How do I not piss off the analyst?
Long time lurker, second or third time poster.
Rising junior doing my first banking internship with a NYC boutique this summer. I got the job through a connection and the shop, while fairly small (7-8) is a decent middle market firm. Certainly good enough not to hurt me going for bb ibd this fall. One problem: The analyst I was assigned to (there are 3), the most senior one there, really doesn't seem to care for my presence. Not even so much in a "dislike" sort of way, but he seems (or at the least, acts) way too busy for me to approach him with questions (or even asking for more work when I've finished what he's asked me to do).
I generally feel like I'm pissing this analyst off, all the time, just by asking him questions about the work he's given me (think every 45 mins - 1hr, *not* every five minutes; our desks are on opposite sides of the office) or even just asking him for work when I've killed the task he's given me. It's the middle of week three and I feel like I'm doing less work now than when I first got here, and definitely not learning very much.
So, two questions:
1. I expected a period of this but didn't know how long it would last (and didn't expect it to get worse). Is this normal or should I be taking a harder look at everything?
2. What should I do to ensure that I learn more while I'm at work?
Some background:
*I'm still showing up to work early with a smile on my face doing anything and everything that I'm asked to do. No whining or complaining to anyone in the office, ever. I'm asking only because I'm trying to get more out of this gig, not because I think I'm smarter than I am or that I deserve more/better work.
*I've made a single mistake that I can think of that was addressed, but nothing major, client facing or repeated (though if that's one too many, I'm disclosing that now for what it's worth).
*Before anyone suggests it, I have already started going through old deals and pitchbooks in between tasks.
*I asked another analyst (once) for work, unsuccessfully; I presume he'd give me what he could if he had anything I could do. Should I keep trying with him again or with the third analyst, or could that backfire?
Rather than going to him every 45 minutes - 1 hour, try to run through the whole deck or model and gather a list of questions you have, schedule a meeting and knock all the birds with one stone opposed to constantly bothering him every hour.
why did someone monkey shit this? this is how it should be done
+SB to make up for the MS that someone threw. This is good advice.
SB from me as well. Now he is net +1 SB
Going from my experience of interning at and briefly working full time at a boutique, I would say that you are not given work not because you are not competent, but probably because there is none. This boutique probably closes two to three deals per year, and the deals move much slower than they would at a larger bank. The main culprit is really the client. At larger banks, your clients will have professional CFOs in place that can handle the onslaught of diligence requests and have everything prepared in a neat and timely manner. Smaller companies that boutiques deal with just do not have those resources, and that results in the work being spread out more.
My suggestion would be to simply do well on every assignment that is given to you. Stop asking for work- it is annoying. If something needs to get done and you have proven your competence, trust me, the analyst will happily unload it onto you. Remember everything that you work on and try to learn about deals as much as possible. Did you do some menial searching for potential buyers? Did you format some Excel file to be sent to a potential buyer? Take the time to read the CIM for that deal, so that you can talk about it during interviews.
So what do junior SA recruiters/interviewers expect you to get out of these boutique sophomore internships? I'm at one for this summer and I haven't really done much yet... So I decided to ask for some previous models to look at and I'm going to analyze those and try to apply the stuff I am learning from valuation/modeling books. I've spoken to a few others and they seem to be getting a similar experience.
The internship displays a proven interest in investment banking as well as (some) understanding of the commitment that banking requires.
The questions you get from an interviewer won't be all that different from someone who didn't do sophomore IB, except they'll likely ask you about a deal you did and expect you to understand what the role is about (and its nuances) a little more.
The other thing to keep in mind is he's probably not used to managing anyone, so he may not know how to delegate tasks (or alternatively, may not trust an intern with some tasks, which may easily not be anything against you personally).
If you really don't have anything to do, then you shouldn't just read about things but rather practice/do things - for example, copy a version of a model onto your hard drive and try to understand/rebuild it from scratch (make sure to COPY and not to mess with the "official" version on the drive!). Or take a deal you're working on - can you summarize what's happened and the key points in 2-3 minutes? Can you talk (read: spin favorably) about what you did and how you made others' jobs easier?
The modeling part is good advice. Another idea would be to pull the financials for one of your clients and just start modeling that out. Build an operating model, a DCF, and try an LBO and merger model. This may take a while, but it will give you good practice.
So every 45 minutes to an hour is way too much. Your prioritized list should look something like this.
Do what your analyst told you to do. If you have a question, Google it. You'll almost always find the answer. If you can't find the answer, make a list of questions. Practice asking said questions before going to the analyst. Try to aim for only asking questions once in the morning and once in the afternoon.
Ask questions.
Finish your work. Find out whether your analyst likes to be notified in person, emailed, etc. Once again, practice presenting your work to him before doing it. If you can't explain your methodology and results in under a minute, you're wasting his time.
Be aware of what analysts are working on and try to research and learn about things that could be helpful to them moving forward. Note: I said be aware of what they are working on. This does not mean asking them for more work, it means understanding what is going on and taking the intuitive to figure out your own way to add value.
Practice modeling and teach yourself to use Excel without any assistance from a mouse.
Check ESPN.com
Also, if your office permits headphone use, I would strongly recommend listening to Bloomberg Surveillance in the mornings while doing more menial tasks.
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