Hey WSO,
My internship starts in a week. I am about to begin my internship at a very, very big dick fund. A lot of their interns are extremely talented (pedigree, ambition, etc) so I REALLY don't want to seem like a putz. I am not looking to impress, but I want to be able to hit the ground running as the provisional internship period is only 1 month - they won't have time to give us structured training. If I perform well I could probably turn this into a full 3 months. Could WSO direct me to some resources as to how to prepare for this?
What I know: Very large and successful fund that has heavy focus on research. They don't do buyouts AFAIK, and mostly do growth equity at series B/C stage (isn't this basically VC?) They are very, very, long term investors. Focus on TMT, healthcare, industrials, and consumer sectors. They made a number of insanely good bets, and they say their special sauce is basically the quality of their research.
What are the basic finance things I would be expected to know/do in this position? My knowledge is limited to the one semester intro to corporate finance class that is pretty much the same at all colleges: I know the bare basics for DCF, like NPV/IRR, WACC, OCF, etc.
Someone please point me in the right direction! I will give out SB.
Thank you.
What should I do to prepare for my PE internship? (Originally Posted: 08/09/2012)
Hey, fellow monkeys. I was just offered an internship at a boutique LBO fund for the fall and took it.
I know what private equity is and generally how it works, but there's still a lot about PE that I don't know but probably should know before my internship so that I can squeeze as much value out of the experience as possible..
What should I do to prepare for my internship?
One: http://www.wallstreetoasis.com/frequently-asked-questions#PEIS Two: http://www.Amazon.com/gp/product/0470178469 Three: any of the classic "lifestyle" books (e.g. Barbarians at the Gate, etc.)
Learn all the terminology so you know what's going on. Vocabulary is key. Spend a couple days on Google learning as much as you can about PE. Also, when given any marketing materials, memoranda, models, etc. make sure you actually take a look at the contents of the deals. Ask your coworkers about deals that interest you.
Did you cold-call the PE firm? Also, how much time do they expect you to devote? Are you taking a full course-load (10 courses)?
Find me one person that takes 10 courses a semester and I'll buy you a drink.
10 courses during the year, 5 + 5.
I assumed you were talking within the scope of his internship.
mhurricane - Yes, I am taking 5 classes for the semester that I'm interning w/ them. Yes, I cold-called them. We sort of agreed upon about 25hrs/week at max, so not bad...besides, it'll be really interesting stuff.
Practice shooting top cheese with your wand. This skill will prove highly valuable during your internship, and in other areas of finance.
Freshman interning at PE - how to prepare to impress? (Originally Posted: 02/23/2009)
Hey guys I'm a freshman and somehow lucked my way into getting a internship at a PE firm in HK this summer. Do you know how I can best prepare so I will be able to impress/be as valuable as an asset I can? Thanks!
Go through some of the material on damodaran.com. Don't memorize anything, just take a glance and familiarize yourself with the lingo.
Disclaimer: I am not in PE and really don't know much about PE
I am sure the firm realizes that as a freshman you really don't know much so I would learn as much about the PE process and how it works as you can. They shouldn't expect you to do any hardcore modeling or anything really advanced. If you come in with a good general set of knowledge I think you will get a lot more out of it.
Read some Vault guides (i.e. finance interviews, IB, AM, etc...), talk to people in the industry if they have the time/inclination, read damodoran as was said, listen to some Tony Robbins.
What did the people at the firm tell you re your duties/responsibilities? How did you "somehow luck your way into" this PE internship?
As a freshman you're going not going to be expected to know anything, you're not exactly gonna be running LBO models. The most important thing is that you are constantly interested/looking for work and never complainging. At your age, your attitude is a better asset than your knowledge since you're not gonna know much anyway. Just smile baby ;-)
Dress appropriately, be the first one in, last one to leave, do any and all scut work with a big smile on your face and make your boss' life easier.
Once a week, ask a list of good questions when your boss has time.
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