What do Investment Banking SAs exactly do in BBs? Duties/Training
I am really curious what are daily duties of SAs at BBs and if we could maybe create a list of duties.
Another thing I am curious about is what kind of finance and modeling training do SAs receive.
I would like to follow this list closely during my SA stint and learn as much as possible this summer so any input will be appreciated.
If you prefer you can PM me.
Daily duties - very group specific and more or less changes everyday
Finance and modeling training - it's more or less your standard Training the Street. You will cover basic Financial Statement Analysis, DCF and Trading / Transaction Comparables. To be frank, it will not be anything groundbreaking but basic blocking and tackling. Use training as an opportunity to network and make friends - this will be helpful during the summer both to have fun and for work. Anything meaningful from a valuation / accounting standpoint will happen on the desk.
Anyone who worked as a SA at a BB in IBD?
You most likely won't get the chance to model anything, unless your group runs extremely lean deal teams
I worked as a SA at a top-tier BB in IBD
lol i like how Beny23 ignored your response
I did not ignore it! I would like to get input from as many people who worked as SAs as possible. Thanks for input evergumptious and jjcannon!
Do the BBs give out some booklets/materials on valuation and modeling? Or is it all online/classes?
Most BBs have a one-week live training session with Training the Street or something similar. Mostly just to bring the liberal arts folks up to speed on accounting / some light valuation work.
As for duties, you'll start out by doing mostly asinine tasks like making PIBs, doing profiles and (once you build a bit of trust) spreading comps. Over time, if you prove yourself worthy and smart, you might get involved in some lighter modeling for some of your projects. At my bank, by the end of the summer, I was staffed as the sole analyst on a live sell-side project while the normal analyst was out-of-town. It involved pretty significant financial modeling and actually talking to the corporate development team at our client. However, I'd say that's exceedingly rare. Regardless, if you prove yourself, you'll get to do some interesting work by the end of the summer.
I worked in two BBs in Europe as SA and got to be in two different >€1bn transactions. You get to do all kind of consensus, industry benchmarking (both timnes I was at an industry team) and trading comps...For specific companies I did the operating models and the full valuation. Mine was a specific situation as by the end of the second internship I had been working a year and a half in the industry and knew more than most first years. Anyway you should expect trading comps, consensus and all kinds of benchmark + doing and sending markups and dependind on the logistics, printing and binding..
UBS has their 2012 SA IBD training slides online . It's not all of it, but enough to give you an idea. I don't have the link on my phone. Try google if not pm me and I can send it when get to computer
Resuming my two interships in a list would go like this:
On the excel side
I suggest you learn as fast as you can to use Factset and Bloomberg on the job. If anything I would try to be as fast as possible in excel, but buying modelling packages looks worthless to me.
Hope that helped
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