Going into a Corporate Banking Internship?
Hi Everyone!
I am going to be a Corporate Banking Summer Analyst interning at a large firm this summer in their Oil and Gas division. I wanted to see if anyone has any tips for how I can get prepared for the type of work I will be doing. Anyone with a Corporate Banking job experience feel free to shed some light on this. What modeling should I practice? Any information I should review before arriving at the job? Any general advice?
Thank you!
bump
What's the difference between corporate and investment banking?
Good question, have been wondering the same. Could some users with experience in these fields elaborate on the differences and similarities?
I'm a relationship manager in corporate banking
It depends in which team you'll end up to be honest. CB is a great alternative to IB, albeit less lucrative and prestigious. The great thing about CB FO is that you'll have the same client base and contacts for a long time which you'll get to know very well. It helps as well to see company groups develop over time and requesting more of the bank's serviceq.
If you intern at the coverage-side, you probably won't model anything. Instead you will spend your time preparing e-mail outreaches to clients, gathering information and spend ridiculous amount of time on KYC. KYC is a hot topic within CB and everyone despises it.
If you end up on the product-side (cash management, trade finance, sctf, fx) there'll be some more modelling involved but nothing too fancy (depends on client complexity).
Product specialists will generally request your assistance again for looking up internal info and handling the 'boring' stuff.
You could also end up in middle office where you'll spend your time on administration mostly.
Let me know if you need further info
Since you say the prestige and pay are less for corporate banking than investment banking, how do the hours worked and the exit ops down the line compare?
It depends which location you're in. I'm based in a big european city (not london/paris/amsterdam) so it's less competitive here, but no IB locally so that also means that CB is most prestigious division here.
My job is typically 9 to 5 but some colleagues prefer to do longer hours. You just have to get your shit done. Pay is different than in the US for example (lots of local taxes), but above average compared to local wages.
Exit ops are moving to finance/ treasury departments at multinationals, changing roles within CB, or becoming internal people managers. We see a lot of people developing into internal back-office project roles as well (no idea why). Most people tend to really like CB and stay as long as they can. Average age at my place is around 45.
It can vary though - at a JPM / Citi / BAML in NYC, you’re probably looking at closer to 60-70 hours in a given week, with more modeling and execution work. It also depends on your group, dealflow, etc.
Good Morning, bukz1221.
Adding onto the already great points that Geurop mentioned above, having interned at a large firm in their Corporate Banking division, specifically in Structured Finance, I would say the materials that helped me get a basic understanding of debt were simply reading about and keeping track of different benchmarks from 10 year treasury to 3 month Libor, with a sliver of contribution from studying the level 1 of CFA.
But for the most part, I think I got acquainted with the role on the job after I got a few sample credit packs to base my future analysis/wording of certain portfolio companies' performances off of.
Congratulations on the role and go get 'em!
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