good evening monkeys,
I had an interview a few days ago for an IB internship position, and the first step was a case study. I've been on the hunt to land IB for a while now (like a lot of you guys) and worked on the modeling/valuation aspects a bunch of times over the past few months.
The case study they gave was to be completed in 2 hours, and it had so much meat on it I was shocked. The case wouldn't be hard if given a day to complete or an afternoon, but that much work in just 2 hours seems a bit much for an internship.
The case compiled of industry research for prep, formatting IS and BS, making the cash flow statement, a TON of market research summaries and strategy analysis type stuff (SWOT etc.), customer analysis, comparable transaction, DCF, risk and benefits analysis, comparable company analysis, a summary of the valuation metrics, and a PowerPoint summarizing everything, as well as a bunch of smaller tasks like reading the industry report they sent and company summaries.
I guess my question is this: is doing a valuation and making a pitch book for an acquisition possible for an intern candidate in under 2 hours? I'm just getting nervous cause I didn't full complete the summary, and I was really looking forward to this.
Really appreciate anyone's input on this, thanks guys
Boutique IBs tend to get creative in their assessments. During my sophomore year of college, a boutique IB that I was applying to made me construct an entire model on a biotech company in 90 minutes.
that's crazy.. how'd it go? did you end up working for them?
I scraped together what I could in the 90 minutes and was swiftly rejected soon thereafter. Ended up working in the computer science division of a F500 company. Once again failed at landing IB in my junior year. Worked a couple more internships ranging from mgmt consulting to PE (whatever I could get my hands on) and now I will be working for a top MM full time. Never quit and never give up hope. No two journeys are alike. Keep plugging on and you will eventually land an IB gig.
What made you really want to do IB after doing PE/consulting?
With consulting, I had the feeling that our corporate clients didn't really want us there, we were just budgeted expenses. PE was pretty awesome, just a little slow with a lot of deals shutting down for random reasons. I plan on getting back into PE in a couple of years when I'm more ready for a 9-6 type career. Right now, I'm ready to bust my ass and add value to large transactions.
That's quite the path, very well done. appreciate it!
Thanks man. Best of luck to you.
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