Q&A: The Internship Experience | Investing

What stands out to you about your experience in the internship program?

During the Citadel internship, you get treated like you are a full-time employee. It’s rewarding in so many different ways and puts you on a very accelerated learning path. You are given real responsibility, working on real problems. These are real projects that the business would have worked on even if you weren’t here.

What projects did you work on? What problems did you help solve?

As part of the trading internship, you work on two projects: One is a macro project, and the other is more of a relative value-style project. My macro project was trying to develop a signal that would be used as part of an FX multifactor trading model . That was a great project. I was given free rein to find a signal to distinguish between the best and the worst predictors. The end result is that it got included in the model.

It started as a research project, but then it became focused on how to add value. The goal from the outset was to develop my project so that the business could trade based on my insights. My project was implemented, and the team began trading just a couple of weeks after I left. My work is still in use today.

Were you surprised that, as an intern, you were assigned such important work to the business?

That’s one of the biggest highlights and what makes it so different from any other internship. You’re doing work as an intern that is almost identical to your teammates who already work there. You’re given the responsibility of researching a critical topic and the guidance, support and independence to get the work done quickly. It is just incredible to think you’re still at university, but you have a role where you’re adding tangible, quantifiable value in a short time period.

Did you have significant interactions with senior people in the firm?

Yes, the firm has such a flat structure that you get quality time with people who are very senior. Whereas at other firms, an intern wouldn’t have that opportunity. For one project, I worked directly with a portfolio manager on a day-to-day basis. It’s just incredible the things you can learn from people who have decades of experience and are experts in their field.

You made two presentations to the head of the business. Is it uncommon for an intern to have that level of access?

Actually, it is a featured part of the internship in Fixed Income and Macro. For each of the two projects, you present what you’ve been working on to the head of the business. He always has incredible insights. The purpose of the presentation is not just for my benefit either; the project is important to the business, and they’re going to use it.

What stands out most to you about being an intern here?

The attitude of continuous learning. I ended up with loads of books because people just kept enthusiastically recommending more books or certain papers for me to read. The team is invested in your learning and constantly looking to help you with anything you’re interested in — whether that’s directing you to some particular research or dedicating their time to helping you understand a subject. It feels like they have a stake in your development.

How did the internship help increase your career trajectory when you returned to the firm full-time?

If you want responsibility early, you’ll get it here. People are willing to put their trust in you. They’ve got so much invested in you that they want to see you develop and achieve your maximum potential. I’m in a position years ahead of someone who didn’t start at this firm. It feels like what I can achieve isn’t limited by anything. There’s essentially no bureaucracy; it’s just purely meritocratic and collaborative. I also appreciate that everyone is interested in seeing you get better and grow in your career, which benefits the whole team. It’s the opposite of a zero-sum game.

What about our culture do you think is compelling to a prospective intern?

The culture here is exactly the culture you’d want if you’re looking to thrive. You’re surrounded by incredibly intelligent, personable people who want to get the best out of you and help you grow. You get a higher level of access to senior people than you would at any other firm. Within 11 weeks, you complete two projects that will be used to deploy capital around the world. It’s incredible. You cannot have as big an impact anywhere else.