Value of my internship?
I just finished my sophomore year and got an internship in corporate finance with the position of summer analyst at a F100 firm. I'm basically doing forecasting models on the cost side (looking at f/x rates, product costs given increases in oil, commodities, etc.) as well as some other bitch work. I'm just wondering how this will be regarded when I go for IB in my junior year. Thanks.
Should be looked upon highly by recruiters, particularly since it appears that you're doing some meaningful work. Most sophomores don't have much more than PWM internships and are still able to do well in the recruiting process (granted that they're at strong targets).
bump:(
The position, as a standalone, should definitely help boost your resume as a junior applying for summer banking internships. Ignoring all other stats, most sophomores are not exposed to financial modeling, as well as corporate cost analysis (especially for a F100 firm). I would definitely not lump it together with the "bitch work" of every intern, this is your bread and butter. You need to sell this modeling, and also sell your energy and power market knowledge, because, if you like it, you can definitely make a case to break into an energy and power ibanking group - the more you know about the job and a particular industry of interest, the better your chances.
Basically, if you can articulate your financial modeling, and place some weight on your forecasting contributions, combined with a strong profile, I think you've definitely got the potential to break into banking next year - remember, you absolutely have to sell this internship though - you've got a good opportunity, so be sure to volunteer for projects and make the most of it.
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it all comes to the sell. Back in my day, when things were a little better than today, I had classmates that had sophomore summers in IB and S&T, but could not get it back the next year. I also had friends that had only taken summer courses or worked in retail that got multiple offers. What I have found from being on both sides of the table, is that there are probably about 2-3x more people who are qualified and desire these positions than there are spots available at reputable firms. When people say that it is about "fit", this is partially correct, but not in the way you would necessarily think. As you can probably see from reading this site, junior bankers tend to put themselves and their jobs up on a pedestal, as it is one of the only redeeming factors to the crazy hours and bullshit work we find ourselves doing for a large portion of the day. A lot of people think that being enthusiastic in info interviews/ uni visits/ and interviews is a good way of showing a "fit", however, in many cases you are basically lying through your teeth as you either have no idea what you are getting yourself into on a day to day business, or whichever "friends" you spoke with are full of shit and not good enough friends with you to give you the real scoop on day to day life. There is a reason why we like hiring bankers' kids or other close friends, it is because they know what the job really entails. They know what it means to work long hours and have strained relationships with friends and family. Many with real internship experience know as well. If you are willing to make this sacrifice after you truly know what flying, that's step one to fit. Believe it or not, when we are amongst ourselves eating dinner or fetching coffee, we are not sitting in a circle jerk, chanting "I really love working in Morgan Stanley investment banking", we are usually bitching about face time, not getting any real work until 7PM, our MDs not giving a shit about our development. So then throw the guy in there who says "I really look like a banker today, I've got my hermes tie, canali suit, and allen edmunds shoes, isn't it amazing to be a MS i-banker"(true story), and you can see how you will not "fit". Just for all the kids out there with shitty inference capabilities, you do not actually need to say the above to fit into the not "fit" category. It could be the way you dress to interviews, cockiness, or just the look on your face. Trust me, nobody is looking at your suit, and saying this guy bought it from Mens Wearhouse, he must be poor, lets hire the guy that spent his bar mitzva money buying brooks brothers. But, we might say, this guy is wearing a fake hermes tie(yes, we can tell), cufflinks, and a pocket handkerchief, so hes either a moron, or sucking his own dick. These are people that get laughed at at the post-interview roundup.
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