eFinancialCareers

Our investment banking internship has come to an end and our intern reflects on the experience.

The final week of my internship was a relaxing one; I didn’t have to do very much as different analysts came to take over all my work and projects.

On the whole, the experience has been enjoyable and I have learned a lot about the nature of the work and the working environment. But I have also found out a lot about myself: I never knew that I could learn so many new things so quickly, sometimes without any guidance at all. And after spending the last ten weeks in investment banking, I can see myself doing this for real.

The teams are full of such different personalities – both interns and full-time staff – that it does take a bit of effort to get on with everyone; but I certainly will keep in touch with some of the people I worked with.

I really believe that the internship has been useful to everyone in the intern class. I personally found it more useful than studying for a term at university and I would not hesitate to recommend a summer internship in IBD to anyone interested in finance. After all, it's only ten weeks out of the long summer break and, if you get on, it could lead to a graduate job. Even if you decide it's not for you, it is still extremely helpful for the work experience and what it teaches you about corporate finance.

Whether you decide to work full-time in investment banking is a decision only you can make. More than just a career decision, it really is a a choice of lifestyle – while some people prefer more of a work/life balance, others do not.

At the end of the internship, I was given formal feedback and an exit interview (though this may have benefited the recruiters more than the interns) It was good to know that all my efforts and the late nights spent on slides and spreadsheets were all appreciated. And at the end of it all, the bank invited me to join their graduate program.

Week nine

This week proved to be enjoyable, though still very busy. To begin with, one of our clients got back to us after reading the documents that we had sent them a few days ago, so I was asked to join a conference call with my VP, MD and a representative from the client. I was there to take note of any changes made to our original document but overall, the client seemed very pleased with our work.

After that, I went to a meeting with the team responsible for a project I had been assigned some work on. It was an interesting project to work on for an intern as it was not just the same old multiples or company profiles. As one of the analysts was going on holiday, an intern from another area was brought in to help us on the project - it was quite a tough job for the poor intern, as he came in with no prior knowledge of the project, he was given a lot of work by the VP and he was expected to take over the responsibilities of the analyst on holiday!

As the week drew to a close, I decided to take a little time off work to join some of the other interns in a social event in what was probably the last gathering for our class of interns.

On the whole, it was a really enjoyable week. I even got to manage a printing process for another deal I was working on – however odd that may sound.

Week eight

All through this internship, my 'buddy' has given me very useful advice. For example, it is extremely important to ask for clarifications if you are unsure about any aspect of a particular task; it helps to confirm the things needed to be done when given the task. The work for interns is not rocket science so I can definitely do it well; however, the people around me would judge me by how I go about doing it.

This brings me to another useful tip by my buddy. Although it is imperative to ask questions, make sure you get the timing right! Don't ever approach an analyst tied up with work late at night just to ask silly questions. The same applies to 'networking' with an analyst late on Friday or Saturday when you know he/she doesn't really want to be there entertaining an intern. For them, this is irritating.

I have been asking around for informal feedback at work after my mid-internship review. People are quite happy with my work and my attention to detail and they also noted the commitment I put in to get the job completed. However, I can see that the analysts were impressed by some of the other interns who showed that they were always 'on the ball', even with simple tasks such as entering data into a spreadsheet! I am probably too relaxed when it comes to this type of work, but I still get it done error-free.

For the past week or so, I have been getting emails and invitations to attend 'social events' organised by other banks. These events are usually held in the evenings to enable interns like myself to attend; but I don't know if they are really meant for interns in investment banking divisions, since we usually work throughout the evenings. I would have liked to attend one or two of these just to meet up with friends and catch up on what they have been doing. But realistically, with the hours that I am working, there is little chance of going to any of them.

Week seven

I really get the feeling that this is week seven and I can just feel that all the interns are looking forward to getting a job offer; this has been the main topic of our conversations for a while.

I have to say that, from my experience of working with the other interns, people with internship or work experience are not necessarily better or more efficient workers. Sometimes, common sense and the ability to get things done just come naturally and work experience is just there to help develop them. There are a few interns who I am particularly impressed with, though, and, if they really put the effort in, they can be as productive as an experienced analyst. The stars in my intern class are those with 'the right attitude': I would certainly hire them to work for me!

During the week, I tried to find time to go for drinks with some of the interns. It is important to mix and network; after all, I won't get to see most of them for a while after the internship.

At the moment, though, I am involved in a few big transactions. I will be really proud if any of these eventually materialise. One of them, my favourite, is currently in the closing stages but I doubt it can be finalised during my time here. I have done a lot for this transaction, including preparing presentations for senior management, preparing transaction documentations and working on the financial models with some of the analysts – not to mention the hours spent on research, etc.

