Intern expectations

Based on the most helpful WSO content, here’s what you need to know about intern expectations in development/acquisitions and investment banking:

Investment Banking Interns

1. Workload Breakdown:

   • Pitchbooks and Presentations: A significant portion of an intern's time is spent on PowerPoint tasks, such as creating slides for pitches, CIMs, and management presentations. For example, one user noted a split of 60% PowerPoint and 40% Excel tasks.
   • Excel Tasks: These include:
     • Building buyer buckets or tier lists (45% of Excel work).
     • Spreading comps and precedent transactions (30%).
     • Miscellaneous tasks (15%).
     • Limited modeling (10%). Interns typically only touch models if they’ve proven themselves reliable and capable.

2. Modeling Expectations:

   • Modeling is not a primary responsibility for most interns. Analysts or associates will only delegate modeling tasks if they trust the intern’s skills and reliability.
   • Interns who take initiative and demonstrate competence may get opportunities to work on models. For example, one intern transitioned from 100% PowerPoint tasks to a 50/50 split between PowerPoint and Excel after proving their capabilities.

3. Key Skills and Attitudes:

   • Attention to Detail: Double-checking work, avoiding errors, and ensuring accuracy are critical.
   • Responsiveness: Being quick to respond to requests and showing a proactive attitude.
   • Basic Technical Skills: Familiarity with Excel shortcuts, PowerPoint, and Outlook is essential.
   • Smart Questions: Asking thoughtful questions that prevent unnecessary work or confusion is valued over asking basic or uninformed ones.

4. Common Mistakes:

   • Rushing through tasks and making errors.
   • Failing to be responsive or proactive.

Development/Acquisitions Interns

1. Workload and Skills:

   • Development roles often involve more project management than technical modeling. Modeling might only constitute about 3% of the job.
   • Interns are expected to focus on tasks like market research, interpreting return metrics, and understanding key documents (e.g., loan docs, partnership agreements, construction contracts).

2. Expectations:

   • Interns should demonstrate autonomy and the ability to find resources independently.
   • Being “politely persistent” and proactive in seeking guidance or feedback is crucial.
   • Tasks may include analyzing financial models, reviewing construction drawings, and preparing for internal discussions.

3. Reality Check:

   • Development roles require a broader skill set beyond Excel and PowerPoint proficiency. Managing people, timelines, and deliverables is often more critical than technical skills.

Summary

In both fields, interns are not expected to handle complex modeling independently unless they’ve proven their competence. Most of the work involves supporting tasks like creating presentations, conducting research, and assisting with administrative or preparatory work. However, taking initiative, being detail-oriented, and demonstrating reliability can open doors to more meaningful responsibilities.