I have an upcoming interview with an associate for a fall internship position at a boutique M&A investment bank in the Midwest. Do you guys have any tips? I'm a rising sophomore, and I don't have too much technical knowledge, so what are the most basic things that I need to know? I've also already spoken on the phone with this associate and asked him all of my questions, so do you have any outside of the box ones to ask? Thanks
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I interviewed for a few part-time fall IB positions with boutique investment banks a while back. As far as technical questions go, be prepared for the basic ones in the guides. I'm assuming that this isn't an internship that will lead to a full-time role, so it shouldn't be too intense but it's always best to prepare for the worst. Make sure that you have a good explanation as to why you want to work at that bank during the fall and what you can help them out with. Balancing school and work will also probably be important, as they don't want you to say you'll work 20 hours/week and only end up working 10.
One question that should help you get an idea of if you are a fit is asking them about their work style. Are they extremely process-oriented or are they more abstract? It's also always good to hear what they like to do outside of work as that could help you understand if you are a fit in the office.
If you are interviewing with the same associate you spoke with previously, don't act like this is the first time you've spoken with him. Try to bring up things that you've talked about previously to help him remember what you talked about. Did he say he was going on a trip to Europe? Ask how that was. Did he mention a deal he was working on? Ask him how that has been progressing.
Hope that helps, and keep in mind that this is only one person's opinion!
Sophomore fall intern? He will understand that you likely don't know much. Here are the basics you should have a grasp of:
What investment bankers do
Typical M&A process & terms (pitching, develop buyer lists, marketing process, letter of intents (LOI), due diligence process, sales and purchase agreement (SPA))
Accounting statements (basic composition, walk me through an income statement, sections of balance sheet, what is EBITDA?). It's unlikely that he will get too detailed here since you haven't taken real accounting classes yet.
Basic finance - time value of money, discounted cash flow, free cash flow and why you look at it. Again, probably won't be too in depth
What his bank focuses on (industry & transaction types)
High level understanding of the market, a couple recent note-worthy deals
At this level, it's more important to show that you're passionate about business and interested in understanding investment banking. Talk about your career plans post-graduation and how investment banking ties in (understanding business models, etc.). Be yourself, talk about your interests - they like to remember college days too.
Boutique Investment Bank - Interview in a few weeks (Originally Posted: 02/17/2012)
I have an interview in a few weeks with a boutique investment bank in my home city for their middle market group. Any feedback or news that I should look at to get a better sense of the industry?
Thanks for your help
That's a very general question and I didn't realize boutiques had "middle market" group? Most of them are M&A generalists.
Also, is this for SA or FT? Either way, know your technical questions, and know your story (resume) cold.
Good luck.
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