Experience in a small boutique
I am starting an internship soon for a small boutique bank, of about ten employees. I was wondering if anyone has been in a similar situation and if it would be possible to share some of your experiences at such a company. Did you like it, were you able to learn a lot? What type of work were you able to do there? I would also like to know what can I do to make the most of this internship and to succeed in it.
Is there anything I should read or study up on specifically to prepare? Do you have any suggestions on how to create more learning and networking opportunities at such a firm? I would love to hear your suggestions. Thanks for the help.
It depends boutique banks are incredibly variable, you could be modeling or you could be pitching. I'd recommend reading the Ernst and Young Guide to Mergers and Acquisitions, many college libraries will have a copy, learn how to model in excel look it up on youtube. It's really hard to say though, read up on general accounting and finance if you're weak in it. Financial statements by Ittelson is good if you never have taken financial accounting.
Thanks for the reply. Yeah I have read many guides that are similar to what you mentioned. Is there anything else anyone can suggest about making the most of this, or share an experience from another small boutique?
Ask a lot of questions and try to be proactive about getting involved in projects/getting to know the people. Ask each person in the firm to go out to lunch at some point and pick their brains about whatever interests you.
Small firms have fewer resources to train you and less formalized processes around staffing. Help out the other analysts and try to take anything off their plates that you can, even if you aren't staffed on their deal. Basically, try to make everyone else's lives easier.
Work hard, show up early and leave late. Get to know your MDs, network shamelessly.
Finecon,
Before you read further: I started real work 15 minutes in; every bank is different. (Also, it's late and I need to sleep; so, no spell check.
I'm two days into a summer analyst internship in the M&A group of a boutique. So far, I have learned more than I could from a week reading training manuals or taking classes. All I will say is make sure you brush up on your accounting. Correct me if I'm wrong: a lot of the bigger banks look at neat financial statements from large firms who usually take care of A/R, A/P, Dep/Amortization, etc. So far, half of what I've worked on has been trying to back-out accrual numbers from cash basis. The other half was sourcing buyers, required reading and asking questions/getting responses.
Tips; take them as you will: 1) Try not to ask the same question twice. 2) Give your questions some thought before you ask them; is the answer obvious? 3) Balance your time and try to get an understanding of what is going to be expected out of you. 4) You are NEVER too busy to go get coffee or lunch. The guys taking you out are most likely the guys staffing you/working with you. They know what you're up to. Use the break to clear your head, network and thank them. 5) Learn names fast. It says something when you walk in the next morning and you are able to greet an MD at the door by his name...at least I think it does. 6) Look like rank closest to you. Summer Analyst=F/T analysts. Don't overdress or dress down. This will allow you to blend into the environment without putting a target on yourself that says "REMEMBER ME!". You should rather people remember you by the work you do than what you wear. 7) MAKE PERIOD SAVES OF FILES YOUR WORKING ON ****** 8) Nail your assignments and all deliverables that you are staffed on. If you churn out shoddy work at first, why would they trust you with more? 9) I know you've read some guides and manuals and you're probably in a relevant major at some college; however, a lot of what you think is important is not and a lot that you don't know all to well is. Be tactful, learn quickly and understand it. 10) You need to develop a sense of confidence so you don't constantly ask questions about immaterial things. You may even be told to just do what makes sense. 11) Keep a pad of paper somewhere within reach. Write down key learnings and projects. People have a tendency to forget things. If you're reapplying for SA positions or even F/T positions a pad of paper of everything you did and learned will prove to be helpful. Mine is in a drawer at my desk.
Feel free to PM me about your internship or to chat or ask questions.
Best.
Great, thanks for the helpful comments.
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