Skip the Summer Internship, and Get a Real Summer Job

When I was about to embark on the great adventure that was to become this company, one of my first clients, a great investor, and a friend Alex Porter told me that "I'd grow up quick" in the process. I didn't appreciate what his observation meant until years later when I learned that perhaps the greatest occupational risk to being an entrepreneur may be how much it hardens you. In a business where few things have gotten easier and every shot is contested, I've found that my tolerance for hokum and for those who take their blessings for granted has dwindled to the point of being non- existent.

This has become ever-more apparent to me during the annual scrum that has become our internship "program." It is axiomatic that the young have a lot to learn, but I have noticed a trend among college-aged kids that has led me to believe that the abandonment of the summer job - waiting tables, caddying, etc. - in favor of "status" internship is doing more harm than good for both the students and the future employers alike.

In truth, most Wall Street internship programs are a form of reverse affirmative action, a system that benefits the well-connected the most. In many ways college kids today are both more mature and immature at the same time. They often possess more social graces than the kids did a generation ago. They wear nicer clothes and know that the bread plate is on your left side. But in many ways, the need for today's kids to have a fancy pants work experience is depriving them of other real world experiences that would allow them to appreciate the gift of their education, manage their expectations about their careers, and, ultimately, be happier and more productive full-time employees after graduation.

This became apparent to me when we were informed via e-mail, this past week, by a young man we had extended an internship offer to in February that he couldn't possibly let us know whether he could accept until the third week in April. After we told him that we had other candidates and that we would have to know soon, he declined. Of course, Wall Street may not hold the cachet it did in the ‘80s when I was coming up, and Lord knows that few co-eds will be impressed with the guy that lands the internship at Strategas. Still, there seems to be something off about a sophomore being so bold. He is a nice, well-mannered kid from a good school and, as a result, I felt compelled to give him some advice I learned the hard way:

Ernest-

I'm sorry to hear that you won't be joining us this summer for an internship. By the way, I'm still waiting for that summary of Liar's Poker (which you affectionately called Liar's Dice in your thank you e-mail a few months ago) that you promised to send me at the end of our interview. If you had accepted the job I was prepared to fine you $2 on the first day.

If you don't mind here are a couple of pieces of advice from an old fart who's probably been doing this for too long that might help you in your future endeavors:

1) Always follow up. You'll find that very few people in life will actually do what they say they're going to do. There are more b---s--t artists per square mile on Wall Street than any other place on Earth, kid. Don't be another one. I lost a job at Goldman Sachs during grad school for precisely this reason and this is why we try to give people homework assignments during the interview process.

2) Send a hand-written note as a means of thanks. It may seem hopelessly old-fashioned but think about the number of hand-written notes and letters you receive in any given week and how many e-mails you receive. You tell me - which one would have more impact?

In any event, best of luck and keep me posted on your future plans.

Best,

Jase

Ernest (not his real name) sent me a very nice e-mail last night apologizing for not following up as he had originally promised and thanking me for my practical advice. He will learn, as we all do. I simply hope he gets the chance to work with people, if only for a summer, who might not have college degrees and to see, in the process, that there is dignity and something to be learned in all work.