Audit internship in 1st yr to IB?
I'm in my 1st yr of a 4 yr course so applying for springs in the next cycle. I don't have anything to do over summer so applied to a lot of small finance companies/boutiques but got ghosted by most. I was able to get an audit internship at a mid sized firm (RSM/BDO/Grant thornton) which is 6 weeks. Would it be beneficial for IB applications next year?
They also had M&A positions which I only found out recently, but it's London which is quite a long commute away, while this one is in my city.
Thanks!
Landing an audit internship at a mid-sized firm like RSM, BDO, or Grant Thornton in your first year is a commendable achievement and can indeed be beneficial for your investment banking (IB) applications next year. Here's how:
Foundation in Finance and Accounting: Audit roles provide a solid foundation in understanding financial statements, compliance, and the operational aspects of businesses. This knowledge is crucial in IB for financial modeling, due diligence, and analyzing companies' financial health.
Transferable Skills: Skills such as attention to detail, analytical thinking, and project management developed during your audit internship are highly valued in IB. Highlighting these skills in your applications and interviews can make a strong case for your candidacy.
Networking Opportunities: Use this internship to network with professionals in the M&A division or those with connections to IB. Expressing your interest in IB and seeking advice can open doors for future opportunities.
Storytelling in Interviews: Your experience in audit, especially at a reputable mid-sized firm, can be a compelling part of your story when applying to IB roles. It shows your early interest in finance, willingness to learn, and adaptability.
Consider Commuting for M&A: While the commute to London for an M&A position might seem daunting, such roles are directly relevant to IB and can significantly boost your profile. If possible, consider this option in the future or seek similar opportunities closer to your location.
In conclusion, while the audit internship might not be directly related to IB, it's a valuable stepping stone. Leverage this experience, continue building your skillset, and actively seek networking opportunities. Remember, a proactive approach and a clear demonstration of your interest in IB are key to transitioning from audit to IB.
Sources: Lateraling Guide for Investment Banking, Q&A: From Big4 Audit -> Big4 Advisory -> MBA -> AM Portfolio Manager, Did my GPA screw up my application?, Q&A: Big 4 Audit to MM IB, Worth Attempting to Transfer from Semi-Target to Target?
M&A at the above firms would be better, but at the end of the day an audit internship is better than no internship at all
Yea I understand that. I think this specific company doesn't allow multiple applications per cycle so I'll try and see if I can find one at another company which isn't too far from me. I really shouldve passed my driving test before uni...
Audit is good and will put you in a good spot.
I think it’s better to have too much experience, send out more applications and try to get a week at some kind of wealth management/professional services/ consulting firm.
Thanks a lot mate. I don't do a finance related degree so what I learn will be really helpful. I'd imagine most of these sorts of internships I'd need to email them directly since I couldn't find them on LinkedIn or other sites?
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