WHARTON ASIA JOURNAL

VOLUME 7 FALL 2012

Wharton Asia Exchange

IN THIS ISSUE:

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China

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We are proud to present to you the seventh issue of the Wharton Asia Journal. In this issue of the Journal, we have worked throughout the semes-ter under one broad topic: summer internships in different industries. We LSTI�XLEX�F]�XLI�XMQI�]SY�½RMWL�VIEHMRK�MX��]SY�[MPP�FIXXIV�YRHIVWXERH�[LEX�summer internship opportunities exist in various industries. This can even provide you with some invaluable tips and advice for those of you who are currently searching for opportunities in the areas of your interest. In addition, this issue also shares comments from Professor Yuhua Wang, an Assistant Professor of Political Science, about ongoing changes in political leadership in China and its prospective future, and some very talented MBA students’ experiences and the lessons they have learned throughout their careers in Asia and the U.S. I would like to thank the Journal Staff, the WAX Board, the interviewees, and all the contributors for their time and effort. This would not have been possible without the help of each and every one of them. Please be sure to check out our website at www.whartonasia.net/journal for more information and feel free to contact me at jonghkim@sas.upenn.edu with any inquiries or suggestions.

With warmest regards,Jong Hoon Kim

TABLE OF CONTENTS

'LMRE´W�8IWX�4VIT�8MXER� 2Ethan Song

8LI�7XEVX�SJ�E�2I[�(IGEHI 3Salina Lee and Jong Hoon Kim

;%<�1&%�-RXIVZMI[W� � � � ��5Shihui (Jo) Wang

3R�'EQTYW�6IGVYMXMRK�EX�4IRR� � � ��7S. David Ross

%�7YQQIV�MR�2I[�=SVO��2SR�4VS½X�7X]PI������� 9Salina Lee

-RXIVRWLMTW��;SQIR´W�)RXVITVIRIYVWLMT��� 11Emily Jun

4EWWMSR�JSV�*EWLMSR������� � � � 13Grace Guan

9RHIVGPEWWQIR�-RXIVRWLMT�%HZMGI�� �����������15Joshua Liang

%�0SSO�MRXS�-RZIWXQIRX�&EROMRK� � 17 Tina Sun

LETTER FROM THE EDITOR JOURNAL STAFF)HMXSV�MR�'LMIJ�

Jong Hoon Kim

1EREKMRK�)HMXSV� Salina Lee

Shihui (Jo) Wang

(MVIGXSV�SJ�0E]SYXW Emily JunEric Chao

(MVIGXSV�SJ�7TSRWSVWLMT�Ethan Song

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Proudly sponsored by:

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8LI�-RXIVREXMSREP�)HYGEXMSR�1EVOIXStudy hard. Get good grades. Get into a good college. Get a good job. Be happy. Sound familiar? That mantra rings in the ears of more than a million of Chinese students. The historical tradition of the merit system has been one of the main drives for Asian students to perform well in school and on tests so that they can become successful in the future.

And as many juniors and seniors in Asian high schools prepare themselves for standardized testing and college admissions, they can’t be but hopeful to get into the top universities. Many of them turn their gaze to colleges in the United States, but in order to be admitted into one, they have to take an American standardized test such as the SAT or ACT. But when there’s a will there’s a way. It’s not surprising that where there is value, there is also a market for it.

8LI�)HYGEXMSR�.YKKIVREYX�MR�'LMREAlthough the Chinese government does not permit the SAT to be taken in mainland China, many students still travel hours away from home to take the test in Hong Kong, Macau or international schools. Recently, China has succeeded Korea as the United States’ largest source of international undergraduate students at a count of 39,921 students. China continues to send the most students to the United States, with a 23% increase to 194,029 in 2011.

The reasons behind the sudden surge of international applicants are China’s one child policy and its booming economy, both which allow for more families to be able to afford an American education. In 1993, Michael Min-yong Yu saw this as an opportunity and started New Ori-ental Education & Technology Group, which specializes in standardized test preparation for both domestic and in-XIVREXMSREP�XIWXW��;LEX�½VWX�WXEVXIH�EW�E�WQEPP�WXYH]�KVSYT�in classes at Peking University ended up becoming an ed-ucation juggernaut, which currently has had more than 14 million student enrollments and is nearly a $5 billion mar-ket value. New Oriental also went public in 2006, selling for $15 a share and continues to grow in China, opening up new learning centers and schools around the country.

What makes New Oriental so successful as compared to the international competitors such as Princeton Review

and Kaplan? The secret is incentivizing hard work and memorization. The company encourages top performers by refunding test preparation costs to the students that get a full score and then shrewdly publicizes the student’s WYGGIWW�MR�¾]IVW�ERH�EHZIVXMWIQIRXW��8LI�XIWX�EREP]WXW�EX�New Oriental closely study the structure and formatting of the test and provide students with pre-thought out essay responses and the most common reading passage answers.

Even though the international Chinese students’ numbers look solid, one of the biggest issues has been whether or not they will be able to put what they’ve memorized to use. Students and test prep programs have cracked the test codes, but are the students really learning English? Many international students in the U.S. who may “know” English on paper, do not necessarily have an easy time expressing their thoughts verbally.

-QTEGX�SR�%QIVMGEWhile the education market in China has been booming with the increased number of hopeful Chinese interna-XMSREP� WXYHIRXW�� XLI�%QIVMGER�QEVOIX�LEW�FIIR�FIRI½X-ting from it as well. Last year, it was shown that foreign students and dependents spent more than $5 billion on tuition, housing, and fees in the United States in a study by NAFSA: Association of International Educators. As the education market continues to expand in China, it can only be expected that Chinese international students will have a bigger presence, greater student body, and com-prise a larger student population at universities across the US.

New Oriental Education & Technology Group’s Headquarter buildling in Beijing, China.

China's Test Prep Titanby Ethan Song

All images courtesy of Google.

0IX´W� ½VWX� WXEVX� [MXL�[LS� MW� <M� .MRTMRK#�;LEX�MQTVIWWMSRW�GER�[I�XEOI�JVSQ�[LEX�PMXXPI�MRJSV-QEXMSR�MW�VIZIEPIH�EFSYX�LMQ#

The thing about China is that politicians are kept on a PS[�TVS½PI��IWTIGMEPP]�XLI�4EVX]� PIEHIVW��WS�XLEX�XLI�TYFPMG�knows very little about him. Xi Jinping is the son of a rev-SPYXMSREV]� ZIXIVER��,MW� JEXLIV�[EW� E� XST�''4�SJ½GMEP�� FYX�was denounced during the Cultural Revolution as a liber-al reformer. Xi Jinping himself was a sent-down-youth and did hard labor in the countryside during that time. Later, he worked in the military and through these connections, moved up in government over the years. We can expect Xi Jinping to be more open and supportive of market reforms because of his history with the Cultural Revolution, and in general, the Party Congress seems to have a consensus for market reforms. It’s clear that reforms are desired, but it’s a question of whether Xi Jinping can push them forward to happen.

