Advice for the Summer Interns

Jefferies CEO Rich Handler is out with his annual list of suggestions for how to succeed at the firm in particular and life in general. 

“What You Need to Know as a Summer Intern” is a list of 20 recommendations for how to get the most out of a few months working at Jefferies, a New York investment bank. 

The advice — ostensibly for the 361 college students who are joining — is in fact applicable to anyone starting out in a career and probably even most people at any age. 

Handler has been posting a version of the list for almost a decade. The specific suggestions and length vary – some years there were 10 or 15 points — but the tenor and themes have been consistent. 

Handler puts an emphasis on building long-term relationships, learning as much and as widely as possible and acting with integrity at all times. He also reminds them to have fun. 

I’m a fan of genuine insights and wish more CEOs would post publicly as Handler does. (His preferred platform is Instagram where he has 53,000 followers.) 

Handler is arguably the most visible Wall Street CEO on social media. He’s said in interviews that it’s helped the firm attract talent and better connect with employees, especially the juniors. 

My favorite thing Handler does online is randomly invite a small group of employees who respond quickly to join him for an impromptu dinner.  

It doesn’t insulate him from criticism, with some ex-employees arguing that the firm’s culture can be toxic and doesn’t always match the “mentoring” hype. 

But I think that misses the point. People and institutions always disappoint in some way. I give him credit for the outreach and authenticity and expect we’ll to see more CEOs posting in coming years because the visibility outweighs the risks. 

Here’s a link to the full essay. But since it’s 3,000 words, here’s my ChatGPT summary: 

1. Build Relationships with Full-Time Team – Be self-aware, empathetic, and communicate well.

2. Connect with Other Interns – Collaborate; don’t view peers as competitors.

3. Adapt to the Environment – Every summer is unique; stay flexible and aware of big-picture changes.

4. Learn the Entire Firm – Understand all areas, not just your department; network respectfully.

5. Act Like It’s Your Career – Treat the internship as your full-time job.

6. Understand the Assignment – Clarify expectations and ask questions early.

7. Value Client Time – Treat clients with respect and confidentiality.

8. Stay Current – Keep up with economic and world news.

9. Assess Fit – Reflect if this career is right for you.

10. Choose Integrity – Prioritize honesty and reputation.

11. Think, Don’t Just Do – Understand the “why” behind tasks.

12. Maintain Balance – Avoid unnecessary “face time”; balance work and life.

13. Ask Questions – No stupid questions, but be mindful of timing.

14. Respect the Numbers – Real impact on real people.

15. Have Fun – Enjoy yourself and show your personality.

16. Pay It Forward – Help others enter the field.

17. Lead with Humility and Confidence – Balance both qualities.

18. Be Mature – Act professionally; this isn’t college.

19. Plan for Summer’s End – Reward yourself before school resumes.

20. Keep Perspective – Give your best, regardless of outcome.

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BRIEF OBSERVATIONS

LEGAL FEES: I thought AI was supposed to decimate the legal profession and bring down fees. Well, maybe not today.

BOOKS & A DOG: “If I must die alone, I will do it with books and a dog.” Also evidently a chess board. Love this vignette from a guy I follow on social media.

TEMPORARY OFFICE: I’ve been working out of this sparse space in the StockStory offices in Prague this week and I’ve decided less is more. There are no distractions. Looking out the window you can see the roof garden of the fancy WeWork building a block away. Where do you think you would get more done?

ETHAN’S OTTERS: Ethan Mollick, a professor at Wharton focused on AI, has developed the “otter test” to the measure progress of text-to-image/video prompts. It’s taken just three years to go from “abstract masses of fur” to realistic videos with sound.

DRIVERLESS CARS: We seem to have reached a tipping point for driverless car usage in San Francisco. Many people are unaware of this because the pilot programs haven’t rolled out in other cities. Game changing for Google (Waymo’s owner); problematic for Uber.

Please reach out if you have any thoughts about today’s newsletter. I enjoy hearing from readers. Send me a message if you want to talk or meet up if you are in NYC.

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