Dressed to Impress for a Competitive Internship in Finance

By Jane Gagnon

One Duke junior likens the interview process for an internship at JP Morgan Chase to sorority rush.

Thousands of girls on college campuses around the nation go through sorority rush each year. It goes likes this: you meet numerous sorority girls whom you try to impress with your appearance, communication skills, and personality; if they like you, you get invited back for a second round of interviews. Throughout the process, the girls keep you on your toes. But once they bid on you, the attempts to impress become mutual. For Kristen Stortz, a junior at Duke University, rushing a sorority didn't just help her meet new friends--it prepared her for the interview process for her finance internship with JP Morgan Chase.

Stortz joked that the best analogy for her interview experience was the rush process, saying, "If they like you, and want you back, it becomes your turn to decide if you like them, and they basically 'rush' you and try and make you stay with the firm and sign the offer." Dinners, free trips, and constant streams of hand-written notes are not uncommon gifts received by those who've been offered summer internships. Sure, rushing a sorority involves a bit more pointless small talk and attention to fashion, but in the end it may just help you land your dream job.

Stortz spent the summer working in the Sales and Trades department for JP Morgan Chase in Midtown Manhattan. Her particular assignment was the emerging market equities sector. While many summer internships look a bit more like volunteer work than a real job--with their 20-hour time commitments and lack of a salary--Stortz's experience with JP Morgan Chase more closely resembled the real world of finance.

"Since I worked in emerging market equities, I had to be at my desk at 6:00am in order to catch up on all the pertinent economic reports that came out worldwide overnight. So, my hours were about 6:00 am to 5:00 or 6:00 pm."

Delivering the news was so important for Stortz because of the nature of the Sales and Trading industry. "Basically, the sales team has to try and sell bonds and stocks in companies endorsed by JP Morgan. The best way to predict what would be selling well was to read as much financial news as possible before the trading floor opened." Basically, she was in charge of making sure that the traders knew enough to make competent decisions when doing trades worth millions of dollars.

For her hard work, Stortz earned an $11,000 salary over the course of the summer, along with a $2,000 housing allowance. Interns not working in the emerging market equities sector were afforded the luxury of an extra hour of sleep, but were still expected at the office from 7:00 am until 5:00 pm each day. At times, Stortz could stay as late as 10:00pm or 11:00pm. However, the firm was accommodating in these circumstances. "After 6:30pm, the firm provided us with $25 for dinner, and if we were there really late, they would pay to have a car take us home."

Stortz first learned about the internship through the career center at Duke University. The application process involved an initial resume and cover letter screening, an on-campus interview, and a final round of interviews in New York City. Though Stortz was successful in her application, she described the process as "long and definitely exhausting." But, she says, "The process is very necessary--the number of applicants is tremendous. There has to be some way to filter out those who threw in an application last-minute and those who really want the position. If you're willing to deal with the whole process, you better want the job."

In spite of the difficult application process and long hours, Stortz enjoyed her experience and plans to return for another internship this summer. When asked about the highlights of the internship, Stortz replied, "My favorite part of the experience was gaining exposure to the financial world on Wall Street. I learned an incredible amount, and it was awesome to learn from such smart people." Her least favorite part? The 5:00 am wake-up, "for obvious reasons."

While many college students contemplate careers on Wall Street with an eye on a lucrative salary, Stortz warns that this isn't reason enough to enter the world of finance. "If you want to do well at a job in finance, you need to like it. Some people do it because it pays well, but the job requires a lot of time and can be stressful and tiring. In my opinion, this is only worth it if it is something in which you are genuinely interested."