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A characteristic about China is that there is no clear plat-form. The leaders themselves do not know what reforms

need to take place. Instead, the entire process is very exper-imental. Different policies will be developed, gradually test-ed before even creating the rest of the policy blueprint. It’s obvious that China will want to continue economic growth, increase people’s living standards and equality along with more overall stability. Development will be more balanced since China has already established a foothold on economic growth, there will be increasing focus on human rights, envi-ronmental concerns, and even some political reforms. All of these are general goals, and there are many potential ways of accomplishing them, but the leadership won’t have a clear plan until three to four years from now. Xi Jinping will most likely just continue his predecessor, Hu Jintao’s policies for the time being.

9RHIV�,Y�.MRXES´W�PIEHIVWLMT��+(4�KVS[XL�[EW�YRTVIGIHIRXIH� EX� ETTVS\MQEXIP]� �� ERRYEPP]��FYX� MX�LEW�WMRGI� PIZIPIH�SJJ��,S[�HS�]SY�XLMRO�'LMRE�[MPP�GSRXMRYI�MXW�IGSRSQMG�KVS[XL#

Investments and exports were the driving forces for eco-nomic growth. China once had the comparative advantage of low labor costs and focused on developing its manufac-turing industry to generate exports to the rest of the world. On the other hand, there was low domestic consumption

The Start of a New Decade By Salina Lee and Jong Hoon Kim

BIOYuhua Wang is an Assistant Professor of political science at University of Pennsylvania. Yuhua’s research combines Comparative Politics with a specialty in China and American Politics. Yuhua received a B.A. and M.A. from Peking University (Beijing, China) in 2003 and 2006 and a Ph.D. in Political Science from University of Michigan in 2011.

November was a month of elections; not just in the United States, but also across the globe in the People’s Republic of China. China’s 18th Party Congress on November 8, 2012 marked a new generation of leaders in the Chinese Communist Party. In the wake of new leadership under General Secretary Xi Jinping and Prime Minister Li Keqiang, questions arise as to what direction and impact China will have in the upcoming years. We sat down with Professor Yuhua Wang of the Political Science Department to get a better understanding of what these changes in Party leadership might dictate and how the economic scene might change in the next ten years.

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and low productivity growth. Once China started losing its comparative advantage—labor costs are rising and there is growing competition from developing countries in South-east Asia—its economic growth slowed down. Although China’s economy will likely slow down to about 5% an-RYEP� KVS[XL�� MX� MW� WXMPP� HSMRK� WMKRM½GERXP]�[IPP��,S[IZIV�� XS�continue this trend, China needs to shift from quantity of growth to quality of growth. China has been facing many demonstrations regarding inequality in wealth distribution, environmental abuses, and social issues, which have to be resolved. There is growing concern for the type of growth China experiences because factors such as factory pollution and labor abuses are creating social distresses that the CCP cannot just ignore. Most likely, the economy needs to shift to a new model of growth that focuses on quality and talent, meaning emphasis on the high-technology industries and away from manufacturing. There should be less reliance on investments and more on productivity growth and domestic consumption in order to sustain itself.

1SWX�''4�SJ½GMEPW��IZIR�<M�.MRTMRK��LEZI�WXVSRK�XMIW� XS� WXEXI�S[RIH�IRXIVTVMWIW� ERH� KEMR�TIV-WSREP� FIRI½XW� JVSQ� KSZIVRQIRX� GSRXVSP� SZIV�XLI�IGSRSQ]��WS�[LEX�WXITW�QYWX�'LMRE�XEOI�MR�SVHIV�XS�FVIEO�XLIWI�XMIW�ERH�VIJSVQ#

There is always a close-knit of power and money, which QEOIW�MX�ZIV]�HMJ½GYPX�XS�VIJSVQ�XLI�WXEXI�WIGXSV��4SPMXMGMERW�have ties to large companies and a monetary stake in reform policies that might impact business sectors. One of the ini-tial steps towards reform is to break the ties between state and business. China needs to create legal constraints with clear limitations on what politicians and family members can do in business. Without political connections, businesses can privatize, foreign investors can enter critical industries, and competition will increase, all of which open up economic freedom. If Xi Jinping can reform the state sector and re-duce corruption, he will probably be considered a successful leader.

-X´W� TVSFEFP]� WEJI� XS� WE]� XLEX� XLIVI� [MPP� FI�GLERKIW�MR�IGSRSQMG�TSPMGMIW��,S[IZIV��MX�MW�YR-GPIEV�[LEX� WSVX�SJ� GLERKIW�[MPP� XEOI�TPEGI��%W�MRZIWXSVW�ERH�FYWMRIWWIW��LS[�GER�XLI]�TVITEVI�XLIQWIPZIW�ERH�LS[�GER�XLI]�I\TIGX�XS�FI�EJ-JIGXIH#�

In the late 1970s, under Deng Xiaoping’s economic reforms, China created a lot of incentives to attract foreign investors, including tax reductions, tax reliefs, etc. Policies back then were highly biased to encourage foreign investments over local Chinese businesses. Recently, the space for foreign in-vestments has been shrinking because China implemented

stimulus plans for state-owned-enterprises (SOEs). In addi-tion, policies that favored foreign investments are dissipating as the economy shifts to emphasize SOEs. For foreign inves-tors in the coming years, that means there will be growing competition with the SOEs. Not only are SOEs backed by the government, but other policies such as market barri-ers will make it harder for businesses to enter the Chinese market.

;LIVI� HS� ]SY� XLMRO� JYXYVI� IGSRSQMG� KVS[XL�[MPP�FI�GSRGIRXVEXIH#�9VFER�EVIEW#�6YVEP�EVIEW# Coastal cities will experience a slow-down in growth as China encourages urbanization of cities. Big cities are al-ready big, so medium size cities in the central areas of China will become targets for urbanization. As millions of people migrate to the cities, it will be a huge source of growth since urbanization increases consumption. People will be buying houses, cars, investing in education, and the such, so that will be a reliable source of growth.

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United States and China are already very interdependent and they must continue to balance that relationship. Many 9�7��½VQW�EVI�MRZIWXMRK�MR�'LMRE��ERH�'LMRE�LSPHW�QER]�9�7��treasury bonds. China is also increasing investments in the U.S. as China’s leaders position themselves as an emerging TS[IV��8LI�61&�MW�VMWMRK�ERH�XLI�XVEHI�HI½GMX�[MPP�HIGVIEWI�as China imports more from the U.S. Both economies re-quire a balance in order to serve each country’s interests, and with the economic ties in mind, tension over foreign policies should lessen as well.

