College Students Begin Wall Street Summer Internships

News Summary

As summer approaches, hundreds of college students are arriving in New York City to start internships in the renowned financial district. Companies like Goldman Sachs and JP Morgan are offering coveted positions, where interns are set to work long hours exceeding 80 weekly. While the demanding schedules confine many to their offices, networking opportunities arise during limited free time. Interns gather at popular hangouts around the city to unwind and connect, vital for navigating the competitive landscape of finance careers.

New York City – Hundreds of college students are set to flock to New York City over the next two weeks as they begin summer internships in the heart of Wall Street. With the financial hub hosting major firms such as Goldman Sachs, JPMorgan, and Morgan Stanley, these summer analysts are vying for a coveted return offer that could secure them full-time positions after graduation.

The intense atmosphere of the financial capital requires interns to commit long workweeks, often ranging from 80 to 100 hours. Many interns find themselves confined to their offices, with some reporting that they hardly stepped outside except to sleep. Despite the demanding hours, networking opportunities are emphasized during interns’ limited free time, making it crucial for them to engage with fellow interns and professionals.

Popular Hangouts for Wall Street Interns

Even with rigorous schedules, interns have identified key hangout spots throughout the city where they can unwind and build connections:

• Brass Monkey (Meatpacking District) – Renowned for its indoor bars and a rooftop terrace, making it a popular starting point for social outings.
• Phebe’s (East Village) – A lively eatery open until 4 a.m. on weekends, known for a convivial bar atmosphere.
• Hair of the Dog (Lower East Side) – A small, vibrant sports bar with a mix of music, perfect for late-night gatherings.
• Black Fox Coffee – A favored spot among midtown finance interns, particularly at its location at 550 Madison, providing a reliable caffeine fix.
• Blue Bottle Coffee – A popular chain near finance offices that attracts numerous young finance professionals.
• Swingers – An indoor mini-golf venue known for team events and intern socializing.
• Spin – A ping pong social club commonly used for corporate intern events.

Honorable Mentions for Nightlife

Aside from the primary hangouts, there are other noteworthy venues that interns frequent for nightlife and socializing:

• Mr. Purple – A trendy rooftop bar located on the Lower East Side that draws interns looking to relax after work.
• Pianos – Known for its live music and a youthful crowd, often featuring long lines at the entrance.

Networking Culture among Interns

Networking is a critical component of the internship experience. Many interns seek out one-on-one coffee meetings with employees and managers to forge professional connections that could prove beneficial as they advance in their careers. This approach is essential given the fierce competition for these prestigious positions.

Competition for Internships

The landscape of summer internships is exceptionally competitive. For instance, Goldman Sachs reported receiving over 315,000 applications for just 2,700 internship spots, highlighting the daunting odds applicants face. Additionally, JP Morgan’s internship program received even more interest, with a staggering 493,000 applicants for around 4,000 available positions. This environment underscores the importance of networking and establishing relationships during their internships.

Conclusion

Totaling hundreds of new interns in New York City each summer, the Wall Street internship experience merges long working hours with strategic networking opportunities. As interns balance their workloads with social events, their chosen hangouts play a significant role in their summer experience, as they navigate the complexities of this competitive field.

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Additional Resources

• Business Insider: Investment Banking Interns Networking
• Bloomberg: Wall Street Interns and AI
• New York Post: Wall Street Summer Interns
• Fortune: Wall Street Internships with High Salaries
• The Guardian: Jane Street Traders and Interns