No-name Boutique M&A IB
I apologize if you have read my previous post on this several weeks ago, it is just a big concern of mine and that last thread got really carried away and off topic. I would like to hear advice/tips specifically from guys who have had similar experience as me here.
I am a sophomore who just transferred out of a non-target University into a arguably semi-target private school. I was able to network my ass off all year and land a boutique IB internship in NYC this summer. I am a "Summer Analyst" but haven't been doing any relevant tasks at all really. Talking to fellow monkeys on this forum, it seems that a lot of people have been in this boat at some point. All ive really done here is due diligence, researching and learning different industry's and creating research reports, help screen for potential targets and also help with presentations on chosen targets. And then, the worst of all, updating the company's database and adding relevant companies in our industry coverage that could be relevant at one point or another. The work is very bland, and is not something that I can really "spin" in interviews. I can do my best on that, but atleast from what I have heard on WSO, if your internship doesn't have modeling experience than its not very relevant? Also, considering I am a sophomore, would they really give a 19 year old unpaid intern modeling work to do, knowing that they will probably have to edit anyways? I just find that weird too, so if you are a sophomore and have been creating complex M&A models, please comment, cause I have yet to find one.
So how can I best structure an internship like this on my resume to help me for my junior summer internship recruiting. I am enjoying this internship, but I have to say, it was not what I expected. It is also taking up a lot of my time, which isn't a problem of course, but I was hoping to become very proficient in modeling by the time September rolled around. Its becoming more of a liability if anything. If you have had an internship like this before, please let me know how/if this helped you, and what you say in interviews if all you did were similar tasks like stated above. Kind of in a bind right now and could really use some quality advice. Thanks
I am also a sophomore (rising junior) and doing the same kind of stuff as you are. I would say that this is much better than having something like Financial Operations or Equity Research on your resume. Keep on doing what you are and see if you could spare some time in learning financial modeling.
Hopefully we will be in a good shape for fall recruitment.
Better than ER?
In all honesty, you will be fine though I think. My sophomore summer, I was working in Fund Admin at a FoF (which is possibly one of the dullest jobs in the world). Just get something else during the off cycle and network for next summer.
I hope so, it is a legitimate worry of mine. Almost kind of feels like I am falling behind by doing this. However, I have been waking up extra early and getting to the office about 2-hours early and getting a couple hours of modeling practice done in the mornings. I think this is good, however it would obviously be better to learn while working all these hours here. You should try that. If you ever get feedback from people on this similar concern of yours, please PM me. I am interested in what similar people like yourself are hearing
I firmly believe that you can create your own opportunities if you are willing to work hard for what you want.
If you want to learn how to model, buy books and teach yourself. If you are not getting the exposure that you want at your internship then stop just sitting there and get up and go after what you want. My old job was horrible when I first began, but I was motivated and aggressive. If I saw something that would add to my knowledge base and build my desired skill set, I simply reached out and took it – I did not ask, I just did, and did very well. You have to be careful how you go about this as you are an intern, but if you can demonstrate genuine hunger and drive and back this up with quality work, the type of work you want to see will begin to flow your way. The reason you get the shit work is because (i) you are the low man on the totem pole, and (ii) they most likely assume that, as an intern, your knowledge base and capabilities are limited. There is nothing you can do about (i), but you can easily fix (ii) via working hard and demonstrating talent.
My suggestion would be simple: get all the shit work done that they give you first and then go back and ask for the type of work that you want – when I was in your shoes, I worked so hard that they ran out of things to give me and thus they were eventually “forced” to give me higher level responsibilities. Once I proved that I could handle the workload and responsibility, the shit work they assigned to me fell off significantly.
Also, you should think about meeting with someone that is able to delegate you the desired work. Do not complain, and do not make it seem as though you are unhappy. There are two ways to go about this situation (and lots of other related situations for that matter) – you are unhappy and you go to someone to complain and ask for their help/different work OR you are unhappy and you to go someone offering your help via taking on additional work that just so happens to align with what you want. Succinctly, align your incentives with someone with the ability to meet your needs.
Do you get access to the shared drive? Check and see if models/pitchbooks/other documents are there and learn them inside out.
Compile your questions and ask at an opportune time.
Thanks for all the advice guys. Levered_M7, everything you just said is right on point, thank you.
And to answer your question CoochieMane, here is the problem... This company does not do much financial modeling at all. Like basically none of it. I have asked for them to send me IM's, pitchbooks, and models etc. which have been helpful, however the models they make are only operating 3-statement models. They don't do M&A models or DCF's according to my knowledge. They say that for sell-side deals, management will usually always have a price in mind that they want to sell for, thus valuing them would be a waste of time and would not help anything. They use the managements price to find buyers who are willing to pay that price. It is weird, and I have no idea if the rest of the industry (at least in small boutique size) goes about their business this way. So in essence, it is hard to look at their models here because it doesn't look like they have any.
Anyone else. I could really use some guidance with this, I know a lot of people are in the same boat as me and I am sure readers are wondering as well. I have received PM's on this topic of people in similar shoes. Any advice will work.
Read Rosenbaum & Pearl and learn the basic modeling yourself, then spend time going through what you can find online. I'm in the exact same situation as you and this is what I'm doing.
like others have said, learn the accounting/finance yourself what you are doing now believe it or not IS relevant experience.
example: screened for potential strategic and financial buyers for company X based on industry focus, ev, and annual revenue. search resulted in 5 suitable strategic and 3 financial buyers
plus you are only a sophomore going into your junior year... the important internship is your next one, so don't sweat it
another point for the modeling experience... yes its important to know your basics, but no one is expecting you to run a model at this stage. that's what training is for
Exactly. Even if there is no direct modeling involved, only YOU have to know that. You can spin the experience you are getting now (which is very, very relevant) and make up for your lack of real modeling experience by self-studying.
Don't sell your presentation skills short. If you're putting together company presentations in PowerPoint, those skills are eminently transferable to pitchbook creation.
Additionally writing research reports is the bread and butter of any analyst at a junior level. Correct me if I'm wrong, but being able to digest information about a company and develop a succint and compelling report is an essential skill.
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