Internship Seeking
I want to apply for a corporate banking internship next summer. Descriptions of what they do seem to align with things I'm interested in. I have a couple questions:
How prestigious is corporate banking? I'm sure it's not as prestigious as IB, but I hope it's not something people scoff at, either.
How technical do interviews get?
Do people typically make a career out of corporate banking, or do they look for other (better?) opportunities after some time?
I'm an econ major at NYU (not Stern) with a 3.67 GPA. Is that respectable enough?
Thank you for your time.
Prestige: don't worry about it
Interviews: not too bad. 4 CS of credit etc
Career: I've seen people either lateral into other divisions at the bank they are at ie- CB to IB. That being said, a lot of people make a career out of it.
Also, your GPA and school are fine. Focus on networing. Fewer people are really interested in CB than IB. I've found that if you show genuine interest it can go a long way.
Thank you. How do you recommend I show interest without my answer sounding scripted? Any other technicals I should now? As an econ major, I know basic accounting, but nothing too advanced. Thanks again for your time.
Other major technicals that I could think of would be pretty basic such as what is EBITDA. How do the three statements link etc. Also may want touch up on basic credit ratios (LTV, DSCR, funded Debt to EBITDA etc.) One question that I would definitely have an answer to is "what would you look at when determining the credit worthiness of a company?"
Honestly the thing that I have found to be very effective when networking, especially with seniors, is to be humble. Don't start off asking really pointed questions. Focus on getting to know them and just be yourself. Also in terms of "why CB" I would say two things. #1 CB deals more with the nuts and bolts of a company if you will, so I would try to incorporate that you are interested in the day to day operations of a company. #2 I would talk about culture. I have found that the culture in CB is vastly different than IB- more laid back + (gasp) a little bit more of providing valuable services for the bank's clients.
Would you suggest that it'd be advantageous to take as many accounting classes as possible for a career in CB since it starts in Credit Analysisfor most people?
As far as determining creditworthiness, how do profit margin vs. industry average and the ratios you mentioned (DSCR, debt/EBIDA, etc) work? I've read up on each of them and feel comfortable using them in different contexts, but are they helpful in determining credit worthiness?
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