An Uncommon Experience

Experiential Learning at Its Best

For years, undergraduate business students have dedicated the summer prior to senior year to completing an internship where they can gain experience to help secure full-time jobs. Now undergraduates seek the experience earlier and earlier so that more than 70% of students at the Villanova School of Business graduate with two or more internships.

That wasn’t the case nearly 15 years ago when William “Bill” Donnell ’77 VSB first hired a rising junior from VSB for a summer internship at one of Wall Street’s premier firms, Merrill Lynch. Since then, he’s hired a rising junior each summer for a demanding yet transformative experience that many say sets the bar for all internships in terms of development and outcomes. When asked what makes this program so successful, Donnell says it begins and ends with one thing: Villanovans help Villanovans.

An Uncommon Experience

Without a doubt, this internship demands a lot. At a minimum, the intern supports Donnell’s team of eight (four financial advisors and other staff) by conducting research, answering phones and handling anything else that’s required. In the process, Donnell underscores the importance of teamwork and a strong work ethic.

The experience also includes several independent projects designed to apply theory to practice. One project requires the intern to create an algorithm to assess hundreds of investment managers using market data, and metrics as a financial firm would. Another involves analyzing municipal bond credit ratings based on demographics, taxes, pension liabilities, and the overall financial and economic conditions of each state. Although these projects never factor into any investment decision making, the intern must present their work formally to Donnell’s team or an industry expert.

Beyond the hands-on work experience, the most meaningful part of the internship happens outside the office on the intern’s own time. Through Donnell’s massive network of connections on Wall Street, he arranges for the intern to spend one day per week meeting with Villanova alums working in every corner of Wall Street. As Donnell emphasizes, it’s critical to see not just one job but all of them to gain some perspective on the industry.

“During my internship [in the summer of 2008], I saw on the floor of the New Stock Exchange, met with a commodities broker, spoke with investment bankers [and] networked with wealth management professional and many others,” explained Laura Valentine ‘10 VSB, who now works for Bank of America in the Chief Investment Office. “One of those meetings ultimately led to my first job after graduation in wealth management.”

Powerful Forces at Work

Among those who know Bill Donnell, the depth and breadth of this internship comes as little surprise. It reflects his 20 years of dedication to VSB, surpassed only by his commitment to his family and career.

He wanted to create an experience where rising juniors could focus as much on self discovery as work experience and professional development. Donnell believed that if they found the part of Wall Street that fit their strengths, it would lead them to more than a job; it would help them chart a career.

“At the start of my internship, I saw myself potentially pursuing two very different paths [investment banking or trading],” explained Mike Waterfield ‘17 VSB, who interned in the summer of 2015 and now works as a structured products analyst at Goldman Sachs. “Bill arranged meetings where I could talk with alumni working in both areas, which helped me realize where my passions and interests aligned.”

Establishing Strong Connections

Every summer, Donnell concludes the internship with a special dinner in New York. He invites all the prior interns no matter where they are or what they do. Most attend, as they think of one another as their “Intern Family,” connected by their shared experience of working for Donnell. The dinners take on something of a holiday feel.

“It’s something I look forward to every year [because] I want to hear about everyone’s continued success,” Waterfield described. “Ultimately our success is a reflection of Bill’s commitment to Villanova. He’s entirely responsible for opening the first door for us. We want him to share in our accomplishments.”

Beyond their own career aspirations, the experience has inspired Donnell’s “Intern Family” to do for others what Donnell did for them. They recognize the connection between giving back and the continued success of the Villanova community.

“Every bit of effort that alumni give back ultimately helps the value of the Villanova brand,”explained Waterfield. “We currently have a lot of traction and support from the University’s alumni, and it’s exciting to think where we might be in 10 years.”

Excerpted from the Summer 2019 issue of Villanova Business Magazine. Read the full article here.