I'm a rising junior trying to set myself up for IBD next summer. How good would an internship be at a large Mortgage company this summer compared to a decent internship at an AM firm? I'm pretty interested in the whole mortgage securitization process and apparently this company used to be "the king of subprime", but do they even do that any more? Is this worth pursuing? Thanks
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If you're looking to break into investment banking, most likely working at a mortgage company is not going to be a particularly "impressive" mark on your resume for IBD because most people who work in investment banking are in-the-box thinkers who will never be wealthy unless they spend 70 hours per week slaving at a crappy job that adds questionable value--their brains are simply structured that way. Nevertheless, I think it's a pretty cool idea. There is SO much more money to be made in real estate than in investment banking--take it from a guy who has done both. Learning the mortgage industry (which fundamentally is learning how REAL finance works--not your bullsh*t IBD finance) could seriously set you up for HUGE money in a much more autonomous, entrepreneurial career IF your ambitions, contacts, work ethic, finances and brain structure are properly in line.
But my honest opinion is that most people who are college aged and genuinely interested in investment banking probably don't have what it takes (or aren't out-of-the-box enough) to make it in real estate, and most are probably not humble enough to work frequently with foreigners (e.g. dumb, greedy easterners), stupid people, salesman, and people who have never taken a college course.
But feel free to PM me.
spent two summers as a securitization analyst intern at a well known CMBS shop. It was awesome; I learned a ton about the securitization process from the issuer's prospective and had a great time doing it. Since they were trying to finish their deal during the summer months the hours were pretty bad, I don't think I left before midnight most nights. However, it was during this time that I learned the most. I spent most of my time working on asset summary reports, accounting tapes for rating agencies, and putting together the offering documents. I didn't mind it since most of my buddies were doing IB, so they weren't around. I also got a ton of perks, most meals paid for, gym membership, etc.
With that said, that was about 3-4 years ago (right at the time the shit hit the fan). CMBS deals started to dry up at that point and it seems like it really hasn't picked up that much. The shop had to let go a lot of staff and it seems like most are either still unemployed or have switched industries. It is sort of a specialized area, so you might risk the chance of getting "pigeon holed" at interviews. It's happened to me a few times, so you just need to be able to explain why you want to leave CME / CMBS and that you’re not jumping ship because the market sucks. All in all, I really enjoyed learning about CMBS / Securitization and would recommend it to anyone interested in RE.
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