One great piece of advice any banker/hedge funder will give to the new recruits isn't what they will want to hear.
Don't go to the Hamptons.
"You don't want to be in the Hamptons. How are you going to be working on Monday? You have 8 weeks to prove yourself. It's insane! We had an intern last year, and the guy was on call 24/7," one hedge fund portfolio manager, who also spent many years working at a bulge bracket bank, told us.
Another senior-level banker told us that even he doesn't go to the Hamptons because of his busy schedule.
One way to think about an internship is that it's essentially a several-week long interview. You want to be a standout amongst your fellow interns (in a good way, of course). That means you need to make yourself available and work extra hard. Get in early. Stay late. And kick butt at your job. Yes, some firms have limits on the hours that you can work these days, but you need to be there when you can.
And if and when you do get a full-time job offer, you'll be able to enjoy the rite of passage of heading east another summer.
Until then, stay in the city on the weekends.
If you're a Wall Street vet and would like to share you best advice, or perhaps even a cautionary tale, with this year's intern class, feel free to email jlaroche@businessinsider.com. We can keep you anonymous if you wish.