Capital Markets Intern interview advice

1stthingsfirst's picture
Rank: Chimp | banana points 13

I recently had a final round interview to a leading IB corporate finance team (i.e M&A and IPO team) in my region and narrowly missed the spot. However, they asked if I'd be interested in their capital markets internship (mainly DCM) and I said sure. They're basically looking for interns for the following three teams:

  1. Debt Capital Markets helps corporates, banks and sovereigns to raise debt capital from international markets.
    As an intern, you will have an opportunity to work with investment bankers in client and project teams
  2. Markets Equities is responsible for sales, trading and research in Equities, Exchange Traded
    Derivatives and ETFs. As an intern, you would be working mainly with our Equities Research team on projects
    and helping analysts on their daily work
    3.** Client Advisory** provides tailored product neutral strategic financial advisory to the largest corporates and
    institutions. Our goal is to enhance strategic dialogue with our core customers and ultimately to create new
    business opportunities for the bank. As an intern, you will have an opportunity to work with investment bankers
    in various interesting client projects.

I'm not sure if the idea is that you try each one out as it is a bit longer internship. So my questions is which one of these teams would be most useful when considering exit opportunities so to speak?

Any advice on interview prep would be appreciated as well. I know there will be a member of each of those teams present and have 4 days to prep. I've done few IB corporate finance interviews so fairly prepared in that regard. However, I am clueless when it comes to capital markets. Probably should look at bonds, exchange rates, gdp growth etc.?

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Comments (32)

Nov 12, 2017

Hi 1stthingsfirst, any of these threads helpful:

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  • Investment Banking vs Debt/Equity Capital Markets I know investment banking is m&a and raising capital through debt and equity markets, so how ... is the latter different from DCM / ECM? I've looked through this forum and there are pretty ... me. thanks! IBD DCM ECM ...
  • Why corporate banking instead of investment banking? banking. Interview Prep Interview prep for CB is similar to investment banking, but there are differences ... investment banking by acing the technical questions. IB Interview Course Here ... bankers are more involved in the the execution of the debt side of investment
  • Morgan Stanley Global Capital Markets 1st Round Interview advice/insight on this would be much appreciated. Investment Banking Morgan Stanley summer analyst DCM ECM ipo ... I have a 1st round interview with this group tomorrow for their 2015 SA Program. In addition to ... knowing fundamental banking technicals and IPOs, is there anything else that I should be focusing on? Any ...
  • 2015 Investment Banking Interview Prep Pack PLUS...Special Deal get you promoted" + more! Get the 2015 IB Prep Pack PLUS investment banking interview ... option to get the investment banking interview Prep Pack Plus deal by clicking here. Old customers can ... a middle market investment bank How to decide between whether IB or S&amp
  • More suggestions...

If we're lucky, maybe I can guilt some users to help you out: @junkbondswap @Amol-Pai1 @mtz_dc

Hope that helps.

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Nov 12, 2017

which market

Nov 12, 2017

Dallas!!

Nov 12, 2017

What team in capital markets

Nov 12, 2017

Not 100% sure if I understand your question correctly but I think it is in office & industrial

Nov 12, 2017

They might ask you things like where do you think we are in the market, what markets do you like or not like, what asset classes do you like etc. It's an internship though so it might not even get to that. They probably will test you on some basic real estate concepts like seeing if you understand cap rates, debt yields, LTV, giving you some basic assumptions and seeing if you can calculate a property value on the fly etc.

    • 1
Nov 12, 2017

Thanks Broseph. Could you see a modeling test?

Nov 12, 2017

Yes I would expect a modeling test but not at the first interview. You are always informed ahead of time if you have a test because they are at least an hour long and they understand that candidates need to plan around that.

Nov 12, 2017

Depends on the market and shop.

Nov 12, 2017

Shave your beard. Clean cut. It'll most likely be ok to grow it back once you accept an offer but don't walk into an interview with it.

    • 1
Nov 12, 2017

And wear a solid white shirt. Solid light blue is acceptable if you don't have a white one. Black shoes and belt. No patterns or brown leather in interviews. Sorry if this sounds condescending but if you're asking about a beard I figured I would cover all the bases. You're getting into real estate in Texas, man.

    • 1
Nov 12, 2017

Just my 2 cents, most Texas brokers and operators i work with have beards and wear brown leather.

Nov 12, 2017

Not that they don't wear brown leather or rock beards, they don't show up to interviews like that. I said he should be fine to grow it out once he's accepted an offer.

Nov 12, 2017

TheWildMan,

Can I pm you about where and who you work for? You may have some knowledge on the team I am interviewing for

Nov 12, 2017

Sure thing

Nov 12, 2017

sorry can you pm me first? I'm out of daily pm's

Nov 12, 2017

creditx3,

Want to follow up here with a couple questions. I thought beards in Texas were acceptable? Are you saying play it safe and shave it, then once my foot is in the door grow it back?

I was going to wear a ink blue suit(not navy but not obnoxious) with a tie, is that too much?

Nov 12, 2017

I wasn't referring to workplace culture but rather interview etiquette. A lot of places will be totally cool with employees having a beard and dress code will be business casual, but you need to be cleaned up and tip top for interviews out of respect and also to demonstrate that you're capable of cleaning up for certain interactions.

Yes, full suit and tie is best. Im sure there a lot of teams run by 35 year-olds who don't care but there are also a lot of teams run by older good ol boys who want to see a conservative look. I always go conservative for interviews and I've been fortunate enough to work at places that are business casual and allow facial hair.

    • 1
Nov 12, 2017

if they dont directly ask you questions on the market or any technical questions, I think its worth sneaking in a few points without feeling the need to elaborate too much. (Fed raising rates in 2018 multiple times (cost of borrowing increases, Current stage in cycle (pre recession or strong 2018?, yellen being replaced, etc...) just to show that you are interested and follow the market or will start to follow the market more closely.

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Nov 12, 2017

Hi DRFT65, yes, I'm a bot, but I'm also good looking. Hopefully, these threads help you:

Or maybe the following users have something to say: @fastnspeedy @johnsoccergolf @apricots

I hope those threads give you a bit more insight.

Nov 12, 2017

I was a SA at PNC last summer, given in Asset Management. My superday was 8 interviews with a few technicals in each interview. If you're interviewing for Pittsburgh, cultural fit will be very important and will carry more weight than most technical questions. I'm not familiar with what questions you'd be asked for Capital Markets, so I don't know what to prep for, but any guides you can find online will be more than sufficient. You won't get grilled as you would elsewhere. PNC likes to think of themselves as very different from other banks in terms of values, work-life balance, and culture, and I think those are important things to know before your interview.

Nov 12, 2017

hey, did you check out the WSO Company Database?

Nov 12, 2017

Sure did Patrick, just was wondering if anyone had any more insight into the interview. Thanks!

"I like Ackman," Mr. Icahn said. "I'll tell you why I like him. Anyone that makes me a quarter of a billion I like."

Nov 12, 2017

Nvm if you've already gone thru 1st rounds. 1st round was pretty technical - calculating EBITDA and EV questions, questions on what you know about RBS - firm CEO, share price, recent transacs, etc. Second/final round consisted of 5 interviews back-to-back, mostly technical, 2 brain teasers, used MS excel to figure out income statement line items, other EV/Multiples questions, accounting questions, behavioral questions, and what I love about tech M&A (any recent deals I've been following), etc.

    • 1
Nov 12, 2017

What is it you want to do? Confusing you are saying capital markets/repe.

Do you mean like Raising capital at a repe?

    • 1
Nov 12, 2017

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Nov 12, 2017