*SV�WXYHIRXW�MRXIVIWXIH�MR�FYWMRIWW�MR�TEVXMGY-PEV��[LEX�EHZMGI�QMKLX�]SY�LEZI�VIKEVHMRK�XLI�FYWMRIWW�WGIRI�MR�'LMRE�JSV�XLI�GSQMRK�]IEVW#

China is still the next big thing. It’s not going to be as easy as MX�[EW�JSV�MRZIWXSVW�FEGO�MR�XLI�����W�FIGEYWI�XLIVI�MW�½IVGI�competition from both the foreign and domestic side. Mean-while, China will be initiating more laws to regulate business ERH�IWXEFPMWL�WXEFMPMX]�MR�MXW�½RERGMEP�W]WXIQ��-X�QMKLX�FI�IEW-ier to invest in China, but it will be harder to make money. Ironic as it might be, build connections in and with China before jumping into business. Learn the language, politics, and economics so that you have an accurate knowledge of China before you invest and dive into its business environ-ment. Visit and spend time there. Build a network through other work, be it even education, but there are many things you can do to develop strong connections in China that will later help your long term career aspirations.

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Images courtesy of Google & Professor Wang.

In the past, Kevin worked at Sales/Trading at Lehman Brothers both in Japan and New York, at Groupon in Japan and China, and at McKinsey in Hong Kong as a consultant.

'ER�]SY�FVMI¾]�HIWGVMFI� ]SYV� IHYGEXMSRFEGO-KVSYRH�ERH�[SVO�I\TIVMIRGI#�

I was originally from Hong Kong. I graduated as an Econom-ics major from Yale University, and then went to work for Lehman Brothers in Japan for three years. After the Leh-man brothers collapsed in the 2008 economic crisis, I was transferred to a more local Japanese company. I have also [SVOIH�MR�2I[�=SVO�ERH�1EMRPERH�'LMRE�FVMI¾]�

=SY�[IVI� IHYGEXIH� MR� %QIVMGE�� ,S[� HMH� ]SY�HIGMHI�XS�KS�[SVO�MR�.ETER#

When I was an undergrad at Yale exploring my career in-terests, I took Japanese as a side-interest. I also did a junior year abroad in Japan. When it comes to really working in Japan, it is really just a chance. I studied economics at Yale ERH�-�[ERXIH�XS�[SVO�MR�½RERGI�EX�XLEX�XMQI�WS�XLEX�-�[IRX�to an on campus recruiting information session for Lehman Brothers. There, I had a chance to talk to to the managing HMVIGXSV�JSV�XLI�%WMER�4EGM½G�WIGXMSR�[LS�LEH�]IEVW�SJ�I\-TIVMIRGI�MR�XLI�½VQ��ERH�EWOIH�JSV�XLI�VIGVYMXIV�JSV�XLI�-&(�section in Hong Kong. He pointed it out for me, but it was just so crowded that I went back and talked to the man-aging director. I told him that I studied and lived in Japan, spoke Japanese, and all of a sudden he conversed with me in Japanese to test me. I told him I am also open to oppor-tunities in Japan, so the next day he just called me back and gave me an offer.

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INTERVIEWSby Jo Wang

(MH� ]SY� LEZI� XS� WTIEO� .ETERIWI� [LIR� ]SY�[SVOIH�MR�.ETER#�

%X�½VWX�[LIR�-�[SVOIH�MR�0ILQER�&VSXLIVW��EPXLSYKL�XLIVI�were foreigners in the company, I still mostly worked in Japanese. When Lehman Brothers went bankrupt in 2008, I was transferred to Nomura Securities, who bought Leh-man Brothers in Asia. It is a Japanese company, so it became more domestic in that I really had to work almost entirely in Japanese.

;IVI�XLIVI�ER]�WMKRM½GERX�GYPXYVEP�HMJJIVIRGIW�MR�.ETER#�;EW�PERKYEKI�E�LYKI�FEVVMIV�MR�[SVO-MRK�ERH�WSGMEPM^MRK#

Because I am originally from Hong Kong, I did not experi-ence that much of a cultural shock. However, I do think that speaking the language is key in social mingling.

;IVI�XLIVI�ER]�WMKRM½GERX�HMJJIVIRGIW�MR�FYWM-RIWW� TVEGXMGIW� WTIGM½GEPP]� MR� .ETER�� WYGL� EW�[SVOMRK�LSYVW��SJ½GI�WSGMEP�WGIRI��IXG�#

-X� MW� HI½RMXIP]�QSVI� LMIVEVGLMGEP� MR� .ETER�� *SV� I\EQTPI�� -�GSYPHR´X�PIEZI�XLI�SJ½GI�FIJSVI�Q]�FSWW��IZIR�MJ�-�HSR´X�LEZI�any work to do. Socially, for example, if I am dining with my boss and my colleagues, I am expected to pour drinks for them when there is about a quarter left in the cup because I am the newest and the youngest in the group and it is a typical custom in Japan.

,S[� MQTSVXERX� MW� MX� XS� PIEVR� XLI� PERKYEKI�SJ�XLI�GSYRXV]�]SY�[SVOIH�MR#

If you are interested in pursuing a career in a global compa-ny with a broad business expansion in foreign countries, you should have a good story, a good reason to do so. I think learning a language, and even better, living experiences in that country, can show the passion and the hook between you and the company. I think whichever country people are interested in working in, it is good to pick up the language at college and do a study abroad program over the summer.

MBA

KEVIN LAM '13

Lane has worked in a hedge fund company (D. E. Shaw & Co.) ERH�QMGVS½RERGI�MRWXMXYXMSR�MR�,SRK�/SRK��MR�EHHMXMSR�XS�LEZMRK�jobs as a software developer, computer science engineer, social impact entrepreneur.

'ER� ]SY� FVMI¾]� HIWGVMFI� ]SYV� PMJI� I\TIVMIRGI�FIJSVI�GSQMRK�XS�;LEVXSR�JSV�ER�1&%#

I grew up in New York, and graduated from University of California Berkeley with a dual degree in computer science and Japanese. I then went to work for a hedge fund company in New York, who later transferred me to their Hong Kong branch. I stayed in Hong Kong for four years.

,EZI�]SY�IZIV�PMZIH�MR�%WME�FIJSVI#�;EW�MX�E�HMJ-½GYPX� XVERWMXMSR� JVSQ�[SVOMRK� MR�2I[�=SVO� XS�,SRK�/SRK#

I have studied abroad in Mainland China and Japan before, but I have never worked in those two regions. In the past four years, I was working for the Hong Kong branch of this %QIVMGER�GSQTER]�-�[SVOIH�JSV�MR�2I[�=SVO��WS�XLI�SJ½GI�environment is very westernized and the transition was not that hard in particular.

