My goal is to convert the internship to a full-time offer.
I come from a non-banking, non-finance background and virtually no excel skills. Can you guys advise me on what I need to do in the next couple of months so that I will be on equal footing with associates with much stronger backgrounds? ie what are essential skills I need to have before starting the internship.
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Is this IBD? I bet a WallStreet prep course couldn't hurt. Definitely would want to brush up on your excel skills if your very keen.
Wow, with that background I'm assuming you're attending an Ivy B-School?
Or you're buddies with Lloyd Blankfein.
I was in a similar position...as were most of my classmates going into banking (not Ivy league connor).
If you are going to a coverage group, learn what you can about the industry.
You can do a BIWS-type excel training if you want but 1.) bank might use a different version of excel 2.) you'll likely forget everything and 3.) you'll have a week of formal training that will cover most of the core excel/powerpoint skills. And on that note, you'll likely be in ppt just as much if not more than excel.
Just relax. They don't expect you to be a rock star. Summer is about working hard, not making dumb mistakes and being a normal person (e.g. go out for beers and don't think you're hot shit when working with the analysts).
thanks for the comments guys, I was thinking of doing wall street prep.
Connor, not at an ivy. I do feel very lucky to have landed an internship in this economy though.
I did this, and it really helped my Excel skills. The only drawback for me could potentially be that I rely on their Boost add-in to the point that I'd be lost without it.
The best advice that I can think of for someone coming in as a summer associate is to respect and learn from the analysts in your group. They don't have MBAs, but they know a whole lot more about doing the job than you do. Your two semesters of b-school don't compare to two years of 100 hour work weeks.
It seems like a lot of summer associates/associates come in with an air of superiority towards the analysts, and it creates a lot of conflict. The analysts realize that you have a bigger title, but unless you've done banking before, you won't know much, if anything, about how things actually work. Furthermore, some groups will weigh the analysts' opinions on summer associates (or for rotating full time associates for the firms that do it), and it can impact your ability to get a permanent job or top group placement.
Pre Internship Prep (Originally Posted: 02/17/2014)
I'll be joining Piper Jaffray this summer and was wondering what are some things people usually do before their internship to prepare? I know 95% of what you do in banking will be learned on the job, but just curious as to how I can get a head start and increase my chances of receiving a full-time offer. Any insight/advice would be appreciated.
This guide is one of our best: //www.wallstreetoasis.com/guide/wso-internship-guide It reads more like a novel, day to day life of an intern in banking over 9 weeks. I think if you're looking for a realistic glimpse of what you are in for (and how you could prepare), there is nothing better out there than this guide...plus, it's a surprsingly fun read. I wouldn't have said that about our previous version :-)
You likely won't be doing much modelling as an intern, so I wouldn't spend a lot of time learning that.
You should probably get very comfortable with excel/powerpoint. Other than that, I don't think there's much you can do that would really be worth the time.
Preparation before IBD SA stint? (Originally Posted: 05/19/2015)
Summer internships are important, and I wish to be ahead of others when I first arrive as I know that first impressions are lasting. I want to receive a FT offer come the end of the internship, and I was wondering what steps previous interns or analysts did to stay sharp when they first walked into the door to the time they finished their stint?
Learn how to be more resourceful and search for things
Preparing For an Internship (Originally Posted: 02/22/2011)
Hello,
I have recently secured an IB internship with a Canadian Bank in Toronto. I start in May. They explained that a full time offer was highly probable if I do well. Can anyone give me any advice on what I should be doing to prepare? I would really like to hit the ground running in order to get a full time offer when the internship is over.
Thanks for your help.
InterviewBeast says......
There are a few things you can do beforehand to put you in a strong position, but the key thing is ensuring you are ready to stand-out from the get go, and can start adding value to your team immediately.
The first thing to do is find out exactly what area you are going to be working in if you have not already been told. This will allow you to get hold of some relevant reading material (or even ask for any recommended reading), such that you can have a base level of knowledge upon your arrival. If it is possible to find out what software you are most likely using, it can also be handy to find this out beforehand; We often recommend undergrads do some basic microsoft excel training prior to internships, and try and obtain a bloomberg trial if your role will involve usage of a bloomberg terminal.
Another important aspect is making sure you have any available contacts in place; are there are employees you met at a networking event or campus recruitment, and do you still have contact details of your interviewers? It is worth keeping these people informed of your progress, and maintaining the relationship until you start. On internship programs, having a number of people in your corner is priceless, so ensure that you are managing any current relationships and keeping people on your side.
Finally, I would make sure you are on top of any current affairs within your sector. When you turn up, it will be impressive if you can show to awareness of the key themes that are affecting the business, and demonstrate that you are commercially aware and have good industry-specific knowledge.
Best of Luck
InterviewBeast
Thanks so much for the advice...