I am also putting together a pitch for a major European company, which is constantly being passed between a VP and myself. Unfortunately, the reality is that a large proportion of pitches fail. The mundane part of these tasks is to keep updating the details of the presentations, but it helps give an idea of what the whole project is about.

Week six

Week six – and I feel very happy with my progress so far, having overcome the challenges I have faced.

I get on quite well with the people in my team; I am very fortunate that my buddy, who has been working at this bank for a few years, is a really nice and approachable guy. I know that I can talk to him whenever I have problems and he will definitely help me if he is free. I've really needed the support at times, especially in the first few weeks – I am still a student after all.

Everyone in the team gives me work. After a few weeks here, I have learned that there are some very different types of people in the team: some of the analysts and associates (with experience of delegating) give me a great deal of work and come back to check if I have any problems; others start by giving me very simple tasks. Well, you’ve got to earn the trust of others by getting the basics right first. There have also been times when I have had to decline taking on more work, otherwise I might have jeopardised the quality of the work I was already doing.

I find it interesting to see how people in other teams work – and I would really fancy an opportunity to work in another sector, product or geographical team should the opportunity arise. Although my team is one of the best in the bank, I would still like to learn about other parts of investment banking – however, I doubt this will happen and I can only learn about them from other interns.

Now that I’ve had some feedback, I have a better idea about where I stand. There are certain aspects which have not been pointed out in the feedback that I would like to improve on to make the most out of this internship. Hopefully, I can achieve them in the coming weeks.

Week five

Halfway through the internship and I have definitely learned a lot. Not only have I picked up plenty about the technical aspects of investment banking, I have also acquired some really important soft skills, making me a more complete person.

This week, I was assigned to a transaction that has been going on for some time. I learned about the underlying merger models – it was really interesting to see the work being passed around the world and then, coming into work the next morning, seeing the changes from colleagues in other regions. It just shows that the business is run on a global scale – especially with all the cross-border transactions happening.

I also worked on another sell-side mandate this week. This was relatively simple as I only had to prepare introductory documentation – so my main task was to research company-specific information. I think it's very important to be involved in different parts of investment banking such as pitching, working on a 'live' deal, and seeing the various stages of transactions. After all, that is the main purpose of an internship.

In this midsummer season, the senior bankers seem to be going on holiday in turn. The few senior bankers I have worked with have got great personalities and some of them are truly hard workers, often staying in the office until midnight or so. They all have something in common: a sharp mind and excellent strategic thinking. I respect them, as they have succeeded in getting everyone else to work with them rather than just giving out instructions.

So far, this experience has lived up to my expectations. Of course, there have been and will be more high and low points, but investment banking is definitely something I would seriously consider as a career after university. The main challenge is still the long and unpredictable hours (I started writing this article at about 1:30am!). In fact, I find it very hard – although still possible – to plan my social life as I never know when I am going to be free until the eleventh hour. So it is extremely important to learn to cope with the hours and still function properly in order to reap the great rewards of investment banking.

Week four

The bank I'm interning at has got a good working culture that I really like: most analysts and associates are willing to spend time to clarify certain issues or to teach us new things. The fascinating thing about the people in my team is that most of them know at least three different languages.

From the work I have done, pitchbooks seem to be part and parcel of investment banking and I have learnt a lot about certain sub-sectors just by assembling them. It is always a challenge to put together a good pitchbook to a tight deadline because everyone makes mistakes and everything needs to be up to date before the presentation.

I have spent a few nights editing slides and the negative aspect of assembling pitchbooks is the tedious work such as formatting, cutting and pasting, etc. However, the presentation of the material is just as crucial as the contents and so it is our responsibility to make it good. Many investment bankers spend years doing these at the beginning of their careers. The best part is going to the graphics department to collect the pitchbooks; each and every book then has to be checked (no missing pages, etc.)

My approach to coping with the long hours is simple: I do not usually consume caffeine. Instead, I always try to keep myself hydrated throughout the day and to have short breaks between different tasks. Caffeine only plays a part if I need it desperately; apparently, the effect would be greater if I don’t use it frequently. It is also extremely important to rest and sleep well during the weekends if there is no urgent work to do in the office. After a few weeks in investment banking, I have somehow got used to the hours and it is not as difficult as it was initially.

The highlight of this week was working on major deals which have been in the news. This is precisely the type of things interns look forward to: big transactions with capable and motivated people. I feel like part of the team and I'm confident I am adding value.

Week three

This week started slowly for me. Last week, I was told that I would be given similar tasks this week but of a bigger magnitude – I was doing little bits and pieces last week and so I didn't really get the big picture of the transactions.