;EW� XLI� IQTPS]IV�IQTPS]II� VIPEXMSRWLMT� ER]�HMJJIVIRX�MR�,SRK�/SRK�XLER�MR�2I[�=SVO#�,S[�EVI�XLI�[SVOMRK�LSYVW# Hong Kong is a mixture of western and Chinese culture. The business culture is very western, but outside of the working environment, the relationship between employer and em-ployee is still very Asian. For example, the working hours in

Hong Kong are a lot longer. And if my boss does not leave, I am expected not to leave before him.

(MH� ]SY� IRGSYRXIV� ER]� QMWRSQIV� EFSYX� XLI�FYWMRIWW�GYPXYVI�MR�,SRK�/SRK#

As I said, Hong Kong is fairly westernized in terms of busi-ness culture, especially when I worked in an American com-pany. One misnomer is about the language. People generally would assume it is essential to speak English and Cantonese in order to go places in Hong Kong. But it is actually Man-darin now. In fact, when you apply for a job in Hong Kong nowadays, a lot of companies would prefer that you speak Mandarin instead of Cantonese.

“ “And if my boss does not leave, I am expected not to leave before him.

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LANE RETTIG '14

Images courtesy of Google & Kevin Lam & Lane Rettig.

;LEX�MW�3'6#On-Campus Recruiting (OCR) pro-vides opportunities for students to connect with employers as they pur-sue jobs and internships while on-cam-pus at Penn. Each year, a wide array of employers from different industries visit the university looking to hire stu-dents for a variety of positions. In-dustries that tend to be represented in on-campus recruiting positions in-GPYHI�½RERGMEP� WIVZMGIW��GSRWYPXMRK��VI-tail and technology. These industries tend to hire large numbers of students and can predict their hiring needs sev-eral months in advance, thus making on-campus recruiting more accessible. Positions in communications, enter-XEMRQIRX�� RSRTVS½X� SVKERM^EXMSRW� ERH�the government are typically not well represented through on-campus re-cruiting; students interested in these opportunities are encouraged to speak with a counselor in Career Services to HIZIPST�E�WXVEXIK]�XS�½RH�TSWMXMSRW�MR�these areas.

%TTPMGEXMSRWStudents can use PennLink to research which organizations will recruit at 4IRR�� ETTP]� JSV� WTIGM½G� TSWMXMSRW�� ERH�sign up for interviews (if selected by employers). PennLink allows users to store up to 10 job search documents including resumes, cover letters, and YRSJ½GMEP�XVERWGVMTXW���7XYHIRXW�[MPP�FI�

asked to submit a resume for positions – in some cases, along with a cover let-XIV�ERH�SV�YRSJ½GMEP�XVERWGVMTX���&I�WYVI�to read the job description carefully, as employers will often require students to apply on their career websites as well as through PennLink.

TimelineOn-campus recruiting events for in-ternships begin in November with company information sessions – al-though many information sessions occur at the beginning of the Spring semester once classes begin. During these hour-long sessions, companies discuss their organizational culture and internship opportunities while provid-ing a forum for networking and ques-tions and answers. Students can begin submitting applications in early Janu-ary during winter break for summer internship recruiting, but application deadlines occur in mid-January after students return to classes. On-campus interviews begin in late January/early February and continue throughout the semester. Interviewing for graduating students seeking post-graduate posi-tions primarily takes place during the fall semester.

-RXIVZMI[WOn-campus interviews are held in the on-campus interviewing suite (Mc-Neil Building, Suite 90) or at the Inn EX�4IRR�� �8LIWI�½VWX�VSYRH� MRXIVZMI[W�enable students to begin the interview process at Penn with companies across many industries. Students are encour-aged to arrive a few minutes early to IRWYVI� XLI]� LEZI� WYJ½GMIRX� XMQI� XS�½RH�XLIMV�[EMXMRK�EVIE�MR�XLI�WYMXI�ERH�get settled prior to the start of the interview. Many employers will invite WXVSRK�GERHMHEXIW�XS�XLIMV�SJ½GIW�JSV�E�QSVI� MR�HITXL� WIGSRH� VSYRH� SV� ½REP�interview.

-RXIVZMI[�4VITEVEXMSROne important aspect of successfully navigating the interview process in-volves preparation. Some industries utilize specialized interview questions so students should be prepared ac-cordingly – for example, interviews for ½RERGI� TSWMXMSRW� QE]� MRGPYHI� UYER-titative or technical questions while interviews for consulting positions may incorporate case questions. Thus, consider reviewing Vault and Wetfeet interviewing guides tailored to your in-dustries of interest. Each guide will in-clude sample interview questions with suggestions on strong answers along with important concepts and terminol-ogy that candidates should be familiar with prior to the interview. Also, make sure you are thoroughly familiar with the organization and position you are interviewing for, and be able to artic-ulate why you are interested in the opportunity and how your background has prepared you to be successful in the position. Students are also encour-aged to have a mock interview with a counselor in Career Services to obtain feedback on their interviewing skills. Mock interviews provide students with the chance to practice answering in-terviewing questions and learn more about their interviewing strengths and areas for improvement.

6IGVYMXMRK�8MTWWhether you have already participat-ed in on-campus recruiting or will be TEVXMGMTEXMRK�JSV�XLI�½VWX�XMQI��GSRWMHIV�the following tips to make the most of your experience:

*EQMPMEVM^I�]SYVWIPJ�[MXL�4IR-R0MRO�ERH�3'6�FIJSVI�ETTPMGE-XMSRW�STIR� Every semester, Career Services conducts on-campus recruit-ing orientation sessions to provide in-formation and insight on the many im-portant details students should know

7

On-Campus Recruiting at Penn

Leonard A. Lauder Career Center is located in the McNeil Building

about on-campus recruiting – including any PennLink system or feature chang-es. Be sure to attend this session or view our online workshop of the ses-sion prior to the onset of OCR.

'VIEXI� E� GEPIRHEV� SJ� IZIRXW�ERH�HIEHPMRIW�MR�EHZERGI��Infor-mation sessions and internship open-ings will be posted in PennLink as they EVI� TVSGIWWIH� ERH� GSR½VQIH� F]� 'E-reer Services. Be sure to create your own personalized calendar or timeline so that you don’t miss any important events or deadlines! Update your cal-

endar periodically as new events and positions are added to the system. Note that PennLink does allow you to import PennLink activities into your personal calendar.

%ZSMH�I\XVIQIW�[LIR�ETTP]MRK�JSV�3'6�TSWMXMSRW��Try not to be too selective initially by limiting your applications to a small number of posi-tions. But also avoid applying for every company listing in your industries of MRXIVIWX�� �8V]�XS�½RH�E�FEPERGI��� JSGYW�on applying for positions you are in-terested in at companies you want to work for and those for which you are VIEWSREFP]�[IPP�UYEPM½IH���,EZMRK�TVIJ-IVIRGIW� MW�½RI�FYX� XV]�RSX� XS�VIWXVMGX�yourself too early in your search.

