Friday, December 30, 2011

Internship for Dummies: Cheat like a banker

IB ©

News comments:
For a number of Investment Banks, internship applications have to be in very soon.

Being the sort of person who wants to help the younger generation start a career in a diminishing profession, I have recently imparted some advice on how to fill in the on-line application forms for a number of the top institutions (as in brand recognition not ethical behavior) to some undergraduates.

Some of the websites were shockingly awful and the questions were just prime for cut and paste answers. Uploading covering letters and resumes is so pre 2000 although some allow a link to linkedin. But this is dull.

What amazed me is how the undergraduates cheat to get interviews for the internships. They complete fake applications and then huddle around laptops taking screen shots or videoing the online test questions. And this is done many times (don't the banks check the IP addresses?) and the questions and answers emailed around. The students are also experts in C++, the Bloomberg API and can speak fluently many languages. They have also been the captain of every school team going, have beaten the HFR index for the last 5 years with their share portfolios and know more about the financial state of Banks than the CEOs or PR departments.

Banks like to bend the rules and it seems encourages those who apply to do the same.

Today's shorts:
Germany bends its own rules (bloomberg)

Today's longs:
2011. A great year (efincareers)

Euro will collapse tomorrow ...