Internship Recruiting: Navigating the Process

Today, I spent a couple hours chatting with college and grad students about their potential career paths, and there are many parallels with my own internship hunt. For Throwback Thursday, I'm sharing article #6 of 11 that was published in BusinessWeek in March 2000, just days before the first Internet bubble burst.

MARCH 2000 - BUSINESSWEEK

Back to Class

Given the scant three-week winter break, I was caught off guard by the sudden start of the second semester. Although it was hard to believe that a quarter of my MBA experience had already passed, it was comfortable stepping back into familiar surroundings. However, as I walked into Shad Café on the first day of class to meet my study group, I was greeted by a sea of unfamiliar faces. In the unusually crowded room, the new wave of January cohort students filled up the tables with their diligently prepared first term cases and freshly typed analyses. Unfortunately, along with many of the veterans of the September cohort, I strolled in too late in the morning and was left without a place to sit.

The shift from the first to second semester classes was another major personal adjustment. My five new classes consist of Competition & Strategy (C&S), Finance, Negotiation, the Entrepreneurial Manager, and Business, Government & the International Economy (BGIE). While our first-term classes were chiefly designed to develop basic building blocks, our broader second-term classes are focused on integrating learning across different disciplines. As I struggled to get a grasp of these new courses, I couldn't help but turn my attention toward the summer job search.

The Internship Recruiting Process

In general, Career Services manages two main avenues for the summer job search. The first is the structured on-campus interview route, which targets traditional companies such as investment banks and consulting firms. Using the Web-based HBS Job Bank, students simply look up opportunities and submit cover letters/resumes by the end of December. Soon afterwards, companies review the resumes and submit "closed" interview lists back to the school. In early February, companies visit the campus for first and second round interviews, and many students have job offers secured by mid-February.

The second avenue is the networked/independent job search, which targets positions outside the mainstream and requires considerably more effort on behalf of students. Since many companies do not have preset internships, this search facilitates contacting companies and creating tailored summer jobs. This route is excellent for those already interested in specific companies or industries, no matter how small or obscure. Through the 35,000-member alumni database, chances are excellent that you'll find someone who works at a company you're interested in. However, patience is key -- final offers frequently do not materialize until April or even May.

Between these two avenues, last year's statistics indicate that, on average, first year students wrote 23.4 cover letters, conducted 10.7 interviews, and received 3.6 offers. Outside of Career Services, a series of focused "Treks" reach out to cover cities such as Tokyo, Seattle, San Francisco, Boston, and New York. These Treks, which last for several days, offer location-specific searches, usually targeting smaller and high-tech firms. Student volunteers coordinate with companies in each of the Trek cities to organize on-site corporate presentations. Once the final schedule is set, students can choose to visit any of the companies. Through these events, a mutually beneficial learning opportunity as well as an efficient job-market exchange is created.

Finally, the HBS Clubs are a tremendous source of information and leads. For example, the High Tech and New Media Club attracts many technology-oriented companies, while the Entrepreneurship Club provides business-plan help and publicizes opportunities for VC funding. The clubs also bring in senior-level industry speakers and sponsor conferences such as Cyberposium 2000, which attracted companies and business school students from around the globe. All the while, the student community sends out regular e-mails regarding the latest hiring needs and startup prospects.

Attitudes In a Robust Market

During the fall, first year students were bombarded with job info, and it seemed as though there were ten jobs for each of us. It was difficult sorting through the deluge of mail and fending off phone calls from recruiters. As the siren call of opportunity lured students towards new ventures, fewer people utilized the traditional job-search channel. In fact, as the December deadline passed, several students had chosen not to write a single cover letter.

As a result of the proliferation of job prospects, as well as the school's grade non-disclosure policy, I found the interviewing climate to be extremely non-competitive. First- and second-year students shared advice and insights on a host of opportunities. As for the level of student preparation, it ran the gamut. Some felt compelled to take advantage of all of the mock interviews, accept extensive resume-writing help, attend every optional information session, and send out dozens of resumes. Others took a more relaxed approach and barely prepared at all. I chose a path closer to the latter.

Mixed Blessings - The Search for the Perfect Position

Due to a peculiar circumstance with a non-compete clause, I have a significant incentive NOT to work this summer. Not surprisingly, as I sifted through the sea of opportunities presented last fall, I dismissed most of them. However, I wanted to use this opportunity to window shop, and I learned more about the vast range of professions during the past few months than I had during the past few years.

As part of the exploration, I submitted a couple of resumes to investment banks through the traditional on-campus process. I thought that a summer experience in underwriting could be interesting, so I made arrangements to meet with four firms. Soon after my interviews, I was blindsided by bad news -- not one of the four firms extended an offer. Despite my impaired sense of self-esteem, I quickly realized that I did not have a compelling reason for why I wanted an IB internship, short of "wanting to see what it's like." Thankfully, this did not jeopardize my search for my ideal job.

Turning my attention to other recruiting resources, I attended BostonTrek, a two-day excursion connecting 300 HBS students with over 75 Boston based companies. Some of these businesses were tapping into the MBA internship market for the first time, in stark contrast with blue-chip firms. Throughout the company visits, a mixture of business models were discussed, and I attempted to absorb the various nuances. During one of the presentations, when I found myself vehemently disagreeing with some basic assumptions, I knew I was on the right track to finding an engaging summer role. In addition, the high level of passion and enthusiasm possessed by these companies was contagious. Currently, their specific summer hiring needs are being formed, and their interview schedules are starting to take shape.

The Next Step

The snow has finally melted in Boston, and at this point, many of my classmates have accepted promising summer positions. However, just as many classmates still face uncertainty, grappling with the choices laid out before them. In looking at my own situation, I face a unique dilemma: Should I seize the rare opportunity not to work this summer, freeing myself to pursue non-professional interests? Or should I try to step through one of the open career doors that lay before me? I'll keep you posted.

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