1/11/17

I've started working at a boutique bank, and most of the work I do is making powerpoint slides, nothing too hard. I'm just a sophomore, so I know there's probably a ton of stuff that they're not letting me do since I'm not knowledgable enough.

So I'm wondering, what does a junior year BB summer intern do compared to a sophomore year intern?

Comments (40)

1/10/17

More powerpoints.

Investment Banking Interview Course

1/10/17

but actually...

1/10/17

mostly research, spreading data on excel and some powerpoint slides. if there isn't much work, we used to give interns old assignments to keep them busy (replicating a financial model, or preparing a deck from an old model).

1/10/17

if that is the case, why is banking so hard to get then and why does it pay so well? It seems like the tasks are easy enough for a high schooler to do

1/10/17

Question of the Year

1/10/17

Those who can, do. Those who can't, post threads about how to do it on WSO.

1/10/17

If you cannot create an excel model for your favorite band and value them by the end of the summer, then you will not have gotten the most out of your internship. You can say all of the other stuff you do is easy, hard, boring or whatever, but the initiative is on you to develop this skill and present your findings to the world.

All of the good bankers know how to get the job done on their own and the best ones can anticipate what will come next. Take my advice, start on your model now.

1/10/17

What about full time analysts?

If they spend all day formatting power points, why are they so heavily sought after by recruiters?

1/10/17

What do you think grownups do all day? If you want a complicated job, breaking down molecules and studying DNA strands, just go into science. No one is forcing you into finance..

1/10/17

Doesn't answer my question.

1/10/17

Your question is pretty easy to answer. If you are currently working in a bank, just go over to your analysts' desk or your associate's to find out. Look through your firm's archives and files to find some more interesting work. Ask to look at some completed pitch decks that analysts or associates have worked on. Look at old models. Your question just sounds loaded when you're talking shit about the desk and what recruiters are doing. That way you would actually already know what people 'spend all day doing'. Then you can actually ask a more substantive question.

I'm just getting the vibe that you're not so stoked about the process to your success. You sound like you are just looking for something else. So, maybe you should go and look for it. I don't know your reasons for taking your current career path, but an internship is good for deciding if it's what you really want.

1/10/17

Wow, you are completely missing the point of my question.

When I ask "If they spend all day formatting power points, why are they so heavily sought after by recruiters?", it implies that there's probably other stuff they do besides formatting power points all day that makes them desirable, and I am trying to figure out what that is.

It was not meant to be condescending.

1/10/17

I think this question has already been answered, and you need to be a little more resourceful. Recruiters like the skills that junior bankers have gained in their early careers.

1/10/17

Would probably say models and powerpoints are the essence of what you do as an analyst... imo the aspect that makes bankers attractive to recruiters is that you essentially signal to prospective employers that you are intelligent and hardworking by virtue of being able to work long hours, and by the fact that a highly selective firm hired you in the first place. Don't think banking is rocket science at all, but there is some value in being able to work a twelve hour day and finish whatever shit someone asks you to do correctly and in a timely manner.

For example, for a lot of analysts, PE recruiting starts < 6 months on the desk as a first year. There isn't any insane tangible skill that you're gaining in 20 or so weeks that makes you so much more desirable than candidates with different backgrounds. Also, it really is hard for recruiters to tell exactly how good you are at your banking job - there isn't like a GPA or report card that they have of you when you are being recruited, most of the time its more about your bank prestige and the group you're in.

Just my opinion anyways.

1/11/17

I got the impression, from this website, that ibanking was some crazy boot camp for future business leaders. That these bankers learn all these amazing skills that you wouldn't learn else where in finance or business. However, it seems people are having a hard time articulating what exactly those skills are....

Best Response
1/12/17

Okay, for the lil' monkey in the building: the hardest part about any of the 'prestigious' jobs that are mentioned on these forums is actually getting them in the first place. Particularly banking, which evolves from a job revolving around PPTs to that of sales (which is entirely relationship driven).

In terms of skills that recruiters look for (and why banking analysts are so sought after), here's a breakdown:

Hard skills
Excel modelling - the ability to crush a financial model that's accurate, comprehensive, and easy to understand in a fast period of time
PowerPoint - the ability to coherently and quickly deliver information
corporate finance - generally through osmosis, you will learn how to structure a deal, run a marketing process, etc. This is VERY valuable for PE

Soft skills
Ability to work long hours - there is no doubt that this is unmatched. IB hours suck and if you can put up with them everything else is a walk in the park
Dealing with bullshit - bank cultures, for better or worse, are very hierarchical and a lot of MDs (and directors, VPs, associates, and so on) are complete dicks. You will learn how to put up with their shit and get stuff done anyways
Working autonomously - this means with limited oversight, you will get stuff done
Attention to detail - you will learn to nitpick over the smallest possible things, even to the point of it affecting your social life

Hope this helps.

1/13/17

lil monkey, haha thanks

i guess i was confused because i thought modeling was done mostly by associates

Investment Banking Interview Course

1/11/17

90% of your time you'll do excel data crunching, powerpoint & some research. You can also find some exemplary tasks in the "Investment Banking Prep Guide" App in the Appstore.