(S�RSX�[EMX�YRXMP�XLI�HIEHPMRI�HE]� XS� WYFQMX� 3'6� ETTPMGE-XMSRW��With many students applying for positions, occasionally PennLink may slow down or become overloaded. If you wait until the last day to submit your application, you may miss a dead-

line if there are any unexpected system issues. Try to submit your applications at least one day in advance if possible.

4VSSJVIEH�]SYV�HSGYQIRXW�FI-JSVI�WYFQMXXMRK�MR�4IRR0MRO�� This may seem like common sense, but each year students submit resumes and cover letters with typos or grammati-cal errors. Such mistakes will make a negative impression among employers. Submit your resumes and cover letters in advance to Career Services for feed-back and be sure to review your docu-ments carefully.

(S� RSX� VIP]� WSPIP]� SR�3'6� XS�PERH� E� NSF� SV� MRXIVRWLMT� While QER]�WXYHIRXW�EVI�WYGGIWWJYP�MR�½RHMRK�internships through OCR, just as many WXYHIRXW�½RH�KVIEX�STTSVXYRMXMIW�SYX-side of OCR. Consider PennLink non-OCR listings, iNet and other resourc-es to identify opportunities that are a KSSH�½X�JSV�]SY�ERH�]SYV�MRXIVIWXW���

%XXIRH� VIGVYMXMRK� IZIRXW�SR�GEQTYW� XS� HIQSRWXVEXI�]SYV� MRXIVIWX� ERH� RIX[SVO��Companies that recruit on-campus HIZSXI� WMKRM½GERX� XMQI� ERH�QSRI]� XS�identify top talent. They are seeking students that demonstrate an interest in their organization. So be sure to attend recruiting events for the com-panies you are interested in when pos-sible (but do not feel compelled to at-tend every company recruiting event).

%WME�4EGM½G�6IGVYMXMRKStudents interested in pursuing jobs ERH� MRXIVRWLMTW� MR� XLI�%WME� 4EGM½G� VI-gion should be aware that timelines

and the process are usually different [LIR� GSQTEVIH� [MXL� ½VQW� VIGVYMX-ing for positions in the United States. For those pursuing opportunities in ½RERGMEP�WIVZMGIW��GSQTERMIW�VIGVYMXMRK�JSV�TSWMXMSRW�MR�XLI�%WME�4EGM½G�VIKMSR�have historically designated earlier ap-plication deadlines, interviews and of-fers. In the past, these organizations have hosted information sessions and recruiting events in Philadelphia during the fall, particularly in October and November. The recruiting process has moved quickly with some students receiving offers prior to the start of Spring on-campus recruiting at Penn. Students interested in opportunities MR�SXLIV�MRHYWXVMIW�JSV�XLI�%WME�4EGM½G�region should plan to be proactive in their job and internship search. Career Services provides access to resources such as Vault Guides and GoinGlobal that can be helpful for pursuing posi-tions abroad. Students are encouraged to speak with a career counselor in Career Services to talk more about TVITEVMRK� JSV� XLI�%WME� 4EGM½G� NSF� ERH�internship search.

If you have any questions or want to discuss how to incorporate on-cam-pus recruiting in your job or internship search, schedule an appointment with a counselor in Career Services.

8

by S. David Ross, Associate Director, Career Services

”“Consider PennLink non-OCR listings, iNet and

other resources to identify opportunities that EVI�E�KSSH�½X�JSV�]SY�ERH�]SYV�MRXIVIWXW��

David Ross (middle) is the associate director of the Wharton Undergraduate Career Services.

Images courtesy of Google and Career Services website.

Like many Penn students, I spent my summer in New York. I got two months to live the high-life, eat great food, and memorize the subway lines and their service changes. Well, sort of. More WTIGM½GEPP]��-�WTIRX�QSWX�SJ�Q]�WYQQIV�MR�2I[�York Chinatown, in the midst of a bustling neigh-borhood of immigrants, food vendors, and gawk-ing tourists.

My summer internship at the Chinese-Ameri-can Planning Council Inc. (CPC) was an amazing experience that opened my eyes to the world SJ� RSR�TVS½XW��8LI� 'LMRIWI�%QIVMGER� 4PERRMRK�Council was founded in 1965 and has since KVS[R� XS� FI� XLI� PEVKIWX� RSRTVS½X� TVSZMHIV� SJ�social services for Asian Americans in the Unit-ed States. With over 50 programs from day care to language development to senior centers, CPC serves to improve the quality of life of Chinese Americans across Manhattan, Brooklyn, and Queens.

+SMRK�MRXS�XLI�RSR�TVS½X�WIGXSV��-�HMH�RSX�ORS[�what to expect. Would I be working with vol-YRXIIVW#� 7SPMGMXMRK� TEXVSRW#� )ZIV]� RSR�TVS½X�has its own personality, mission, and structure that differs in the way the organization operates. '4'�EGXYEPP]�GSRWMWXW�SJ�WIZIVEP�FVERGL�SJ½GIW��in Manhattan, Brooklyn, and Queens. Working MR� XLI� 'IRXVEP� SJ½GI� MR�1ERLEXXER�'LMREXS[R��I interacted with program leaders along with administrative personnel who ran most of the organization every day. My interns hip focused on being part of the Walkathon team. Along with seven other interns, we worked to organize the 2012 CPC Walkathon and Family Day Fair,

a biennial fundraising and public relations event. A typical day meant working in the designated “intern” area of the basement sorting out the lo-gistics, contacting sponsors and performers, and translating documents into Chinese. Outside of the Walkathon logistics, I head-ed the Summer Volunteer Program designed to provide high school students opportunities to get involved in service projects around the community. With a force of 70 high school stu-dents, I embarked on extensive marketing and community outreach to fundraise and promote the Walkathon. Through this experience, I very quickly became familiar with what it meant to be up-close-and-personal with the community that E� RSRTVS½X� WIVZIW�� -� ETTVSEGLIH� IZIV]� WXSVI��vendor, and passerby spreading the word about the CPC Walkathon, encouraging residents to take advantage of the resources and social ser-vices CPC offered, right in their neighborhood. Speaking Cantonese, I learned the stories of many immigrants, their lifestyle, and connections to Chinatown. Even the students I worked with made me realize that while Chinatown was a ¾SYVMWLMRK�GSQQYRMX]��XLIVI�[EW�WS�QYGL�QSVI�that could and should be done. Many aspects of Chinatown haven’t changed for decades, and the immigrant community is often overlooked.

In addition, I also participated in rallies at the City Hall to protest budget cuts for the much-needed daycare centers. I organized press conferences and publicity affairs for CPC programs and the GMX]�[MHI�;EPOEXLSR��3RI�SJ�RSRTVS½XW´� KVIEX-est leverage is the media and news that bring community issues onto the political front. Chi-

9

A Summer in New York,Non-Profit Style by Salina Lee

10

natown, Flushing, and Sunset Park are large and growing areas that are increasingly entering the political radar of New York districts, making it all the more important that organizations are representing the needs of the community.

