Checking Out the Real World Through Internships

From the Winter 2006 issue of Connections

Lauren Teitel used to think she wanted to go to law school. Yet as the Hackley 2001 alumna approached the end of her senior year at Middlebury College, LSATS under her belt and law school applications before her, she wasn’t so sure that was the right path at all. In search of answers to the question, “What do I do now?” Lauren investigated the options offered by Hackley’s internship program, Opportunities.

One of the opportunities caught her eye. Hackley parent Ken Dengler had offered an internship at the start-up company where he works, Soleil Securities. Founded in 2003, Soleil provides institutional investors with value-added equities research produced by its network of independent analysts and boutiques. The firm provides trading services through which asset managers direct brokerage business as payment for the research. The internship opportunity was defined as “Varied and unlimited. Responsibilities depending on individual talent, experience and expertise. Everything from website design to PR writing to database management.” Lauren was attracted by the prospect of working for a small company in the finance sector, where she would have the opportunity to see firsthand how a small business runs, and, she notes, to face her “fear of numbers.” She also checked out the management team on the firm’s website, and found that she and Ken Dengler shared some common bonds – their connection to Hackley, and a shared college alma mater, Middlebury. So, even though she had no experience in finance or trading, she decided to pursue the opportunity.

“I found in my various job interviews that Hackley has a great reputation with people in New York City,” Lauren notes, even among those who do not have children at Hackley. Yet she finds Hackley parents and alumni to be an especially wonderful resource for young alums. “People who know Hackley well are that much more likely to take a chance on a Hackley student. They know what values we’ve been taught; they know what kind of work ethic we have. We share a similar attitude toward work, and that attitude is so important.”

Lauren interviewed with Soleil in the spring, and Soleil agreed to offer Lauren a summer internship, with the understanding that if the arrangement worked for her, and worked for Soleil, they could discuss her staying on beyond the summer. Lauren notes that this gave her the chance to try something new without feeling any risk of a downside. “It gave me a taste of finance without having to make a huge commitment. It meant I didn’t have to get into the real world too fast,” Lauren says.

Yet the real world still hit hard, when she arrived to start work. “They get here so early in the morning!” reflects this recent college grad who had diligently avoided morning commitments since, well, Hackley. Working with a team that has already logged a few hours at the desk when the market opens at 9:30 a.m. was something altogether new.

For her first month, Lauren was assigned to operations. She learned what went into coordinating the network of independent analysts who work with Soleil, and what it takes to run the day to day of the business. In her second month, she shadowed research salespeople and sales traders, and had the opportunity to observe and learn what they were doing. She joined the daily conference calls with the analysts, and then saw the way the sales team took the information from these sessions out to their client base. “Every sales person has a different background. One was a music major, another an analyst, and another an attorney, and they all ended up in equities sales. It’s interesting to watch the different styles – the young ones who are nervous, the experienced ones who are laid-back,” Lauren observes. Lauren then spent her third month sitting with a member of the analyst team, helping him with research, daily reports, and analysis. “Last week, I called 50 Best Buy stores to find out how the Ipod Nano was selling. Then I sat down with my research to draw the conclusions that become part of Soleil’s product.”

Her excitement for the experience is palpable. She is “in awe of the people” she works with, whom she calls “intelligent and wise.” “It’s great to see how, with good leadership, people can really make a difference in an organization. At Hackley and at Middlebury, you are surrounded by smart people. It’s very special for me to find an extension of that, beyond school.”

Was there any culture shock, coming from Middlebury to this world of Wall Street sales traders? Lauren said, “The only culture shock is the actual matter of ‘finance’ itself. It’s like speaking a new language. Otherwise, I really haven’t had a problem.” She credits her Hackley education in large part for this. “Hackley goes beyond teaching you history or science – it teaches you to THINK. That’s the best lesson. I took two years of Calculus with Mr. Clark – it took me two hours to do my math homework every night, but he taught me to face what is on the page and not be afraid to try something that looked scary on the surface.” She feels as though the people at Soleil accorded her some respect upon her arrival because of her academic background. “They knew I could write; they knew I could solve problems. They value self starters, people who take initiative.” She believes these strong foundations give a young person the capacity to approach any challenge with confidence. New as she is, “I also don’t feel that I’m not able to participate. And I can’t wait to get deeper into it.”

What next? The three-month internship came to a close in September, yet Lauren has been invited to stay on at Soleil. She is thrilled. “I really believe in what Soleil does, and I want to be there to watch it grow.” She looks forward to having the chance to use her writing and analytical skills more, and is especially appreciative that a Hackley parent helped open this door for her. “It’s so nice to find individuals interested in my career and in helping me find what I want to do, as opposed to what I can do for them. It really makes a difference when someone takes note of you and takes an interest in your path.” Happily settled in New York City and enjoying her work, she jokes, “Now I just need to learn how to cook!”

What advice would she offer to other Hackley students and young alumni considering their options? “Try different internships – you’ll be surprised about what you will like. You won’t know until you are there whether you really like it or not.” She mentioned an earlier internship with a senator, where she learned – to her surprise – that she did not want to be a lobbyist. She also encourages students to take these opportunities seriously. “If you have an internship, it’s important to make a good impression. You never know where it will lead.”