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What do summer analysts actually do?

I've never actually had a chance to be in this much coveted position that we call "Summer Analyst", and probably won't at this point. I understand that the role of a summer analyst in ibanking depends on what field they're focusing on. I'm not asking a general question, I was just hoping that people who have done summer analystinternships of any finance field would tell me first their specific field, and then their actual roles/daily responsibilities.

I have been told that interns are usually given grunt work and administrative tasks where they aren't doing much, or just watching people, especially with trading because companies don't want interns risking actual revenue. Is this true? How helpful was your summer program?


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