Search fund internship intro call, how do I prepare?

I have an intro call coming up for a search fund internship and I'm just wondering how I should prepare for it. I don't have any actual professional experience so I don't expect the questions (if any) to be very complicated. But I do want to show that I am a knowledgeable candidate.

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Interned at a Search Fund freshman spring and will be joining a top BB for SA'23 this summer:

An interview at a Search Fund will be majority behavioral. The technicals will pretty much be a pulse check it any are asked. For technicals, it's not as critical to be comfortable with BIWS 400Qs. Know accounting basics (3 statements and how they connect. $10 increase in depreciation). Walk me through a DCF. Very high level walk through of M&A.

For behaviorals, have your story down pat with a solid Tell Me About Yourself. Need to be able to show what happened in high school that sparked your interest in finance and how have you been working towards that goal this past summer. Next, actually understand what a Search Fund does (an operator is looking for a singular target to take over and run for several years earlier while being backed by equity investors; believe there's a Stanford primer floating around). Other than that, be comfortable with your resume content and have stories that apply to different situational questions (Tell me about a time…).

These internships tend to be minimal hours and unpaid but help with the finance interest aspect of the resume. You can find more companies like this at SearchFunder online. The goal is to apply one of these internship experiences to secure a local boutique/ LMM IB internship. This step is especially helpful as a current sophomore.

Good luck!

 

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