What do they actually teach you?

Incoming IB ‘27 analyst. I don’t even know how I got an offer bc I had pretty little finance knowledge. I know they say that they will teach you throguh onboarding but what is actually taught during the training of the internship program? How can I prepare?

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During the training phase of an Investment Banking (IB) internship program, the focus is on equipping interns with the foundational skills and knowledge needed to perform effectively. Here's what is typically covered:

1. Technical Skills

  • Financial Modeling: Building models like 3-statement models, discounted cash flow (DCF), and comparable company analysis (Comps).
  • Valuation Techniques: Learning methods such as precedent transactions, LBO modeling, and other valuation frameworks.
  • Excel Proficiency: Advanced Excel functions and shortcuts tailored for financial analysis.
  • Accounting Basics: Understanding key concepts like depreciation, amortization, and how they flow through financial statements.

2. Industry Knowledge

  • Market Trends: Insights into the current state of the financial markets and industry-specific nuances.
  • Deal Process: Overview of M&A, IPOs, and other transaction processes.

3. Soft Skills

  • Communication: How to structure emails, present ideas clearly, and communicate effectively with senior bankers.
  • Teamwork: Navigating group dynamics and collaborating with other interns and full-time employees.
  • Professionalism: Understanding workplace etiquette and managing expectations.

4. Practical Application

  • Case Studies: Working on mock deals or case studies to simulate real-world scenarios.
  • Pitchbook Creation: Learning how to create and refine client-facing materials.
  • Problem-Solving: Tackling exercises that mimic challenges faced in live deals.

How to Prepare

  • Brush Up on Technicals: Use resources like financial modeling bootcamps or online courses (e.g., WSO's Financial Modeling & Valuation Bootcamp).
  • Learn Excel: Familiarize yourself with shortcuts and functions commonly used in finance.
  • Understand Basic Accounting: Focus on how financial statements connect and key accounting principles.
  • Practice Behavioral Questions: Prepare for cultural fit and soft skill expectations.
  • Network: Reach out to current or former interns to gain insights into their experiences.

Remember, the training is designed to bring everyone up to speed, so don't stress too much about your current knowledge level. Focus on being proactive, eager to learn, and ready to absorb as much as possible during the program.

Sources: Week 1 of IBD Internship: Training, , , Goldman Sachs SLC IBD Overview

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