I totally agree w/ what interviewBeast has to say. In addition to what he has contributed, I would add one thing. Learning some basic modeling, or at least getting familiarized with basic DCFs, LBOs and Comps, can be very helpful. Part of doing really well in your internship requires you to take on responsibility and perform above expectations when given that responsibility. The more you know about modeling, the more likely your superiors are to trust you doing it. It will also be a more rewarding experience to work on legit, quantitative things instead of making PIBs or doing typical intern stuff.
InterviewBeast says...
No Problem.
I would also echo the comments made by liu kang; technical knowledge is the one of the hardest areas to develop prior to an internship, but as a result you will really stand out if you are able to do so.
If you have any other contacts in the business that DO NOT work for this firm, be that through networking events, interviews, or college alumni, it is also well worth getting in touch with them and asking for advice. Often these people will be happy to share their knowledge and assume the role of a mentor, even though you may be at a rival firm. We have even seen some candidates ended with job offers from their contacts at a completely different bank! Just another avenue for you to consider.
Best of Luck
InterviewBeast
take some training courses and read books on watercooler talk
Prep for ibanking internship (Originally Posted: 05/11/2013)
What would you say is the most important technical information to review prior to an investment banking internship? As I got busy with school and other priorities around campus, I kinda got lazy with reading Wall Street Journal and Investors Business Daily.
bump
are you working for GHF in Twin Cities?
Preparing for SA IBD internship (Originally Posted: 02/16/2014)
I will be starting a SA IBD internship in June and was wondering how I can prepare for it between now & June. Any suggestions?
Learning how to use a search engine (in this case the WSO search function) would be a pretty good place to start since this topic has been discussed extensively. Answers include brush up valuation and accounting skills, learn how to use excel, and practice to sit motionless in front of a screen for 20 hours.
Prep for SA IBD Position (Originally Posted: 03/10/2014)
I have just accepted an offer for a SA role in IBD this summer, and don't really have any past experience in excel. I was wondering if you guys would suggest attempting to prepare and improve my excel abilities, and if so what are the best services or websites to use.
Thanks in advance!
Start sleeping 5 hours a night and practice staring at your computer screen for 16 hours a day
http://macabacus.com/
http://justgetflux.com/
Suggested Readings For SA Position (Originally Posted: 05/11/2009)
I'll be an SA in an alternative assets group this summer and was wondering if anyone had any suggestions as to what I can read to familiarize myself with some of the work they do.
The group provides customized products and services to hedge fund investors, creates hedge fund structured products, and invests in/trades hedge funds
Do a search, there are countless good threads with far more quality books than you can hope to read in a summer.
yea i did a search...found some good stuff, but was hoping someone might know of something more specific regarding what I'd be dealing with this summer, so I could do a little reading before hand to prepare for the SA stint
Black Swan
Goosebumps: Say Cheese and Die
Tepper87 nailed it.
Preparing for SA IBD Stint (Originally Posted: 02/04/2011)
Hi all!
I have just accepted an offer from a BB (think GS/MS)! Thank you for all your help..
I really don't wanna screw up for the internship, and would like to prepare myself as fully a I can as I wanna seek for a conversion.
Which guides out there would you recommend for me as far as modelling / accounting is concerned.. I have been considering the BIWS guide and would love your opinions!
Thanks, J
Do some reading and enjoy the fact that you have a great stint.
Don't prepare - bc a lot of what you learn is about processes at GS/MS - so there's no way you can learn it, unless someone in your group sits down with you and goes over all that... good luck!
Prep for IBD Internship (Originally Posted: 03/01/2010)
Hey guys,
I'm working at a good BB this summer but haven't worked in finance before. I've heard that summer analysts do a lot of excel work and, while I understand that I'll be taught what I need to know on the job, I'd like to get a head start. What can I do to prep for my IBD internship this summer?
I just got an Excel for Dummies book but want to focus on the relevant parts of it. Any suggestions on this front?
The parts are as follows:
Part 1: Basic Functions, Shortcuts for Functions
Part 2: Money (loan payments, interest rates, basic math functions, basic stats)
Part 3: Doing the Math (probability, date functions, lookup, logical, and reference functions)
Part 4: Data (text functions, database functions)
Part 5: Part of Tens (ten tips for working with formulas, ten functions you should really know)
I really have no sense for what I'll need to know from this list.
Also, any non-excel related things that I could do pre-internship would be great to hear about.
Thanks so much, Yodaddy
bump.............
Preparing before the summer internship (Originally Posted: 03/18/2008)
I'm a junior at a target school and secured a very solid internship with a hedge fund for the summer (think shaw, citadel, fortress caliber). I've accepted a position at a desk that unfortunately I have very little information on. The desk is such that it is very niche-focused, for example, they do convertible bond arbitrage or catastrophe bond investing, things that I have no idea about and would probably be difficult learning on the job in a short amount of time.
Would it be better for me to purchase a book before the summer and learn about it myself, or should I call the person who interviewed me and ask him for advice regarding what to read so that I can hit the ground running when the summer starts? My main goal is obviously to show as much initiative and demonstrate that I'm a quick learner, but I don't want to overdo anything...
