BOA Corporate & Financial Institutions Debt Products Summer Analyst
This is my first time posting on WSO. I've been reading for a while now and it is helped me out tremendously. I recently accepted a position at BOA as a Corporate & Financial Institutions Debt Products Summer Analyst. Does anyone have insights into what I should I expect to do/learn in this position? The only thing I found about this position was what was posted on my school's internship database.
"Overview: Corporate & Financial Institutions Debt Products Analyst Interns perform intensive qualitative and quantitative due diligence on industry and company factors. Interns are called on to: • Participate in the structuring, underwriting and documentation of credit facilities designed to meet both client and investor needs • Conduct comprehensive and in-depth company and industry research • Participate in portfolio monitoring activities • Manage credit exposure associated with the bank’s broad range of Credit Facilities, Foreign Exchange, Derivatives, and Treasury Management products • Communicate and interact with CDP & FIDP teams locally and globally"
Where does it sit relative to IB? Will this help me when trying to secure FT IB positions this fall?
It means you'll be selling checking accounts and over draft protection to companies
It's a commercial banking experience with a bit of risk management (regarding credit) involved. Easily spinnable as a FO position but it's not exactly ideal.
This response is inaccurate. BofA's Corporate Debt Group deals with the underwriting of revolvers and term loans to large-cap companies (i.e. lending off BofA's balance sheet). Since BofA is lead on many of these transactions, you will be working with the IB and syndication groups as well. The job is heavy on credit analysis. It is not a back office position.
FYI - commercial banking is much different than corporate banking.
The specific groups in question, at least in their NYC location, is a transplant from ML post-acquisition. Yes, the FO portion of the job involves credit analysis but a large of their work is also dealing with risk management. The group also doesn't handle origination (they're not the relationship contacts) so at best it's a hybrid group. It's a mistake for the OP to hold a rosy view of what the opportunity really is.
As for the OP, why did you accept an offer with no real sense of what they do?
I accepted because it was the best offer on the table. Didn't land a IBD SA position and the only things left to go for were PWM and CorpFin positions. I just wanted to clarify because nothing came up during an WSO search query. Also, I wanted to see how this internship would set me up for FT IBD hiring season.
Depending on where the CorpFin position is, it would be much more similar to what IB is. Luckily for you, the dearth of information on what the group actually does can serve you well in during interviews if you can sell the experience well. If it's the best thing on the table, there's nothing you can do besides approach this as if you were an outside shot for FT recruiting. You'll have plenty of time to network and prepare for interviews during the summer so take advantage of that.
I know a buddy who just started working for them this January. The pay is good by market standards and the work/life balance is very good. Essentially the job entails a lot of accounting, looking at CF statements, balance sheets. Each person is assigned an industry where you follow about 10-15 major companies that BoA lends to on revolvers, and other types of credit lines. Basically, your judging their credit worthiness and arranging syndicates with other banks.
Spot on. You're going to be monitoring existing credits as well as analyzing new ones. Even though you deal with risk management, you're responsible for formulating (and defending) an opinion on every deal. Basically, RM is just there to verify your work. The job is technical in nature - those skills are an easy sell when interviewing for FT.
You gotta a job in market that still sucks which shouldn't be over looked. I'd focus on trying to be very good and then try to leverage off that. It's not unheard of to do an internship in a group like this then move in a DCM origination role or coverage role as a full time. Fine, it's easier to do this if you've done your summer in that group but not impossible so don't get hung up on it.
Learn as much as possible and figure out what whill and will not be applicable to whatever it is you want to do next and fill in the gaps as much as possible first semester next year. Summer IBD analysts may get a bit of a jump but let's not get carried away...they're still making pitch books and doing performing the absolute worst tasks...so you're not actually missing all that much.
Hello all, I am also in a similar position. However I am joining Corp Debts Group as a full-time 1st year analyst this summer upon completion of my undergrate degree
I also want to eventually move into a FO origination position (preferably DCM) and took this position because it was the best role on offer.
Does anyone have any input In terms of how I should get to my target role e.g. completing the analyst training in corp debt products for 2/3 years / obtaining a CFA / taking a year out and completing an MBA?
These are some of the options that I have looked at but am unaware of how best to logistically place these on a timeline of my career or indeed whether they would actually help. Another colleague suggested I keep applying to various FO roles from the offset of starting my analyst program.
Thank you...
Your position is an FO role. Not sure why you keep knocking it...
I'd recommend focusing on your job but also being opportunistic. Keep your eyes open internally and externally and jump at the right opportunity. I assume in your role you interact with the DCM origination guys right? Try to develop relationships so you can have visibility over upcoming opportunities and access to the decision makers. Pretty similar set of skills for your role and a junior DCM origination role. Perhaps more pricing work but nothing complicated so you should be capable of stepping into that role. Frankly, your role may allow you to develop more industry knowledge and get exposure to more real docs...origination guys pitch a lot and never get to the docs stage, you should know the docs for all the financings your working on and therefore should well prepared for a role that involves creating the documentation...
Thank you very much for your help. I did originally think it was an FO position. But on this thread so many people have termed it to be a hybrid (with MO) for the large amounts of docs analysis involved and the lack of clientelle exposure hence why I became unsure.
Yes we actually do intereact with with of the corp banking divisions, having carefully studied the job description and speaking to a few graduate analysts already there. What you say makes a lot of sense.
So what you're basically saying is that we develop all the primary skills required for the analytics of an origination/client facing FO role but to get there from corp debts networking and knowing the role inside out and selling it well is what will swing it in an interview for these other positions.
Thanks again I appreciate your time.
may i know how much is roughly the pay for this position?
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