How does an IB intern generally spend his time? Do they do actual modeling? Or is it more Powerpoint stuff such as pitchbooks? Just trying to figure out what banks might have their interns doing in general, and what it is interns might do if they have to work from home this summer.
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London BBs, my experience + friends = 40% research, 40% ppt, 20% basic stuff in excel.
Great, thanks. Can you please elaborate a little on what type of research?
Newsrun Company, sector, industry research PIBs Relevant peers for the company and explanation
etc
This split is accurate. Lots of time spent digging through Google for ANY information at all on private companies, or for publics you're looking for projections, production numbers, supply chain, etc. Also industry-specific research platforms. Similarly, time combing through 10Q/K and earnings calls.
Intern WFH is not logistically hard (would recommend you get a comfortable desk/chair and maybe a monitor) but much of what is learned is just from passively being there/watching FTs. I think the intern program will be much less intense if online.
100% accurate. we can only dream about models
True in more than one way
When I was an SA, I started with 100% PPT work and over the summer as I built up trust with the analysts/associates, I got to do more and more modeling/excel work.
This is the most applicable in my experience. Crap interns will never really reach excel (if you don’t touch excel your entire summer it’s quite a red-flag), decent interns will do basic excel tasks and comps, and top interns would properly touch models and do more interesting stuff. I think that it depends on the bank as well (ie are you doing rotations or not?), but this should more or less apply.
From my internship experience: 60% PPT, 40% Excel
PPT Segment:
1. 60% pitches
2. 40% CIMs / management presentations
Excel Segment:
1. 45% building buyer buckets / tier lists
2. 30% spreading comps / precedent transactions
3. 15% miscellaneous
4. 10% touching the model
My two cents as an intern (so take it with a grain of salt): an analyst will only let you work on a model if they think you can do the job well. That being said, you can build the reputation of a reliable, hardworking intern by nailing down all the other tasks, such as making slides or spreading comps. As long as you're making your analysts' lives easier and show that you have a high capacity for learning and work, they may be more inclined to letting you take a stab at the model.
Also, the deal process (I'm just going to assume M&A) can take anywhere from several months to years. Even if you're a modeling rockstar, it's going to be hard for the team to refer back to your inputs / assumptions when you're done with your internship by mid-August. Personally, my analyst asked me halfway through the summer to build out an initial three-statement for a new client and work on a small section of another existing model. But I never got to see what happened to either of them after I left for school.
Hope this helps!
Yep, very thorough and helpful... thanks a bunch!
Quick question -- in the months leading up to internship, what would you say would be the best use of my time regarding preparation -- learning Powerpoint in general, or a specific skill that might help me with what you referred to as "pitches?"
Thanks!
Sure thing. Sometimes, the client has an existing relationship with your MD. Other times, your bank needs to pitch to new clients and persuade them 1) why it's a good time to sell their business (e.g. lower middle market business owner wants to retire and cash out) and 2) why they should choose your bank to work with (e.g. your bank has experience doing deals in the space and large network of potential buyers).
M&I Pitch Examples: www.mergersandinquisitions(dot)com/investment-banking-pitch-books/
This is a good starting point if you ever want to practice putting the financial model / valuation of your favorite stock into a pitch. Although the examples are pretty bare-bones, you'll find that most banks follow a similar structure with their pitches.
M&I PPT Shortcuts Setup: www.youtube(dot)com/watch?v=tnJ1e2xJmFc&list=PL5hdd9oiuWS8LWdrxu5k4P0K2…
The best way to brush up your PPT skills is just practice. Set up your Quick Access Toolbar for functions that you expect to use a lot. Insert shape, insert text box, align, text color / size, fill color. Try to replicate an existing pitchbook or your own template from scratch. What font, size, RGB, layout, line spacing and margin would be most presentable to a potential client?
Do this enough times, and you'll find several things: 1) you will make slides faster, 2) you will catch mistakes more easily (misalignment, spelling, color) and 3) when you join your bank, you'll be able to learn their style preferences more quickly.
Good luck!
deleted (posted twice on accident)
Basically the hardest work you'll do that actually gets used is creating a PIB.
If you do anything beyond that which gets used, you're probably getting an offer. I only say probably because of coronavirus.
Thanks for info.!
And that freaking Corona...
Do you think the virus and the economic market consequences will actually have an impact on return offer rates?
Yes
would interns at EBs chime in? were u given more modeling work than ur friends at BBs?
Here's how my summer at a BB product group went back in the day:
Started off 100% PowerPoint, staffed on pitchbooks, formatting Excel outputs, pulling comps from Bloomberg etc
Staffed on deals with analyst mentors, first in a passive/observer role. Asked to do research, market updates, etc – PowerPoint
CCd on an email where VP asked analyst to adjust the model for some minor shit (new commodity price forecast or sm), analyst was busy with other stuff so took initiative and implemented well
From then on my summer slowly shifted from 100% PowerPoint to pretty 50/50, and at times 100% Excel. Was staffed on one easy deal (refinancing) with just VP and Analyst, the analyst dipped for a week to Europe, so VP had me run with the model updates. Went well, got props
Staffed on a big acquisition 2/3rds through the summer with different analyst. She let me run with it as long as I was proactive with making sure I don't fuck up. Went well, presented model outputs in internal meetings – but not with heads of desk/division (big $$$ deal) because they didn't want to let people know an intern did the model lol, but who cares still got creds within the grou
All that is to say if you take initiative you model. If you don't you'll be stuck updating tombstones like some of the other interns, who didn't get a return.
Since I was in a product group we didn't touch the operating model much, but would be responsible for the financing/post-transaction tabs. Think LevFin.
Thanks so much and that was super helpful! Was wondering if you have any tips for incoming summers in terms of brushing up on technicals / excel modelling before the internship? Also wondering if you have any advice on 'not fucking things up?'
I don't think there's a need to study stuff before the summer. When you hit the desk the assumption will be you know nothing, and in all likelihood you do know nothing when it comes to the product or industry-specific modeling. I guess knowing your accounting helps, but don't overdo it – nobody cares if you can recite how to debit DTLs
Pay attention during the real training sessions your analysts/associates will hopefully hos once you hit the desk (the one week with everyone is pretty useless – I spent most of it on instagram bullshitting with otherinterns and raiding the Bloomberg pantry) and be comfortable with basic Excel (shortcuts, how to troubleshoot, efficiency).
The advice people give on this board is pretty good when it comes to how to not fuck up. Double check your work, print out your slides for a final check with pen in hand, don't make the same mistake twice, don't ask stupid questions ("how do I build this Factset formula"), do ask smart questions that prevent you from spinning your wheels ("our consultant has x revenue forecast, while the client claims y, which would you like me to use? happy to build in both"). Expectations are incredibly low at the beginning of the summer, it's the basic stuff that'll get you the interesting work.
For cap markets:
Running tickets (30-40%), sitting in calls and taking notes / providing initial research for the call (20-30% - involving macro research, comps research, sector research, bbg graphs etc) general project work (eg research, chart formation, econometric stuff) (30%) faff (0-10%). Depending on the staffer, also had a lot of ppt to go over eg pitchbooks and general presentations.
M&A
Boutique: Loads of research (sector, comps, geography, products) (40-50%) deck building (20-30%) for me i attended 2 client meetings and also assisted on the model so depends.
BB: Research, VDR bitch, Landscaping, deck building, note taking, general bitch (ie setting up calls, running copies/bindings etc)
Thanks!
Did you actually do all three? What, for you, was the best experience? The worst?
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