Sorry if this sounds pretty anal, but I just don't want to screw up this opportunity. Should I just take it easy till the summer and just try to go with the flow on the job? Thanks.
If they have a research department ask for them to forward emails to you. This will give you a framework for the type of things that the desk may use in making their trading decision.
Preparing For A Summer Internship (Originally Posted: 02/18/2013)
There are a lot of threads about how to get into FO roles, networking, interview questions/practice and so on.
What if you have landed a role for the summer for a top tech firm (think: Microsoft/Google/Apple as a financial analyst)?
How do you prepare?
Should you reach out to the team you will be working with and see if they are free for drinks/a quick chat over the phone?
Should you reach out to current employees at the firm, asking for any advice they can offer?
Should you chill and wait till its the summer? :)
Apologies in advance if there is an existing thread out there which answers these questions.
You should chill and wait until the summer Enjoy your semester
yeah pretty much. if you wanted to be a real go-getter you could do a little more in-depth industry research to make sure you're up to date with everything that's been going on in the tech space by the time you start. but beyond that, enjoy your semester, maybe go back to class now that ocr is over
There is nothing wrong about reaching out to people within the industry for advice. I would recommend staying up to date with the markets and financial news. Other than that, enjoy your time until the internship starts and then buckle down and work hard
IBanking Internship Prep (Originally Posted: 08/05/2012)
What skills are excepted to be know before the first day of a summer analyst position(internship) at an investment bank?
Are all the nessary skills taught during training sessions?
Spelling and grammar will be useful. Double check your work.
Also: basic finance and accounting knowledge, use of MS Office, formatting, some basic modeling if you're lucky. Beyond technical skills, soft skills like communicating effectively and being able to socialize with your coworkers are essential. Doesn't matter how smart you are if they don't like you.
If you managed to get the position in the first place, you have the skills. Also, I'd suggest you worry about getting the internship first before worrying about your first day. Aren't you a high school junior or something?!
sa preparation (Originally Posted: 05/20/2011)
hey folks,
I will be starting my internship at IBD next month. wondering what should I prepare for the upcoming internship?
Some of the previous threads suggested getting familiar with excel and powerpoint, would anyone recommend some books or resources on this?
On top of that, I have never used bloomberg before and should I prepare for it? and how?
Sorry about the tons of questions and appearing to be clueless about how to prepare.
Thanks folks~
I'm not a SA in IBD, but from what my friends who will be, have told me, they were asked to brush up on their Excel knowledge. Some even recommended doing extensive reading on the material (e.g. Investment Banking by Rosenbaum).
Here is a quick word of advice:
Forget your childhood friends, your new group of besties are Mr. alt+E+S+T, Mr. alt+I+R, and Mr. alt+O+E.
You'll go far with these guys, they're solid dudes.
you will rarely if ever use bloomberg... you will be doing a lot of Ctrl + F'ing, and a lot of Ctrl + P'ing... aka find me shit and print it... what up PIBs.....
SA preparation necessary? (Originally Posted: 04/03/2011)
Hi, I will be working at a BB as a summer analyst this year. My time for preparation is very limited, since I was doing another internship this winter and thus came back late to uni and have to catch up some uni courses now. My internship starts 2 days after my last exam and I still have to move in the meantime. How important is prep? My priorities would be: 1. Relative vaulation ( I know the basic stuff about multiples, how much do I have to know and how much is taught in the 1st week or on the job?) 2. IFRS Accounting (I'm from Germany and our accounting rules are quite different, again how important is this?)
I guess it's better to focus on university now, instead of preparing for this internship? Thanks!
I don't think you have to worry about preparation for SA.
You definitely want to focus on your grades instead of preparing for the internship. The BB will give you some brief training and the rest will be learned on the job - if you got the job, you can handle it - don't worry so much.
Check this out for more help on preparing for banking.
PM me if you have other questions
Thanks man, that link was very helpful!
Some of the guides on WSO are pretty good if you have the budget.
Pre IB Internship Prep (Originally Posted: 06/19/2013)
Delete
try getting familiar w/ shhortcuts - aka alt + f4 exits prog and Ctrl + S saves.
Check out WSO's excel-keyboard-shortcuts has some great shortcuts as well. guld lack ~!
also unplg u r mousse, helps a lot
^excellent post.
In all seriousness though, print out the WSO excel guide. I got it in one of the first emails WSO sent me, if you need it I can send it to you. It's just a spreadsheet that lists pretty much any common excel shortcut you could want.
could i get a copy of the guide as well? Thanks
Please send it my way as well
I always forget which company WSO has a relationship with but if you have a spare $250 sitting around and some free time I would suggest Breaking into Wall Street basic excel and modelling course. I have used it to train people in the past because it is straight forward, concise, and does a good job of setting a foundation and then building up to more advanced concepts. If not, getting the shortcut guide and just messing around in excel for 5-10 hours should be more than enough prep.
