Internship Help - Good resource
I came across Wall Street Oasis recently and I must say that I am glad to see such a great source for help for prospective I-Bankers. I have a question for anyone who may be able to help me...
I am a rising junior at a semi-target school and I have a high GPA (above a 3.9). I am double majoring in Fin/Acct and I am minoring in Economics. I am interning in London right now in Debt Capital Markets at a well known Middle Market Bank (I can't tell you the name for obvious reasons). I am, however, more interested in pursuing a career in Investment Banking. I have developed a contact at Goldman Sachs (New York). He is an MD (newly promoted) and he is very enthusiastic about helping me. He knows that I am interning in DCM, but has told me that any experience is important (especially in this economy). He told me that he will get me an interview for an internship with their I-Bank and that I should prepare for it. My question is how should I prepare? I will obviously be ready for all of the usual questions and I will read the Vault Guides, but how do I convince them that I am interested in Banking even though I did DCM. Also, how much do you think Banks will value the fact that I have a front office experience even though it's not in Investment Banking?
Thank you for your help. I really want to be prepared for this interview because of the competitiveness of this market and so I apologize if this seems like a stupid thread.
DCM is part of investment banking. Although it may seem pretty obvious, just start from after having an experience in DCM, I wanted to explore through other divisions in the investment banking area.
And go on something with the followings..
"The biggest difference between capital markets and M&A is, while captital market requires mostly the consideration of financing aspects of the business, M&A also requires strategic consdierations as well. While, I have enjoyed my experience in DCM, I'd be keen to work at M&A division."
First of all read Vault and understand the field, and then after that, you should move on with more sophisticated books for valuations or something else. Of course, they won't expect you to do modelings or stuff.
And basically, you should be comfortable to use Excel and powerpoint. I was struggling with these in the beggining...
I hope everything goes on well.
Good luck
is this question necessary? You're already having a lot of edges over your peers: a contact at GS, an internship at DCM, and an upcoming interview. What do you expect more?
I am not gloating, I am really genuinely concerned. I realized Capital Markets is not what I want to do and I want to make sure I try my hardest to get another internship in a field I want to be in for next summer.
Also, it's a valid question. My friend got I-Banking internships at Lehman his frosh year, JP Morgan his Sophomore year and tried to get Goldman this past summer. He did not get it. Goldman is tough to crack and there are a lot of qualified candidates out there. That is, unfortunately, the reality of it.
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