Who’s world is it? The world is yours. The world is yours.
Nas
It’s mine; it’s mine; it’s mine … ”
Interns on the Edge of Panic.
Like Public Enemy’s legendary DJ Terminator X, interns are on the edge of panic. Some of this angst is self-imposed; some of it is intern-on-intern crime, but most of it is called work y’all. Yeah, this is what you strove so hard for. Endless mock interviews, attending the week on Wall Street, practicing consulting cases, memorizing the formula for WACC, defending the terminal value in your DCF, remembering which industries prefer LIFO versus FIFO. You interns thought that stuff was hard. Ha!
Welcome to the Terror Dome.
Apologies, I mean welcome to whatever prestigious firm you are summering with (you fill in the blank) … whether investment bank, hedge fund, private equity, VC, law firm, strategy consulting, Big 4, or industry. As you walk through the door and stroll up to security, your internal monologue kicks in: does my haircut look more European footballer than financier? Is my skirt too tight? Why did I wear this blue shirt? (I look like everybody else)! Ah yes, feel that tingling on the back of your neck? … that rumbly in your tumbly? … that’s your nerves. It’s Go Time! (à la JCVD). Time to work your plan. You do have a plan right? Not really, well let’s start with why you’re here.
What’s the purpose of an internship?
To show off? To only work three months for the year (if that)? To get exposed to expensive wines and spirits (21 and older only please)? To learn the difference between Wellfleets (East Coast) and Kumamotos (West Coast) oysters? Sounds nice. However, if this is your plan, drop out of school now. You’re destined to become a hobo—albeit one with a refined palate. No one, let me repeat, “no one” will pay you to be this clueless. Well, there are a few exceptions of course. Let’s list three of them:
✅ Closely held, family-owned business—and you’re a close member of the family. Believe it or not, cousins sometimes get shafted. (Let’s be honest. Cousins always get shafted.) Better take your internship seriously cuz!
✅ Your mom or dad is an important client somewhere. This may give you more juice than your summer manager. But you’re probably not that clever yet. Or are you? You sneaky little offspring of a VIP. You were smart enough to take this cushy internship. I stand corrected!
✅ You’re royalty in some country. The average person would be surprised how much this actually happens. Well played! You chose your parents well.
❌ I’ve opted out of including Frontier Market Despots. The world has become so much more complicated for tyrants with global banks finally cracking down on the tracing of illegal money. So much stuff to dodge: Anti-Money Laundering, OFAC Sanctions and Embargoes, Global Anti-Corruption, and KYC, etc …
Back to reality.
So let’s assume that you don’t fall into one of the above three categories, and you’ll have to work this summer. Hold up. Wait a minute. Before we proceed, it’s important to state that there are people who fall into the above three categories who: (a) do want to make it on their own and (b) will work hard. Bon – now that we’re all on the same team again, let’s answer the question. What’s the value of an internship? Depends on who you’re asking. Out of the three main stakeholders: 1) the interns, 2) the people who manage the interns, and 3) the organization, we’ll just focus on number one. Why? Because this is the sphere of influence you control interns. Whether you work for a crappy manager or the organization is in a shambles, you can still have a good summer … if you have a plan.
Tell me what you want, what you really really want.
Unless you’re an eight-year-old kid with a lemonade stand, I can’t tell you want you want. It’s your career. Take ownership of it. You need to figure this out for yourself. I will share a couple of jewels though. (Since you’re internship may be half over, I’ll bottom line it.) Whether it’s your first internship or you’re the oldest intern that’s ever lived, think about what you can give and not what you’ll get. It’s important to be able to do something well—better than anyone else in fact. This is your “value-added” and how you get paid—really paid! Hopefully you’re not just figuring this out now (on the job). If you are, no worries. Get cracking. Last tip is understanding that you’re an intern, and no task is too small. This doesn’t mean become a champion of minutia. It simply means if someone asks you to do something—even if it appears menial or miniscule—do it to the best of your ability. This is how reputations get made. Believe me, there’s a lot of people with skills out here. What employers and managers value is the right attitude. You don’t want to be in the numerator of the Jackass Quotient.
Welcome/Bienvenu/Bienvenido/Benvenuto/Yōkoso/Huāyíng/Swagat/ Willkommen to the world of work. Make It Happen!