Mind sending the shortcut guide to me as well?
Thanks
Second BIWS. Great guide and well worth the $250. I've heard good things about Wall Street Prep (WSO's partner I think) but I've never actually used it.
Can you please send it to me please. I would love to learn more about excel. Thank you
Summer Analyst Training Prep (Originally Posted: 05/20/2014)
Hey All,
With Summer internships kicking off in the next two weeks, I was curious about summer training. I was wondering what summer training encompasses at bulge bracket banks for summer analyst. I know it is suppose to be a crash course on various topics and help lay down the foundation for skills needed for the summer. I was wondering what topics were actually covered, what are the hours like for it and how should potential analyst prepare for it. I would appreciate the insight of those of you that have completed the training in the past. Please no wise-guy comments or belligerent statements.
Speaking from my experience at a BB, there was 8-9 hours of "classroom" education per day with tests and homework. After class, depending on the group/division, you also have to go and do some work or alternately you get the day off depending. As for topics covered, be ready for some extensive accounting, some corporate finance and valuation type stuff and some excel/financial modeling. You might also get some courses on deal mechanics, soft skills, and that sort of thing. In addition to this, I also had courses that went beyond the standard IBD curriculum and covered financial markets and products (the training for RM was the same that IBD guys got but we had some additional risk-specific classes afterwards). Hope this helps!
Olah, I have an internship coming up here as well. I've asked around, and it seems like M&I's BIWS course is very good for preparing yourself. Being a poor college student, I haven't purchased it yet, but I'm definitely going to. I've heard nothing but good about it around here.
Preparation for Internship (Originally Posted: 03/13/2013)
Hi everyone, obviously I'm new here but it seems like there's a wealth of knowledge. I just got an offer to go work for Goldman Sachs Investment Banking as part of the Veterans Integration Program that they've done this year and last. I want to be as prepared as possible, but I've never had any formal finance education whatsoever.
My skills in Excel are pretty poor as well, so I want to clean those up over the next few weeks before I show up. I'm looking at BIWS Excel & Modeling and Wall Street Prep. It's $200 vs. $500, but I'd like to get the best one, even if I have to pay a bit more. If anyone has any advice here on how to best prepare so I don't look like an idiot, I'd really appreciate it. Thanks!
It's probably not necessary to do too much prep, as you'll get training on the job, but if I had to recommend one of those it would be BIWS. Wall Street Prep is pretty awful in my experience. Congrats on the offer.
Thanks! I really appreciate your quick response. I gather that there's very little in the way of formal training for this internship, and I'd like to not look like a complete idiot when I show up with no knowledge of excel. Also, do I need to ditch my BAII+ Professional and get an HP 17B, or will I be ok with the TI Calculator? Thanks again.
Goldman Sachs will provide their analysts with calculators...
I think the biggest things are having a strong understanding of accounting first. That's where you're most likely to look silly. Modeling and corpfin seem to be less problematic.
Thanks Sav. I have a pretty decent understanding of accounting, so should be reasonably ok there. Just wanted to make sure there wasn't anything I absolutely needed to have a working knowledge of (e.g., how to use Excel) before showing up.
How was the program? Did they give you a full time offer? Im looking for finance related opportunities as I transition out of the military.Thanks.
Southern,
My bank has a great Veteran program. PM me.
PM Sent. Thanks!
Preparation for an IBD SA (Originally Posted: 05/08/2015)
I just wanted to start a regular discussion on how other WSOers are getting ready for the summer. I know that the general advice is to "get some rest" because a lot of what you will do on the desk is so specific that your preparation won't really help. I've seen this first hand the last few summers.
I was reading a business insider article. I can't link it since I'm new, but just look this up: "15 Things I Wish I Knew As A First Year Investment Banking Analyst"
Any thoughts from you guys?
I was thinking about
(A) Reading the latest earnings for the 10-15 biggest players in the industry verticals within my coverage group.
(B) Reading up on recent deals that the group has been staffed on / drafting some intelligent questions before hitting the desk to demonstrate some understanding of the space.
(C) The BI link above suggest perhaps getting ahead start on modeling skills. I know its rare for an SA to work on modeling, but it might still be useful in getting a better grasp of the technical skills associated with banking.
(D) Hitting the gym — you don't want to be the puny ass SA that everyone doesn't give a shit about because he can't talk sports / etc. But likely you can't make noticeable gains in a span of 23 days.
You can try to read up on some of the big players, review what's been happening in your sector for the past 1-2 years, and read some primers so you know the jargon and multiples, etc.
But honestly, it's less than a month before you start. If you wanted to come in with an edge, you would've been the type to read the news, know what's going on within the industry, understand these companies to some degree, practiced modeling, etc. because you genuinely enjoy it and not because you wanted to impress some people with your incredible dedication for 23 days.
