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Former Intern
KathyKathy is a former fundamental analyst intern who’s now a team member. She discussed the opportunities she found on the desk during the 11-week summer internship program and the culture of collaboration that drew her to the firm.
Read Kathy’s interview to learn more about her internship experience — the real-world problems she worked on and the learning and growth she experienced.
How would you describe your internship experience?
One of the first things that comes to mind is challenging but not in a negative sense. One of the reasons I was attracted to this internship was that it was challenging, and I knew I was going to learn a lot. The internship is as much about learning how to navigate missteps as it is just learning about actual market fundamentals. It taught me a lot about being resilient, reaching out, asking questions and navigating a professional workspace.
Let’s talk about the projects that you worked on. What type of work did you do?
My main project was a systematic study of how sell-side research reports impact equities. The main focus was an effort to quantify the effect different factors have on those equities. In addition, I covered three or four stocks at about the same level as a full-time analyst. We were basically the point person on those names for traders or other analysts.
That’s interesting. Can you elucidate further?
It was a huge learning experience. I covered consumer names. Learning about stocks from case studies in the classroom is one thing, but in the actual market, it’s different. You have real-world checks, real-time feedback. One thing that was really cool is one of the companies I covered had recently been spun off, and it was their first earnings after that. I was really encouraged to look at priors and at other companies that were spinoffs and reach out to our sales analyst to gain insights on the thought process behind these corporate actions and how that might affect earnings. I was given a lot of freedom as an intern to look into these companies, and I really appreciated that I was able to chase down whatever opportunities I thought were interesting.
“One thing I really like is that the desk is very collaborative.”
Did you feel your project was relevant to the business?
It definitely felt like relevant work. Today we still use certain benchmarks of that project, which future intern projects have also built upon.
Now as an employee, I see how deliberate the firm is when designing these projects. They ask, “Is this something where an intern can come up with really interesting findings and contribute to the desk?”
What was your experience like working at the desk?
It felt great to know I’m contributing to the desk. One thing I really like is that the desk is very collaborative. So being able to have something with my name on it that is referenced and has added value to the desk, even though I was an intern, is something I’m proud of. Your role is just one piece of the puzzle—all the interns are doing it as well, so it becomes one beautiful mosaic or a collage of different projects.
What was it like to handle that level of responsibility?
I think it forces you to be a self-starter and really push yourself. It’s a lot of intrinsic motivation that makes someone successful here. It’s true as an employee as well. So it was a lot of being willing to ask questions and take a stand and thinking, “OK, I’m putting something out there. I could be wrong.” But getting feedback from other analysts is very helpful.
What were your interactions like with full-time employees?
When I was an intern, I was given a buddy, an intern manager and a project manager. They all had their separate roles. My buddy was someone who I could go to with more personal questions like, “How do you balance work, and how do you balance being in New York City and being fresh out of college?” They went through that more recently, and I felt more comfortable asking them those questions.
My intern manager was a point of contact for more professional questions like, “If I joined here full-time, what would my career progression look like? What are the opportunities for leadership?” It was nice to be able to have those formalized relationships.
One thing that’s really encouraged on the desk is shadowing everyone on the team. That gives you a sense of their day-to-day role and lets you learn about the technicals from them. Also, it’s great just to meet people on the desk. When you join full-time, you already have that network, which is helpful.
What’s a reason someone should consider an internship at Citadel Securities?
One thing that I haven’t touched upon is that I really enjoyed the level of talent here. Within Citadel Securities, you’re surrounded by some of the smartest people in the industry, and during the internship, I felt it was very collaborative within that cohort. The level of collaboration with people who are the best at what they do was something that really drew me.
How did the internship impact your career?
Being an intern here really allowed me to hit the ground running as a full-time employee. I just knew the system, the process and the people on the desk, so it allowed me to jump right in. As with the internship, I have a lot of responsibility, and I am still given free rein to chase what I think is interesting, which I really appreciate.
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