My fellow monkeys,
I am in dire need of some guidance, here! I won an ER SA position for this upcoming summer with an MM bank and was looking for some advice on what I should be brushing up on in the next few months leading up to my internship. Coming from a non-target, I don't have any classmates that I can go to for advice, this forum is my only source of guidance. Specifically I'm looking for comments on the following:
- My VBA is pretty shitty. I can automate or streamline basic processes but it can take me an hour or two. Am I expected to be more proficient in this area?
- I would consider myself an intermediate excel user, quite familiar with VLOOKUP and all that shit. Occasional use of my mouse. Is this good enough?
- Im basically a beginner with Bloomberg but I will have occasional access to one leading up to the summer. What are the essential uses/functions I need to know for ER?
Is there anything else I need to be prepared for? Thanks in advance for your time and advice.
I dont work in ER but I think my advice will be applicable, I had an intern last summer and I noticed a few things. I would say there are a few things you should pay attention throughout the summer,
Have a good work ethic (obviously), don't take shortcuts
Pay attention to formatting. Any work you do in excel/word/ppt be mindful about making it look nice. Imagine someone is going to have to look back at your work in a few months, are they going to be able to follow what is going on?
Remember everyone's time is more valuable than yours, but don't be afraid to ask for help.
Always think what the big picture goal of your work is and keep that point of view throughout an assignment. Remember that you're work is 1/50 things they are working on. When you bring him/her something you should know the details but stay big picture focused
Thanks for the advice! I'll definitely try to keep the right mindset on the job.
You’re not expected to know much so don’t worry about coming in as an industry expert or anything like that. Make sure you’re good at excel/word/powerpoint. If you’re already at the point of rarely using the mouse you should be fine.
No one I know really uses VBA at my firm and for Bloomberg just get the certification through the terminal that will teach you the basics.
Most important things: make as little mistakes as possible, take good notes, understand the basic SEC filings and where to find company info, understand the three statements as well as possible, ask good questions, format things correctly, and have attention to detail (this is key). Having a good attitude and genuine interest/curiosity is a big plus as well.
Thanks for the reply! Good to know that I'm in a fairly good spot. I will definitely chip away at the Bloomberg Cert when I have time. Any resources/ideas for what I need to know when it comes to power point and word?
I will add to that:
If you are ER SA as an undergraduate, how much value are you really going to add? Comes earning season in the summer, how much can you write about a company that you have been following for 2 months versus your supervisor who has covered it for god-knows-how-long. At the end of day, getting the FT offer has a lot to do with whether they like you or not as a person. It's sad things work like that, but true.
So, * be a good listener * constantly think about how to add value on your team - align your work product to the format your team uses for reports and exhibits * the info you gathered for your summer project should be organized and easily usable for your team after you leave the internship * make your team members like you: definitely do good work, but also figure out what their interests are and try to have some talking points so you can keep a conversion with them (maybe it's a Netflix show, sports, or traveling, etc.)
i remember worrying about the same thing and being relieved when i started i'd say you only really need basic excel skills, basic knowledge on how to use a bloomberg terminal, and be able to read financial statements most will be taught to you, as your analyst will have his/her own way they want models done and reports written anything else you can bring to the table to show enthusiasm would probably be appreciated (reading up on the sector you're covering, learn the jargon, current industry trends, etc.)
Did my first job as a research associate (covering TMT) for two years so this is my advice:
I think if you get these things done right, you should be 99% better than other incoming equity research interns. Wish that my interns knew that when they started. It was a painful experience training the interns.
Part of the reason why interns don't know what you said is because: the recruiters at banks are all so shitty. I did not know my coverage group until the week I started.
It's impossible to catch up on a sector when you don't know which group you will be in.
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