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What was the hardest part about interning in investment banking?
What was the hardest part about interning in investment banking? What skills are important when working at IBD? Are there any relevant courses you would recommend studying at university?
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Kevin’s Answer
Hi Que,
Great question! I interned in banking and spent my first few years out of college in IB covering TMT M&A and financings.
At the internship itself, I think the hardest part is (a) absorbing all the information that's being thrown at you and (b) similar to the job, the long hours (but extended as interns are generally expected to show up earlier and stay as late as the Analysts you are staffed with). The big key to having a successful internship is to show up with enthusiasm and an eagerness to help your deal teams in whatever way you can contribute. People won't expect you to know all the technical knowledge of how to do the job / they know you are there to learn and it's their responsibility to coach and guide you through the process.
Getting the internship can be a difficult process as well, as timelines have moved up earlier and earlier + there is a good amount of technical knowledge you need to study in order to ace your interviews. The biggest resource I can recommend is the "400 Questions Guide" that walks you through all the expected/typical interview questions, like "How does $10 of Depreciation flow through the 3 financial statements?", or "Walk me through a DCF". Another great resource to learn from is Peak Frameworks.
As for relevant coursework -- Accounting, Finance, and Economics courses will all serve you well in helping to learn these materials (in that order). You can't read / interpret financial statements unless you learn accounting, and then the finance coursework about valuations and such is built on top of that.
As for key skills in banking -- attitude / work ethic, detail oriented, communication, and technical know-how come top of mind.
Cheers to your professional journey ahead! Don't hesitate to follow-up with any additional questions.
Great question! I interned in banking and spent my first few years out of college in IB covering TMT M&A and financings.
At the internship itself, I think the hardest part is (a) absorbing all the information that's being thrown at you and (b) similar to the job, the long hours (but extended as interns are generally expected to show up earlier and stay as late as the Analysts you are staffed with). The big key to having a successful internship is to show up with enthusiasm and an eagerness to help your deal teams in whatever way you can contribute. People won't expect you to know all the technical knowledge of how to do the job / they know you are there to learn and it's their responsibility to coach and guide you through the process.
Getting the internship can be a difficult process as well, as timelines have moved up earlier and earlier + there is a good amount of technical knowledge you need to study in order to ace your interviews. The biggest resource I can recommend is the "400 Questions Guide" that walks you through all the expected/typical interview questions, like "How does $10 of Depreciation flow through the 3 financial statements?", or "Walk me through a DCF". Another great resource to learn from is Peak Frameworks.
As for relevant coursework -- Accounting, Finance, and Economics courses will all serve you well in helping to learn these materials (in that order). You can't read / interpret financial statements unless you learn accounting, and then the finance coursework about valuations and such is built on top of that.
As for key skills in banking -- attitude / work ethic, detail oriented, communication, and technical know-how come top of mind.
Cheers to your professional journey ahead! Don't hesitate to follow-up with any additional questions.