%PXLSYKL�-�HMHR´X�QYGL�HIZIPST�WTIGM½G�XIGLRM-cal skills as an intern, I truly learned, by work-MRK�EX�E�RSRTVS½X�SVKERM^EXMSR��XLEX�XLIVI�MW�E�different world out there. There are industries that rely on dedication and volunteer service. I didn’t get to walk pass slick buildings along Wall Street every day, but I did pass by elder-ly Chinese immigrants making a living off their shoe repair stand. Being in New York has its own glorious feeling, but so does working for an organization that impacts the very commu-nity I walked through every day.

Living and working in the community, I learned that Chinatown was more than just mom & pop convenience shops, food carts, and bub-ble tea cafes, but that every store, every ven-dor, every person, from the child playing in the street to the old lady selling zongzi, has a unique immigrant story. Our Walkathon raised over $110,000 and attracted an upwards of ������TISTPI� XLMW�WYQQIV��;LMPI�E�RSR�TVS½X�VIUYMVIW� WMKRM½GERX� ½RERGMEP� WYTTSVX�� IWTIGMEP-ly one providing social services, it felt good to know that anyone and everyone can make an effort to bring a positive impact to a commu-nity.

Being in New York has its own glorious feeling, but so does working for an organization that impacts the very community I walked through every day.

“

”

All images courtesy of Salina Lee.

11

“What are you doing over sum-mer?” This typical conversation starter is asked as early as No-vember once those emails from Career Services start pouring into your inbox. There is virtu-ally an endless list of answers to this question, but at a school like Penn, summer internships are a remarkably common response. The type of internship varies KVIEXP]�HITIRHMRK�SR�]SYV�½IPH�of interest, and each intern-ship imparts a different set of skills and work experience. For someone who is undecided in their major, like myself, this question is dreaded, to say the least. Choosing where to work can be a tremendously daunting task—from social media to con-sulting, research to marketing, the range is extensive.

Let me tell you a little bit about how I found the answer to this question my freshman summer. Unexpectedly, being undecided has its pros, too. If you don’t have an exact plan of what your life is going to look like for the next twenty years, have no fear.

Deciding where to work based on what is important to you as an individual is a good place to start. I applied to jobs according to what I found to be valuable matters outside the realm of ac-ademia. Not only does this allow you to take a refreshing break from hating on that one course that forced you to pull a record number of all-nighters, but also allows you to focus on broad-er world issues that can actual-ly help you narrow down what you might end up choosing to WXYH]�� -RXIVRWLMTW� EVI�� ½VWX� ERH�foremost, pathways to knowl-edge. Keep in mind that though they add another line onto your resume, the work experience and what you acquire along with this experience are what stick with you far after handing in job applications. Acting as a sort of exchange, the efforts you invest in your internship will grant you with a return.

In my case, growing up in an underdeveloped country like Nicaragua undeniably shaped my values. Interested in hu-

QER�VMKLXW��WTIGM½GEPP]�[SQIR W�rights, I researched places that dealt with women empower-ment and advancement. I came EGVSWW� E� RSRTVS½X� GEPPIH�:MXEP�Voices, an organization that was founded in 1997 by Hillary Clinton and Madeleine Albright. Its mission to “identify, invest in and bring visibility to extraordi-nary women around the world by unleashing their leadership potential” captured my atten-tion. I knew very little about women’s entrepreneurship pri-or to working with Vital Voices, but quickly obtained a deeper passion for its progress and de-velopment. The organization has international chapters that are set up to directly target women all over the world. These inter-continental branches are part of Vital Voices’ Global Partnership, which has established chapters in the Middle East and Africa, Latin America and the Caribbe-ER�� ERH� )YVEWME� ERH� XLI� 4EGM½G�Islands. Workshops are held to provide the women with tips on how to further their small businesses and increase their

Internships & Women's Entrepreneurship by Emily Jun

12

prominence as leaders of their society. Topics such as econo-my, education, politics, and basic human rights are explored, and the women are encouraged to talk amongst themselves and problem-solve in order to push forward in the world around them. Inspirational speakers are brought in to help the women to realize their full capabilities in changing their own lives and consequently impacting the lives of those around them.

What impressed me the most about my internship with Vi-tal Voices was the amount of personal dedication and ener-gy that was put in behind the scenes to coordinate these pro-grams. From staying up the night before our main event to make 350 care packages to individual-ly calling the hundreds of wom-en on our database to arrange transportation and housing, I realized that I was only one per-son working with one chapter, in one country, in one region—it provoked me to imagine the scale of service that was put into

every other chapter across the world. And our endeavors paid off; the women we worked with truly appreciated and acknowl-edged our hard work, which in turn heartened their own spirits to promote their own FYWMRIWWIW��%X�½VWX��-�SRP]�VIGSK-nized some of women as names on my Excel spreadsheet, but af-ter my internship, I was able to meet them in person and build a relationship with them. There is a certain inexplicable, yet LYKIP]� JYP½PPMRK� WEXMWJEGXMSR� XLEX�I got to experience when your enthusiasm translates to work and when that work translates to actual results.

Uncertainty should never be an impeding obstacle when apply-ing to summer internships. Al-though it would be nice to al-ways have a clear idea of what you want to do, this is not al-ways necessary. What is crucial is the pursuit of something that is relevant to your passions, or the eagerness to learn will be absent in your work. Be sure to search for something you think

you will enjoy doing, and from there you can polish your idea of your dream job. But for now, take a deep breath and unearth the possibilities—so that the next time someone asks you the question, you’ll have an an-swer.

The type of internship varies greatly depending on your field of interest, and each internship imparts a

different set of skills and work experience.

“”

All images courtesy of Emily Jun.

13

This past summer, I initially planned to be a Branch Manager for Revolution Prep. I had, in essence, convinced myself that having the freedom and responsibility to run my own SAT tutoring business would be a good chance for me to practice my entrepreneurial skills in a convenient environment close to home. Let me save you some time—don’t do something unless you’re actually interested in it. When it comes to the summer after your freshman year at Penn, there’s always so much pressure to get started early on with internships in XLI�½RERGMEP� MRHYWXV]��&YX�YRPIWW�]SY VI�EPVIEH]�GSQTPIXIP]�positive about what you want to do, try to keep an open mind early on and look at summer internships as a way for you to basically test-run potential jobs in any industry.

A few weeks into planning my summer as a “Branch Man-ager” (this term is really too vague—I was in charge of cre-ating and organizing my own teaching schedule, marketing these plans to high school students and their parents, han-dling sales and pricing, and actually tutoring for the SATs), I realized that I wanted to experience something newer and more exciting. So I did my research, scouring Penn’s intern-ship database for any positions close to Orange County, California, and dropped my resumé for at least thirty or so companies that were still looking for interns. I was looking for any position that sounded interesting, particularly any-thing related to marketing, branding, consulting, social media, fashion, or start-ups. By the end of May, I had interviews for two positions: as a showroom intern at the Ted Baker London US headquarters in downtown Los Angeles, and as a marketing intern at Benecci Corporation, a company that owns an Italian suit-manufacturing label called Santorelli as well as a newly licensed French clothing brand called Vicom-te A.