Try to do these things and incorporate them into essential parts of your day and enjoyment. When shit hits the fan and you're working 100 hour weeks, it better be at the point where you find true enjoyment in it and being good at what you do.
lol @ D). Yeah, totally, pack on some May mass to show those other interns and MDs who means business.
haha I put D) as a reminder to stay fit during the summer of seamless.
I check in with my group every couple of weeks to just shoot the shit and see what's going on with them. They've given me some things to read because I've asked, but the usual answer to "what can I do to prepare?" is along the lines of "We're going to assume you know absolutely nothing when you get here, and build you from the ground up; you can prepare all you want, but it's not really going to affect how we're going to instruct you."
Obviously, this mentality is not universal, but getting to know the people in the group (even just a little bit) is what I've been doing to prep.
What is the appropriate way to ask? I know that there are certain materials that may be confidential, and don't want to seem like I am asking for those.
Intro. & Preparing For An Internship (Originally Posted: 09/18/2008)
Hi all,
I recently discovered WSO. It has been by far the best source I have found for learning about the world of finance. I'm currently a junior transfer at the University of Tampa. I have a 3.7 GPA, and I've made it a point to enter many activities and leadership opportunities.
Right now, I'm gunning for a SA position at a BB firm. I realize that it's a bit early, but it can't hurt. I'm an international business & econ major at my school. The highest math I've taken so far is differential calc. I want to work in the S&T division (FICC preferred, but I'll take equities too). I have a basic grasp of the stock market, as well rudimentary knowledge about technical and fundamental analysis. Also, I have experimented some with forex. I wanted to ask what skills I should develop in order to make me a more appealing candidate. Right now, I've ordered a copy of O'neil's How To Make Money In Stocks: A Winning System in Good Times or Bad. Any recommendations to boost those quant. & critical thinking skills, etc.? I appreciate your help.
Not to be rude, but focus also on getting the interviews. Sounds like you're pretty motivated, but without any interviews it will be tough to get very far. I'm pretty sure most BBs don't recruit at U of Tampa, so focus on building your network, from alumni to family. Then you can focus on the technical parts..
You're definitely not being rude. I'm also trying to develop my network. Unfortunately, I'm the first person in my family to study business (family of doctors), and my family does not know anyone in business. However, I recently pledged to Delta Sigma Pi so I hope that it will help a lot with finding opportunities. I'm still a little confused by what you mean when you say "find an interview." Are you saying that more successful interviews come from your personal network rather than the formal application process?
As far as recruitment, the career services office has internships from JPM and ML listed.
Agreed. BB's only expect interns to have a very basic knowledge of finance and the markets. Much more important over the next few months will be reaching out to contacts on Wall Street and getting good grades. It's not like they're going to give you your own trading book from day one.
So I gather that it's not the best option to submit my resume online?
Summer Analyst Preparation (Originally Posted: 04/14/2008)
I know there have been several posts where people say that you should just relax before your SA stint...
However, given the recent market conditions and the fact that I'm going to a middle market bank where there will only be two interns and no mention of training, I wanted to do something during the two or three weeks I have between the end of the semester and the start of my internship to best prepare myself to succeed.
I'm a liberal arts major who could brush up on financial concepts and must figure out excel before I start.
How can I best spend my money/time to prepare? Wallstreet prep has a basic package for 200 bucks that covers the "fundamentals of financial modeling" or I could just go with the three supplements to make sure I have the bare minimum; these are the accounting refresher, excel crash course, and navigating financial reports for 39 bucks each.
Any other ideas would be awesome. Thanks
-sleep as much as possible -practice staring at your a monitor for 16 hrs a day
honestly just brush up a bit on accounting AT MOST and you should be ok.
If you have a LOT of time on your hands you could practice modeling a few companies, learn some excel shortcuts, etc...
How do you suggest practicing modeling companies? Could you send me, or do you know where i would be able to find templates? Excel shortcuts are pretty simple,
There's at ton of stuff at the following website (never looked into it myself though):
http://pages.stern.nyu.edu/~adamodar/
To be honest, I would just relax and, if anything, do the following:
Read the WSJ or the FT, and/or one of their blogs (Alphaville, Dealbook, etc). If you know you'll be focusing on a particular industry, keep an eye out for news about firms in that industry.
Make sure you're familiar with the basics of financial statements (eg, know how to calculate EBITDA).
I'm not as concerned with going in there knowing how to model companies, but does anyone have experience with the three supplements on Wall Street Prep?
That's what im leaning toward at this point...
Hey Chuckles02912,
I'm a notch lower than you I would say because I am a liberal arts (humanities) major looking to get into the I-banking industry. I was just curious... what was your experience like applying as a liberal arts major? Anything you did specifically to increase your chances to get a position at a MM bank? Any advice? Sorry I couldn't answer your question.
Crudder, I'll send you a p.m
chuckles, can you send me that PM as well? I'm a philosophy major
Don't smoke pot after 4/20 until the internship starts (if its the May start date)
Only because missing 4/20 is unacceptable
Learn how to use EDGAR and where to find the financial statements in the 10-k. Really, you don't need to do anything to prepare though.