The first thing that happened this week was that I got to see another intern being asked to update a pitchbook for a presentation a couple of days later. I later heard that he had to stay in the office until 2am for days on end as he kept receiving new instructions from associates.

My first task of the week came in the form of a Public Information Book (PIB). Like many people, I did not really know what a PIB was or how to create one. It turns out that a PIB for a particular company is actually a compilation of its annual report, company structure, recent news or press releases and the like. The crucial part, as in the production of any book, is meeting the deadline and getting it printed; thankfully, the graphics & printing department here is very efficient and the people are friendly too.

As well as the PIB, I was given a pitchbook to edit. This was easy, as I had been given specific instructions about the details to be updated. The problem was that I wasn't given the task till about 8pm and so I had to work quite late – but I did have a strange feeling of achievement once I'd got it done.

The high point of the week was the community service/volunteering day, when I went to work for a charity partner of the bank. After some late nights in the office, it was good to be outside for a day and doing some physical work. Although, admittedly, we were being paid like any other day in the office and so, as such, it was not really charity work!

Week two

My first week was about interaction with interns; this week provided a fresh start in a new environment.

I was really keen to get to my desk and start working; I wanted to build up a good relationship with with my team as soon as possible – though I knew I would probably be working on very basic things.

I spent the week on various tasks: doing research using all the resources you can name (in many different languages too); data manipulation (AKA number crunching) on various comps for pitchbooks; and compiling data and news for presentations.

I also got to work on a project with a few of the other interns. Some of them have a great sense of humour, which really helped as we spent very long hours in the office – they were more focused on getting results and achieving our project objectives than getting on top of each other.

I really enjoyed working with the interns, but I've not had too much to do with any of the senior figures at the bank. However, the analysts and associates in my division have all been really helpful and friendly – they have always been willing to guide me when I need help and one or two of them have taken a real interest in me as a person. These are the people that I want to keep in touch with for as long as possible. The analysts were also ready to staff me on some projects in case I was free, which is a good thing for my development during the internship.

The high point of the week was joining the other interns and analysts for some very posh free drinks. It was good to find out what the interns had been doing in their respective divisions and desks and I was pleased the analysts were able to come and join us – I imagine they would rather be having a good rest at home!

The week's low point, however, was having to work at the weekend, even though it was only for a short while. I had anticipated this before the internship, but it was still frustrating not to be able to have the weekends off as I had been used to as a student.

Generally, I think the hours have been good so far. Going into an internship with the 'worst case scenario' mentality really helps, especially if you're in an investment banking division. On an average day this week, I worked from about 8:30am to 11:30pm. The time obviously varied according to the workload: I could leave as early as 9:30pm or as late as 2:30am However, I have not done an all-nighter yet – and I'm grateful for that.

At this early stage, I reckon I have a six out of 10 chance of landing a full-time job offer. I feel I've built some good working relationships with the analysts and I've tried to be as proactive as possible, to have the right attitude and not complaining about anything. However, all the other interns are smart and diligent so I'm not taking anything for granted.

Week one

My internship started with an induction with all the other interns; an intimidating but exciting experience. The group looked like a collection of quiet and intelligent finance/mathematics wizards, confident and energetic performers and charismatic leaders. As expected, a huge proportion of them studied or are studying at Oxbridge or the top London universities.

We were introduced to the bank and its recent history, then we had a tour of the building and a series of important – but less-than-exciting – talks on legal and compliance, professionalism, security and community service.

Throughout the week, we had lectures on the fundamentals of markets and financial services, which provided everyone with a basic knowledge of finance in addition to the group exercises and case studies. Things also became more interesting as managing directors found time from their busy schedules to give us some advice and to share their experience in talks organised in the training week.

We also spent a couple of nights out networking with other interns and "buddies" assigned to us from our divisions and industry/product groups. During these events, I got to know more about my area of work and the people in my team for the rest of the internship. We also asked for advice before starting for real at our respective desks next week.

I got to know the other interns better. There are lots of them and they all have diverse backgrounds. I was really impressed by their rich life experiences; some of the interns have travelled a lot and met very important people at some stage in their lives. They're extremely qualified and have had impressive experiences, including internships with top management/strategic consulting firms, stints in financial centres around the world, and year-long placements at leading firms in industries such as engineering or pharmaceuticals. However, unlike the negative things that I have heard about the people in investment banking, I found that these interns are humble and down to earth - although some are less the team player than the others.

In general, the interns look competitive and they seem to have strong principles and work by them. We weren't made to work very hard this week – the days started at 8.30am and ended at around 5.30pm. After a week of training, social events and learning with all the other interns, I am looking forward to some real hands-on "investment banking" work at my desk next week - with much longer hours.