After successful interviews, I began working at both of these companies. Two days a week, I commuted to LA from Or-ange County to work behind the scenes at Ted Baker. Here, surrounded by young, hip, and predominantly British bosses, I learned an incredible amount about how the inside of the fashion industry works. I discovered what exactly a “show-room” was—not a retail location, but a headquarter where managers of the brand meet with representatives of big re-tailers such as Nordstrom, Saks, and Dillard’s. I found out that clothes are designed and produced two full seasons ahead in order to accommodate orders from these retailers, [LS�RIIH�XS�TYPP�XLIMV�SYX½XW�EX�PIEWX�E�WIEWSR�ELIEH�XS�TVI-pare for the upcoming season. I realized that everyone had to start somewhere, and for me, that was a lot of cold-call-ing, going down to the affectionately-nicknamed “dungeon” to dig out sample pieces needed for the next trade show in Vegas or New York, and organizing the showroom by col-lection and style. But I loved it. I felt like I was in the West Coast heart of fashion, seeing for myself what really made the retail industry go ‘round.

The other three days of the week, I went to the Benec-ci Corporation headquarters. My project was to research and put together a proposal on how Vicomte A., the newly acquired French brand, needed to adjust its social media—namely, Facebook—in order to successfully cater to the US market. It was an eye-opening experience trying to look at Facebook, a platform that our generation is almost too com-fortable with, in an analytical sense. From looking at brands that would be our competitors (such as Polo by Ralph Lau-ren, Lacoste, and Vineyard Vines), I worked with my team to decide how Vicomte A. should approach its social media in a unique way to distinguish itself from a multitude of similar

assionby GRACE GUAN

Don't do something unless you're actually interested in it...unless you're already completely positive about what

you want to do, try to keep an open mind early on and look at summer internships as a way for you to basically test-run

potential jobs in any industry.

P ashionFFOR

“

”

style brands. We even put together a potential marketing ad campaign with sample posts built around a set of themes and suggestions that we believed would truly engage the Facebook audience and draw them in as a potential Vicomte A. customer. Through meetings with the President of Benec-ci, the New York showroom manager, and the in-house de-signer, we all worked together to plan the best introduction of this new, European brand. I even got to meet the original founder and designer of Vicomte A., a French man by the name of Arthur de Soultrait.

It’s hard to say how my summer would have turned out if I hadn’t realized that there were other choices available. I’m so grateful for the opportunities that I was given this summer, and it only makes me even more motivated to plan and research ahead for next summer. For now, I’ll just keep following my interests, and I can’t wait to see where it ends up taking me.

14

Images courtesy of Google and Grace Guan.

15

Banking, consulting, banking, consulting. Inevitably, that is [LEX�QER]�SJ�YW�[ERX�XS�HS��ERH�XLMW�MW�XSXEPP]�½RI��,S[-ever, investment banking and consulting internships are extremely sparse and hard to come by for freshmen and sophomores, so what other opportunities are there for those of you looking for some real-world experience and perhaps extra change over the next summer?

8LI�4SWMXMZIWAs a freshman or sophomore, many of the internship opportunities that you seek will be less structured and QSVI�¾I\MFPI�XLER�NYRMSV�WYQQIV�MRXIVRWLMTW��[LMGL�XIRH�to have stricter hours and a higher number of required [IIOW��8LMW�QIERW�XLEX�]SY�TSXIRXMEPP]�LEZI�XLI�¾I\MFMPMX]�to schedule two internships back-to-back or even simul-taneously.

=SY�[MPP�EPWS�½RH�XLEX�WSQI�MRXIVRWLMTW�MR�GIVXEMR�MRHYW-tries and at some companies have “diminishing marginal VIXYVRW²�XLI�PSRKIV�]SY�[SVO��WS�-�[SYPH�EPWS�HI½RMXIP]�recommend negotiating your internship length to what you think makes the most sense.

For me, I chose to do two concurrent 12-week intern-ships that aligned with my future interests – biotechnol-SK]�ERH�½RERGI�

8LI�7GMIRGI�-RXIVRWLMTStudying in the Life Sciences & Management Program here at Penn, one of our requirements is to complete a science internship; being interested in biotechnology, I chose to intern at a biotech company called Vertex Phar-maceuticals in Cambridge, MA.

To give you some context, Vertex is a company develop-ing drugs in two major disease markets – Hepatitis C and ']WXMG�*MFVSWMW��-R�������:IVXI\�LEH�MXW�½VWX�HVYK�ETTVSZIH�by the US Food and Drug Administration for Hepatitis C called Incivek. It turned out to be the fastest drug ever to VIEGL����FMPPMSR�MR�WEPIW��ERH�MX�WYVTEWWIH�XLMW�½KYVI�MR�PIWW�

than a year! Knowing that this company was at an exciting point in its history, I decided that I could learn a lot from working at this company.

I started my internship with Vertex in June, and was initial-ly placed into the Gene Expression group, which focused on using animal or bacterial cells to produce proteins of interest. These proteins were oftentimes the “targets” of potential drugs and could even be drugs themselves. Thus, our job was to produce enough to optimize the process of producing proteins for other studies – biochemical, emzymatic, etc.

Wanting to learn as much as possible about how the bio-tech industry works, I decided to explore and also ended up doing work for the Enzymology, Biochemistry, Struc-XYVEP�&MSPSK]��ERH�*MRERGI�HMZMWMSRW��8LMW�I\TPSVEXMSR�HI½-nitely helped me to better understand how the different divisions of biotech companies come together to achieve their ultimate goal – produce life-changing therapies.

8LI�-RZIWXQIRX�-RXIVRWLMT�&IMRK�QSVI�SJ�E�½RERGI�TIVWSR�ERH�YPXMQEXIP]�[ERXMRK�XS�KS�MRXS�½RERGI��-�EPWS�TYVWYIH�ER�MRZIWXQIRX�JYRH�MRXIVR-ship with a small fund called Global Platinum Securities (GPS). The great thing about GPS is that summer analysts are able to work remotely via weekly Skype conference calls. While I worked at the biotech company from 9AM-6PM on weekdays, I dedicated myself to GPS work on weekday nights and weekends.

GPS is a long-only value investment fund with six different sector groups – consumers, energy & natural resourc-IW��½RERGMEPW��LIEPXLGEVI��MRHYWXVMEPW��ERH�XIGLRSPSK]��%W�E�summer analyst, I was able to rotate between the two sectors of energy & natural resources and healthcare.