Modeling/Internship Prep (Originally Posted: 03/20/2007)
What is the best way to prepare for the financial modeling required in equity research? Would Wall Street Prep or dealmaven be adequate or would a book (damodoran, applied equity analysis) be a better source?
Also, what are ways one can prepare for a summer internship in ER aside from following the markets?
I have an offer to work in ER for the summer, any ideas as to to how much background in financial modeling is expected? I have knowledge of the basics for cash budgeting, capital budgeting, financial forecasting. Any advice on using solver and graphing with overlays would be helpful (i.e. books? courses?). Along the lines of dp's post, what is the general consensus regarding the dealmaven courses? The fees are on the high side for a student, but if the courses are valuable, then it might be a smart choice. Thanks in advance.
I did DealMaven level 1 (just the module, didn't shell out for the certificate). No one in my interviews bothered to ask me about it. DealMaven is pretty simple, good initial introduction if you have some accouting background. If you do the student 1-month version, it's only $50, and it really doesn't take that long to complete level 1.
From what I understand, there is not as much financial modeling involved as maybe IB, but there's probably some updating of the analyst's financial models for earnings projections and maybe prices. I think most of the work revolves around understanding company/industry fundamentals/trends, projecting earnings, and multiples.
While, I am by no means very familiar in this subject (I'm gonna be a SA in ER as well), I was under the impression that most of the tasks assigned to interns is to track and read press releases, earnings releases, industry news, etc, to summarize for the analysts, and update financial models during earnings seasons.
Those that currently work at ER, what is the best way to prepare for a summer internship?
Hmm - be on time, use initiative to impress your boss. YOu ahve to be inquisitive in research. Make sure you put in decent face time and try to ask good questions - don't continue to ask dumb questions.
I did the Dealmaven 1 and bought the lifetime access, tho you can buy shorter timeframes depending on how fast you think you'll pick up the stuff. I too didn't go for the certificate. Great intro on how financial models work. I've never done the Wall Street programs, but it seems to be more sophisticated - geared towards I-Banking needs...expensive too. If you just need a simple crash course and you're on a budget Dealmaven should suffice. Btw I work in ER.
Does someone have have Wall Street Prep material that they wanna sell ? or any other fin. modelling material ... Please PM me
This was very helpful
Preparing for a Summer Analyst position (Originally Posted: 02/20/2008)
I just accepted an offer to work for a BB in equity research for the summer. (I know this is the IB forum, but there is more traffic here than in ER) Anyway, that being said, now that I'm done with SA recruitment, I'm discovering that I have a ridiculous amount of time on my hands. I'm an economics major with limited background in finance. Would someone know of a good resource that teaches financial modeling and accounting in a way that would prepare me for my internship so that I can hit the ground running once the summer begins. I know that they are going to train me, but these are skills that I want to have some knowledge of beforehand. Also, some tips as to how to navigate the intricacies of excel would be great too.
Specifically, I'm looking for books, websites - anything along those lines.
Thanks in advance!
read up on books by aswath damodaran.
If you are in equity research, look at the book on valuation by McKinsey, decent intro to dcf and how to generate forecasts.
Read equity research.
I know the search function on the site is not perfect but it does prevent repetitive inquiries and responses. Basically, the books you should read include:
Investment Valuation - Damodaran ScoopBooks - Guide to IB and Corp. Fin Training the Street (TTS) is a good website/program that is worth the $200 fee
Other than that I would spend your time following the markets and actively trading a few positions. By opening up a Scottrade or Etrade account (if you dont already have one) you will become very knowledgeable regarding you positions (because you have skin in the game) and this will help with your valuation and understanding of the different metrics that you should use when analyzing companies. Good luck.
There are a lot of threads on this topic, but I have a question.
Is there a large difference in the recommended preparation between a SA position and a FT position? I am preparing for a FT position. Based on the SA prep. threads, is there any advice that is not applicable for a FT position?
In all honesty, you could go into either position with absolutely no preparation and you would still do ok. Obviously, the people on the board who are intrinsically motivated to prepare for these positions are looking to do better than ok. With that being said, obviously expectations for an SA position may be less but you will learn everything that you need to know during training and during the first few months on the job (FT). By preparing prior to starting you will be able to pick up the terminology and valuation techniques more quickly because you will be familiar with the lingo.
Go in there with a good attitude and an inclination to work hard and everything else will fall into place..IB work, esp. at the analyst level, is hardly brain surgery
Good luck
junkbondswap - I've heard a lot of people say things like "What we do isn't hard." Maybe this is true, but isn't the level of analysis required at the associate level more rigorous than the level of analysis at the analyst level? If this is true, then the sooner you can assume associate-level responsibilities, the sooner and faster you can climb the ladder. Right?
people are promoted to associates after 3rd year i think. theres no analyst who becomes an associate after a year and a half cuz theyre "just that good." that being said, if youre good, youd have a much better shot jumping ship to pe after the 2 years are up, or being asked to stay around to become an associate. but its not going to accelerate you by any means.
and fyi, many associates actually know a lot less about analysis than their analysts (ive met some who've said as much).
