I will be interning at a BB this summer as an associate. Any thoughts about how I can use the next few months to prepare for the internship?
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I worked for a smaller firm that employed interns, so I can speak from that, not sure about a BB. Here's what would be useful from my perspective: Definitely get into the habit of reading the business news daily. WSJ, Barrons on weekends is pretty good, some people read FT as well. If you're in a coverage group, follow the industry - amazing how once you put your attention to it, you'll find so much. LinkedIn can have some good groups that cover an industry, type of debt, area (e.g. Rx). I'm going to guess you've already done 3 statement modeling, maybe took Wall Street Prep or the like, but I think basic soup to nuts modeling knowledge would be very helpful. Like if you knew how to build a model, and run DCF and comps to get the valuation 3 ways. If there's any way at school to learn how to use CapIQ to run comps and transactions searches, etc., that would be huge. If they use another database, try to get some familiarity if at all possible.
Do they give you a buddy, or mentor, or do you know anyone ahead of you who worked at that bank? Anyone who can give you a heads up on basic tools/apps they use would be great. Solid Excel and PowerPoint knowledge is very helfpul. Wall Street Prep has good courses, especially their advanced PPT, and they're inexpensive. Anything you can do to brush up and be excellent with shortcuts, etc.
wow thank you that’s super helpful
Best of luck!
Don't think that you're above the summer analysts in any way.
Don't try to act like you are an actual associate. You, for all intents and purposes, are a summer analyst. If you get the full-time offer, upon hitting the desk you, for all intents and purposes, are a first year analyst.
EDIT:
Don't say something stupid like "this isn't how they showed us in business school."
This ^
IB isn’t rocket science, the summer associates who convert are those that excel in social skills, not technical ones. Humility, charisma, and a genuine interest in both the industry & IB grind are the most important qualities by far. Obviously doing this in a virtual internship is difficult so maybe it doesn’t apply as much this year, but ultimately bankers know that a summer ASO with solid technicals and bad social skills makes for a bad full time ASO, regardless of internship format.
Know your Power Point and Excel shortcuts
The full-time analysts on your deal teams are superior
Confirm receipt of emails, over communicate, and clarify expectations
How do you suggest I practice powerpoint skills ? Do you recommend Wall street prep ?
Don't try and take credit for work done by summer analysts. This happened when I was interning. Some summer associate would swing by and drop some work off. The summer analysts would do it because they wanted to be a team player. The summer associate would take the analyst's name off the work and send it forward without CC'ing or letting the analyst know. Honestly pretty rude.
This happened pretty frequently. I was lucky, because the associate that did this to me didn't get a return offer. I like to think I helped play a part in that once people realized I was doing their work.
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