are invaluable learning experiences.
• Stay current: Engage with industry trends and developments.
• Is this for you? Self-assess your fit within the industry and firm.
• Choose integrity: Ethical lapses can tarnish careers.
• Think: Prioritize strategic thought alongside execution.
• Have a life: Establish boundaries to maintain personal well-being.
• Ask questions: Curiosity drives learning and growth.
• The math is real: Recognize the financial implications of your work.
• Have fun: Enjoy the experience with colleagues.
• Pay it forward: Help future interns navigate their paths.
• Lead with humility and confidence: Balance self-assurance with modesty.
• Be mature: This is a professional environment; act accordingly.
• Plan for the end of summer: Set aside time for relaxation and reflection.
• Have perspective: Regardless of outcomes, maintain a balanced view.

Looking Beyond the Summer

Handler’s guidance also encourages interns to view the summer program as a pivotal stage in their career. Interns are urged to determine not only their immediate fit for financial services but also how their experiences can inform long-term career decisions. This reflective approach enables them to leverage this opportunity while recognizing the broader career landscape—an important aspect as 2024 trends indicate a shift towards a focus on work-life balance and career fulfillment among younger generations.

In summary, Handler’s advice encapsulates a holistic approach to navigating internships in the demanding finance sector. With the right mindset, commitment to learning, and emphasis on ethics, Gen Z interns at Jefferies can set themselves up for long-lasting careers in finance, whether within the firm or beyond.