.
So - Keyser - what made the analyst "that good"? What can I do to become "that good" so I can get promoted from analyst to associate?
Advice/prep for summer interns (Originally Posted: 03/11/2007)
I know it has been posted about at great length, but I was wondering if those of you who have had a summer banking position and/or are currently in banking could list a few things they 1) learned 2) wish they knew going in or 3) could recommend doing in preperation for a summer position.
Yes I know it's best to take it easy the month or so before starting this type of work, but even if you could recommend some reading or whatever that would be helpful.
Number 1 for my prep will undoubtedly be sleeping a hell of a lot.
Do interns and new first year analysts get made fun of for how they dress? Or more specifically, where they shop for dress shirts and suits and stuff?
I doubt you're expected to dress as well as a VP when you're a newbie.
any thoughts?
There are a few threads on this forum with (way too much) information about what to wear and what not to wear. Run a search.
here's a general tip-
if you forget how to do something, ask another summer intern before you go to your analyst/associate again.
haha-I'm definitely NOT looking for advice on what to wear. I meant in regards to the first post.
bump
don't drink at corporate events if you are not 21
Should you not drink if you're under 21 because...? They won't card you I'm told and I don't think people know your birthday. Why not just drink a couple to show you're social and can hold your liquor etc.?
Probably because you'd be breaking the law, and causing your employer to contribute to you breaking the law...
Definitely do NOT drink if you're under 21. If HR catches you or finds out, you will be fired. HR will absolutely be at all these social events, and they will make a point of knowing who's 21 and who's not for that very reason (they'll likely warn you first if you're not 21 that you are absolutely not to drink). I wasn't 21 during part of my internship and I was warned that I'd be fired if I was caught drinking when I wasn't 21.
If you are 21, you should have a drink or 2 to show you're social. But don't get drunk, of course.
HR knows who is under 21.
I drank to get drunk, and so did a lot of my buddies. Never a problem for us, that's what we thought the open bar was for.
Whoops I'm under 21 and drank at a happy hour I was invited to by the people I'm working for this summer. They know I'm 20 and didn't care (actually they were ordering me more drinks).
same here - didnt care if you drank (just dont get plastered or anything)
there's a difference between the people who you work with and the people who hire you
I've been drunk before at recruiting events and all the summer class during the sell day got sloshed with HR. Don't be an idiot - its ok to have fun but dont do something thats going to make you look like a moron.
so drink or not drink?
the answer will be clear on the first day of work
Let's weigh the consequences of the two options: explaining at every event that you aren't drinking because you are age-challenged versus possible arrest for underage consumption.
Personally, I think you should drink an ice tea or something and pretend it's alcoholic and pretend to be drunk. :)
there will be opportunities to prove to your coworkers that you are social beyond the few firm-sponsored events
Use common sense. That's the answer to a lot of these questions. If your group drinks on friday afternoons in the office (like CS / UBS in LA) then its probably ok to get drunk.
If HR is watching your every move wait to get hammered at the club after the event.
Is the drinking on Fridays in the office a DLJ thing? Sagent, which has a bunch of ex-DLJers, seems to have this as well..
Ya. Pinkdot in LA - not sure what it's called in NY.
a good performing intern got obliterated and puked at an intern event hosted by lehman at the hard rock cafe` and did not get a FT.
also drink on Fridays. It really varies on the group and how busy you are. We've had a few Fridays where whole group (~20-25 people) will go to a local bar for happy hour. It sucks though when you have to go back to work, but analysts go just to get away for a few hours and be in a more "relaxed" atmosphere with senior bankers. On other fridays, it's just a pregame before going out for the night.
as an employee you are making the bank far more money than they pay you (even the sucky ones who "dont get it") Take every opportunity to drink at open bars, intern events etc, even if you are not 21. Have a really good fake--and just say there must be some problems with paperwork. Milk them for all you can.
my buddy used to order double shots of walker blue label....
example of drinking gone awry...a buddy of mine got hammered and had relations with one of his classmates in the bathroom of the club they were in for a summer event, while senior people were going in and out of the bathroom the whole time. and he actually works at the firm now, legendary.
IBD SA Prep (Originally Posted: 10/22/2011)
I will be an SA at a BB next summer in IBD, but because of my non-accounting, non-finance background, I'm thinking about doing a training course or something to prepare. I've heard of Training the Street, Wall Street Prep, Breaking Into Wall Street... which of these is best for my purposes? Or something else?
During your first week (which will be entirely training anyway), you will get Training the Street. Banks always bring in one of the training agencies for at least a full day. Don't worry about it; save your money, find free modeling resources online if you're that desperate, but don't shell out the cash given that your firm will be paying for you to learn it later. There are music majors, liberal arts students, and finance kids all going through the same training .. you won't be behind as long as you pay attention.