1]�½VWX�VSXEXMSR�[EW�MR�IRIVK]��REXYVEP�VIWSYVGIW��ERH�XLMW� VIEPP]� I\TERHIH� XLI� FVIEHXL� SJ�Q]� ½RERGI� ORS[P-edge. I was able to value different gold mining companies

Underclassmen Internship Advice

by Joshua Liang

16

and natural gas producers to ultimately determine which companies we could potentially invest in.

My second rotation was in healthcare. The best thing about this rotation was that I was able to directly apply what I was learning from my work at Vertex in order to ZEPYI�FMSXIGL� GSQTERMIW� JSV�+47��8LI� WGMIRXM½G� ORS[P-edge allowed me to better translate clinical data into pro-jections of drug sales.

4YXXMRK�MX�8SKIXLIV�ERH�%HZMGIWhether you choose to do one, two or more internships during your summer, keep in mind how you will be able to apply what you learn during your internships to what you ultimately want to do. For me, my long-term interest MW�[SVOMRK� MR�½RERGI� MR�XLI�LIEPXLGEVI� MRHYWXV]�WYGL�EW�healthcare investment banking, venture capital, or private equity. Even though my summer internships were not ex-actly in any of these categories, I was still able to develop transferable skills that will be applicable to my goals.

%W�E�PEWX�TMIGI�SJ�EHZMGI��RIZIV�YRHIVIWXMQEXI�XLI�¾I\M-bility of underclassmen internships. Not only should you tailor the number of weeks of your internship to your needs, but you should also take advantage of opportuni-ties to explore other groups and divisions that you are MRXIVIWXIH�MR�[MXLMR�XLI�½VQ��Your freshman and sophomore summers are the best time to explore and build fundamental technical skills, so try to apply to lots of internship positions in industries of your interest and take advantage of these great learning opportunities!

Keep in mind how you will be able

to apply what you learn during your

internships and what you ultimately

want to do.”

“

All images courtesy of Google.

17

±0SSO�� ½VI[SVOW�²� -� [EOI� YT� JVSQ� Q]�dozing with a start. Fireworks? Where am I? I look around sleepily and see my computer screens, with Excel open on one monitor and a 10-K open on the other and realize that yes, I am indeed WXMPP�MR�XLI�SJ½GI��%RH�MX W�XLI�RMKLX�SJ�.YP]��XL��[LMGL� I\TPEMRW�[L]� XLIVI� EVI� ½VI-works going off outside. After taking a mini-break with the other interns, I get back to work on my model and quick-P]�½RMWL�YT�WS�-�GER�VI[EVH�Q]WIPJ�[MXL�bubble tea on the way home.

The above is actually a true story from my summer internship, when I was work-ing in sell-side equity research. Let me start by going over what “sell-side equity research” really means and then go into XLI�WTIGM½GW�EFSYX�[LEX�Q]�NSF�IRXEMPIH�

The job of the sell-side equity research analyst is to become an expert on a cer-tain industry and group of companies and then provide published research, ratings on stocks (buy, sell, neutral), corporate access, and other events to help inves-tors understand a particular stock. The culture varies greatly between different WIPP�WMHI� VIWIEVGL� ½VQW�� JSV� I\EQTPI��some companies really value the client service aspect (providing data and mod-els, being available on the phone to chat about stocks), others really value being right on stocks (and thus the analyst’s performance is tracked on how “right” they are about their buy and sell stocks), while still others value establishing rela-tionships with the management teams of various companies and being able to pro-vide access to them for clients.

Most of the time, teams in equity re-search are extremely lean. Each team LEW�E�ZIV]�WTIGM½G�JSGYW��WYGL�EW�QIHMGEP�devices companies in the US, European banks, or other luxury retailers. In an in-

vestment bank with an equity research arm, at the head of the team is the Vice President, who has had multiple years of experience in a particular industry and handles most of the client and manage-ment contact. The knowledge base of the VP is enormous, as they are expected to know even the minutest details about the companies they cover, as well as the personalities of the management teams. Working with the VP is an associate and an analyst, who do more of the hands-on modeling and analytical work, but also get exposure to client events and head coverage of a few of their own stocks after becoming more familiarized with the industry.

As a summer intern, my project was to initiate coverage on a company that my team had been wanting to learn more about and eventually cover. Although the internship was ten weeks long in total, I really only had six weeks to ramp up on a completely unfamiliar industry, know more about my particular company than anyone else in my division, build a com-prehensive company model from scratch, present a stock pitch (buy or sell) to the senior management of my division, and write an initiation report summarizing my work. Luckily for me, my team allowed me to focus on my project instead of try-ing to simultaneously balance day-to-day [SVO¾S[��1]�XIEQ�[EW�EPWS�GSQTPIXIP]�supportive, even as I stumbled along and asked a million and one questions. On a daily basis, I worked with an analyst on my team to slowly build up parts of my model. My VP only checked in on certain milestones and gave big picture feedback for moving forward, so there was a great HIKVII�SJ�¾I\MFMPMX]�SR�XLI�HMVIGXMSR�XLEX�I could take my project. At the end of the summer, I was proud to present original work and my own analysis; it was overall a completely rewarding experience.

To sum up, I just want to share the top three things that I learned through my summer at a challenging, but also re-[EVHMRK��½RERGI�VIPEXIH�MRXIVRWLMT�

1. %WO�UYIWXMSRW� Don’t ask the most basic questions that you can just Google ]SYVWIPJ��FYX�EJXIV�RSX�FIMRK�EFPI�XS�½RH�the answer after an attempt or two, ask your question. Your team will appreciate the open lines of communication and also have a better sense of where you are and what you need help with. Also be sure to know to whom you should be asking certain questions, as they differ between the analyst and the VP.

2. 2IX[SVO�� Take advantage of the extremely intelligent people around you and ask people to grab coffee or lunch with you. Find mentors who are willing to guide you and want to see you grow and succeed (although arguably every-one wants to see you succeed). Learn more about what groups are doing. And don’t forget to network with your peers too, since these are the people who will be with you as your career progresses.

3. %GGITX� ]SYV� QMWXEOIW� Know when you are wrong about something or when you messed up on a deliverable. Be XLI�½VWX�XS�FVMRK�MX�XS�PMKLX�ERH�ETSPSKM^I��Don’t try to make excuses for yourself, but explain yourself. Fix it. Write down your mistake on your mistakes list (trust me, you’ll have a list) and never, ever make the same mistake twice.

Feel free to follow up with any questions by emailing at tesun@wharton.upenn.edu. And in case you were wondering, we LEH�E�WTIGXEGYPEV�ZMI[�SJ�XLI�½VI[SVOW�JVSQ�XLI���WX�¾SSV��-R�JEGX��E�FIXXIV�ZMI[�than people who purposely went to see them.

A Look into the Summer Internship in Investment Bankingby Tina Sun

Image courtesy of Google.

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