Hey everyone - I am fortunate enough to have the opportunity to intern in IB next summer. Although I know I will be working in IBD, the firm I will be working at doesn't do group-specific hiring, and placement is put off until a few months before the internship actually begins.
Clearly it's important to network with people across different coverage/product groups to get a feel for what I enjoy or what I might want to do, but as placement doesn't officially begin until spring-ish, I was wondering what specific questions you all think are the most beneficial/important/relevant to ask over phone calls at this stage in the process? Is it too brazen to ask about intern offer rates or summer workload? Any advice would be greatly appreciated :)
Thanks and happy holidays y'all!
Never hurts to start group networking earlier than placement day, I think 99% of kids do this. As far as "Is it too brazen to ask about intern offer rates or summer workload?" goes - definitely don't do that. If you think about it, despite having an offer you're basically still interviewing for these groups. Although these conversations tend to be less formal than networking for recruitment, you'll still want to make strong impressions. Also remember this process is two-sided. You want to learn what groups you fit best into as well. I typically ask what the responsibilies / typical assignments of an intern look like, how deal teams are structured and how to make an impact as an intern, ask about transition from intern to full time, and what interns who get returns typically do. Asking about hours or return rates is a no-go
Thank you for the detailed response! Definitely see the value in those questions, particularly how to make an impact as an intern and the transition from intern to full-time.
Am also thankful for the advice regarding the don'ts of these calls!
Congrats on the offer. I went through a similar process last year and so just a heads up on the following:
With regards to specific questions, it is meant to be very conversational so you can ask about the interviewer's background, if they plan to stay in banking, what differentiates the group from other
Thank you for the congratulatory note and for the advice! Definitely good to know about the potential that I'll be asked technical problems. For the "elite" groups that ask technical questions, do you potentially mean all of the groups within your T1 BB's (JPM, MS, GS) or maybe just more specific/niche groups such as GS TMT, JPM HC, MS M&A?
In regards to this, how about groups such as LevFin/FIG that might have slightly different skillsets?
Specific groups within each bank..
Can attest to this. Prestigious groups (which also tend to be more technical) have tons of demand and need to weed kids out. I know someone who placed into JPM M&A and they were often asked technicals in calls with the group. For "regular" groups, you should expect things to be more conversational, where the group is really just looking to bring in kids that fit the culture / they can get along with and work with
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