Can't emphasize this enough -- get books on 1) ACCOUNTING, 2) bonds, derivatives, and options, 3) operations of financial institutions and read the shit out of them.
A lot of people get wet about models but you'll learn modeling in 2 seconds if you have a good foundation in the above
which books do you recommend?
If you are in IBD, you don't need to read up on bonds, derivatives and options. If you are in S*T, you don't need to read up on accounting. As for IBD, I agree with the ACCOUNTING part. Get your basic understanding of financial statements and training will be that much easier.
IIRC, Non-finance related majors who read up at least a little followed everything during training. Those that didn't prepare a bit had quite a rough training week.
It's basic financial literacy...
Sounds good, thanks for the advice guys. Any good accounting textbooks in particular you'd recommend?
libby libby short
Read Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions by Rosenbaum and Pearl in addition to whatever he tells you to read.
Corporate Finance and Valuation: - Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Rosenbaum and Pearl) - Valuation: Mergers, Buyouts and Restructuring (Arzac; much more "academic" but worth reading as well) - Valuation by McKinsey (same as above)
Financial Instruments - Options, Futures and Other Derivatives (Hull)
Markets and Financial Institutions - Financial Institutions, Markets, and Money (basic, just gloss over this... gives some good background info)
Online - Aswath Damodaran's website (NYU prof) - macabacus.com
For accounting, start with a principles of financial accounting book (in my experience most accounting textbooks are straightforward cut and dry, just ask a business or accounting student at your school for his text list)
Good luck
Really appreciate all the advice!
I would also skim "Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley"
Regardless of where you're working this summer, it gives you a smattering of the biggest names in WS today... Joe Perella, Terry Meguid, Byron Wien, Zoe Cruz, John Mack, Vikram Pandit, John Havens, Robert Greenhill, and the list goes on and on
Read the Rosenbaum book and know your accounting really well. That will best prep you for IBD, I would ignore the advice to read books on Bonds. Also, try to read up on valuation if you can as well, but most important......Accounting Accounting Accounting
Summer analyst preparation (accounting,...anything else) (Originally Posted: 05/24/2007)
I was interviewing for a small M&A boutique for a summer analyst position(undegrad). the first interviewer loved me but the second did not, cause he said my accounting skills are not strong enough.
i really wanna work at this place next summer and decided to boost my accounting knowledge. what do you recommend to look through? which parts of accounting? valuation? financial statement analysis? anything else that would be important for a summer analyst? any other parts of accounting or any othe knowledge that will be crucial at the summer work?
what kind of work will a summer analyst do at a boutique?
thanx for the help!
Financial statement analysis is number one priority. Get a textbook, or, if you can, the FSA Schweser Kaplan notes for the cfa-1 (the FSA volume there summarizes it up nicely.)
I also recommend "Financial Shennigans", look it up on amazon. A practical guide.
There are also FSA textbooks, but many of them are too long and superfluous.
Do that before studying the other accounting topics. If you never studied accountancy before, read an introductory volume first.
You can't just know the basics of financial statements - you need to know what mesage they convey and how they are interrelated (many interview questions will address the implications of one transaction on all 3 of the main financial statements).
Example: I buy a new piece of equipment for $10,000, financed with debt paying 10% interest. What happens to my financial statements? Debt increases (BS), assets increase (BS), accumulated depreciation increases next year (BS), depreciation expense increases (P&L), interest expense increases because of additional debt (P&L), and cash flow statement affected by D&A, new financing & capex, and interest income/expense flows.
Forgot to mention the importance of modeling financial statements. Extrapolate past trends to future projections, examine trading & acquisition comps, read MD&A in the 10-K, scour analyst coverage, add you own modicum of reasonableness based on your industry knowledge.
All analysis you do as an IBD analyst will have a strong basis in financial statement analysis. If you can't dissect a P&L, BS, and CF easily, the remaining analyses become almost impossible.
thanks for the replies!
i have studied tha basics already so i wont have problem with that.
anything about valuation? is that second important after fin. stat. analysis? do i need to practice that? any books recommended? (McKinsey book?)
anything else that is essential for an undergrad summer analyst?
thanx for all of you!
does anyone have anything else on mind? it would be of great help!!!
-
Any other thoughts on the topic would be highly appreciated!!!
Thx
i wouldnt get too bogged down in the minute detail. the advice youve received is good and it will help you to get an accounting 101. Having said that, when i interned, i didnt know the difference btw an income statement and a balance sheet and EBITDA had about the same meaning as WTF to me... i got the offer based on ability to bullshit and pick up what people tell you on the spot. most places will teach you what you really need to know about accounting before you start and this guy whos told you your accounting skills arent good enough sounds like he should be doing audit at KPMG rather than ibanking to me. chin up dude and dont bother too much on the accounting side.
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