@baloneymaloney the skills are mostly strategic thinking, structured analysis, Modelling and pitching (Usefull for an aspiring entrepreneur!).

1/11/17

"Conventional wisdom and daily inspiration for a better direction to reach higher levels in life"

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1/12/17

You realize that I want to steal that Curious George photo you have, right?

1/12/17

Hehe. Give this one a shot:

George

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1/12/17

Awesome. Thanks!

1/12/17

Uh oh, ebola is spreading.

1/13/17

It's a cancer, WE CANNOT BE STOPPED!

1/13/17

We are Ebolamonkey!

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1/12/17

I'm sure it varies by bank... Across size, deal flow, work to be done, etc. For me, I interned at a boutique shop where it was myself, two other interns, and two Managing Partners, that was it. While the summer is notorious for being slow in terms of the relative quantity of deals being originated and/or executed, being on a smaller team working on several projects kept us busy (and yes, in some cases this did include modeling). My responsibilities varied from building out a model of a company to creating PowerPoint presentations for clients to developing a due diligence template for all deal files... but again I was one of 3 summer interns with two senior bankers with only one live deal the majority of the summer and 2 other deals in origination/closing.

Point is: it's going to be different everywhere you go. I'm sure the work is more training-like and hardcore at a BB SA position than it is at small ma-and-pa IB. Not to say that one's better or worse (sorry GS or die) but if you're in a structured internship program, then you'll have far clearer expectations and projects to be working on. If you're part of a random team in a boutique that took you on last minute / doesn't have an internship program, they may assign a wide variety of bitch work to you. Totally depends on where you're working, who you're working for, etc.

1/12/17

They swallow.

"Elections are a futures market for stolen property"

1/12/17

Mostly spend your time perfecting some minor graph in a ppt that will never be read by the CEO or cfo or see the light of day.

1/12/17

Since most of the work in banking is non-quantitative, why do new hires (especially fresh grads) or interns need to excel in quantitative subjects such as mathematics and statistics, when most of the work only needs PEMDAS? Is it to sift out the weak candidates for the position?

1/12/17

there is a lot of money at stake in deals, so they have the ability to pay top dollar for analysts. If you are going to pay top dollar, would you not want to fill it with the smartest/best possible candidate? it's a way to filter the "best"

1/13/17

More Powerpoint (for decks) and excel (for everything else). Let's be honest, as an intern, you won't be given huge responsibilities (you are bound to fuck up somehow)

The main reason they pay well is because of your time. Imagine getting a call from a client at 11pm and he wants to have a meeting the next morning because he's in town. You will have to put together a proper deck for your bosses and probably have to work overnight. You get a high paycheck not only because you're just there to help with decks and excel but because you are ALWAYS available. Even at 3am, if your boss wants something done, you better get out of the bed and make sure it will be on your boss's desk by his deadline.

I know this first hand because I have received emails from associates at around 12am asking for something to be done. Believe me, it happens frequent enough to justify your high paycheck!

1/13/17

This is it. I have had scores of friends work and leave IBD at the Associate level because they wanted better work/life balance.

1/13/17

Dig that new icon man. :) Looking proper!

"Conventional wisdom and daily inspiration for a better direction to reach higher levels in life"

Personal Blog with Viral Ideas: https://centralparadise.net
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1/13/17

Agreed. This is too awesome. I just need to get a proper job/suit + tie outfit to go with this now and join the ranks.

1/13/17

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"Conventional wisdom and daily inspiration for a better direction to reach higher levels in life"

Personal Blog with Viral Ideas: https://centralparadise.net
FB: https://www.facebook.com/centralparadise88/
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1/17/17

There's a lot of them leaving at Analyst level as well (first and second years). But when you progress further (beyond VP), you are given more origination work rather than execution work - less number crunching/powerpoint editing and more generating revenue/bringing in deals for the bank. Once you start bringing in business, you tend not to be in the office past midnight. Hell, some MDs leave around 5-6PM to have dinner with their families. That said, you do have to travel a lot (once a week?), so there you go

1/13/17

So is it fair to say 50% ppt, 50% modeling?

1/17/17

Not exactly. It really depends on the shop and what stage you guys are at on the deal. For example, at the initial stages, you will be doing a lot of PPT (pitching) to get the mandate signed. But if you guys already gotten it signed, then you will probably spend most of your time on the models. Thereafter, you will be working hard on the IMs and other marketing materials.

Don't underestimate PPT editing. It gets your creative juices flowing because you need to be able to express your ideas/points in the simplest and clearest way so that the client can understand. You have to constantly think to yourself, "will I understand this slide if I have no knowledge on finance?" You can't just dump 100 lines and expect the client to read everything. They'll probably zone out at line 5 LOL

You have to understand that it's not just the hard skills that make you valuable. Your ability to take work at ungodly hours and deliver it with precision, your hunger/drive, etc, that make you more valuable than many other working professionals

1/13/17

Doity Joizy

1/14/17
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